NFCU question

[icyhot]

Sorry if this has been asked before, my 91/3 on my NFCU More rewards Amex just came up, I'm wanting to ask for an increase and apply for the Cash Rewards. Do I need to wait for the balance to update to the credit bureaus before applying? It's a significant dip in my utilization if I do, 33% to 7%, since I paid the Amex off in full. Also, should I wait to see if I'm approved for the increase before applying for the cash rewards? Thanks!

[Anonymous]

I wouldn't worry so much if the utilization is with another credit card company.   If it's with Navy then I would wait for it to update just to be on the safe side but Navy does use their own internal scoring system so keep that in mind.   It will also depend on your relationship you have with Navy.  Are you brand new to them or have you been with them for a while?   Back in the day they use to be generous with giving out CLI and high CL but during Covid they have scaled that back a bit.   

[SouthJamaica]

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@icyhot wrote:

Sorry if this has been asked before, my 91/3 on my NFCU More rewards Amex just came up, I'm wanting to ask for an increase and apply for the Cash Rewards. Do I need to wait for the balance to update to the credit bureaus before applying? It's a significant dip in my utilization if I do, 33% to 7%, since I paid the Amex off in full. Also, should I wait to see if I'm approved for the increase before applying for the cash rewards? Thanks!

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If you're about to experience a large dip in revolving utilization you should wait for any credit application until the change is reported.

[icyhot]

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@Anonymous wrote:

I wouldn't worry so much if the utilization is with another credit card company.   If it's with Navy then I would wait for it to update just to be on the safe side but Navy does use their own internal scoring system so keep that in mind.   It will also depend on your relationship you have with Navy.  Are you brand new to them or have you been with them for a while?   Back in the day they use to be generous with giving out CLI and high CL but during Covid they have scaled that back a bit.   

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I'm pretty new, been with them since November

[Anonymous]

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@icyhot wrote:

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@Anonymous wrote:

I wouldn't worry so much if the utilization is with another credit card company.   If it's with Navy then I would wait for it to update just to be on the safe side but Navy does use their own internal scoring system so keep that in mind.   It will also depend on your relationship you have with Navy.  Are you brand new to them or have you been with them for a while?   Back in the day they use to be generous with giving out CLI and high CL but during Covid they have scaled that back a bit.   

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I'm pretty new, been with them since November

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I would wait a bit before applying for a new card with them.  CLI is another thing I would wait for things to report to your CB then apply.

[wildboys]

I joined Navy Federal in November of 2020. I applied for the Flagship Visa on Feb 12 2021.

I was immediately approved with a $25000 credit limit. Om May 14, 2021 my 91/3 rule was met.

On May 15 I applied for the more rewards AMEX. I was approved for $25000 credit limit. Two days later I asked

for a CLI on my Flashship Visa. I was given a $4000 CLI increase. Navy Federal is awesome!

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@SouthJamaica wrote:

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@icyhot wrote:

Sorry if this has been asked before, my 91/3 on my NFCU More rewards Amex just came up, I'm wanting to ask for an increase and apply for the Cash Rewards. Do I need to wait for the balance to update to the credit bureaus before applying? It's a significant dip in my utilization if I do, 33% to 7%, since I paid the Amex off in full. Also, should I wait to see if I'm approved for the increase before applying for the cash rewards? Thanks!

---

If you're about to experience a large dip in revolving utilization you should wait for any credit application until the change is reported.

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