@newtothis25 wrote:I got approved when I was 18 for a NFCU Cash rewards CC with a 500 SL and 18% APR. Like any financially uneducated 18 year old I ran the credit card up and down not considering any utilization or anything. Its currently at a zero balance and I do not used it often. I also had One of my checking accounts from NFCU charged off due to overdraft sitting too long 3 years ago. I am planning on paying that charge off in 2 weeks. Anyway I am 25 now paying off things on my credit report and working on my credit. My only CC with NFCU is still at a 500 dollar limit and the same APR after all these years. Should I ask for a credit Limit increase or for them to lower my APR? Will they do both? WIll both of the inquiries be hard pulls? Im trying to build my relationship with them to ask for a home loan in a few years when I buy a home.
They aren't going to offer you anything until you pay back everything you owe NFCU in full. Once you pay them back in full, give it some time and perhaps request a CLI on the website or in the app so it's a soft pull. Don't call in to request it.
I had an overdrawn checking account that had gotten closed a few years ago while I was working midnights and I had forgotten all about it. I was still using my credit card here and there and paying over time and PIF with no issues whatsoever. Around a year and a half ago I asked NFCU for a CLI which was declined because I caused them a loss. I called them right away and paid whatever it was I owed, and the lady even asked if I wanted to reopen my checking account, which I declined. I waited a couple of months before asking for another CLI and I received the messages that 1. I caused NFCU a loss, and 2. I was at the maximum credit limit allowed but they still gave me a CLI for around $500, followed by a letter telling me why. I waited another six months or so and hoping I was back in their good graces asked for another CLI and received the same responses as above. I asked again a few weeks ago for an $800 CLI (not wanting to push it I guess) and that request was approved instantly. I'm hoping that everything is good with NFCU now and my next CLI will be a much higher request. So, yes, you have to make them whole and it'll probably be a little bit of time but they'll let you back in.
Starting Score: ~670
As others have said, make sure you pay them back in full before requesting anything. That said, an APR reduction request does NOT result in any sort of HP. The CLI request wouldn't either, at least not if requested online/via mobile app.
But again, make them whole first, wait a few months, THEN request a CLI/APR reduction.
