cancel
Showing results for 
Search instead for 
Did you mean: 

Navy Federal Thread for CLI and Additional Cards

tag
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards

Yesterday I was approved for the More Rewards card with a SL of $25K @ 12.99%, but I was subsequently denied a CLI on my $1K Platinum (got greedy & asked for a CLI of $5K). Would it be better to wait it out & try to grow the Platinum, or close it & apply for a new Platinum card with hopefully a higher SL?

Message 10511 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards


@Anonymous wrote:

Hi Everyone!

 

I am very new to the forum, this is actually my first time posting.

 

I have been a member of NFCU for almost two years now. I recently received an email containing an acceptance for the amex, I pulled the trigger today and applied - - I was approved for a SL of $500.00. I am wondering if I had applied for a different card if my SL may have been higher? If I were to apply for another card today, would I be approved for a card with a higher SL? Or should I wait it out and do the 91/3 for a CLI and a new card?

 

Just for some background : Discover IT - 1182/1200 Nordstrom - 450/1000 Overstock 0/250

 

Due to high utilization my scores have dropped to the high 500s ..

 

ANY ADVICE?? 


Hello ... again (lol) 

As you can see from my previous post, I was approved for the Amex More Rewards with a SL of $500 on July 10th. My utilization across the board was seriously killing me. 

 

As of today my Discover is down to $0/1200 (statement closes on the 27th, which is when it will reflect to the bureaus). 

More Rewards is down to $0/500 (will reflect on statement on the 24th) - previously reported a balance of $65.00 on first statement and a balance of $431.99 on the second statement, only because I didn't initially keep track of the statement closing date.

 

Nordstrom is $0/1000 - already reflected on statement. 

Overstock is $0/250 - already reflected 

PayPal credit is $0/250 - already reflected. 

 

Current FICO 8 - EQ 594 TU 613 EX 618

FICO 8 Bankcard - EQ 580 TU 610 EX 622

FICO 9 Bankcard - EQ 634 TU 631 EX 646

 

3 previous collections accounts which are paid off. 

Last late payments - 12 months ago (due to non-paid maternity leave from work)

 

Income: $60k

 

The credit simulator suggests that with my cards reporting a $0 balance on the statements, my scores are projected to jump to:

EQ 639 TU 638 EX 648

 

My 91/3 will soon be approaching on the More Rewards so my question is whether to go for a CLI and what my chances are for a higher SL if I decide to app for a second card?? Or if I should wait 6 months?

 

Any thoughts on this?

Message 10512 of 17,187
FinStar
Moderator Emeritus

Re: Navy Federal Thread for CLI and Additional Cards

@Anonymous - personally, I would wait 6 months (if not a bit longer) to let your profile age (inclusive of the collection accounts). The $500 SL, while great in the approval sense, is indicative that this was a borderline approval.

Also, any simulator data is not to be relied upon...purely coincidental if it comes close. While it may be a decent tool to forecast a ballpark range of potential scores, it's usually far from the target. Lots of variables at play that can make your scores fluctuate.
Message 10513 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards


@Anonymous wrote:

Yesterday I was approved for the More Rewards card with a SL of $25K @ 12.99%, but I was subsequently denied a CLI on my $1K Platinum (got greedy & asked for a CLI of $5K). Would it be better to wait it out & try to grow the Platinum, or close it & apply for a new Platinum card with hopefully a higher SL?


I personally would give it more time. I toyed with the idea of asking for a CLI on my cashRewards 1K card (after my monster approval for the AMEX yesterday) but I think I will wait 3 months before asking. 

Message 10514 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards

Thank you!

 

Yes, I was leaning towards waiting for the 6 months. Definitely going to take that approach. 

Message 10515 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards

I will hit 91/3 with NFCU tomorrow - I have a CashRewards with a $10,000 limit.  Need help stragetizing when/what order to apply for things.  My current overall util is around 32%.   I will have three cards reporting between now and 9/26; once they all report, my ulit will decrease to about 20% (I'm carrying some balances on 0% cards at the moment).  DTI is around 31%, it won't change significantly (CC payments are a tiny portion of my debt payments).  My current TU FICO 8 is 712/FICO 9 is 720/ EQ FICO 8 is 658/FICO 9 700). I suspect these will bump up a bit when the cards mentioned before report.

 

I want to buy a new car and am going to submit a NFCU app for that (I was previously approved, but my approval lapsed) and I want to app for a 2nd card (likely the Platinum).  I am assuming that I should do the car app first, followed by the 2nd card app.  Is that the right order?  I'm preapproved for another auto loan on good terms, so I could skip the car app but the rate I had previsouly been approved at by NFCU was slightly better.  I think I'm going to skip a CLI for my CashRewards for now, just to avoid another inquiry.  I am currently planning to wait until 9/26 when my recent payments post.  Does that sounds like a reasonable plan?  Anything I'm missing?

Message 10516 of 17,187
spiritcraft1
Valued Contributor

Re: Navy Federal Thread for CLI and Additional Cards

Well NFCU likes my Wife, but me...  not so much.  

 

I was shot down today for a CLI on my Go Rewards (originally a secured card), that elusive 3rd card and also for a CLOC request of $4k.   I though being way past 180 days since a new account would help give me an in.

