@DesertWanderer wrote:
@DesertWanderer wrote:Hey everyone! Does NFCU provide any sort of communication if they deny a CLI? I opened a Go Rewards in 12/2019 with a $900 CL. On 4/2020 they approved me for a Flagship with a CL of 25K. I have never requested a CLI on either card, been in the garden, and my fico scores have gone up quite a bit since my last approval (high 700s, low 800 across the board). Income, spending, DTI ratio has all stayed the same.
I requested the CLI on the Go Rewards Sunday night and nothing has happened either way. I'm okay if I am at the max they want to give me across all cards, I am just hoping for definitive yes/no on the CLI. Their site and other posters have stated it usually takes 1-2 days for a decision. Should I just assume the CLI was denied? Will they send a letter through my account or snail mail? The funny thing is, while I know their preapprovals should be taken with a grain of salt, it does say I am approved for all of their cards.
Happy Tuesday!
I wanted to follow-up on my post from last week to to get the opinions of others. I received my letter in the mail that stated my CLI was declined as I am at the max amount for unsecured lines. They also sent me the following through my account mail system:
The date of the score used was 05/05/2021. We have completed a second review of your request. Based on our lending criteria you have the maximum credit line we can currently offer you. Similar to other lenders, we periodically review our lending policies, including the amount of credit card credit lines we approve, and make adjustments to reflect economic risks. In response to the current pandemic's impact on the U.S. economy, Navy Federal has scaled back the amount of credit extended to credit card applicants. As economic conditions improve, we may adjust our policies accordingly.
My question is what is the criteria used to determine the max credit line they will be comfortable with? Is it credit score, income, internal score, DTI, age of profile, combination of all of the above. I guess I am just curious if it is based strictly on income and ability to repay; therefore, my max wouldn't be increased until I get some more pay raises! lol. My current unsecured line of credit with Navy is $25,900 ($900 on first card, $25,000 on second).
Here are my DP's if it helps:
801 EX, 776 TU, 795 EQ (all F8 scores), no baddies, lates, derogatories
Utilization around 1-2%, PIF every month
Income 75k
AAoA - 7 years
@DesertWanderer I'm sorry to hear about your denial. I think most of the things you mentioned factor into their decision whether to increase someone's limits and/or approve them for another card. Another big factor is time. I remember getting that maximum limit message before and waiting 3 months and asking again and I got approved. Nothing significantly changed in my profile, just more time had gone by. In 2-3 months you should be able to have your limit increased again assuming your profile stays the same or further improves.
@Mr_Mojo_Risin wrote:
@Jordan23ww wrote:
@DesertWanderer wrote:... what is the criteria used to determine the max credit line they will be comfortable with? Is it credit score, income, internal score, DTI, age of profile, combination of all of the above. I guess I am just curious if it is based strictly on income and ability to repay; therefore, my max wouldn't be increased until I get some more pay raises! lol.
@DesertWanderer I'm sorry to hear about your denial. I think most of the things you mentioned factor into their decision whether to increase someone's limits and/or approve them for another card. Another big factor is time. I remember getting that maximum limit message before and waiting 3 months and asking again and I got approved. Nothing significantly changed in my profile, just more time had gone by. In 2-3 months you should be able to have your limit increased again assuming your profile stays the same or further improves.
I agree. Time is a big factor and keeping your profile tight.
Sorry to hear of your denial, @DesertWanderer. That said, you're in good company here. Navy can be a tricky nut to crack, regardless of profile, income, FICO, debt, and other factors. It's not just you or your profile. Some of us have been denied for additional credit with Navy even though other lenders were much more generous. Navy just does things a little differently.
You may have heard of Navy's "Internal Score?" If not, you should see it on your denial letter. The internal score is used along with your FICO in determining approval for new credit and/or limits. However, you can still be denied for additional credit even with a high internal score. See my links below and reference my denial of a card last year.
I agree with the above responses that *TIME* is the biggest factor. Navy seems very much about relationship so be a good overall customer, use their banking products as a whole, and they will likely open up more. Remember that the "reached Navy Federal's Maximum unsecured credit line" response is just based on what they are willing to lend you ... TODAY.
See these other threads with comments about Navy:
https://ficoforums.myfico.com/t5/Credit-Cards/What-is-a-good-Navy-score/m-p/6283455#M1771151
Thank you everyone for the great advice. I will lay low and just continue to grow my relationship with them. I moved all of my checking and savings to them in late 2019 and the flagship is my daily driver. Overall I am extremely happy with Navy and grateful that they even gave me the flagship with such a great CL and APR to begin with (my scores we about 50 points lower when they approved me). As many have said on these forums, it's a marathon and not a sprint!
Interestingly my last triple lutz cli requests though i got the triple whiffle, 2 of the request, ie the more important ones to me, came back as " recent change to account" denial while 3rd was at max. Gives me hope that i just requested too early. Gonna wait til June and go for a double instead of a triple. Better a 2run homer than crusty the clown strikeout
@Merc1776 wrote:My question to the group is how often over the year could you be approved for a CLI. Example getting past the 93 days from the open and the 1st 180 days (6 months) mark is it something like every year thereafter?
Navy will consider ongoing CLI requests every six months after one is approved. That's a pretty standard metric with many lenders. Normally, if you ask for CLI and are denied, it does not "reset" the clock so you can ask sooner. However, asking more often than about every 30 days is probably a waste of time and may signal desperation to the lender, which isn't a good thing.
With Navy and many other lenders, once a CLI is approved, you must wait at least six months to be approved for another one.
@Aim_High wrote:
@Merc1776 wrote:My question to the group is how often over the year could you be approved for a CLI. Example getting past the 93 days from the open and the 1st 180 days (6 months) mark is it something like every year thereafter?
Navy will consider ongoing CLI requests every six months after one is approved. That's a pretty standard metric with many lenders. Normally, if you ask for CLI and are denied, it does not "reset" the clock so you can ask sooner. However, asking more often than about every 30 days is probably a waste of time and may signal desperation to the lender, which isn't a good thing.
With Navy and many other lenders, once a CLI is approved, you must wait at least six months to be approved for another one.
Good point. Even though i requested on my CR about a week after initial denial , hadnt received the denial letter on account change, i now will give it a month breather to make sure i got my 6 months in. Very doubtful ill break 30k but im going to try lol cuz had i not before i never would have broke 20k
@AverageJoesCredit wrote: .... Very doubtful ill break 30k but im going to try lol cuz had i not before i never would have broke 20k
Exactly! You never know until you try!
A few years ago, I had no idea I could ever achieve the limits that lenders have allowed!
Good luck with the $30K @AverageJoesCredit! 