NFCU Platinum Approval, but...

[Threeof5]

I went into a branch to deposit some cash into my checking and savings. I applied for the Platinum card because they suggested it would have a better rate if I wanted to do balance transfers from some other cards. I got approved for $1,800 at 16.24% Yeah, it's an approval but I was disappointed with all of the eye popping limits I've seen on this board, even with those who have score similar to mine. They pulled TU. I didn't even apply for the CLOC because I was gunshy at that point about the low CL on the card. I may go back next week and open a Pledge loan for $500 so I can get the installment trade line I need. 

Should I ask for a recon on the CC, and if so, how do I do it?

[AverageJoesCredit]

Congrats on approval. As per usual here, id recomend that you post some more details on your profile so you can get better pointed advice. If not you can probably post in the Navy Fed thread by Credit Addict and there is dure to be lots of advise there. I say go ahead and recon if you feel its worth trying. Best of luck

[Anonymous]

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Threeof5 wrote:

I went into a branch to deposit some cash into my checking and savings. I applied for the Platinum card because they suggested it would have a better rate if I wanted to do balance transfers from some other cards. I got approved for $1,800 at 16.24% Yeah, it's an approval but I was disappointed with all of the eye popping limits I've seen on this board, even with those who have score similar to mine. They pulled TU. I didn't even apply for the CLOC because I was gunshy at that point about the low CL on the card. I may go back next week and open a Pledge loan for $500 so I can get the installment trade line I need. 

Should I ask for a recon on the CC, and if so, how do I do it?

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TU:643

Based upon  the limited information you provided, you are simply comparing your TU score, and assuming that because someone claimed that they got a higher line of credit, you too deserve those "eye popping limits".

While I am not a mortgage loan officer, I would assume that one data point taken in isolation is not enough to approve a loan, where a creditor is taking a risk on an applicant.

What other data points do you possess which they  would have looked at?

Other than a mere desire to have larger credit, what factual data available to Navy and the Credit Bureaus do you have that you can put into a Recon Letter which would have them relook at your application and conclude that you merit a much higher credit limit?

More simply put, what data would you need to see to provide your own cash to a human being in an un-secured manner, knowing full well that they can walk away from the debt, and you are out that money?  How much of your own money are you willing to risk in this manner, and on how many human beings?

Best Wishes!!!

[JoeLuvsHisCredit]

All I can say is Congrats on the approval and sorry abouth the SL

[Threeof5]

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@Anonymous wrote:

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Threeof5 wrote:

I went into a branch to deposit some cash into my checking and savings. I applied for the Platinum card because they suggested it would have a better rate if I wanted to do balance transfers from some other cards. I got approved for $1,800 at 16.24% Yeah, it's an approval but I was disappointed with all of the eye popping limits I've seen on this board, even with those who have score similar to mine. They pulled TU. I didn't even apply for the CLOC because I was gunshy at that point about the low CL on the card. I may go back next week and open a Pledge loan for $500 so I can get the installment trade line I need. 

Should I ask for a recon on the CC, and if so, how do I do it?

---

TU:643

Based upon  the limited information you provided, you are simply comparing your TU score, and assuming that because someone claimed that they got a higher line of credit, you too deserve those "eye popping limits".

While I am not a mortgage loan officer, I would assume that one data point taken in isolation is not enough to approve a loan, where a creditor is taking a risk on an applicant.

What other data points do you possess which they  would have looked at?

Other than a mere desire to have larger credit, what factual data available to Navy and the Credit Bureaus do you have that you can put into a Recon Letter which would have them relook at your application and conclude that you merit a much higher credit limit?

More simply put, what data would you need to see to provide your own cash to a human being in an un-secured manner, knowing full well that they can walk away from the debt, and you are out that money?  How much of your own money are you willing to risk in this manner, and on how many human beings?

Best Wishes!!!

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Very well written response with cogent points. I'll admit my post was more venting and less on data. I estimate my judgment dropping off my TU report had less of an impact from a financial responsibilty standpoint than NFCU was willing to grant. Honestly, I have a thin file, with the expected small limits on my 3 CCs. Only now, nine years later, am I recovering from absolute financial disaster.

I've always been of the impression I don't deserve anything, but I also didn't show much gratitude for the approval I did receive. I guess it's me as a kid on the playground seeing the other kid with a shiny, new baseball mitt and me kicking rocks because all I have is my beat up hand-me-down mitt (which I still keep to this day).

[Anonymous]

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Threeof5 wrote:

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Very well written response with cogent points. I'll admit my post was more venting and less on data. I estimate my judgment dropping off my TU report had less of an impact from a financial responsibilty standpoint than NFCU was willing to grant. Honestly, I have a thin file, with the expected small limits on my 3 CCs. Only now, nine years later, am I recovering from absolute financial disaster.

I've always been of the impression I don't deserve anything, but I also didn't show much gratitude for the approval I did receive. I guess it's me as a kid on the playground seeing the other kid with a shiny, new baseball mitt and me kicking rocks because all I have is my beat up hand-me-down mitt (which I still keep to this day).

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* I have a thin file, with the expected small limits on my 3 CCs. Only now, nine years later, am I recovering from absolute financial disaster.

As you know, you are deserving of good credit, and larger credit lines.

Similarly, you do know that you can easily grow the Navy credit line, and also gain an additional credit card from them, as well as potential auto loan credit.

Supplementing your existing three lines is easy, you just need to determine which vendors you want to use, and when you can obtain them. Having it magically happen over night is not possible, but it is all well within your grasp.

With only 3 CCs, you obviously have not gone hog wild collecting junk retail lines of credit you can only use in specific stores. If there is a retail line you would use for everyday needs, it is a good choice to exercise. Adding other credit unions as vendors will create a good foundation, and thicken your file, as well as thicken it with the passing of time. Thickening is two things: lines of credit, and time per line.

Use this site to do more research, and gather as much anecdotal data to craft a plan specifically tailored  to your circumstances and your goals. Write it down some where, even if it is just on the back of an envelope, and stick to it. Yes, you will possibly modify it as you go, but crafting that framework will reassure you that you are doing the right thing, and you will achieve the results you both want and deserve.

Lets not forget, you just got approved by Navy for a CC, and you can walk into a branch. Those are Two Huge things most people can't say.

Take care!

[Anonymous]

Congratulations on the approval! Don't worry about the limit; there are others here who started out with low SL's and received large CLI's after their first or second round of AR's. NFCU may want to see how you handle your card for a few months before they grant a larger credit line. 

[Ysettle4]

+1