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Navy Federal Thread for CLI and Additional Cards

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newmomnewme
Valued Contributor

Re: Navy Federal Thread for CLI and Additional Cards

@Aim_High  How many new accounts were too many? My 3rd full statement reports 12/19, but I have 6 new accounts (including Navy) in the last 3 months, my next youngest account is probably 4 years old. 

Maybe this is another sign for me to just ask for the CLI on 12/19 and wait on a 2nd card. 

012019 Fico8/Mortgage Score:
Current Fico9/Fico8/Mortgage Score:
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Message 15411 of 17,187
Aim_High
Super Contributor

Re: Navy Federal Thread for CLI and Additional Cards


@newmomnewme wrote:

@Aim_High  How many new accounts were too many? My 3rd full statement reports 12/19, but I have 6 new accounts (including Navy) in the last 3 months, my next youngest account is probably 4 years old. 
Maybe this is another sign for me to just ask for the CLI on 12/19 and wait on a 2nd card. 


In this lending environment during the pandemic, @newmomnewme, I think just going for CLI with 6 new accounts in three months is best.

 

This was during early July and Navy had already tightened up their lending.  A year ago, I might have been approved even with my new accounts and another year from now, it might be different again.

 

I had just added another card five days before my denied Navy app, so I doubt it was reporting yet.  But counting that one, I was at 2/6, 8/12, and 10/24.  I'm pretty sure it was the 8/12 (or even 7/12 if that new account didn't show) that they didn't like but they also probably would frown on 6/3!  If you kept apping at that rate, it would equal 24/12!!!  Smiley Surprised   That would exceed most lender's comfort level in any economic climate!

 

My advice is to ask for your CLI and let those six new accounts get to about a year old before you add new ones.  Six in a year is a lot, even when times are good.  A more conservative, long-term approach would be averaging two to four a year, but especially if your profile is younger, thinner, dirty, or scores are not high yet.  (I don't know your stats, but just giving general advice.)  In my case, I had a very solid and established profile with high scores, but I still made lenders nervous with my app'ing 8/12.  Smiley Frustrated


Business Cards


Length of Credit > 40 years; Total Credit Limits >$936K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 96.5 - AMEX 95.0 - NFCU 80.0 - SYCH - 65.0
AoOA > 31 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 15412 of 17,187
newmomnewme
Valued Contributor

Re: Navy Federal Thread for CLI and Additional Cards

@Aim_High Thanks!! My file is thick but dirty. AAoA is 7+ years, Overall UTIL 20%, AZE2, but I have 2 paid collections and a 30-day late from 2018 dragging my scores down. 


My scores hit 700s this summer, Navy let me back in, I got excited and had an app attack. Fast forward 3 months and I have 6 new accounts. I wanted all of the accounts to age together that's why I planned to go for the 2nd card this month. Only two inquiries on TU, so we will see. 

 

012019 Fico8/Mortgage Score:
Current Fico9/Fico8/Mortgage Score:
MyGoal Fico8/Mortgage Score:
Take the myFICO Fitness Challenge


Message 15413 of 17,187
EOL2018
Established Member

Re: Navy Federal Thread for CLI and Additional Cards

So I am approaching 91 days; 3rd statement will drop 12/9; 3rd payment won't be due until 1/6....so do I need to wait until the 4th statement?

 

Should I just call NFCU and ask when I'll be eligible for 2nd card and CLI?

Message 15414 of 17,187
M_Smart007
Legendary Contributor

Re: Navy Federal Thread for CLI and Additional Cards


@EOL2018 wrote:

So I am approaching 91 days; 3rd statement will drop 12/9; 3rd payment won't be due until 1/6....so do I need to wait until the 4th statement?

 

Should I just call NFCU and ask when I'll be eligible for 2nd card and CLI?


@EOL2018, I would call or chat just to be 100% sure.

Don't ask for a CLI over the phone .. or it could result in a HP.

Just ask about your eligibility.

Message 15415 of 17,187
EOL2018
Established Member

Re: Navy Federal Thread for CLI and Additional Cards

Thank you, that's what I'll do!

Message 15416 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards

@EOL2018  welcome to the myFico community! @M_Smart007  gave you great advice. The only thing I will add which is JMHO is that the reps may tell you that you should wait six months, but that is not always the case. If you have had the card for 91 days and three full statements have cut, you are eligible to apply for a second card and a CLI on the first card as well.

 

Make sure you have three FULL statements and if you don't, then wait for number four to cut. Apply for the new card first. Then regardless of the outcome, you can ask for the CLI. The max CLI in most cases is $4K right now just FYI. The underwriting is the same for all the cards except the Flagship which you would need to be approved with a $5K starting limit, so keep that in mind.

 

Ignore the prequal page for new cards as it is not reliable. Lastly apply through the app or online for the CLI as it is still a SP on your credit. If you speak to a rep for a CLI you risk a HP.

 

Please keep us in the loop and my fingers will be crossed for you and a nice new card and CLI!! Smiley Wink

Message 15417 of 17,187
M_Smart007
Legendary Contributor

Re: Navy Federal Thread for CLI and Additional Cards

Solid AdviceSmiley Happy ^^^^^^^^^^^^^^

Message 15418 of 17,187
EOL2018
Established Member

Re: Navy Federal Thread for CLI and Additional Cards

Thanks to everyone for all the valuable info

 

so I did call and the rep said wait a few more months for the new card lol

 

As I stated, I was approved on 9/8; first statement was 10/9, then 11/9, so I assume next will be 12/9

 

first statement showed 29 days so maybe that one is not a full statement?

 

when I asked the lady how long my card has been opened, she gave the approval date which I already knew. According to google, 91 days past 9/8 is 12/9....I might try them or wait for the 4th statement. The I'll apply for the increase. The rep did advise to wait because she said when they approve you, they approve the max that you are eligible for. I was approved for the platinum, $15k. I was recently approved for a CLOC, $500 so maybe I should wait. Rico on app is 670

Message 15419 of 17,187
M_Smart007
Legendary Contributor

Re: Navy Federal Thread for CLI and Additional Cards


@EOL2018 wrote:

Thanks to everyone for all the valuable info

 

so I did call and the rep said wait a few more months for the new card lol

 

As I stated, I was approved on 9/8; first statement was 10/9, then 11/9, so I assume next will be 12/9

 

first statement showed 29 days so maybe that one is not a full statement?

 

when I asked the lady how long my card has been opened, she gave the approval date which I already knew. According to google, 91 days past 9/8 is 12/9....I might try them or wait for the 4th statement. The I'll apply for the increase. The rep did advise to wait because she said when they approve you, they approve the max that you are eligible for. I was approved for the platinum, $15k. I was recently approved for a CLOC, $500 so maybe I should wait. Rico on app is 670


@EOL2018, Thanks for the update! .. The data points can often times help othersSmiley Happy

Whatever you do, don't go by the CLOC limit ..

it is a whole nother animal, and they have really tightened up on those BIG TIME!

 

Happy Holidays.

Message 15420 of 17,187
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