Dumb. Navy Federal Credit Union Platinum approval for $500

[PowerMan572]

I'm new to NFCU. I am switching over my direct deposit and everything to this bank. I have a credit score of a 785+. I have 18 year credit history and U.S. citizen. Income of $202k. I applied for the Platinum card. I know it has no sign-up bonus and no rewards. However, once in a blue moon, I do like to have low interest rate on some purchases for repairs, etc.

I applied knowing I was going to get the 10.99% interest rate and probably a $25k credit limit. OMG! I was NOT instantly approved and it took 2 days to get the approval email. NFCU gave me a stupid $500 credit limit and the full 18.99% interest rate! 

LOL! Like, **bleep**!? I'm seriously offended. Amex doesn't even pull my credit anymore and give me $25k credit limits off the bat. NFCU doesn't trust me and gives me $500 on a non-rewards card. Ummm, ok? LOL! 

[TheRedHat]

Congrats on your approval. Sorry to hear about your starting limit. Navy Federal uses their own internal score. Also, their cards do grow considerably over time.

[sznthescore]

Congratulations on your approval. Keep in mind that you're new to them. History has it that your second card it the magical monster approval card. Hang in there, that type of limit is coming soon. 😉

[JoeRockhead]

Congratulations on your approval, although it's a low SL, things can grow very nicely with Navy.

[FireMedic1]

Since your new and havent moved your money into their coffers. That may have led to the low SL. Once you place your funds and age your relationship. Things will grow. Congrats your in.

[SouthJamaica]

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@PowerMan572 wrote:

I'm new to NFCU. I am switching over my direct deposit and everything to this bank. I have a credit score of a 785+. I have 18 year credit history and U.S. citizen. Income of $202k. I applied for the Platinum card. I know it has no sign-up bonus and no rewards. However, once in a blue moon, I do like to have low interest rate on some purchases for repairs, etc.

I applied knowing I was going to get the 10.99% interest rate and probably a $25k credit limit. OMG! I was NOT instantly approved and it took 2 days to get the approval email. NFCU gave me a stupid $500 credit limit and the full 18.99% interest rate! 

LOL! Like, **bleep**!? I'm seriously offended. Amex doesn't even pull my credit anymore and give me $25k credit limits off the bat. NFCU doesn't trust me and gives me $500 on a non-rewards card. Ummm, ok? LOL! 

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Congratulations on your approval. 

Most likely your limit will grow to something more interesting, over time. 

The platinum is a very flexible useful card, with online no-fee cash advances, no-fee balance transfers, and the like.

[BigOrange]

Watch the news. Regional banks and credit unions are all pulling back due to recent bank failures. 

[Anonymalous]

They didn't like something about your profile, but as many others have already pointed out, Navy cards aren't a dead end. Even those that start with low limits and high APRs can grow over time. Specifically, you can ask for a CLI after 3 months (91 days/3 full billing cycles), and then every 6 months thereafter (181 days/6 full billing cycles). Do it online, and it should be a soft pull (calling typically results in a hard pull). And after a year, and then every year thereafter, you can ask for an APR reduction.

[BigBS]

I would ask for a recon through secure messaging. May not work, but nothing to lose. As others have said, the card will grow with use and NFCU comfort.

[SUPERSQUID]

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@TheRedHat wrote:

Congrats on your approval. Sorry to hear about your starting limit. Navy Federal uses their own internal score. Also, their cards do grow considerably over time.

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I agree with this,

on 4/2022 I was approved for the platinum 1k sl, that card is now 9k cl, in less than a year and a half 1k -  9k

on 12/2021 I was approved for the cash rewards 3700 sl, that card is now 21,700, in less than 2 years 3700 - 21700