Navy Federal Thread for CLI and Additional Cards

[UncleB]

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@Peazmom wrote:

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!

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For some it can be slow to report, but it eventually does.  It will be listed as a revolving account.

[Anonymous]

It's interesting to read so many of these responses.

I had a motorcycle loan CO with NFCU and a GoRewards card they closed because of 150+ late (not CO) with a 6.1k/6k balance in 2014. I paid off the cc balance and settled for less on the CO in 2016 and recently in November 2018 decided to pay in full the remainder of the CO to establish a credit relationship again.

I app'd this month for the Flagship and Boom! 20k SL. I have this CO on my credit report ( actually it's been deleted from EQ and TU no idea how) and several 90+ late probably about 15 of them between Citi and NFCU closed cards ( I was young and dumb) and they have now given me my biggest SL. So they are definitely unpredictable and if you've burned them before they are quite forgiving.

[Shooting-For-800]

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@Anonymous wrote:
It's interesting to read so many of these responses.

I had a motorcycle loan CO with NFCU and a GoRewards card they closed because of 150+ late (not CO) with a 6.1k/6k balance in 2014. I paid off the cc balance and settled for less on the CO in 2016 and recently in November 2018 decided to pay in full the remainder of the CO to establish a credit relationship again.

I app'd this month for the Flagship and Boom! 20k SL. I have this CO on my credit report ( actually it's been deleted from EQ and TU no idea how) and several 90+ late probably about 15 of them between Citi and NFCU closed cards ( I was young and dumb) and they have now given me my biggest SL. So they are definitely unpredictable and if you've burned them before they are quite forgiving.

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I have a knot on my head from pounding it against my desk.  Thanks.

[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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Yes, if your DTI (debt to income) not "utility"  is high.   It make it look like you could pay back what you borrow.    I'm not say that is the case with you, but it is something they consdier heavily.  

I have been reading thru the pages and it seems like some of you have DTI confused with utility%.      Trying to compare profiles is IMHO pointless.   You don't know that someone with a 570 may have an AAoA of 25 years with perfect history but only had the score droppers in recent years.  Someone with a low score doesnt usually have loans, so they may only have a DTI of 5%.  The system sees 5% and it give out based on what it thinks you can afford...  

[Shooting-For-800]

Since you want to fire me up again, I will play...

What formula do you want to use for DTI?

[Anonymous]

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@Shooting-For-800 wrote:

Since you want to fire me up again, I will play...

What formula do you want to use for DTI?

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LOL   fired up are we? 

DTI as in all of your debts house car(s) card payments and loans.   if that total is more than 15%, Navy is not as generous until you have some history with them. 

[Shooting-For-800]

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@Anonymous wrote:

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@Shooting-For-800 wrote:

Since you want to fire me up again, I will play...

What formula do you want to use for DTI?

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LOL   fired up are we? 

DTI as in all of your debts house car(s) card payments and loans.   if that total is more than 15%, Navy is not as generous until you have some history with them. 

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That is the absolute stupidest thing I have ever heard.

I would bet that less than 10% of the people on this board are at 15% or less according to your formula.

Maybe 5% of the people on this board! Maybe.

$1000 apartment and a $500 car payment requires you make $10k income per month???

LMAO!

According to your formula, my DTI is 27%.

27% is supposed to be high?

LMAO!

[crys12065]

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@Anonymous wrote:

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@crys12065 wrote:

Possible to get a CLOC without a HP?  Has that ever happened to anyone?  

Just applied and approved for $15K CLOC but no alerts for HP and they are usually instant from all three bureaus.  

Wondering if they used my Flagship approval from TU, but was under the impression they are different departments.  

Anywho I will look out for it because I was expecting one but will be pleasantly surprised if it doesn't show up.  

Also Pretty sure I have now reached my max exposure limit with my income and they have extended me more than adequate credit but I will of course test that theory in 6 months with CLI requests on my cards lol.  

Navy is definitely showing me some love this week and I never thought I would be here a year ago.  Feeling grateful. 

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I haven’t heard of anyone getting a CLOC without an HP on EQ. Keep us posted!

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Forgot to update, HP showed up next day, CK was just slow to let me know this time.  Not upset about it though, figured it was coming and I got a nice util padding out of it with the $15K approval.   

And still waiting on the Flagship card, should have rushed it.  I need to start on that SUB asap lol

[Anonymous]

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@Shooting-For-800 wrote:

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@Anonymous wrote:

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@Shooting-For-800 wrote:

Since you want to fire me up again, I will play...

What formula do you want to use for DTI?

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LOL   fired up are we? 

DTI as in all of your debts house car(s) card payments and loans.   if that total is more than 15%, Navy is not as generous until you have some history with them. 

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That is the absolute stupidest thing I have ever heard.

I would bet that less than 10% of the people on this board are at 15% or less according to your formula.

Maybe 5% of the people on this board! Maybe.

$1000 apartment and a $500 car payment requires you make $10k income per month???

LMAO!

According to your formula, my DTI is 27%.

27% is supposed to me high?

LMAO!

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You wanted an answer about Navy and why what happened to you happened.. That is why.   Navy decisions are HEAVY on DTI.  Does it make sense, NO. But we don't know why they do what they do.  From the years i have been here and the DP's we've gotten.  Those with shorter history with Navy tend to require lower DTI to get the larger limits in the beginning.    6 months of history on your stats should net huge returns, but in the beginning.. not so much. 

[Shooting-For-800]

FTR I am not saying your post is stupid.

But I absolutely am saying that ratio requirement is.

You can get a top tier mortgage at 30% front end.

15% total is absurd.

I guess I will see in 6 months what they think of my business.