Another NFCU question

[scarzy]

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@Scupra wrote:

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@scarzy wrote:

My score was around 602 with a recent bk7. I've seen people with scores in the upper 500s getting approved.

That is, if there's no bankruptcy reporting. If there is, then scores need to be at starting 600's.

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At what point did you app for and get the LOC through NFCU? Do you remember what your score was?

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My score was the same...602 fico. I had applied a week later.

[scarzy]

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@jdirilo wrote:
I have a ch 7 discharged reporting from 09, and had quite a few collections reporting when I was approved for nrewards $500 limit. I think my score was high 500s

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Did you get yours right after your bankruptcy? Recent bankruptcies, imo, will have a harder time getting a card or a credit limit since I was denied a credit limit due to my bk7! They gave me card, but refused to upp my limit! Make no sense!!

[starry1]

Maybe they just want to see how well you will do with a small limit first before they increase their exposure.  You did get those cards within a few weeks of discharge, right?

[jdirilo]

No I got mine three years after bk.

[scarzy]

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@starry1 wrote:

Maybe they just want to see how well you will do with a small limit first before they increase their exposure.  You did get those cards within a few weeks of discharge, right?

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That's correct. Really, I can't complain.

[Leadberry]

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@starry1 wrote:

Well the eventual goal is to have one MC and one Visa, one of which is a cashRewards and one nRewards.  Also a Navchek for the trifecta.

If you don't mind me asking, what was your score when you were first approved?

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If noone else has mentioned this, NFCU has a "maximum exposure" that varies for each member.  I believe the hard limit is $50k for CC's.  This maximum exposure does not increase with number of cards.  If your current maximum is $15k, Navy will give you up to that amount spread over how many cards you have, e.g. one $15k card or two $7.5k cards.  Thus if you are chasing higher limits, it would make more sense to stick to one credit card with Navy.

[starry1]

Really?  Can that maximum exposure number ever increase?  Say my max number is $5k this year, can it increase to $20k a few years from now?

[Leadberry]

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@starry1 wrote:

Really?  Can that maximum exposure number ever increase?  Say my max number is $5k this year, can it increase to $20k a few years from now?

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I would imagine it increases with income and creditworthiness until you reach the hard cap.

[missji]

That is VERY helpful info. Will they tell you your maximum exposure? I'm guessing not?