Re: NASA FCU Credit Card Reduction

Anonymous · ‎07-29-2016

I opened a NASA FCU Platinum Cash Rewards Card earlier this year. I was instantly approved with a $25k credit line. I opened my mail today and they lowered my credit limit to $1,000. I've used the card a few times, never carried a balance, and have a 1% utilization rate on my other accounts. They cited number of recent inquiries and excessive revovling account. They did not provide any futher reasoning or a credit score. My score is around a 770-800...

I don't need the account and I'll keep it open, but it is shady. This reminds of a crappy credit union.. They kept my interest rate the same at 14.15% (their lowest, yet only a $1k limit).

Just FYI YMMV w/ NASA.

Anonymous · ‎07-29-2016

@Anonymous wrote:
I opened a NASA FCU Platinum Cash Rewards Card earlier this year. I was instantly approved with a $25k credit line. I opened my mail today and they lowered my credit limit to $1,000. I've used the card a few times, never carried a balance, and have a 1% utilization rate on my other accounts. They cited number of recent inquiries and excessive revovling account. They did not provide any futher reasoning or a credit score. My score is around a 770-800...

I don't need the account and I'll keep it open, but it is shady. This reminds of a crappy credit union.. They kept my interest rate the same at 14.15% (their lowest, yet only a $1k limit).

Just FYI YMMV w/ NASA.

Sorry that this happened. There have been a rash of NASA card closures recently. It's something that they never used to do. I'm afaid that they could do the same to me though it wouldnt be a huge loss even though I like the looks of the card :-). Personally if I were you and they won't restore your limit I'd tell them to go pound sand and close the card.

Gmood1 · ‎07-29-2016

Wow.. that's terrible! I set up a reaccuring bill on the card along with auto pay.
I also have a small draft sent monthly to the shared savings account I have with them. So far I haven't seen any reductions or closings from them. I've had my account since last Oct/Nov..My limit is also $25k.

I'd tell them to close it as well. I just told Elan to shove it last week.

Anonymous · ‎07-29-2016

My initial reaction is tell them to fly a kite and close the account. However, I'm I'll be buying a house in the next few months and their 0% with no PMI mortgage is a great product and will give me some options other than NFCU.

However, after this nonsense I may just stick w/ NFCU for the mortgage (and everything else).

Anonymous · ‎07-29-2016

@Anonymous wrote:
My initial reaction is tell them to fly a kite and close the account. However, I'm I'll be buying a house in the next few months and their 0% with no PMI mortgage is a great product and will give me some options other than NFCU.

However, after this nonsense I may just stick w/ NFCU for the mortgage (and everything else).

Understandable. Can you tell us how many inquiries you currently have and the number of accounts that you have opened in the last 6 months. Is your overall total revolving credit limit well in excess of the income you reported to NASA when you applied for their card?

Anonymous · ‎07-29-2016

Inquires - Probably 4-5 in the last six months. 3 new accounts in the last six months (including this one). Lots of new accounts last year (app-o-rama). Total revovling available around $250k. Pay in full every month (max balance reported $1500 - around 1% utilization)

i have a large amount of federal student loan debt (thanks law school!). No late payments, no collections, etc.

$100k income

Anonymous · ‎07-29-2016

So sorry this happened, OP. Everytime I read a thread like this I go and check my NASA account...

Anonymous · ‎07-29-2016

@Anonymous wrote:
Inquires - Probably 4-5 in the last six months. 3 new accounts in the last six months (including this one). Lots of new accounts last year (app-o-rama). Total revovling available around $250k. Pay in full every month (max balance reported $1500 - around 1% utilization)

i have a large amount of federal student loan debt (thanks law school!). No late payments, no collections, etc.

$100k income

Thanks for responding and providing the info. I don't see anything excessive that should have caused the CLD to $1K. As I said earlier NASA seems to be on a quest to shut down accounts w/o musch, if any, justification and you seem to have been caught up in this. No idea what has led to these AAs from them. There are other CUs and you already have a good one in NFCU. You might look into PenFed if you havent already done so.

Anonymous · ‎07-29-2016

When I read this I am so happy I belong to both Penfed and NFCU!

Credit-hoarder · ‎07-29-2016

I joined them during the NASA craze back in late 2014 and opened a savings acct. with them and subsequently app-ed for a CC too but was denied--never app-ed again but kept the savings acct. Fast forward to a month ago: found out my savings was closed out in March of this year and the little bit I had in savings was eaten up in fees. So I reinstated the acct. in hopes of app-ing for a CC again. HOWEVER after reading about all the people that have been getting scr***d by them lately on their CC's, I think I'll just pull my $50 back out and keep walking----reading this post was the final straw. Sorry this happened to you OP.