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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.
@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.
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.
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!
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.
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