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Just had a quick question : I started a bank account with Navy Federal (haven't used it yet ). I am very interested in applying for the More Rewards card within a month but I heard I need to build a relationship with NF first to boost chances of a high CL.
is that true ?
Right now it's anybody's guess. The more history you have with them, the more they seem to open up to you. I've seen a lot of first cards recently with $500-1000 SL. And then 90 days later, boom $20k. My SO got a cash rewards for her first card and it was $3k. She hasn't asked for a second card or cli yet though she's past 91/3. I've heard it said that you should app for the card you really want a nice limit on as your second card. If you get a nice SL on the first card you can always pc to the card you really want.
Thanks .
Thanks . I've been seeing the same thing
It seems Navy likes to get to know you with a lower balance loan or credit card first. After 3 months or so, most hit gold with their second approvals.
@Zig32 welcome to Navy. Like @BmoreBull said, it's a bit different right now. I still think that if your scores are solid and DTI is good you can get a card with a nice SL. My feeling is that even if you get a card with a smaller SL it is invaluable for building history. I wouldn't hesitate at all to get in the game. They will pull TU for new cards.
If you care to share some of your DP's that may be helpful for some others to weigh in.
DPs?
@Anonymous wrote:@Zig32 welcome to Navy. Like @BmoreBull said, it's a bit different right now. I still think that if your scores are solid and DTI is good you can get a card with a nice SL. My feeling is that even if you get a card with a smaller SL it is invaluable for building history. I wouldn't hesitate at all to get in the game. They will pull TU for new cards.
If you care to share some of your DP's that may be helpful for some others to weigh in.
Sorry data points (DP's).
-Current scores and where you are getting them (myFico, Credit Karma, etc)
-DTI which is monthly payment amounts including mortgage/rent, credit card minimums, student loans, installment loans (like cars), etc divided by your gross monthly income
-Accounts currently showing and limits
-Any derogs on your credit reports and status/age of derogs
-Number of inquries on each bureau (usually isn't a deal breaker for Navy if the number is high)
The more info you can share, the more we can compare to our experiences or those we have read about. Of course each profile is unique but providing this info in the past has helped me greatly with getting some strong advice in the community!
718 TU , 698 EX, 702 EQ . I was in the 750s but spent some money haha. Should be back within a month . These are fico 8 numbers .
DTI is 0.42
I have 2 capital one cards for about 8 years now and an Amex Gold card . Haven't missed a capital one payment in almost 5 years . Missed one Amex payment . No inquiries in last 2 years .
No derogs , one late payment on my car 5 months . Other than that I'm clean hahahaha
@Anonymous wrote:Sorry data points (DP's).
-Current scores and where you are getting them (myFico, Credit Karma, etc)
-DTI which is monthly payment amounts including mortgage/rent, credit card minimums, student loans, installment loans (like cars), etc divided by your gross monthly income
-Accounts currently showing and limits
-Any derogs on your credit reports and status/age of derogs
-Number of inquries on each bureau (usually isn't a deal breaker for Navy if the number is high)
The more info you can share, the more we can compare to our experiences or those we have read about. Of course each profile is unique but providing this info in the past has helped me greatly with getting some strong advice in the community!