Thought I'd share some data points on a couple of credit transactions I completed recently at NFCU because I could not find info otherwise before I took these actions. It was truly an experiment.
I had both a Flagship ($25K CL) and CashRewards ($12K CL). I have been denied for CLI on both cards for the past year (always with the response - reached max limit Navy willing to lend). Last week, tried for a CLI for a third time, and received the same denials on both. So, I messaged Navy to request to reallocate the CR $12K CL to my Flagship which has the lower interest rate (note: my Flagship usage is on the heavy side). I told them I wanted to BT at the lower interest rate. The reallocation was approved. Then I thought, maybe I can be approved for a second card (since my CashRewards was now closed), but I wondered if I should wait until these changes took affect. Of course I did not wait and pulled the trigger on the Navy AMEX and was approved for $1,900. Of course, thinking that's pretty low, I tried to recon the SL with my sob redemption story and the need to use the BT promo, but it was a no go, they basically told me to try for a CLI in three months.
Other interesting thing that happened at NFCU - I requested an interest rate reduction on the CashRewards before it was reallocated and didn't hear back (prompting me to reallocate). But just today I received a letter saying it was approved and lowered to 9.something % from the 18.something that it was. Dang it!!! But I will try to request a reduction on my Flagship in a few, perhaps it can be lowered the same.
Lastly, I also got approved for a second card at PENFED (Platinum Card at $15K SL). I already have the Power Rewards that remains at 12.5K CL. I may try to see if they can use the same pull to increase the limit on the PowerRewards.
Scores: 703 (EQ) 685 (TU) 701 (EX)
HTH someone :-) Back to the garden after I try for a CLI on my PowerRewards
Starting FICO 8: 6/2020: EX 546 - TU 507 - EQ 596
Congrats.
@titancylinder wrote:
Hey!
Sorry to hear about your CLI experiences with Navy.
I wanted to point out, it took me a couple years before Navy opened their doors to me with CLIs, auto loans, personal loans, etc.
With that being said, I've grown my two cards to 28k and 24k respectfully with ease after doing the following.
1. DTI. Get it down. Navy seems sensitive when it comes to overall DTI. Once I got mine below 10% (not saying it needs to be 10%, but that is what worked for me). They've had zero issues lending to me, even 75k+ auto loans, no issue.
2. Direct Deposit. I direct deposit a very small portion of my check to them. Even if its 500 a month, I found it goes a long ways.
3. They don't care about usage as much as they do overall utilization. I once charged nearly 100k to my Amex card with Navy and they still never increased my limit, not until I did the above 2 things.
Regarding interest rate reduction. It's 1 product per year. They will not reduce the rate on more than 1 product per year.
Navy will grow with patience. For some people, they're just a little slower.
Thanks so much for those tips...I do have a portion of my income going to Navy but my DTI could probably use some work (I'll look more into that). I'm so glad to have received your response so as to not waste my time with seeking another rate reduction. My current rate isn't horrible anyway.
With gratitude to you all within the forum!
