@Jfpruitt wrote:Built my credit scores to 740s-805 in
About 6 months. Only had 3 cards previous w Cap1($500), Cred1($300) and
Merrick($1000). I did ALL THE
NECESSARY steps for NFCU, and they only approved me for $500! My income is 6 figures, so I got a preapproval from Chase in the mail. I was bummed after NFCU and applied for the Sapphire Preferred. Instantly approved for $5k. Not a lot compared to most, but I'll definitely take it for sure. I just don't understand why I've done everything to raise scores, get a good salary, AND build a relationship with NFCU yet got practically nothing in return. While others
with a lot less salary and scores approved for higher limits of $20k-30k immediately. Make it make sense??? Now I'm wondering if I should switch to chase all together or stick it out with NFCU. BTW, since I also prequalified for all of the Chase cards, I'm wondering if I had picked one of their other top-tier cards with minimum limits of $10k, would I have been approved for more or just denied.
I mean a credit history of 3 cards in 6 months doesn't really warrant a high CL card to be fair
Chase taking a flyer on you for whatever reason (you bank with chase as well?) doesn't make NFCU wrong for only giving you $500, I wouldn't take it personally
even low income people can eventually grow to $80k with NFCU and I wouldn't take the low CL as a reason to cut ties with them completely
congrats, consider closing the credit 1 and merrick cards, you truly don't need them now.
@Jfpruitt wrote:Built my credit scores to 740s-805 in
About 6 months. Only had 3 cards previous w Cap1($500), Cred1($300) and
Merrick($1000). I did ALL THE
NECESSARY steps for NFCU, and they only approved me for $500! My income is 6 figures, so I got a preapproval from Chase in the mail. I was bummed after NFCU and applied for the Sapphire Preferred. Instantly approved for $5k. Not a lot compared to most, but I'll definitely take it for sure. I just don't understand why I've done everything to raise scores, get a good salary, AND build a relationship with NFCU yet got practically nothing in return. While others
with a lot less salary and scores approved for higher limits of $20k-30k immediately. Make it make sense??? Now I'm wondering if I should switch to chase all together or stick it out with NFCU. BTW, since I also prequalified for all of the Chase cards, I'm wondering if I had picked one of their other top-tier cards with minimum limits of $10k, would I have been approved for more or just denied.
Stick it out with NFCU.
1. They usually give lower limits on your first card.
2. They do CLI's relatively easily, often at 6 month intervals, often at as much as $8k.
3. They're a good outfit, worth keeping the relationship.
Jfpruitt
The same happened with my brother last week.
He had 2 credit on cards for 3 years ($1750 4yrs + 15002yrs 9mos old) in addition to another revolving accounts, Kickoff - 2yrs 4mos old. He applied for the Platinum NFCU card and was approved for only a $500 CL. He has been a member with Navy just about 3.25 years now. In the past he's had SSL $24K 3yrs 3mos old, a $10.8K 2yr old personal loan and currently a $5.6K secured loan which he utilized to purchase a used vehicle for gigwork & for other personal reasons - this loan is 25% paid off. Direct deposit has been setup for at least 3 years as well, + $100K.
His AAoA at the time of application was 2years 11 months with AoYRA 2yrs 4mos. AOYA - the secured loan with NFCU - 1yr 6mos. I just shook my head & advised his to try the Amex apply with confidence & Chase prequal in branch with a banker since a branch was with 5 minutes of his home.
Amex did not display a limit so he passed on the pre-approval. The Chase prequal tool came back with 5 prequalifying cars. He made his choice ( Freedom Unlimited, I believe) and was instantly approved for $5,600.
Although, he wanted the Sapphire card, we had doubts about a approval because of the $5K SL for such a card (I could not inform with any confidence if Chase would issues a Signature Card with a lower limit). In hindsight, I should have had him ask the banker if that was a possibility.
The SUB bonus last week was at the 100K offer.
P.s. he does not bank with Chase. All of his HH income goes into his joint checking account with NFCU.
His Transunion & Exeprian Fico 8 was ~ 738.
He is in FL and Chase only pulled his Experian. I told him to view that as win as - to the best of my knowledge most new customers to Chase receive a double pull.
NFCU pulled Transunion. He did say to me that the score offered by NFCU monitoring service displayed his score to be ~ 696 for the previous month and that sounds right to me which happens to be in the time frame of when his utilization was ~ 41.8% yet it double that in the preceding month.
When we apploed on May 13:
1 inquiry was previously on TU - from the NFCU secured loan. No inquiries were present on Experian nor Equifax.
2 late payments - 1 30Day + 1 60Day from 6yrs 5months ago on a closed revolving account.
Utilization was 11%
He was denied reconsideration of the SL on the Platinum account.
Today his Experian Fico 8 is 791 with much lower utilization @ 6%. He had received soft pull CL increases on both Credit One cards & his AAOA hit 3yrs old.
He has yet to activated the Navy card. He is thinking if reconning again with the hopes of a soft pull and mannual review. He is not expecting Navy to change but he has hope as there is nothing to loose form making such a request. He was hoping to use the Platinum account BT 0% offer for upcoming furniture expenses.
