@Brian_Earl_Spilner wrote:You probably hit the max limit they are willing to give you with that CLI. That's why it's recommended to app for the card first before the CLI.
Your shock and wasted HP for the app is the reason I think people need to stop acting like a 2nd card with huge limit is basically guaranteed. Each person's profile is different. Some in similar situations as you have waited 3 months to apply again and got an instant approval for 5 digits. Others, like myself, haven't received a 2nd product in 2 years.
If you're ok taking HPs, apply again in a few months. If not, treat it like an app from any other lender and wait longer.
Huh? Most of the posts I've seen here has recommended the other way around.
@Gmood1 I presently have 2 revolvers, a Cap1 Platinum $500 and a NFCU nRewards $300. 3 statements cut on both cards. I've been following AZEO; striving for my Cap1 "Credit Steps" program, hence, allowing a small balance to report on Cap1 for my required 5 monthly payments, then PIF once the statement cuts, AND using but PIF my NFCU nRewards, prior to statement cut.
If I understand correctly, I may be better served to let both revolvers report balances at statement cut, make PIF or Min Pmt. Thus, allowing both cards to reflect payments on my CRAs for the potential increased approval odds on future CC apps? Then, circle back to AZEO once I have my base portfolio built and out of the "thin" zone?
My very next app will be for a NFCU More Rewards card mid June. Thankfully, NFCU will have clear visibility to my active payment history. I do see what you mean though, in that other credit card companies do not have visibility to that internal payment history. Hopefully, 1-2 months after that, my nRewards will graduate to a Cash Rewards with a CLI.
@EverForward wrote:@Gmood1 I presently have 2 revolvers, a Cap1 Platinum $500 and a NFCU nRewards $300. 3 statements cut on both cards. I've been following AZEO; striving for my Cap1 "Credit Steps" program, hence, allowing a small balance to report on Cap1 for my required 5 monthly payments, then PIF once the statement cuts, AND using but PIF my NFCU nRewards, prior to statement cut.
If I understand correctly, I may be better served to let both revolvers report balances at statement cut, make PIF or Min Pmt. Thus, allowing both cards to reflect payments on my CRAs for the potential increased approval odds on future CC apps? Then, circle back to AZEO once I have my base portfolio built and out of the "thin" zone?
My very next app will be for a NFCU More Rewards card mid June. Thankfully, NFCU will have clear visibility to my active payment history. I do see what you mean though, in that other credit card companies do not have visibility to that internal payment history. Hopefully, 1-2 months after that, my nRewards will graduate to a Cash Rewards with a CLI.
Good deal @EverForward
Yes, I see where you're coming from. And you're correct, Navy will see your payment history with them.
I was mainly referring to those lenders outside of Navy. Which you have also mentioned.
For the record, I have never used AZEO. I don't think its necessary unless you're polishing your scores for a new mortgage.
Other than that, it's not needed to build a strong credit history. IMHO it actually hurts it.
Yes, allow your balances to report. You may lose a few points. But in the end, you scores will rise. And they'll continue to rise.
Looks to me, you're on the right track!
@Jordan23ww wrote:So I messed up. I applied for a credit limit increase on day 95/3 for my More Rewards card and they granted me an $8000 increase. So yesterday on day 97/3 I decided to apply for the Cash Rewards card and got instantly denied.
Now full disclosure I didn't have any offers when I checked the prequalify tool but after reading of some others on here in this same position get new card approvals I didn't think it would matter. After all I keep hearing more and more about how relationships with NFCU matter more than the actual scores do.
I was shocked! As of February 2nd when I got my More Rewards card my Navy Federal internal score was 352. All my Fico scores have gone up even more since getting my More Rewards, my total utilization technically is 0% but due to the pandemic the bureaus haven’t updated my accounts yet so it shows 6% right now. Also my More Rewards card gets paid to $0 before the closing date each month. Seemed like to me at least I should’ve been instantly approved.
They said they’d send me a letter in 7-10 business days to explain the denial. I sent them a message on the app to try to do a reconsideration and to find out more info as I’m eager to find out why I got denied. Probably will be a few days before I hear anything with it being the weekend and with the pandemic going on.
Update after 2nd review by Navy Federal:
I just heard back from Navy Federal regarding my denial for the Cash Rewards Visa!
