Navy Federal Second Card Application First Card Credit Line Increases

[MP80]

A week ago, I applied for a Navy Federal SECOND credit card. In addition, I was approved for my credit limit increase on my FIRST Navy Federal Cash Rewards credit card which I had applied for four months ago in June of this year.

 

 

 

 

 

Now, the second Navy Federal Platinum Credit Card is approved (not an instant approval) 6 hours after I submitted the application. In all accounts, my self-esteem or my ego tells me that all the public data collected pointed to the second Navy Federal credit card approval, the starting credit limit should be between $15,000 and $25,000. Unfortunately, the results were very disappointing and difficult to grasp. The approved starting line of credit was $1,000 and the annual interest rate was as high as 14.99%. I foretell that the low annual interest rate of 5.99% and the $20,000 credit limit were not realized. I turned to my first Navy Federal cash card to increase the credit limit and asked for an increase from $10,000 to $18,000...

 

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After 3 days of waiting, I finally opened the Navy Federal app on my iPhone this morning, and it was approved for the exact amount I requested $18,000.

 

 

 

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Most members of the Navy Federal Credit Union are aware of the 91/3 rule regarding increased credit lines and additional credit card applications. However, given that a high credit limit increase of $8,000 was approved immediately after the second credit card application with a low starting credit limit, my experience was very strange and unfathomable. Some people may suggest that my TransUnion credit report may be slightly different from my Equifax credit report because the new credit card application for HP TransUnion and the increase in credit limit is always an SP on Equifax. Well, I tell you it only has a few points of indifference. So this is just a data point that I want members of the Navy Federal credit union to watch out for. It's weird. The "Cart before the Horse" scenario.

 

On the bright side, the Navy Federal granted a credit limit of up to $80,000 to an individual's three credit cards for a trifecta, so this is a marathon. Cheer!

[MP80]

So here I was approved for $1,000 for the NFCU Visa Platinum Card, and incidentally, someone also got similar treatment applying to NFCU flagship rewards credit card approval.

 

"So just to be clear here I open up my Navy Fed Flagship Rewards card account on 9/1/2021 the earliest I can apply for an 8k increase would be 12/2/21 right?

So I already have an Amex More Rewards with 15k. Was only approved for the Flagship at 1k(no bankruptcies)Smiley Frustrated So is it best to apply for both CLI's or should I wait to get the Flagship 1k up?

 

Navy Federal Response 09/02/2021: Thank you for your message about the credit limit assigned to your newly opened credit card account. Based on the information provided in your application and Navy Federal's lending policies, your credit card's credit limit is at the maximum credit limit you qualify for at this time. You may apply for an increase to this credit limit at any time, however, Navy Federal typically requires a new account to be open at least three months before approving an increase to its credit limit.

 

Ok most important will this be an SP as long as I request online or thru the mobile app?"

 

 Another person asked...

 

"$1k Credit Limit for Flagship, Isn't the minimum $5k?!"

[MP80]

The confirmation of CLI's just arrived in an email from Navy Federal. 

 

Maybe 2 cards with Navy Federal is adequate, a $50K & $30K or $40 & $40K.  Either way, the maximum credit risk they grant you is the same. I'm on a marathon now.  

 

 

[PotO]

The confirmation of CLI's just arrived in an email from Navy Federal. 
 
Maybe 2 cards with Navy Federal is adequate, a $50K & $30K or $40 & $40K.  Either way, the maximum credit risk they grant you is the same. I'm on a marathon now.  
 
 

Given that maximum exposure is $80k on credit cards, I think two is enough. You could get the $80k all on one card if you get the Flagship Rewards card, but there's an AF.

By the way, they just upped rewards to 1.75% as long as you have a Navy checking account with direct deposit.


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[MP80]

17 hours ago, PotO said:

By the way, they just upped rewards to 1.75% as long as you have a Navy checking account with direct deposit.

Yeah. I recognized and was aware of the 1.75% rewards of checking direct deposit to Navy Federal.

 

Hell, when I joined PenFed and Navy Federal, I opened both checking and saving accounts with them. I made a mistake opening a checking account with PenFed because it's not free of charge and made me park $500 there as if it's to secure my PenFed Gold visa Card. I'm ain't going to jettison it.  

[MP80]

18 hours ago, PotO said:

Given that maximum exposure is $80k on credit cards, I think two is enough. You could get the $80k all on one card if you get the Flagship Rewards card, but there's an AF.

