Doin' the Double...NFCU and Penfed Approvals!

[Anonymous]

Congrats on approvals! I too, value the dp. I always assumed if you had good credit and the income to support it, you’d get good cards with good limits. I’m learning all the time here!

My file is in the average to good range , but I’m working to position myself for a strong file & good cards.

My experience with Navy Fed is: opened checking, savings accounts and cash rewards cc in 7/2018. I almost always PIF, no lates, but because of the branches weren’t in close proximity to me, I didn’t use checking or savings much. Still, I was able to increase my limit after several months to $20k, I had requested $25k- they told me I was at the max (is which I now know is their nice way of declining). Fast forward, to fall of 2019 they open a branch in my area and I’ve been making deposits and using the checking / savings a lot more. On December 26, 2019 I, like many others here on myFico, received an auto cli bringing card to $24k.

Other factors that may be in play,
1) in December I probably put $15k on the card and paid around $10k before statement closed. That’s much more than my typical spend.

2) in October 2019 I opened Amex and used that card to make sub, so I used NFCU card a lot less than typical.

Anyway, #2) may not have factored in but, I’m not experienced enough to know what’s relevant so I’m mindful of all variables.

[Anonymous]

CONGRATS.

Awesome DPs in this thread... IF only I could join NFCU and use them. 

[Aim_High]

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@PullingMeSoftly wrote:

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Great question, and thanks to @Aim_High for the well-stated response.

I, on the other hand, sprinted out of the gates at top speed and could easily see my SL's get progressively lower as a came to the end of my spree. NFCU and PenFed being exceptions who gave more generous starting limits.

Most of my new accounts and INQ's were heavy on the EX side, so with Goldman Sachs and Navy pulling TU, and PenFed and Navy pulling EQ, it actually balanced out my INQ's across the board and possibly benefitted my SL's. Amex and Disco were at the end of my initial December spree, and they pulled EX, and you'll see those limits are significantly lower than everything else.

Rule of thumb which I will now follow moving forward: Slow and steady wins the race. Period.

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You're welcome, and I really liked what you said. 

CLs often do decrease with heavier credit-seeking activity.

Which bureau a lender pulls does matter.  I forgot to mention that and had similar experience.  I actually tried to take that into consideration with my apps.  (See My Fico Thread:  Which Banks Pull Which CRB? below)   So I purposefully app'd with PenFed and NFCU because of which bureaus they would pull.  Meanwhile, Chase shot holes in my EX report with numerous hard pulls as I app'd multiple cards with them.

https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

And moreover ... Slow and Steady wins the race.