NFCU app strategy for low income?

[Bojack]

Hi guys, new here and would like some advice from the NFCU crowd. Joined NFCU 60 days ago and have never applied with them. As stated I have a low annual income (15k) and I'm worried how that will effect my approval chances. A lot of other factors I know, but I have a clean file with my scores from the 3 bureaus hovering around 715. 5 revolving accounts. Oldest is 3 years (QuickSilver) Youngest is 3 months. I have 2 accounts that are only 3 months old (ChaseF, Citi Secured) Also have a Self Lender account that's 3 mo. AaOA is only 11 months. UTI-20% Inquiries-TU1 EQ3 EXP6. Initial strategy was to go with the nRewards secured card just to get in the door with them. Seeing these posts about generous credit lines makes me want to go straight for the unsecured, but I'm also looking for a sure thing. With an income of only 15k is it really possible they would give me a credit line equal to my entire income? If for some reason I knew they were likely to only give me a $1000 limit, I would just go ahead with the secured card. Really curious how you guys feel about the low income and new account aspect. I have searched many posts and usually when someone talks about low income they are still talking 25k etc. Thanks guys I hope this all made sense lol.

[Jnbmom]

I know Navy approves on the lower end of income, DTI factors more than income. There are members here who have gotten cards with lower end incomes.

I like that Navy uses "household income " as well, not sure if you have additonal income.

But remember nothing is ever a "SURE THING", I think you have a decent shot but I don't see them approving the amount that equals your income though, and that's just smart business on their part.

[Anonymous]

NFCU can be comfortable with high limits on low income but they’re going to give you a prove yourself limit first.

I’m on SSDI and get about $18K a year. They approved me for $3K in September when I joined then they approved me for a CLI to $7500 (which is what I asked for) in December and then the next day gave me a $500 CLOC and $7200 second card for a total of $15,200 exposure with them.

They can be very generous once they get to know you.

[Bojack]

Awesome. Thanks for your response. I'm excited to start a relationship with them. I would be tickled if they gave me a 3k to start with.

[Anonymous]

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@Bojack wrote:
Awesome. Thanks for your response. I'm excited to start a relationship with them. I would be tickled if they gave me a 3k to start with.

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If your DTI is greater than 15-20%, I would be prepared for a $1K limit but NFCU seems to actually like helping the little guy whether that’s because we are more likely to carry balances and pay interest or because they truly want to help us, either way they tend to be very friendly to low income. Both of my approvals were at the lowest APR when all of my other cards were near the highest APR at the time. 

[Bojack]

Thanks. I might wait 30 days to get my DTI down. Hopefully my AaOA will go from 11 mo to 1 year. Don't know how much that would help but it can't hurt.

[pinkandgrey]

While I seriously doubt that you would get a 15k limit, I think you have a decent shot of getting approved for SOMETHING. From what I hear, Navy (like many CUs) cares most about DTI ratio. Keep in mind that Navy cards tend to grow very well even if started with a small SL. If you’re worried about it, just wait another 3 months or so before pulling the trigger. 

Good luck! 

[Bojack]

Thanks!

[Anonymous]

My mother applied for a 2nd Navy Fed Amex card and got an $11cl with an income of $35K.  She has another Navy Fed card where her income was a bit hire about a year ago for about $25K.   Her UTI is always very low.   My opionion is that they look at income as a big factor of how much you will get.   I know some here will say something opposite I'm sure there have been some that have gotten big limits with low income but I think that plays a part in it.   I would try it with your scores you will probably get approved. 

[Anonymous]

By the way....all there cards have the same underwriting.  You get approved for 1 you can get any of the others.   I was approved for my 2nd card the Cashrewards but then seen the Amex card a day later.  Called in to do a product change and the lady said if you get approved for 1 you can product change within the first 30days so I did with no new credit pull or anything.  The limits stay the same.....% rate is the only thing that will vary depending on which card you pick