Navy Federal Thread for CLI and Additional Cards

[Anonymous]

NFCU’s methods don’t have to make sense to any of us, it just has to make sense to them. They have a long history with their UW methods and it’s apparently working out nicely for them. If their UW criteria wasn’t sound, they would have abandoned it long ago, or been out of business.

You (we) can question their methods, but they’re apparently privy to more than we are.

[Cred4All]

So my little update.  Anyone I spoke to on the phone was exceptionally pleasant and sounded like they were on happy pills, so that's a plus.  As of last night my TU was 806, which they did pull today.  The approval email just came through after only an hour of waiting:

Approved:  $10k

APR: 12.24%

INQ: TU was at 0, now it's 2

Income: $200+

AAOA: 4.5yrs

Oldest: 14yrs

[UncleB]

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@Cred4All wrote:

So my little update.  Anyone I spoke to on the phone was exceptionally pleasant and sounded like they were on happy pills, so that's a plus.  As of last night my TU was 806, which they did pull today.  The approval email just came through after only an hour of waiting:

Approved:  $10k

APR: 12.24%

INQ: TU was at 0, now it's 2

Income: $200+

AAOA: 4.5yrs

Oldest: 14yrs

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Whoo-hoo!!  Great job, @Cred4All! 

That's a strong approval, and the lowest APR as well!  I had a feeling things were going to work out just fine! 

(P.S.  Enjoy that sweet sign-up bonus!)

[Cred4All]

Thanks my friend.  After reviewing all of the approvals over the past few months, and this thread, statistically speaking I didn't feel I fit into the profile they were offering high SL's to, so I am not necessarily surprised.  Obviously feel it was very much more deserving based on history and profile, but none the less, very happy to be a part of the CU.  Appreciate the tip to go for Flagship w/out worries.

[Anonymous]

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@Shooting-For-800 wrote:

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@forestgreenrover wrote:

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Here is another good reason why comparing NFCU approvals from one borrower to another isn't always helpful or illustrative. 

In most cases we see, new NFCU members with extremely low scores that get approved for crazy SLs simply aren't carrying 30k in balances. In fact, I've never seen an approval with DPs anywhere close that I can recall. Yes, these low score borrowers may have UTI over, say, 9%, but if they do, we're typically talking a few hundred bucks to maybe 1-2k. And Navy isn't about to sweat that. Granted, none of us are in their UW dept (at least AFAIK), but that has to have been the primary reason, even if they tell you something different. 

Meanwhile, comparing an NFCU approval to that of another lender, even a CU, can be tricky and not all that useful as well because they are practically incomparable. 

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So you think it is completely logical to deny someone with a 745 fico score for $5k and only approved them for a different card for $1k when they are at 12% of their utilization but approve someone for $10k with a 570 fico score.

You mention dollar amounts, but the new $10k SL could be maxed out in a week and now you are comparing someone with a 520 fico score to someone with a 745 fico score who only owes $15k more and has 0 late payments and six figure income and much more money in his checking account than what he owes (all of which are on 0% promo credit cards.)

BTW - it is not like every other bank feels the same.  AFTER being denied, I was instantly approved for $10k siggy and CLIs.

You really think that makes complete sense?

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I am pretty sure they look at, from what I gather, relationship first, DTI second (ability to pay back), existing amount of debt, then score in there somewhere. You need to just be patient. They don't know you or what you have in your bank account and to them it may not matter. What does matter is you got a card with them now and in 91 days you'll probably get that 25k SL since you now have part 1: a relationship.

I only got a $700 SL on my cash rewards last month but I am looking forward to 10-15K+ (hopefully) at my 91/3 on a second card. People with lower scores getting high limits probably has to do with, as previously stated, no existing debt reporting. You may take it for granted but you have to remember, and I could be way off here, this is primarily a military CU so if something happens to someone it looks better to them if they have a better chance of collecting on that debt versus sharing it with others. Who knows. Just something to think about. But their UW is their UW and you can be patient and let them take you in over time and grow huge limits or go with the quick fix.

[Shooting-For-800]

^ you are right.  Just hard to not take it personally.

[UncleB]

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@Cred4All wrote:

Thanks my friend.  After reviewing all of the approvals over the past few months, and this thread, statistically speaking I didn't feel I fit into the profile they were offering high SL's to, so I am not necessarily surprised.  Obviously feel it was very much more deserving based on history and profile, but none the less, very happy to be a part of the CU.  Appreciate the tip to go for Flagship w/out worries.

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With a little time and some usage they'll probably give you an auto-CLI (they are more common now than they once were).  Also, later on if you find yourself applying for another one of their cards they'll likely be more generous (that seems to be something we see often around here).

[Cred4All]

Agreed, they sound like they're pretty good to current members.  I'm not too worried about it, lets face it, many of us have what we need or could claim to need.  At this point I've achieved credit Zen beyond my 'younger me's self.'  NFCU will make out though, looking at a new auto loan and mortage the next year or two.  Still looking forward to this thread for updated CLI's and so forth, enjoy seeing folks achieving huge successes.. and the puzzle of the ones who have not, yet.

[Jnbmom]

Well 24 hour review turned into denial. I am a little shocked actually as DH got approved for CLI at 6 month mark and has more total  in lines than me with exact same income and similar score.

Oh well will wait for letter.

[Peazmom]

Question for you NFCU veterans out there....does the CLOC report to the CRA's?  If so, how is it listed?  Does it count toward credit limits?

Thanks in advance, y'all!