Navy Fed denied CLI

[Anonymous]

Yep I think you nailed it, I have quite a bit going on in the past year alone.

My scores in my signature are not currently accurate but I think I am still around the same area.  I have dropped a tiny bit though:

I have 3 lates, the newest being in 2018 and the other two being over 5 years old.

No other "bads"

However...

I traded my car in in June, so that is one new account with several inquiries.

I opened an account at NFCU in October, and they gave me a credit card.  So another inquiry, another new account.

I have a second car payment, and a motorcycle payment, both with very high interest from my less-than-stellar days.  In November work got pretty slow and my check was basically cut in half.  So, even though I was worried about  yet more new accounts, I thought it was more important to take care of those high payments.  I refinanced the car through NFCU and the bike through Ironhorse Funding.  My interest rates are so much better now, and the payments are almost halved for a shorter loan, buuuut... that's 2 new accounts, and 2 more inquiries.

All of that said... I have a lot of new accounts (4), a lot of inquiries (12).  And all of these new accounts don't have a lot paid down since they are SO new.  Additionally, I'm sure it hurt to close the old accounts.  And I have a third car I paid off with the stimulus in December, so add another closed account.

So I am not surprised I was declined the CLI, but I was surprised at the reason given since it didn't mention any of that.  I never stop trying to get new limits as long as it's a soft pull, though.

[Aim_High]

That does explain a lot and thanks for adding those additional data points.  They may help others who are trying to figure out what Navy may or may not consider when evaluating a CLI request or new application.  Yes, I would let the dust settle with your recent activity for awhile and then they'll probably relax a bit and give you a little more play money.    Meanwhile, it sounds like you've done a lot to improve your situation as a whole so congrats on your overall progress! 

[Girlzilla88]

@Anonymous     And just to make sure you have 3 FULL statements?!

[Anonymous]

you're welcome!

yeah, I will give it another shot in a few more months.  I really want to apply for a second card because from what I've read, card #2 is usually the big money card!  But I will wait until after the mortgage situation for that, maybe in September or so.

About 4 of my inquiries are from 2019 and will fall off in April.  I will lose another in August.

ETA:  In the denial letter Navy Fed said my score is 728.  Not sure if that is their own internal but it seems right about where I last saw my FICO.

@Girlzilla88  yes, I received the card in October.  Nov statement= 1 mo, Dec=2 mo, Jan=3 mo.  I was trying to play it safe waiting until Feb and had written Feb down in my spreadsheet for when I would apply for the CLI.  However, at the time, I wasn't anticipating the 2 refinances I did, nor the payoff on the other car.  3 closed accounts and 2 new accounts later...

[Brian_Earl_Spilner]

It happens. I'm coming up on 3 years and I'm barely over 10k on 2 cards.

[Girlzilla88]

@Anonymous     Not to nit pick but when in October.     I got my card in March and although I have an April Statement in the Drop down menu it's not a full statement/it doesn't count       I would just double check because they may give you a go in March

[OmarGB9]

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@Anonymous wrote:

you're welcome!

yeah, I will give it another shot in a few more months.  I really want to apply for a second card because from what I've read, card #2 is usually the big money card!  But I will wait until after the mortgage situation for that, maybe in September or so.

About 4 of my inquiries are from 2019 and will fall off in April.  I will lose another in August.

ETA:  In the denial letter Navy Fed said my score is 728.  Not sure if that is their own internal but it seems right about where I last saw my FICO.

@Girlzilla88  yes, I received the card in October.  Nov statement= 1 mo, Dec=2 mo, Jan=3 mo.  I was trying to play it safe waiting until Feb and had written Feb down in my spreadsheet for when I would apply for the CLI.  However, at the time, I wasn't anticipating the 2 refinances I did, nor the payoff on the other car.  3 closed accounts and 2 new accounts later...

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I agree with @Girlzilla88 . I opened up a secured card in late August last year, and although I had a September statement, it had only been 11 days since I opened it, therefore it wasn't a full statement and didn't count towards 91/3. My first full statement didn't come until October.

Go back and look at your first statement - it has to be at least 25 days long to be considered a FULL statement.

[Anonymous]

Thank you for that, I double checked.  You guys were right about the statements!

1st December 9

2nd Jan 9

3rd Feb 9

I double checked the denial letter and the date they give for the credit score they had was Feb 2 (which I assume would be the date I applied)!

So it looks like I jumped the gun a little.

[OmarGB9]

I think you could try again for the CLI now if you want. Or you could wait until the next statement. Up to you.

[Girlzilla88]

@Anonymous     LOL YAY well at least we figured it out XD    So there is still hope     I look forward to the update

I would wait until the March one but that's just me XD