If my decision ends up with 2 credit cards with Navy Federal to maximize the credit line to the risk exposure of $80K, then there is absolutely no HP involved in catapulting my credit line to reach that acme. Practically all SP from here on then. All I focus on is my clean Equifax report. 

[PotO]

Yeah. I recognized and was aware of the 1.75% rewards of checking direct deposit to Navy Federal.
 
Hell, when I joined PenFed and Navy Federal, I opened both checking and saving accounts with them. I made a mistake opening a checking account with PenFed because it's not free of charge and made me park $500 there as if it's to secure my PenFed Gold visa Card. I'm ain't going to jettison it.  

I also have PenFed checking. I only applied for that because it raises my cash back scheme on the PenFed Visa from 1.5% to 2%. And the PenFed Visa has quickly become one of my favorites.


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[insolent1]

Just a friendly advisory from a current member about the NFCU Flagship card rewards that really isn't all that great. 

Make certain that it works for you and you can justify the annual fee.

[PotO]

Yeah. I recognized and was aware of the 1.75% rewards of checking direct deposit to Navy Federal.
 
Hell, when I joined PenFed and Navy Federal, I opened both checking and saving accounts with them. I made a mistake opening a checking account with PenFed because it's not free of charge and made me park $500 there as if it's to secure my PenFed Gold visa Card. I'm ain't going to jettison it.  

Don't close that checking account. It is useful.

Apply for their Power Rewards Visa card. It's a 1.5% cashback card except for those with a PenFed checking account. If you have a checking account, maintaining a $500 balance keeps the monthly fee away. It also gives you 2% cash back instead of 1.5%.

While there are other 2% cards on the market such as, for example, the Citi Double Cash, the PenFed card is better. With Citi DC, you only get the full 2% after you have paid your statement off. Then, you have to wait until you accumulate $25 or more in rewards to cash them in. With the PenFed card, you get the full 2% immediately as each charge posts to your account. You can cash in your rewards as often as you like -- even for as little as $0.01.


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[MP80]

19 hours ago, PotO said:

 

Don't close that checking account. It is useful.

Apply for their Power Rewards Visa card. It's a 1.5% cashback card except for those with a PenFed checking account. If you have a checking account, maintaining a $500 balance keeps the monthly fee away. It also gives you 2% cash back instead of 1.5%.

While there are other 2% cards on the market such as, for example, the Citi Double Cash, the PenFed card is better. With Citi DC, you only get the full 2% after you have paid your statement off. Then, you have to wait until you accumulate $25 or more in rewards to cash them in. With the PenFed card, you get the full 2% immediately as each charge posts to your account. You can cash in your rewards as often as you like -- even for as little as $0.01.


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My PenFed Gold Visa card doesn't apply to any cashback rewards program. This card is simply a low APR balance transfer card similar to the functions of the Chase Slate Edge card. 

 

Perhaps, I may one day apply to the Power Cash Card, along with my current Advance America Checking account, together, this will activate the 2% cashback rewards.

 

Another scenario is the discretion of doing a product change option from the Gold card to the PCR card. This solution is a more practical action taken compared to a new application.  

[PotO]

My PenFed Gold Visa card doesn't apply to any cashback rewards program. This card is simply a low APR balance transfer card similar to the functions of the Chase Slate Edge card. 
 
Perhaps, I may one day apply to the Power Cash Card, along with my current Advance America Checking account, together, this will activate the 2% cashback rewards.
 
Another scenario is the discretion of doing a product change option from the Gold card to the PCR card. This solution is a more practical action taken compared to a new application.  

A PC would be more practical. I've never asked PenFed, but do they allow PCs? Will they allow shifting credit limits between cards, too?

I haven't look at the PF Gold card to see what it offers. I only got the Power Cash Visa on a totally weird and unexpected pre-approval. About a year after getting that I applied the Pathfinder Rewards for the SUB. I don't know why I had the impression that Pathfinder Rewards would compare to Power Rewards as far as rewards go, but it seems like it doesn't.


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[MP80]

8 hours ago, PotO said:

A PC would be more practical. I've never asked PenFed, but do they allow PCs? Will they allow shifting credit limits between cards, too?

I haven't look at the PF Gold card to see what it offers. I only got the Power Cash Visa on a totally weird and unexpected pre-approval. About a year after getting that I applied the Pathfinder Rewards for the SUB. I don't know why I had the impression that Pathfinder Rewards would compare to Power Rewards as far as rewards go, but it seems like it doesn't.


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I joined PenFed more than two years ago with a mandatory savings share of at least $5. Since then, PenFed has not provided me with anything until this spring, I added an Advance America Checking account, and then I continued to receive quotes via email and my mailbox.