I’ve heard a bunch of people successfully do a new card application with NFCU and then do a credit limit increase request on the same day. Looks like I did them in the wrong order. I applied for the increase on Thursday and then applied for the new card on Saturday! Since I got approved for the $8000 limit increase I became maxed out on the amount of credit they are willing to extend me right now. I should’ve done my new card application 1st and then went for the limit increase. Lesson now learned!
Thank you everyone for your input!
@Gmood1 wrote:
@Jordan23ww wrote:
@Gmood1 wrote:Give it more time, you'll get the 2nd card.
I'd say atleast six months to a year.
Maybe once this Covid calms down. Things will open up for you.
Navy isn't known for being adverse to new accounts. Not from what I've seen or experienced over several years.
If you apply for credit enough, at some point you will be denied.
It happens!
Keep building on your current card with them.
Oh, and stop paying before the statement cuts! lol
If you want to build credit history.
You need to show credit history!
Its not possible to do that with most lenders if you don't allow your bills to report.
How will another lender know your payment patterns, if they can't see them? Just something to think about.
Congratulations on the CLI!😃
Thank you for all the encouragement and advice! I appreciate it! I'm curious when you mentioned to stop paying before the statement cuts if there is a recommendation you had in mind to leave? Do you leave a certain percentage on your cards to report? I usually use my cards like a debit card and pay it down to $0 every few days. Not sure if you mean to leave hundreds of dollars on there or just a small amount? Any clarification would be appreciated. Thanks again!
What I mean by allowing your balances to report, is exactly that. If you have the discipline to pay your balances every couple of days. You probably have the same discipline to pay them once a month.
Now if you don't trust yourself to use these credit cards as credit cards. Then do what you must to stay out of debt.
I see folks all the time assume they're building credit history by paying balances before they report.
Unless your balances are above 29% before the statement cuts. Let it ride and report. Now if you just can't help yourself in paying closer to due dates. Go in and pay the statement after it has cut. That will insure your balances are recorded at the CBs.
Credit is more than scores. It's the history at how you handle your finances and the credit that's given you by these Fi's.
The ONLY way for other FI's to see your spend and issue appropriate CLs, is to allow balances to report as naturally as possible.
Thank you so much for clarifying this for me! I appreciate the detailed explanation! That does make sense! Thanks for all your help!
@Anonymous wrote:
@MrZero wrote:
@Brian_Earl_Spilner wrote:You probably hit the max limit they are willing to give you with that CLI. That's why it's recommended to app for the card first before the CLI.
Your shock and wasted HP for the app is the reason I think people need to stop acting like a 2nd card with huge limit is basically guaranteed. Each person's profile is different. Some in similar situations as you have waited 3 months to apply again and got an instant approval for 5 digits. Others, like myself, haven't received a 2nd product in 2 years.
If you're ok taking HPs, apply again in a few months. If not, treat it like an app from any other lender and wait longer.
Huh? Most of the posts I've seen here has recommended the other way around.
I've read that you should request the new card first and then the increase on the previous card(s) so you don't run into the limit their willing to loan you before you get a new card. 🤷🏻♀️
I've seen several members saying the opposite but I can see the logic, especially since as of now CLI request are a soft pull so if you get denied for CLI due to being at the max limit thanks to the second card it won't negatively impact your reports and the new card likely has greater potential of a higher limit than the first card's increase would. Maybe it depends on the current limit of your first card, a 2K increase on a card with a current $1,000 CL (tripling the limit to $3,000) is probably less likely to hit a maximum internal limit than 8K increase on a card account with a ~10K+ limit.
I'll find out in July.
I did the new card first because it mattered more to me/would be used more and at higher spend. I think which order you go in depends a lot on what your plans are for each card/how you value them.
@recoveringfrombk7 wrote:I did the new card first because it mattered more to me/would be used more and at higher spend. I think which order you go in depends a lot on what your plans are for each card/how you value them.
I agree! I REALLY wanted the Flagship card and the signup bonus worth $500 but it expired literally 3 days before my 91/3 date. Then I was hopeful it would return in May but it didn't. That's how I ended up going for the limit increase first. Then a few days went by and I ended up deciding to apply for the Cash Rewards on a whim. If the Flagship SUB hadn't expired I definitely would've gone for the card first.