Approved for Navy Federal More Rewards with young file

[DebtStinks]

@mfinsmi1 While I don't disagree with your response as a whole, this is a prime example of an application going into manual review and an underwriter doing their job well. A FICO of 799 doesn't mean much when, as the OP admitted, is mostly due to the AU account on their report.

Best of luck to OP. As others have stated, treat Navy well and they WILL return the favor.

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[Anonymalous]

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@SecondToLastDraftDodger wrote:

Posted about this a bit in Applications, but I got approved by NFCU for the More Rewards, but only for $500.

I applied on Friday evening, got the 24-48 hour message, and then about an hour later got an email telling me I'd been approved for $500. I did recon on the SL, but got a message a few days later telling me to wait three months.

So this is my third card since I began my credit journey in August. I'm pretty happy to have it, since I started with no accounts and no real credit history (just what one AU account had generated for me).

DPs at time of application

- no baddies

- TU9 at 799 according to MF (almost all of that is from the AU account)

- Pulled only TU

- Perfect Payment history

- Income $51k

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Thanks for the DPs. It's interesting, I was in a very similar situation a year ago, but the SL they gave me was more than $8K. Like you, I was a new file with high scores inflated by an AU. Though I had 6 months of personal credit history instead of 4, and I also hadn't applied for a card in 6 months. That might explain the difference in our SLs.

Though where a card starts doesn't matter much, it should grow. Don't forget to set the calendar! In 3 months (3 full statements to be safe), and every 6 thereafter you can request a CLI. In a year, you can request a APR reduction. CLIs seem to be limited to +$8,000 or x3 your current limit, whichever is less.

[SweetCreditObsession]

Congratulations on the new card. It will grow over time as you have no reason to give them a cause for concern with your track record thus far. Patience is going to be the key here.

[ghgirll40]

Congratulations 🎉 

[cashorcharge]

WooHoo!! Congratulations on your NFCU Approval!!👏🏼🍾🥂

[omgitsMatt]

I only read original thread, short on time, but what you're trying to accomplish in regards to building a rapport with Navy can be significantly improved almost immediately with a shared pledge loan.

1.) Come up with $3,001

2.) Call Navy and request to open Shared Pledge Loan for 5 years and $3,001.

3.) As soon as Loan shows up in account view, pay down $2821 so Loan is under 7% left to be paid off. (If you are quick you can get loan paid down before account gets reported 1st time and get a month ahead)

4.) Take note of next payment date which will be 4.5 years later

Quick process. If you take out Loan Monday you will likely have Loan paid down and most of your 3k back before end of week.

An installment like that paid down so much will jump your scores 30 pts and almost guarantee you can get a car loan pending proof of income etc

Edit,

More detailed explanation

https://ficoforums.myfico.com/t5/Personal-Finance/SSL-Share-Secured-Loan-Technique/td-p/6371294

[Payroll_Dude]

nice approval !!!