NFCU cli with high util

[REgnlor]

Seeking advice before I ask.  Equifax score about 640. We have Flagship rewards 15K nearly a year now and always pay much more than minimum but never PIF. Utilization is about 70% right now but very low DTI (10%) Income over $150K. The high util has caused a score drop of about 50 points.  So here's the question, should we wait and pay down more debt or bite the bullet and ask for CLI?       PS They have sent me a preapproved letter for nRewards and when I called this AM to redeem rewards points they asked AGAIN if I wanted to apply for the nRewards

[smallfry]

Did they guarantee approval? You could always take the N card and combine it into the Flagship down the road. New account hit though. See if they will increase the Flagship w/o a hard pull since they seem hell bent on handing you another card anyway.

[REgnlor]

Thanks for the input smallfry and my error.  The nRewards letter says "Accept now" not preapproved.  I just wasn't sure how they feel about having that high of a util. %.

[smallfry]

You can call and ask a CSR if they will give you a CLI. They know what you owe them. I have found they are very straightforward. No hard though. 

[REgnlor]

Are you sure this won't be a hard?  Although, I know it's usually worth the inquiry, I thought it was hard?

[smallfry]

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@REgnlor wrote:
Are you sure this won't be a hard?  Although, I know it's usually worth the inquiry, I thought it was hard?

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Could go either way but since they are begging you to take a card they might be willing to do it soft. They shouldn't lie if you tell them you aren't interested in a hard pull. I wouldn't take a hard pull from NFCU for less than 15-20K.

[Anonymous]

Its HARD, so is the InQuiry

[Anonymous]

I just got an increase with a soft pull. It wasn't much, but better than nothing. I opened my account June 2nd and the CSR I spoke with awhile back, said I could call Jan 2nd to ask for a CLI. She asked for my income, housing payment, and said it instantly approved me. No hards on my report from them, but I guess this is another YMMV.

Oh, and I have no balance and this card and don't use it very much. My overall UTL is 2%. EQ Fico is 738.

[REgnlor]

Thanks smallfry, mymy and stef37 for the input. My logic may be flawed but I went ahead and called to app for the nRewards. 3-5 day response so I'll keep you posted on the outcome.  My husband and I have been paying cash to help renovate my parents house and has left us not being able to pay down our balances as we normally would. Hence, 70% util!

[Anonymous]

Hi REgnlor,

I'm also a Navy Fed Member and I received

3 CLI's at the end of last year --- 2 in Nov and

1 last month. All 3 were soft pulls, not hard.

I asked the folks in Navy Fed's credit card dept.

the exact same question you're asking re utilization.

I told them I always make a habit of PIF'ing before asking

for an increase, but they told me it's not necessary.

As long as you've paid early or on time and your accounts are

in good standing, there is no reason to delay.

So if you'd like, you can apply right away. But since your scores

dropped 50pts due to the high util, you could pay down the balance

to 1-9% of the limit and have your EQ regain most or all of the 50pt

loss before apping. Either way, you can't go wrong.

Good luck with the nRewards applications. I have both the Visa and MC

and they are great cards. The rewards points add up quickly. We just

cashed some of ours in to get a $25 Brinkers gift card for restaurants like

Chili's, Macaroni Grill and a couple of others. I requested the gift card online

and got it in the mail just 3 days later. 

Please keep us posted on your application. We'll be pulling for you!!! 

CanDo

"The right attitude is everything"