 

They sent out several pre-approved offers, such as personal loans and credit cards. I was not interested at the time until I got approval from the Navy Federal and credit products. Then I changed my mind and applied for PenFed.

 

PenFed has changed a lot in recent years, and there is no longer $50,000 on a card. No more offers, such as pre-approved offers, can be selected on the login dashboard, such as choosing another credit card instead of increasing the credit limit on a current card.

 

These credit cards and credit lines are no longer available. Hell, they even stopped issuing for my favorite Defender credit card. AmEx cards like Pathfinder are no longer available, and these old cards are no longer displayed on the PenFed website. I think the combination of credit card credit limit and product changes may have ceased a long time ago.

 

The previous policies maybe return some days, but who knows when it's volatile and regurgitates like the stock market. 

[PotO]

I joined PenFed more than two years ago with a mandatory savings share of at least $5. Since then, PenFed has not provided me with anything until this spring, I added an Advance America Checking account, and then I continued to receive quotes via email and my mailbox.
 
They sent out several pre-approved offers, such as personal loans and credit cards. I was not interested at the time until I got approval from the Navy Federal and credit products. Then I changed my mind and applied for PenFed.
 
PenFed has changed a lot in recent years, and there is no longer $50,000 on a card. No more offers, such as pre-approved offers, can be selected on the login dashboard, such as choosing another credit card instead of increasing the credit limit on a current card.
 
These credit cards and credit lines are no longer available. Hell, they even stopped issuing for my favorite Defender credit card. AmEx cards like Pathfinder are no longer available, and these old cards are no longer displayed on the PenFed website. I think the combination of credit card credit limit and product changes may have ceased a long time ago.
 
The previous policies maybe return some days, but who knows when it's volatile and regurgitates like the stock market. 

I'm not really too familiar with PenFed. I joined many years ago and got tired of their about Egyptians. The final straw was when I could not get an overdraft line of credit because I was not stationed in the US. I got ahold of the PenFed CEO at the time and insulted him 9 ways to Sunday for throwing 200,000 US military personnel stationed overseas under the bus. He ultimately apologized and changed their policy, but it was too late.

Then about 1 and 1/2 years ago I noticed a soft INQ from PenFed and I went ballistic. I fled a CFPB complaint and also contacted the CEO and then found out that it was a pre-approved offer for a credit card. They were inviting me back. I was skeptical.

After a nice conversation, I was assured that things had changed so I took the bait. To tell you the truth, so far I am impressed. I never would have imagined that PenFed would be as good as they currently seem to be. And that USAA would turn into a stinking pile of Gestapo . Crazy world.


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[insolent1]

Well, I have a PenFed Power Cash Rewards card as well. It is my highest limit card, so I'm staying with it, but their rewards program isn't all that great. I use it for medical expenses, until the HSA pays out.  

[PotO]

Well, I have a PenFed Power Cash Rewards card as well. It is my highest limit card, so I'm staying with it, but their rewards program isn't all that great. I use it for medical expenses, until the HSA pays out.  

Why do you say the rewards program isn't that great?

As far as 2% cards go, it is better than the Citi DC and the other 2% cards that I have seen, with the exception of HSBC.

With Citi DC, your rewards don't post until the statement date following your purchases and your ultimate payments. Then, you cannot actually get the cash until you have accumulated $25 or more. That annoys me as 1) patience is not my virtue and 2) there might be a month I only have $24 in rewards and I'd rather see that money in my bank account.

With PenFed, you get the full 2% immediately as each separate charge posts to your account and can redeem as little as $0.01. I have a 3% card with HSBC that operates the same way.


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[MP80]

PenFed is the best card out there for getting instant cash.

 

You can borrow 100% of your credit line.  There is no fee, too.

[MP80]

On 10/31/2021 at 7:52 PM, PotO said:

USAA would turn into a stinking pile of Gestapo . Crazy world.

Yes, my signature has USAA bank name included along with the other credit unions, too.

 

I am interested in USAA insurance products, not the credit cards they provide. I am sensitive to every credit card image, and USAA's card image reflects an uncomfortable precursor.

 

USAA issued cards image like a soldier carrying his partner buddy on his shoulder, or each of their credit card images shows a gray medals band in the center of the card, or a reef on it, depicting a macabre creepy tombstone visual effect. 

 

This is an illusion you don't want to reside in your consciousness.

Edited November 2, 2021 by MP80

[PotO]

Yes, my signature has USAA bank name included along with the other credit unions, too.
 
