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Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.

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KillingThemGingerly
Contributor

Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.

I currently have two NFCU credit cards.

Navy Federal Go Rewards MasterCard - $28,000 limit (opened for four years)

and 

Navy Federal More Rewards Amex - $20,100 limit (opened for three years)

 

Although I've read some mixed things if they still allow it, I was thinking about trying to contact NFCU to see if they would reallocated the credit limit all the the More Rewards Amex and close the Go Rewards. I don't really use the Go Rewards because I prefer the perks of the More Rewards Amex. However, would this even be beneficial to me in anyway if they allow it? I see a lot of people try to combine cards and reallocate the balances but why do this? Fwiw I pay off my balances in full each month.

 

 

 

 

Message 1 of 10
9 REPLIES 9
FinStar
Moderator Emeritus

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.


@KillingThemGingerly wrote:

I currently have two NFCU credit cards.

Navy Federal Go Rewards MasterCard - $28,000 limit (opened for four years)

and 

Navy Federal More Rewards Amex - $20,100 limit (opened for three years)

 

Although I've read some mixed things if they still allow it, I was thinking about trying to contact NFCU to see if they would reallocated the credit limit all the the More Rewards Amex and close the Go Rewards. I don't really use the Go Rewards because I prefer the perks of the More Rewards Amex. However, would this even be beneficial to me in anyway if they allow it? I see a lot of people try to combine cards and reallocate the balances but why do this? Fwiw I pay off my balances in full each month.

 


@KillingThemGingerly- welcome to the forums.

 

Unfortunately, the only reallocations that NFCU is currently entertaining are those that involve a balance transfer. Since you shared that you PIF each month and no BT is involved, it's unlikely they'll approve the request. You can always send them a SM (or call) and see what they say for your specific situation.

Message 2 of 10
KillingThemGingerly
Contributor

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.

Thank you for this feedback. I'm a bit of a newbie when it comes to this credit stuff (I've had a credit history for years but I mean the ins and outs of it). Can you answer what the PURPOSE of doing this for me would be? Would it benefit me or my credit score at all to have one card with a 40k+ limit vs two cards with limits in the 20k range?

Message 3 of 10
AverageJoesCredit
Legendary Contributor

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.


@KillingThemGingerly wrote:

Thank you for this feedback. I'm a bit of a newbie when it comes to this credit stuff (I've had a credit history for years but I mean the ins and outs of it). Can you answer what the PURPOSE of doing this for me would be? Would it benefit me or my credit score at all to have one card with a 40k+ limit vs two cards with limits in the 20k range?


The benefit would be how you would utilize that credit limit.  No one here can tell you if having 1 40k limit vs 2 20k limits benefits you without knowing how you would Lan to use the cards and limits. A higher limit card would allow you to use it  and control your utilization abit more but that's just one example. Everyone has different reasons for wanting to move limits but like Finstar said the main criteria right now is BT and even that's a crapshootSmiley Wink

Message 4 of 10
KillingThemGingerly
Contributor

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.

Tbh I have no other reason other than vanity of saying "I have a card with a 40k+ limit". Unless my life takes a very downward turn, zero way I am coming close to utilizing even 20k limit on a card much less a 40k+ limit. 

Message 5 of 10
FinStar
Moderator Emeritus

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.


@KillingThemGingerly wrote:

Tbh I have no other reason other than vanity of saying "I have a card with a 40k+ limit". Unless my life takes a very downward turn, zero way I am coming close to utilizing even 20k limit on a card much less a 40k+ limit. 


Everyone has their own reason(s) or purpose for having higher limits, whether it's ego-driven, vanity, purchasing power/flexibility, collecting high limit CCs, becoming Lord of the Limits, etc. I won't go into long novels Smiley Wink

 

By and large, the banks own the accounts so at the end of the day it's a loan on plastic -- it's not equity or networth. Now, as far as credit scoring metrics, a super high limit is not scored any different than a lower limit (i.e. no bonus points for a high limit). It's the revolving utilization reported against those credit limits that count, whether in the aggregate or per tradeline. But, if you're only using $100 per month on a $40,000 limit, it's like a pebble hitting a battleship when it comes to utilization and credit reporting.

