Navy Federal Thread for CLI and Additional Cards

[Anonymous]

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@Anonymous wrote:

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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. 

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Well that explains my low SL because my DTI is 16%.

Shoot....you are approaching NFCU the wrong way.  Skip some payments, add some collections and you should be good for 20k.

[Shooting-For-800]

They are nuts.

You can get a good mortgage with 30% front end and 40% back end.

That is 70% DTI to buy a house!  But 15% is required for a credit card?  LOL!

[MakeItAMudLight]

I've been following this thread for years and it seems like over time Navy is giving out some of the higher limits to people with lower scores that also don't have as many cards or as much credit.  I think that's because they want to be their main bank and credit card.  They probably know that people with higher scores that have several cards already won't necessarily use the big limits.  That might seem backwards to some but I'm sure they have plenty of data to back up that decision making.  

[Anonymous]

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@Shooting-For-800 wrote:

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.

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I don't disagree it's absurd, but they have the cards, they make the rules.

My first card was for 1k and i had 16% DTI.    6 months later, same DTI..  15k SL. 

[crys12065]

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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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I have to agree with this, my DTI is around 30% and hasn't changed since I joined Navy last April.  But first card with them was only $500SL.

Since then they have granted me $51K credit within a year including 2 more cards and a CLOC.  I carry a balance on one card but pay 4X the min payment each month and have never been late.  

So again IME, relationship with Navy is huge second to DTI and maybe utilization because that's low too.  

They seem less interested in actual scores than any other lender I have ever dealt with and this was confirmed to me by a CSR. 

[Anonymous]

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@MakeItAMudLight wrote:

I've been following this thread for years and it seems like over time Navy is giving out some of the higher limits to people with lower scores that also don't have as many cards or as much credit.  I think that's because they want to be their main bank and credit card.  They probably know that people with higher scores that have several cards already won't necessarily use the big limits.  That might seem backwards to some but I'm sure they have plenty of data to back up that decision making.  

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Good Point @MakeItAMudLight   Lots of available credit, until they get to know you better can spook them as well.   Navy doesn't do anything like the other banks do, but they also give (with some history) more than anyone else gives.   It's a trade off i'm willing to make.

[MakeItAMudLight]

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@Shooting-For-800 wrote:

They are nuts.

You can get a good mortgage with 30% front end and 40% back end.

That is 70% DTI to buy a house!  But 15% is required for a credit card?  LOL!

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I'm pretty sure the 40% on the back end includes the 30%.  You don't add them together.  So still 40% DTI to buy a house.  Most I've ever seen acceptable on a traditional mortgage was like 55%.  70% was in like 2005!

[Anonymous]

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@Shooting-For-800 wrote:

They are nuts.

You can get a good mortgage with 30% front end and 40% back end.

That is 70% DTI to buy a house!  But 15% is required for a credit card?  LOL!

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Until they get to know you and have some history, that is the way it seems to go. 

[Brian_Earl_Spilner]

Got some new data points for denials. Will be making a thread though. Don't want it buried in here. Pretty interesting and detailed.

[crys12065]

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@Anonymous wrote:

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@Shooting-For-800 wrote:

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.

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I don't disagree it's absurd, but they have the cards, they make the rules.

My first card was for 1k and i had 16% DTI.    6 months later, same DTI..  15k SL. 

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^^This...again history and relationship.

I know it doesn't make sense to people who are used to scores driving approvals, but seems Navy likes to reward those who have a relationship with them.  I won't complain but I do see how frustrating it can be for people with great scores and profiles not getting the limits someone like me is.