Small navy federal CLI? Any idea why?

[Anonymous]

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

[Anonymous]

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@Anonymous wrote:

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

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Be glad you got it? COVID has all the lenders scared, especially of thin files and folks who, on average, have been hit worse with job losses.  A 21-year-old is probably in their #1 "oh crap high chance they're getting laid off or not hired at all" category.  

Seriously - you have zero in your file and a nearly new file.  That credit limit is fantastic.  Garden for a while, tend your newly approved accounts, and try again in six months to a year.  You'll see every bit of that blossom.  Congrats on the CLI approval and the amex approvals!!

[Anonymous]

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@Anonymous wrote:

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

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@Anonymous Welcome to MyFICO forums.

I can think of at least two reasons why your credit limit was "only" increased by $1,500

1.  What income did you state on your application?  Lenders are required to use your declared income in evaluating your requests for credit.

2.  The number of inquires/applications for credit on your credit report.

I'm honestly fascinated that you'd be complaining over a 60 percent increase in your credit limit.  As someone who is totally new to credit, you need to adjust your expectations and also slow down on the pace of applying for credit cards. 

Rome wasn't built in a day.

[M_Smart007]

Also Navy really looks at "Debt to Income" (I have no idea what yours is like.)

If you graduate to a card that you do not want, you can product change it to another card.

Good Luck!

[randomguy1]

You are fairly new to credit and it was a substantial % gain given you current limits. You might see others with substaintial increases but try not to compare yourself to other situations as everyone has different credit profiles. As others have indicated, your income and other limits also play a role. Take it slow.

[CerebralZulu]

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@Anonymous wrote:

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

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Congrats on the CLI. Yours is the first hard pull I have seen/read in a while. Are you sure it wasn't for the MR card? Or did you have two hard pulls?

[Anonymous]

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@CerebralZulu wrote:

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@Anonymous wrote:

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

---

Congrats on the CLI. Yours is the first hard pull I have seen/read in a while. Are you sure it wasn't for the MR card? Or did you have two hard pulls?

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Yeah it was a hard pull for the MR card, then I applied for a CLI and it went to $3.5k, and I applied for another CLI right after I saw the first increase and it went to $4k. Both soft pulls thankfully.

[Anonymous]

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@randomguy1 wrote:

You are fairly new to credit and it was a substantial % gain given you current limits. You might see others with substaintial increases but try not to compare yourself to other situations as everyone has different credit profiles. As others have indicated, your income and other limits also play a role. Take it slow.

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Definitely, haha. Thank you for the response.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

---

Be glad you got it? COVID has all the lenders scared, especially of thin files and folks who, on average, have been hit worse with job losses.  A 21-year-old is probably in their #1 "oh crap high chance they're getting laid off or not hired at all" category.  

Seriously - you have zero in your file and a nearly new file.  That credit limit is fantastic.  Garden for a while, tend your newly approved accounts, and try again in six months to a year.  You'll see every bit of that blossom.  Congrats on the CLI approval and the amex approvals!!

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Thank you for the response. You're definitely right, I appreciate it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

21 years old. First 2 cards were Navy federal GoRewards with a $2500 limit and the nrewards secured card. I'm lucky to have been able to get these with no credit history. I just hit my 6 month mark and finally have a fico score so applied for the More Rewards card and got denied. Applied for a CLI and only got it to $4k with a HP, so a $1500 increase. I applied for AMEX gold card and was approved and also applied for their BCE card and it should be getting approved today, just been in progress.

I'd expect to be approved for a higher limit and also expected to be approved for the more rewards card.. any idea why they were a little strict this time? You think I should apply for the cash rewards, but I don't want my nrewards graduating into the cash rewards and end up having two of them haha...

---

@Anonymous Welcome to MyFICO forums.

I can think of at least two reasons why your credit limit was "only" increased by $1,500

1.  What income did you state on your application?  Lenders are required to use your declared income in evaluating your requests for credit.

2.  The number of inquires/applications for credit on your credit report.

I'm honestly fascinated that you'd be complaining over a 60 percent increase in your credit limit.  As someone who is totally new to credit, you need to adjust your expectations and also slow down on the pace of applying for credit cards. 

Rome wasn't built in a day.

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You're right, thank you. My income is $40k, and my parents income is $72k. I don't include their income, but I do make them authorized users of my cards to help rebuild their credit. Again, thank you for the response and knocking some sense into me haha.