NFCU CashRewards approval - VERY low SL

[Anonymous]

I just joined NFCU yesterday because everyone always talks about how awesome their SL are.  I got approved for a limit of $700.  That's it!  All of my other CL's are $5000-$10,000 with avg 5-10% util.  (I'm at 20% right now, not great but not terrible)  Even my Victoria's secret card CL is $5800.  I don't have any of the toy limit cards.  I was very nice to recon and they denied an increase.  I messaged recon again and they denied an increase.  They told me the "you need 3 statement cuts for reconsideration".  How am I supposed to demostrate I can and DO manage high CL's with that low CL?  I also refi'd my car with them today (instant approval, low APR) and made sure to mention that in my message.  They won't budge.  How does everyone else get these high SL's??  

Current scores:

EQ 661

TU 655

EX 666

[Anonymous]

Like the CSR said, just give it a few months. After 91 days and 3 statements cut apply for a CLI and a new card. Even if the CLI gets denied history shows that approval of the second card is very possible at a much higher SL. Good luck.

[Anonymous]

First, congratulations on your approval OP 👏🏾 You have cleared membership without hiccup which not everyone can do. This your FIRST victory.

To answer your question below:

"How am supposed to demostrate I can and DO manage high CL's with that low CL?"

If a future with Navy is what you desire, you're supposed to utilize the card, via the SL provided, and prove that you can be trusted with the normalities of their products (higher SL). This happens by making on-time payments for at least 91 days / 3 Statements; and using your account responsibility. Your scores and other TL don't carry as much weight with this lender. Navy's a different animal driven by DTI and other internal scoring factors.

I can understand the need for instant gratification. Unfortunately, you won't get that with this lender. Once you've cleared the 91/3 phase, your SECOND victory awaits you!

Best of luck! Let us know what happens down the line.

[AverageJoesCredit]

Actual time. Only Navy can you go from $500 to 20k in 3 months. They refinanced your car and approved you for a cc , id say they are doing great by you. Read the Navy thread and youll understand $700 isnt permanent just a stepping stone. Congrats by the way

[Anonymous]

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@Anonymous wrote:

I just joined NFCU yesterday because everyone always talks about how awesome their SL are.  I got approved for a limit of $700.  That's it!  All of my other CL's are $5000-$10,000 with avg 5-10% util.  (I'm at 20% right now, not great but not terrible)  Even my Victoria's secret card CL is $5800.  I don't have any of the toy limit cards.  I was very nice to recon and they denied an increase.  I messaged recon again and they denied an increase.  They told me the "you need 3 statement cuts for reconsideration".  How am I supposed to demostrate I can and DO manage high CL's with that low CL?  I also refi'd my car with them today (instant approval, low APR) and made sure to mention that in my message.  They won't budge.  How does everyone else get these high SL's??  

Current scores:

EQ 661

TU 655

EX 666

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  Just wait the 91 days and after a HP that credit limit could be $800!  Bad joke and I know you aren't happy about it.  This creditor is the most baffling of any others that I can name.  After all the things that I have read, I applied for the Platinum in October and was given one of my lowest SLs ever.  Of any card that I have, the Platinum is probably the one where I would want the highest CL.  I considered closing it but I did get the lowest APR.  I also know I'm unfortunately going to add some HPs to EQ to get this where I want.  I was upset(still am) and I didn't even bother posting in the approvals.

  Yet I see people in the 500s with collections and late payments get approved for $15-$25k that have never had a CL anywhere close to that.  For the people who fit this description....I am extremely happy for them.  I would have loved to find NFCU when my credit history began.  Another guy just a couple of days ago had scores at least close to 800 and never got the lowest rate of the card they applied for.  None of this makes sense.  I guess it doesn't have to.  It's NFCU's money and algorithms and they can do whatever they want.

   I know the data has shown that if you apply for a 2nd card, the SL is typically much better but I have zero intention of applying for anything else because I don't want any of the other cards there.  I certainly don't need the CL buffer either and I don't apply for something that I feel that I will not use.  Hopefully the pep talk here helps because you're not alone.

[Anonymous]

I honestly don't even feel like using this card.  It's just one more bill I have to pay.  Or maybe I'll put my car insurance on it or something and pay it off the next day.  Who knows.  But I was fully expecting to be able to make it my main card.

I'm not going to rack up $700 in random spending just because they "might" give me a high CL in the future.  I can't be the only one that balks at this kind of stuff once you have multiple cards with high CL's,  so that's what you're used to.  Huge let down to see that SL from them.

I kind of argued over the messages a couple times trying to recon, I hope they didn't flag my file as "this girl is rude"  lol

[Anonymous]

Congrats on your approval !!!

[Flex1]

I understand how you feel. I was lucky to get a nice SL from navy the other day. But I also just closed a cc from USAA because the limit was very close to the one you just received. I couldn't stomach the low SL, a few people tried to tell me to stick it out. I'm glad I closed it, as personally, I don't want any low credit lines on my reports. Some analysts see a low line and match it. Some analysts see high line and match or beat it. I agree with you when you expressed concerned about showing you can manage your credit with low a SL .
On another note, I don't think Navy is going to keep giving out High SL's all the time. This thought prompted me to apply immediately, before the joy ride is over.

[Anonymous]

Looks like the joy ride ended with me yesterday lol.

I was so disappointed. 

Big congrats on your approval though!  

[AverageJoesCredit]

I understand that everyone feels differently with their credit and more power to you. However, it should be clear that its not a guarantee high limits will beget high limits. Each lender has different underwriting and requirements for their products. The good thing here is even by just putting a recurring charge on your low limit card, you will be creating history with your card and account. I myself started with a $500 sl , even after hearing of all the monster limits. But eventually i got more as Navy got to know my profile. In my humble opinion, waiting 3 months doesnt seem too long to wait for the next possible increase. Ive been rejected from Penfed with 790-810 fico 9 so i know the feeling of wth? we just have to keep climbing those rungs til we get where we wanna be