Advice Needed - New NFCU Platinum card - myFICO® Forums

ronaldc33 · ‎07-26-2022

So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

Anonymous · ‎07-26-2022

@ronaldc33 Excellent, you are in. Navy Federal is widely regarded as the best credit union that exists. My advice is the following:

1. Do not apply for any new cards.

2. Do not close any current cards.

3. Pay all cards to zero, except keep a tiny balance on only one card.

4. If you don't have an installment loan, open a small share secured loan at the credit union.

5. Now, just wait for as long as you can before requesting a credit line increase.

As your credit scores continue to rise in time, you will be approved again and again for future credit line increases.

OmarGB9 · ‎07-26-2022

I would suggest getting that utilization down significantly before anything else. Then, I'd address any baddies on your reports (with scores that low, I'm assuming you have negative items to address).

Next, just use this card responsibly and after 91 days and 3 full statements (full being 25 days+ in a billing cycle), you can try for a SP CLI online or via the app (just don't call, or else you'll incur a HP that way).

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

keekers · ‎07-27-2022

This. The only other thing I'd mention would be to also deepen the relationship with them (i.e. direct deposit).

@OmarGB9 wrote:
I would suggest getting that utilization down significantly before anything else. Then, I'd address any baddies on your reports (with scores that low, I'm assuming you have negative items to address).

Next, just use this card responsibly and after 91 days and 3 full statements (full being 25 days+ in a billing cycle), you can try for a SP CLI online or via the app (just don't call, or else you'll incur a HP that way).

mfinsmi1 · ‎07-27-2022

@keekers to further add to this - add a CD account and add a pledge loan - combine those with the DD mentioned and your interenal score is going to shoot up giving you a better chance for a CLI in 91/3

Personal Cards (Over $100k):

Business Cards:

Rebuilding Starting Scores - December 2021

FICO SCORE 8 - Current 10/1/25

Stats: : 1/6; 1/12; 4/24 --- AAoA 5 YRS --- INQ: EX-3/TU-4/EQ-0

ronaldc33 · ‎07-27-2022

Forgive my ignorance but what's CD account? I assume Certificate? Also does pledge loan = personal loan?

W261w261 · ‎07-27-2022

You have a high utilization, but what is the actual amount you owe? What is the nature of your history that has resulted in your current low credit score? Is your high income a month or two that you have extrapolated? There's a huge Navy Federal thread on here that is roughly equivalent to reading "War and Peace." It's long, long, but you'll be much better versed on Navy after you read through it.

ronaldc33 · ‎07-27-2022

31k of 51k. No other major baddies outside of recent inquiries. 3 months into new job.

keekers · ‎07-27-2022

CD = Certificate of Deposit. Pledge loan is a Shared Secured Loan...it's basically a secured loan. The technique is to open it, pay back 90%+ (you will get your funding back in a couple days). Details here: https://ficoforums.myfico.com/t5/Personal-Finance/SSL-Share-Secured-Loan-Technique/td-p/6371294

@ronaldc33 wrote:
Forgive my ignorance but what's CD account? I assume Certificate? Also does pledge loan = personal loan?

arifjk · ‎07-27-2022

@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

1. Use your income to pay down your cards. Goal: Each individual card is to be max 28% UTIL ratio, and aggragate to be less than 8%

2. At 91 days after 3 full statements, ask for 3x CLI for your Platinum card. At 183 days, ask for another 3x CLI.

3. If you INQ in the last 6 months are over 10, then it won't reduce anymore of your FICO points (this is from what I have read) since it won't matter anymore, but for sure Lenders/CC Issuers who are INQ sensitive are not going to extend any credits, but if you only have 1, don't add anymore until it passes 12 months, which then the score will go up since it will not count the previous 12 months.

4. Don't open any new accounts, since it will lower your AAoA, and this will lower your score as well.

The main thing that you can grow your score right now and very soon is your UTIL ratio, and since your income is high, you should be able to do this.