I am interested in USAA insurance products, not the credit cards they provide. I am sensitive to every credit card image, and USAA's card image reflects an uncomfortable precursor.
 
USAA issued cards image like a soldier carrying his partner buddy on his shoulder, or each of their credit card images shows a gray medals band in the center of the card, or a reef on it, depicting a macabre creepy tombstone visual effect. 
 
This is an illusion you don't want to reside in your consciousness.

Their insurance is good. Their banking side is pure .


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[MP80]

On 5/5/2022 at 10:12 PM, PotO said:

Their insurance is good. Their banking side is pure .


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Hey, Pot!  

 

Yes, as you described last year, USAA sucks and still is.

Last November, my Navy Federal CU credit cards all increased. The Navy Fed Platinum Card has a 3X CLI. Next month, two cards will be eligible for the CLI again, and heck, I might even go and apply for my third Navy Federal credit card.

 

My current credit limit in Navy Federal CU is $21,000. A long way to go, yet!  

Edited May 8, 2022 by MP80

[PotO]

Hey, Pot!  
 
Yes, as you described last year, USAA sucks and still is.

Last November, my Navy Federal CU credit cards all increased. The Navy Fed Platinum Card has a 3X CLI. Next month, two cards will be eligible for the CLI again, and heck, I might even go and apply for my third Navy Federal credit card.
 
My current credit limit in Navy Federal CU is $21,000. A long way to go, yet!  

Glad Navy is growing for you.

Keep going! You can get it up to $80k, though I have heard they are getting tighter. Still, their maximum exposure is still $80k for credit cards, not including business cards.


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[MP80]

So this person is similar to our CB Hall of Famer, Mr. Ron, whose hobby is collecting credit cards. He has dozens of credit card accounts in his credit account portfolios, totaling $4 to $5 million. Besides being an avid credit-card collector, he is also a credit fanatic.

 

He got $80K 3 credit cards in a year. 

 

Also, like the other products you said, it's CLOC and has no issues associated with the credit limit of the credit card.

 

In the CLOC, the cap is $15K and that limit is no longer available. As of now, a new policy of $5K is the current max limit. If you're AD, you can apply for a CLOC to request a line of credit up to $5K, and if not, you'll get a line of up to $3K.

[PotO]

So this person is similar to our CB Hall of Famer, Mr. Ron, whose hobby is collecting credit cards. He has dozens of credit card accounts in his credit account portfolios, totaling $4 to $5 million. Besides being an avid credit-card collector, he is also a credit fanatic.
 
He got $80K 3 credit cards in a year. 
 
Also, like the other products you said, it's CLOC and has no issues associated with the credit limit of the credit card.
 
In the CLOC, the cap is $15K and that limit is no longer available. As of now, a new policy of $5K is the current max limit. If you're AD, you can apply for a CLOC to request a line of credit up to $5K, and if not, you'll get a line of up to $3K.

I heard they reduced the maximum exposure for CLOC. Fortunately they grandfathered in those who had the old maximum exposure limits of $15k.


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[MP80]

9 hours ago, PotO said:

I heard they reduced the maximum exposure for CLOC. Fortunately they grandfathered in those who had the old maximum exposure limits of $15k.


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I am not interested in Navy Federal CLOC or OOPS Emergency Checking Account Overdraft Protection. I think PenFed also has this OOPS option. The NFCU and PenFed checking accounts are my backup checking accounts.

So I will now move on without the CLOC from the Navy Federal.

[chanbug]

On 10/31/2021 at 10:52 PM, PotO said:

I'm not really too familiar with PenFed. I joined many years ago and got tired of their about Egyptians. The final straw was when I could not get an overdraft line of credit because I was not stationed in the US. I got ahold of the PenFed CEO at the time and insulted him 9 ways to Sunday for throwing 200,000 US military personnel stationed overseas under the bus. He ultimately apologized and changed their policy, but it was too late.

Then about 1 and 1/2 years ago I noticed a soft INQ from PenFed and I went ballistic. I fled a CFPB complaint and also contacted the CEO and then found out that it was a pre-approved offer for a credit card. They were inviting me back. I was skeptical.

After a nice conversation, I was assured that things had changed so I took the bait. To tell you the truth, so far I am impressed. I never would have imagined that PenFed would be as good as they currently seem to be. And that USAA would turn into a stinking pile of Gestapo . Crazy world.


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USAA is definitely garbage these days. Never thought I’d say that but cie la vie…they’re out and Navy Federal is in.

[MP80]

Update...

 

NFCU- CLI - $18,000 -> $25,000.00 instantly!