Should I push my luck with NavyFed??

[Anonymous]

Recently started my rebuild journey after ch 7 Bk. I was able to obtain $500 cash rewards card from navy fed and have patiently been waiting for my 90 days. This week I was able to refinance my car loan with them that was an astronical interest rate and also received a pre approved car loan as well. My question is should I focus on the CLI in the next week when my statement cuts or should I push my luck and try for a LOC?

Any advice is appreciated. Thanks in advance.

EQ: 619/TU: 608

[JustinS]

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@Anonymous wrote:
Recently started my rebuild journey after ch 7 Bk. I was able to obtain $500 cash rewards card from navy fed and have patiently been waiting for my 90 days. This week I was able to refinance my car loan with them that was an astronical interest rate and also received a pre approved car loan as well. My question is should I focus on the CLI in the next week when my statement cuts or should I push my luck and try for a LOC?

Any advice is appreciated. Thanks in advance.

EQ: 619/TU: 608

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I'm sure CreditAddict will also chime in and have better advice than I can provide as he knows Navy better. However even with Navy being generous typically I don't know that I'd go for the LOC until I built some history with them when you're talking a $500 starting limit. If you were given a 5-10k starting limit I'd definitely say go for the LOC but with $500 your chances IMO would be at best 50/50 even with Navy. Granted I do reserve the right to be completely wrong on this it all depends on how their underwriting with the NavCheck is really.

[Anonymous]

That's very true. I wouldn't mine the revolving tradline but would rather a good CLI on the card.

[Anonymous]

Just my own personal story, I was discharged from Ch 7 on October 7th, got the NFCU Platinum MC for $500 on October 10th, used  a ton and pif.....I got inpatient a couple times with CLI after reading all the success stories and was denied twice.  However, I did sign up for the NavCheck LOC and was approved.....I only applied for $500 because I was nervous but it was approved, got greedy once it started showing and tried to increase to $1500 and was denied.

I have not been successful with being patient letting my NFCU grow but your scores are about the same as mine (I may be just a tick lower) so you may have some success with the LOC but not at a very high limit

With that being said, I would wait and see what creditaddict has to say!

[Creditwiser]

Hey, Im in your shoes.  Im 5 months post disch and last night received a 9k CLI from Navy on my Cash Rwds visa.  They approved me in Sept for 1k.  I asked about a CLI saying I didnt want a HP as I was rebuilding my credit. Rep said they would look at it and put me on hold, BAM, 9k increase.  I had my 3rd statement cut earlier this month. You definitely want to wait at least 3 statements.  As for NavCheck  LOC I was denied in Sept and I have to wait till I come out of the garden in a year to try again.

[Anonymous]

Being that they gave you a $500 limit on your CC, I would wait at least 3-6 more months to show them some more history on your current TL with them. I am almost certain they will deny your LOC app.

[Creditaddict]

Get your first CLI before you apply for the loc.

[GlamGirl]

Speaking from my experience, I don't have a bankruptcy but in October 13th when I first applied for the Cashrewards CC I was denied. Recon through the secure message and was approved $500. Nov 28 called up to inquire and received my first CLI soft pull to 7K, the following Monday, tried my luck online for a second CLI for 12K & it was countered for 8K. On 12/1st applied for the LOC full $15K and was countered for 5K. So when it comes to Navy its really no set rules. Now after my 3rd Statement prints on 12/25th I'm asking for 25K on CC and will wait until Feb to increase the LOC to 15K.

[gingerflower]

Yes, you never know what Navy has in store for you...Good luck

[Anonymous]

Just wanted to update everyone. I requested a CLI via the web on December 27th after my 3rd statement. It went to the 3-5 day message and I noticed the HP on Equifax which is sitting at 625 the following day. I was impatient so I called today and spoke to a nice representative who stated it was declined but said she saw no issue with me trying again and being successful in March after 6 months. Feeling defeated I wrote a nice recon message since it was a HP figuring it was worth a shot. The message was sent at 115pm and I received a response at 7pm saying they had reviewed the information and have moved my credit line from $500 to $5000!!!!
I kept re reading the message what a wonderful way to end the year.