Navy Federal Thread for CLI and Additional Cards

[Anonymous]

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@Anonymous wrote:

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@JimBo99 wrote:

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@Anonymous wrote:

Has anyone applied for the NFCU Secured Rewards card, and then tried to apply for an unsecured 6mo later? 

I've been with NFCU for 3yrs now, and only have the Secured card to build a relationship with them. Never tried applying for their unsecured cards. I've had the secured card since March 2017, it posted to my credit reports April 4th, and my first statement is due May 1st. I called customer service to see what their graduation policy was, and was told that it could happen before the year mark as the goal is to get away from the secured card as fast as possible. 

I was thinking of applying for an unsecured card in September of this year. Current scores are in the 580-590 range. 

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I joined NFCU in Jan 2017 and applied for the CashRewards card (Denied).  I ended up with the Secured card.  My score was right where you are now.  Not sure what posssesed me, but I applied for the CashRewards in March and was approved for $9300 and CLOC for $15k.  So, its kind of silly that I have a secured card with them now.  I am REALLY hoping it secures next month (I've heard that they can graduate at 5 months now)  My score has climbed significantly in that time, I am at 670-680s now.  I had a few baddies drop off, including a public record on my EQ report.    So I may not be the best example, but, it is POSSIBLE to get unsecured cards/loans even though one has a secured card as well, haha. 

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I had the same exact situation, a $500 secured card (couldn't get approved for unsecured) a few months later an unsecured card at 10k and a CLOC at 15k.  They made me wait the full 13 months to unsecure then increased that limit to 2k, waiting for the AR for a CLI, hope it is in the neighborhood of my other unsecured card which is now at 18k.

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I'm kind of forced to wait the six months to apply for an unsecured card because I'm in the process of getting a mortgage. We are doing new construction and estimated closing right now is scheduled for mid-late August, so I can't do anything until after that. Which for me is a good thing because I don't want any temptation right now. I'm hoping having the secured card will show them that I am trustworthy and can handle credit. The NFCU card is the 3rd card I have on my credit report as well. 

Another bonus I'll have on my side is that if it gets denied, I'm hoping I can recon on the fact of my history with NFCU and I will have over $10K total in my savings with them. 

[Anonymous]

While we're all waiting for the AR, I thought I'd take the time to post a little PSA about what exactly the AR is, why you should or shouldn't wait for it, and does it really matter anyway.

What's an 'AR'?

The AR, or Account Review, is an event created by the way Navy's systems automate ongoing credit monitoring.  Every other month, their system soft-pulls a copy of your report, and reviews it for red flags.  Every creditor does this, but what makes it an 'event' for Navy is the predictable way they do it at the beginning of every odd-numbered month.

Why should I wait for this AR to apply for an increase?

Unlike some other creditors, Navy does not generate a new soft-pull every time you request a CLI.  Rather, the computer simply evaluates the most recently-pulled AR, and kicks over anything it cannot approve to an analyst for HP and manual review.  So if you want to be evaluated on the most recent data, then waiting for the AR makes sense.

Does the AR even matter for me?

For the overwhelming majority of people, the resounding answer is actually 'No, it does not'.  You see the only real reason the AR makes any difference whatsoever is to make sure the computer is evaluating the most recent data as I stated above.  If you're not making changes to your reports...if you're not actively rebuilding...if you can't honestly say your FICO's are 10-15 points higher going into the AR then they were at the last one...then you don't need to wait for the AR, you honestly need to wait for your scores to improve, and THEN wait for the AR to make sure the computer can see those scores when you try for an increase.

It's not a magic bullet, people.

[DaveInAZ]

Very good explanation, thanks!

[Aduke1122]

Great post TygerHawke I think a lot of ppl who are not familiar with what the AR is get a different picture of what is actually intels and then they get upset when they don't get that big CLI once the AR hits . You hit it right on the head

[Aduke1122]

@JustCallmeTm I don't think there is any hard rule about that you must wait a certain amount of time between applying for new loan products . I know there is the 6 mth rule when asking for CLI from your last approved one but I have not heard of that one bf

[Aduke1122]

And a lot of the ppl you call and speak with are just CSR and can give lots of different answers , I was told we could not directly call in and speak to the loan officers , that they only way to talk to them was if they called you with a question about your application, or if you write them a secured message .

[Mahraja]

CBush 83 i had one AR on Equifax 3 months ago never again on any of my reports from Navy i cold applied all 3 cards plus loan plus cloc the HP is not an issue with nfcu or with any other lander if you have stable utilization and strong payments ....

[Anonymous]

Well said Tyger.  It is important that each person take an honest look at their credit situation and determine if even applying for a CLI makes sense as if you have red flags you are going to get a HP and that AR won't save you from it.  If your credit has improved and it has timed out well for someone like me, just went over 180 days since my last CLI and credit has improved nicely over the past two to three months than waiting for the AR makes sense.  I have noticed some folks expect to get a huge CLI because they have seen others do so but when you look at their scores it is not likely they have the credit to support a jump from 2k to 25K.  It seems everyone thinks they deserve a 25k limit just because they are a member of NFCU. 

[AverageJoesCredit]

I deserve 25k but wont get one


Jk, good points working, excellent info Tyger

[Anonymous]

For the NFCU cards that offer both Mastercard and Visa versions, what is the determining factor in Navy deciding which one you get? Or, is that you can call and request one over the other?