@AverageJoesCredit wrote:
@Anonymous wrote:We have about 375 a month on a car payment and a few credit cards (we let them keep a balance and then pay off after the statement is cut)
Car payment is 303 technically and really our only debt.
We dont bank fully with navy as they have no branches here and hubby doesnt like that idea yet, slowly opening him up (although this was a slam to the face for that lol)
They said we are at our internal limit at 6k.. which is less than my wayfair is right now and about where capital one is (who is supposed to be a lo crappier, but allowed us both to have 2nd cards months ago)
We really waited solely to have th best score possible with them and hubby even declined cap1s offer in favor of trying for a second nfcu over 6 months later. I'm at a loss how so many have such high limits and we are at internal limit at 6k
Bk7 , no matter what , is a huge negative. Some people feel even though its been discharged and they have reestablished some credit, that the bk7 should have no affect. It does. You will have much better success once thats off reports. If you have a bk reporting, be glad they even give a cc, many lenders will not.
@AverageJoesCredit completely agree, but I also have a bk, basically the same date with much higher limits
@Anonymous best I can tell is my DTI is just better between the extra income and the lack of housing payment/car payment. My debt is just my two student loans, which total 1200/month against my 92k/yr, vs. your stated 1700/month against your 80k/yr. It could be enough for the difference in limits. Based on my reading here NFCU is very sensitive to DTI. I also think it doesn't hurt that they get the majority of my DD/primary checking + certificates + some savings.
@Anonymous wrote:
@Wavester64 wrote:So question for the NFCU masters
When I got the Platinum, its for $1K and with I forget 12-month 0%APR?
So when 91/3 comes, I plan on having a balance on that card at that time.
Does it help my odds of a better CLI on card one and a great SL on card 2 if I pay that
off card one by then, or doesn't it matter since that's a balance in the middle of a 0% APR?
@Gmood1 @Anonymous @coldfusion @JNA1
It doesn't really matter. I have never heavily used my cards and my limits exceed my income.
Also, the Platinum usually has 0% for 12 months on balance transfers so make sure that your statement shows 0% on purchase APR too.
I have the 0% for 12-months on BTs, but not for purchases (just checked my statement). A friend who I got to get with NFCU too had the same thing. She was surprised when she got charged FC on a balance from a purchase.
@PicoFico wrote:
@Anonymous wrote:
@Anonymous wrote:Well I got my letter today Denial Letter today from NFCU ... I requested a CLI on my 95th day and got the dreaded 24 hour decision and the letter today indicated that: MY ACCOUNT WAS TO NEW. (Bummer) .. so I guess I am stuck until August on my CLI.
Had 3 full statements cut? 95 days doesn't matter if you don't have three full statement cycles. I would just try in a month.
And if you have no spend in a month, a statement doesn't generate.
Should generate without spend as long as your carrying a balance, i.e. 0% APR BT offer.
@Anonymous wrote:@M_Smart007 and @AverageJoesCredit Thanks for the feedback! I look forward to pulling that trigger on the AMEX when my next statement cuts.
I have a love/hate relationship with these threads, I wouldn't have such a solid plan for my credit if it weren't for all you lovely folks that contribute. However, the recent denials I have seen( @Anonymous @Anonymous ) from credit profiles I consider stronger than mine. Lower SL's and CLI's seem to be trending, it's starting to seem like they just might be tightening up a bit, I know there are still PLENTY of positive DPs, and that this is still only a VERY small portion of actual CC holders, but staying up all night reading these threads can definitely fill your head with doubt.I just wish I had known about Navy sooner, my dad was in the navy,
hell I was born in a naval hospital, I should have been a member since (credit) birth!
Wow! ..What a story
@GoTarHeels wrote:Hello everyone,
I just recently started following this thread because I just became a NFCU member. I didn't know I was eligible until not too long ago, so that was a nice surprise!
I went ahead and applied for the More Rewards AMEX and was approved for a $1K SL (it's a start). TU was pulled, my score is 676.
Does anyone know how long it takes for Navy to report your new credit card to the CRAs? I read the last 20 pages of this thread and didn't see anything. Appreciate the help. And thanks again to all of you lovely people on this forum! My credit journey has improved dramatically based on the information I have learned here.
I applied for More Rewards on 4/30. Statement cut 5/27. Received a MyFico notification today for Experian for 2315/12.5k, my statement balance. Not on my TU or EQ yet. I'll post when they hit.
@Anonymous wrote:Hi Everyone!
I'm new here, though I've been lurking for 6 months or so. You all have been wonderfully helpful, so thought I'd add some datapoints.
Joined Navy 1/2020. Approved for Cash Rewards at a whopping $500 limit. (its a start). Opened up savings and checking, been adding $50 every two weeks to the checking just to put some use on it. Spent the $500 limit on the Cash Rewards card and paid it off monthly, before the statement cut. Sometimes multiple times/multiple monthly payments. So after hanging out and patiently waiting for 91/3 and then some, thought I'd pull the trigger and apply for a platinum, as I'm aggressively paying off credit card balances and thought I'd utilize the 0% transfer option to make it go faster. Called customer service, had them do a prequalify. "You are prequalified for any of our cards." Great! Apped...
Instant denial. Hmmpph. Well that was not nice. What the heck. Might as well go for an increase on the Cash Rewards. Nothing to lose now. Ask for 5K. Got the 'under review' message. Log in a few hours later, increase to $1500. (Note: My Disco has a 15K limit and AmEx 5K, so not my first high limit rodeo). Got my denial and adverse letters yesterday:
"You've Reached Navy Federal's Maximum Unsecured Limit" (Hadn't applied for the CLI on Cash Rewrds at the time of the app, so...$500?)
Internal score: 291
Key Factors:
Utilization of revolving account credit lines in the last 3 months (54%)
Number of Inquiries on TU (6, 2 just came off this week so 4, +NFCU = 5 Shoulda waited. The 4 are all at once from car finance shopping, should have counted as 1 as I did get that car loan )
Number of Deliuquent past or present obligations (few mortgage lates 5 years ago during my refi. Nothing since. In retrospect that p*ssing contest with the mortgage company wasn't my smartest move ever. But it resulted in a great refi rate)
Limited Credit Experience (uh..28 years? Good mix of mortgage, auto, personal loan and credit?)
They pulled TU, my worst bureau, score 695. Income 75Kish.
Cash rewards increase:
Denied to 5K because "Navy Federals Maximum unsecured limit"
Equifax: 705
Delinquency (pesky mortgage, 5 years ago)
Proportion of balances to limits too high (54%. I know, I know, working on it now)
Lenth of Time Accounts have been established (guessing this is my mortgage refi, 5 years + car, bought out my lease 8 months ago)
Too many accounts with balances (I know, I know, why do you think I wanted the platinum?!)
Hope this helps someone else! You guys and gals are great.
Hang in there Sister, @Anonymous and thanks for the DPs. THIS is why we all suit up AND show up DAILY, on the regular, IMHO to the MYFICO forums, whether we are winning, or losing, or just taking one for the team, we share our experiences, in an effort to help someone else who is bailing water, from the same Credit ship, until we ALL turn the tanker around, and are sailing for smoother waters and clearer horizons.
Thank you again for your (brutal?) honesty and please keep the faith; NAVY will take care of you (us), eventually, i.e., as @AverageJoesCredit and the other legions of NAVY folk, standing shoulder to credit shoulder here will attest, NFCU membership will pay off, exponentionally in the end, as NAVY takes care of its own, without a single, solitary, doubt.