 

But, that's the short and sweet version of things. It all boils down to your own personal goals and preferences.

Message 6 of 10
NoHardLimits
Established Contributor

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.


@KillingThemGingerly wrote:

Thank you for this feedback. I'm a bit of a newbie when it comes to this credit stuff (I've had a credit history for years but I mean the ins and outs of it). Can you answer what the PURPOSE of doing this for me would be? Would it benefit me or my credit score at all to have one card with a 40k+ limit vs two cards with limits in the 20k range?



There are occasionally data points which show that some financial institutions have internal scoring algorithms which look at an applicant's average credit limits.  In that type of situation, one card with a $40k limit will be more favorable than two cards with $20k limits.

 

Overall, there is little advantage to the larger limits for more recent versions of FICO except for utilization padding.  When looking at older versions of FICO (like the mortgage scores), larger limits are sometimes disregarded when utilization is calculated.  That can be either a pro or a con depending on what you are trying to achieve.

 


 

Nov 2024 Scorecard: Clean, Thick, Mature, New Revolver
FICO8:
FICO9:
VantageScore3:
Inquiries (n/12, n/24):
AAoA: 11 yrs | AoORA: 37 yrs | AoYRA: less than 1 yr | New Accounts: 0/6, 1/12, 2/24 | Util: 1% | DTI: 1%
Message 7 of 10
FinStar
Moderator Emeritus

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.

@KillingThemGingerly 

 

Just for context, and some fun (long) reading, below is a topic that was recently and extensively discussed with a very similar situation (i.e. NFCU high limits on 2 cards).

 

https://ficoforums.myfico.com/t5/Credit-Cards/Question-Is-it-worth-having-a-50k-Credit-Limit/m-p/648...

 

This can give you some perspective for your specific situation since plenty of members chimed-in their thoughts on that particualr topic.

Message 8 of 10
KillingThemGingerly
Contributor

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.


@FinStar wrote:

@KillingThemGingerly 

 

Just for context, and some fun (long) reading, below is a topic that was recently and extensively discussed with a very similar situation (i.e. NFCU high limits on 2 cards).

 

https://ficoforums.myfico.com/t5/Credit-Cards/Question-Is-it-worth-having-a-50k-Credit-Limit/m-p/648...

 

This can give you some perspective for your specific situation since plenty of members chimed-in their thoughts on that particualr topic.


Oh wow that convo is very relevant and informative. Thank you 

Message 9 of 10
woodyman100
Valued Contributor

Re: Thinking of trying to combine Navy Federal Cards? Mixed signals if they still allow it.


@KillingThemGingerly wrote:

Tbh I have no other reason other than vanity of saying "I have a card with a 40k+ limit". Unless my life takes a very downward turn, zero way I am coming close to utilizing even 20k limit on a card much less a 40k+ limit. 


Absolutely NOTHING wrong with that! 90% of my lineup is just for vanity and fun

NFCU-ICCU-EECU-PSECU-DoverFCU-DCUFCU-Union Square FCU-Signature FCU-AODFCU-RedstoneFCU-RRCU-UFCU-USAllianceFCU-Amarillo National Bank-BHG MC-CapitalOne-Regions-Goldman Sachs (Apple/GM)-Evolve-Fifth Third-Gemini-Huntington-Imprint-USBank-Pinnacle-Cardless-John Deere-Discover-BofA-BofA Biz-Chase-Chase Biz-Amex-Amex Biz-Wells Fargo-Commerce-FNBO-Citi-Citi Biz-Synchrony-Synchrony Biz-Target TD-Third Coast Bank-USAA-Amegy-Amegy Biz-Citizens Biz-Comenity-Comenity Biz-Bread (Comenity)-DSNB-Webbank-Bill
Message 10 of 10
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