Navy Federal cash Rewards CC CLI - Denied

[MrsBigBucks]

Has anyone had any success in getting Navy Federal Credit Union to reconsider a credit limit increasse denial? or Has anyone gotten denied for a requested credit limit increase but received an automatic credit limit increase? Here's my story: I was discharged from Ch 7 BK June 2010. Joined NFCU April 2011 Applied for NFCU Cash Rewards card June 2011 and received $500 limit A few months ago my EQ score was 620 About a week ago I asked for CLI from $500 to $5,000 (based on all the great success stories) I called to check the status and they told me I was denied and that I would get a letter stating why. I haven't seen the letter. I have no late payments and the card has a balance of $360. I see people usually get an auto credit limit at the 1 year mark...Any chance I will still get an auto CLI this June? I'm trying to get higher credit limits all I have is Cap 1: $300, Orchard: $300, and Hooters: $500. Should I try for another NFCU credit card or the Navcheck? Thanks for any advice! -T

[bichonmom]

---

@Anonymous-key86 wrote:
Has anyone had any success in getting Navy Federal Credit Union to reconsider a credit limit increasse denial? or Has anyone gotten denied for a requested credit limit increase but received an automatic credit limit increase? Here's my story: I was discharged from Ch 7 BK June 2010. Joined NFCU April 2011 Applied for NFCU Cash Rewards card June 2011 and received $500 limit A few months ago my EQ score was 620 About a week ago I asked for CLI from $500 to $5,000 (based on all the great success stories) I called to check the status and they told me I was denied and that I would get a letter stating why. I haven't seen the letter. I have no late payments and the card has a balance of $360. I see people usually get an auto credit limit at the 1 year mark...Any chance I will still get an auto CLI this June? I'm trying to get higher credit limits all I have is Cap 1: $300, Orchard: $300, and Hooters: $500. Should I try for another NFCU credit card or the Navcheck? Thanks for any advice! -T

---

With a BK that was barely 1 yr old, frankly, I think you're lucky that you got approved at all. I'm surprised they didn't counter with a secured offer. Others here have posted having to do that (or being able to do that, since they wanted in with Navy so badly).

I'm not really surprised that you weren't approved for a CLI, either. You're carrying a bal of $360 on a $500 CL card. That tells them that you're not in a good place, cash-flow wise.

It's possible you could get an auto-CLI in June. It seems like some people get them and others don't. I would suggest that you pay it down asap and then just use it for monthly expenses and PIF every month.

I think it's going to take a while to get out of "fresh from a BK" territory. You're not even 2 yrs out at this point. Others may have suggestions, but I think you're looking at gardening for a while.

[LS2982]

---

@bichonmom wrote:

---

@Anonymous-key86 wrote:
Has anyone had any success in getting Navy Federal Credit Union to reconsider a credit limit increasse denial? or Has anyone gotten denied for a requested credit limit increase but received an automatic credit limit increase? Here's my story: I was discharged from Ch 7 BK June 2010. Joined NFCU April 2011 Applied for NFCU Cash Rewards card June 2011 and received $500 limit A few months ago my EQ score was 620 About a week ago I asked for CLI from $500 to $5,000 (based on all the great success stories) I called to check the status and they told me I was denied and that I would get a letter stating why. I haven't seen the letter. I have no late payments and the card has a balance of $360. I see people usually get an auto credit limit at the 1 year mark...Any chance I will still get an auto CLI this June? I'm trying to get higher credit limits all I have is Cap 1: $300, Orchard: $300, and Hooters: $500. Should I try for another NFCU credit card or the Navcheck? Thanks for any advice! -T

---

With a BK that was barely 1 yr old, frankly, I think you're lucky that you got approved at all. I'm surprised they didn't counter with a secured offer. Others here have posted having to do that (or being able to do that, since they wanted in with Navy so badly).

I'm not really surprised that you weren't approved for a CLI, either. You're carrying a bal of $360 on a $500 CL card. That tells them that you're not in a good place, cash-flow wise.

It's possible you could get an auto-CLI in June. It seems like some people get them and others don't. I would suggest that you pay it down asap and then just use it for monthly expenses and PIF every month.

I think it's going to take a while to get out of "fresh from a BK" territory. You're not even 2 yrs out at this point. Others may have suggestions, but I think you're looking at gardening for a while.

---

+1

[MrsBigBucks]

Thanks for the feedback....

I've been browsing this site for a while and that how I knew to app for the Navy Federal account and card.

I though it looked better to have some kind of balance on the card...That might be my main problem right there...I have balances on all my cards because I though it looked better for utilization.  I have the cash to pay them all down to zero.  I guess I just didn't realize that would look better.

Thanks again for the feedback and I'll consider myself blessed.

Back to Gardening I go....

[CreditCrusader]

---

@Anonymous-key86 wrote:

Thanks for the feedback....

I've been browsing this site for a while and that how I knew to app for the Navy Federal account and card.

I though it looked better to have some kind of balance on the card...That might be my main problem right there...I have balances on all my cards because I though it looked better for utilization.  I have the cash to pay them all down to zero.  I guess I just didn't realize that would look better.

Thanks again for the feedback and I'll consider myself blessed.

Back to Gardening I go....

---

Here's the good news: You're not that far from what you want.

Paying down a $360 balance...waiting until you're 2 years clear on the BK...once these things have been accomplished, I suspect you'll have better luck. In the meantime, pay that sucker down and you'll be good to go!

[Creditaddict]

Oh, well now you will know.... You do not want to revolve any balance and pay interest on it if you can afford to pay it off (waste of money!)

Once your statement for the month closes in most cases that is the balance being reported to credit report.  I would pay off all cards and wait until you get statements showing that and then apply again.... not only will you see a score increase but I bet you will see a CLI with Navy!

Who else do you have and limits and balances currently?

[MrsBigBucks]

I have...

Capital one CC $300 limit - about $150 balance

Orchard Bank $300 limit - about $138 balance

Hooters Card $500 limit - $300 balance

I also have a car loan since August 2011 with capital one for $19K 10% interest rate.

I also have student loans in deferral

Any other advice to build my credit would be greatly appreciated

Thanks

[Creditaddict]

Did you get the letter from Navy yet? That should have the score they used on it.

I would go in and pay all these credit cards in full and try not to use until they update to CR and then apply for your CLI and refi on your car!

[MrsBigBucks]

This is why I love this site!!  I would have never know to pay the balances off in full...it would be nice to get a lower interest rate on my auto loan :-)

I will do as you suggested and see what happens after June since that's my anniversary date.

Thanks again!  I'll be sure to post my results.

[geepah25]

navy federal seems to be good if you treat them well in regards to cli's ...I have had two cards one visa one and mc for 15 months and 12 months respectively, went online with a equifax fico of 623 and requested cli's on both, got auto increase soft pull for both, visa $7500 to 10k and MC $2500 to 10k, boom just that easy....no lates and always more than minimum, good luck everyone!