Re: Navy Fed approved with iffy profile!

Anonymous · ‎06-18-2019

I wasn't sure if I'd be approved or not, despite Navy's reputation for being generous to rebuilders, because I have high utilization. I can't get preapprovals for Cap One or anywhere else (except Disco, bless them), and I think it's because of my high util. But I GOT IN!!! Data points below.

I'm not unhappy with the limit of $1000 because I'm low income and can do a lot with that amount. (I really made the most of my Disco card when its limit was $800.) And the APR is great for someone like me! I was expecting the highest APR just because of my profile! Wow!

Best of all, I qualify for their sign-up bonus of $250, so yay!

Data points:

TU Fico 8 656. This will be my 5th inquiry for TU in the last 12 months.
Util is 78% (down to 75% due to a CLI on Discover, but TU hasn't reported this yet). Util on open cards is very low.
DTI is 18-19%. I am paying off some closed CCs with fixed-amount payments, low interest. So even though my utilization is high, my monthly obligations are not bad. The total amount I owe is kind of a lot, but manageable. My DTI is what is most important.
Income: $22K. (It was lower before, but things are looking up.)
A 90-day-late and settled for less than full amount, almost a year old.
AAOA 7-8 years. I have a long history that is spotless, except for the 90-day-late and settlement.

I was going to wait a few more months to apply for this card, but a conversation with my customer service rep convinced me to give it a shot. She couldn't guarantee anything, but said that nothing I told her raised red flags that would cause her to tell me to wait. Also, I decided to try now instead of a few months (which was my initial plan) because, based on her comments, it didn't sound like my odds of approval would improve that much. (My DTI would be the same, my score would be a little higher but not by much, and so forth.) I didn't want to miss out on the sign-up bonus, so I went for it!

Some takeaways from her comments:

That I was approved for an unsecured Discover IT recently was "a good sign."
Everything was paid up. Yes, I had a 90-day-late, but everything now is paid and up to date. I'm paying everything on time now. That seemed to be her main concern—that nothing was currently delinquent.
She thought my DTI was pretty good.
No bankruptcy or other biggie things like that.
Things are going up. I said that each month my score went up a few points, which means that I'm on the right track. She seemed to think that was a good sign.

Thank you, everyone, for your encouragement and good advice! I would have never dreamed that I would have gotten this card if it were not for the other members here sharing their stories!

BTW, I felt bold and requested a CLI from my Synchrony Walmart card. I asked for $600 (it's currently $200). Was told no. Oh well, I don't even care!