 

My first app was the CLI request which apparently went to review.  I imagine a denial at this point.  Then I immediately went for the CLOC, instant denial.   This was the second time I fell for the "Offer" of the "We have you covered for the CLOC" variety.  Not so.   I did these so close together I thought perhaps one pull...  Nope, the HP notice emails started pouring in.  2 HP's on EQ. 

 

I though the third card might be in line as I have been paying in full and just ran $10k through my Flagship and paid all but $26 this last statement period.  "You do not meet our..."  Then got the official denial email stating that "I could apply for the secured card".  C'mon.  

 

So...  I had 9 HP's total this morning, now I have 10 with 7 of them being NFCU, two approvals and now 6 denials in a row as scores have climbed, using their cards heavily and paying in full.  My internal score must be 300 or so.  

 

I figured "what the..." and decided to go for it today as it will be several months until I start approching prime territory.  I don't need the credit, but would have rather had a couple more accounts aging.  All this with running $850k per year through their business side per year for no benefit whatsoever. 

 

Meanwhile, DW with slightly lower scores and same level of derogs is un-denied from NFCU.  You just can't figure out NFCU.

 

TU:  likely near 650

EQ: 647

DTI about 13%

Less than 1% UTI

Income $78k


Biz |
Current F08 -
Current 2,4,5 -
Current F09 -
No PG Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k, B&H Photo, $5k

Message 10517 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards

I have a weird situation.  I did a search on the site and I didnt see any other mentions of this happening.  My wife had a $500 Secured nRewards and it recently graduated to the standard $2k CL.  Navy sent her a new card, same look same number etc.  All standard stuff.

 

About 2 weeks following the graduation she received a Cash Rewards Card with the same account number, exp date and CVV.  She did not request a PC.  When she logs on it shows as a Cash Rewards account.

Does anyone have any insight into what is going on with this?  I know this isnt standard procedure because I also had an Secured nRewards graduate, but I didnt get an automatic PC, not that a PC is anything special, but its just weird that they PC'ed it.

 

I want to believe that they like her profile but I may be reading too much into it, especially since it doesnt seem to be common.  I just wish there was a way to find out why they PC'ed it automatically!

 

She has been a member less than a year and her EQ09 is sitting nicely at 745 with low DTI.  She really wants to app for a GoRewards but her TU is closer to the 620 range and she has a low income.  She has been approved for an auto loan with NFCU but ended up not purchasing a car.  She has great payment history with the nRewards with tons of use and very large payments of 25%+ CL multiple times per month.  She had a SSL that she executed to perfection that is now paid off.  She doesnt want to waste the HP on a denial but maybe, just maybe her internal score is good enough. Decisions, decisions.

Message 10518 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards


@DJRobbieD wrote:

  1. @DJRobbieD wrote:

    Looking for some further advice... next month I will hit my 91/3 mark on a $10k NFCU Platinum MC that was approved back on 7/12/19.  As mentioned in a previous post, I expected a higher SL based on my income ($330k) and FICOs (mid-high 700s), but suspect that my overall UT at the time (35%) was a handcuff.  Since then, UT is way down (now <10%) and FICOs now over 800 (see my signature for additional DPs).

     

    So my question is what's the next best course of action with NFCU to maximize my total unsecured exposure with them once I hit the 91/3 mark next month? Request a 3x CLI on the Platinum, apply for a 2nd card, or both? If both, in what order? 

     

    I'd prefer not to open a 2nd NFCU card right now after opening new cards with NFCU (reporting), Chase (reporting), and Apple (not yet reporting) in the last 2 months which is driving down my AAoA, but I'm not against the idea as I'm going to be gardening for a couple years anyway after this recent spree.  I'm just wondering if it'd better to stick with 3x CLI request for now, then trying another CLI request next year (at least 6 months, right?) to get me up to the $50k max on the Platinum, for the cost of two EQ HPs.


    Bump

@DJRobbieD   

1. Navy decides CLI on your DTI not just Util.  Yes you make a great income (congrats) but if your DTI is high due to Large house payment or multiple cars or large student or any other type of loans, they may not give you the max the card can have.   Most of the time when you ask for more than 25k they will POI you, so be ready for that. 

 

2. Most people ask for a CLI first.   It's either instant or goes to review, and you can app a second card at that time.  From DP's and in my EXP, it's easier to get a huge SL then a huge CLI.   However with that income and if your DTI is in check you could do well with both. 

 

3. If you don't mind showing the proof of the awesome income, you could get 50k from one CLI.  YMMV but look forward to hearing of your success. 

Message 10519 of 17,187
Anonymous
Not applicable

Re: Navy Federal Thread for CLI and Additional Cards


@Anonymous wrote:
Hello Navy lovers.....

I was wondering, I know that Navy has several cards but I'm sure each card has it's own min and max spending limits that can be given on each card, correct?

Also as far as your second and third cc apps, which cards are better to app for with each one or is it just on your preference of awards and %?

@Anonymous   All but one of the cards have a 50k max (provided you have an income that can support it)  The Flagship has an 80K max on it.   Now we don't see alot of those, and TBH i'm sure those could be higher if you had that kind of income, but that is what we know at this time. 

 

What you decide to app depends on your specific credit goals.  All of the cards have the same underwriting except the flagship which you have to qualify for a 5k min SL.  If you are going after a card, pick the one that will benefit you and your needs the best.  There really is no right card for everyone as we all have different needs. 

 

Look forward to hearing of your success if you decide to go after one. 

Message 10520 of 17,187
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.