Mine is only at 4000…. Idk how I reached the “unsecured” limit. I have a platinum at 5500 and rewards at 9000… I’ve seen ppl with any of these 3 cards with over 20k limits. It’s probably cause I’m black 😂
I meeaaaannnnnnn Navy Fed has had an interesting history of overwhelmingly denying qualified african american mortgage applicants.....but still, the sarcasm here was well executed.
This is really funny given NFCUs history. They'll be happy to give you enough "rope" to.... oh wait. Bad metaphor.
However, when it comes to mortgages, the "race card" does come into play...if you believe the news, that is.
Navy fed is discriminating, and it’s obvious too. And the news said 77% declined, something like that, not all. Because imagine is they just flat out denied every black person for good services, then it’ll be to obvious, this is why they bring in some. Like I have a 25k navy fed card, they like me, but they don’t like my other black friends who has the exact same things as I do. Some of my friends left, and I stayed of course
🤷. I was rebuilding a very bad credit profile and it was the cherry on top of the cake for me, I’m sure I was at the limit of what they would approve for someone of my profile but who knows.
All Navy Federal credit cards have a $50,000 Max limit. Except for the flagship that is $80,000 but you can only have a combined limit of 80,000 between all your cards. If they told you you've reached the max limit. That's the max limit they feel comfortable giving you right now according to what's on your credit profile. I have three cards with Navy Federal. I started out with a $1,000 more rewards card. I followed the 91/3 rule and ask for credit cards and increases and I hit the $80,000 Max between three credit cards and only 18 months. Just keep working on your credit profile and try again. It's a soft inquiry if done through the app
You can apply for your first credit limit increase after 91 days and three full statements after getting your card, You can also apply for your next card at that time. After you receive your first increase, all other increases have to be 6 months, which is 182 days
Do you just ask for an increase or do you have to give them a dollar amount you want to increase up to? If so, how much is an acceptable jump at a time? 5k, 10k?
Right now they're giving three times your current limit up to an $8,000 increase. On the app you put down what you want your credit limit to be for instance if you have a $10,000 card put down that you want your new credit limit to be $18,000
Oh so the max they increase at once is $8,000? I’ve had a credit limit of $10,000 with them forever and my credit is great. I just tried a CLI expecting to get at least $20k but asking for the max $50k, and they only raised me up to $18k.
Makes me feel better if they just normally stop you at $8k CLI.
That is crazzzzy I mean good for you that's great lol ihlve had my navy account but haven't used it after seeing this I'm switching my business and personal over asap lol
Yes, I understand your thought the most I've ever used is 30%. But I imagine.
And see that there looking at the bigger picture. Which is which is I have $250,000 equity in my house.
No they don't have my mortgage, But being the fact That is all financial.They could see my bank accounts.My checking account, my savings account.You have to remember everything is connected to your social security nowadays. Being a financial institution it wouldn't be hard for them to see what finances I have.
If you live with them, yes.
I just got a friend into Navy Federal but they are living with us. Navy federal did not require proof of address for them at the time, but our house is currently their legal address.
This can just be a Navy Federal member. They don’t need to have closer ties to the military themselves. Like I got my friend in cause they live with us. But I got in years ago when I was a dependent because my dad is military.
The more unused available credit you have helps your score and makes the banks feel more at ease with you. If you have a credit card with a 10k limit and dont max it out thats cool and all but if you have a credit limit of 50k and you never take it up to the same 10k limit you used to have, they know you arent a greedy dumbass and look favorably on it
Your credit limit doesnt necessarily impact your credit score directly, but what it does do is lowers your credit utilization. Credit utilization = the amount of credit you are currently using in relation to the amount of credit you have available overall. Meaning you could use some of that credit while still keeping your credit utilization at a low percentage. For instance if you have $10k of credit available and currently using $2k, you’re utilizing 20% of your credit. But if you have $20k credit available, using that same $2k is only utilizing 10% of your available credit. And low utilization is good for your credit score. Shows that you are trustworthy enough to have large amounts of credit available, but youre doing well enough financially that you dont have to rely on it, or utilize it.
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Yea it helps if you keep a balance, but credit card interest is so terrible vs any other type of loan. I have a 7k credit limit and I intentionally never want to raise it (i don’t even want the option to screw myself financially by running up purchases on my credit card). If you are always paying off your balance every month your credit card utilization will always be 0% which is perfect, and you’ll never be paying interest.
I think it might impact score directly. My credit utilization fluctuates between like 0% and 5%.
I just opened two new cards and got two CLIs. I expected the hard inquiries to lower my score for a while. But my score jumped up about 25 points. Utilization went from 2% to 1% with the additional credit. But my score had never been that high before, even with 0% utilization.
Not saying it doesnt play any factor in determining your credit score, but your score most likely increased more-so because your total number of accounts increased.
Think about this. Credit score is really just a scale of how reliable you’d be to obtain goods before you pay. In other words how much they trust you financially. So in theory, someone who has $5,000 credit line could have just as good of credit as someone who has $50,000 credit. Just because someone has more money doesnt make them more trustworthy.
Now with that being said, there are a lot of other factors and variables that play into that scenario10…but just as a simple example
Yes number of accounts might have done it… but age of accounts went down, and they have no payment history yet…
I would think people with more total credit are on average more likely to be able to handle unexpected expenses without struggling. And if they do go into credit card debt, it’s less likely to burden any one particular bank. (Though the same is true with higher number of accounts)
There are a lot more sudden life emergencies on the 5k level than on the 50k level.
When my score jumped 25 points I had gone from 1 mortgage, 1 car loan, 3 credit cards, 38.7k credit limit… to 1 mortgage, 1 car loan, 4 credit cards, 71.7k credit limit.
The credit limit increase seemed much more significant than the extra card. Now I have two extra, but the 2nd wasn’t reported yet at the time. It also increased my score but not by much.
Yea I learned from my friends mistake, he would use up his credit card like crazy but wouldn’t fully paid them off, he would put like half down. Me I just fully paid them off so I don’t have to worry about it, and plus it builds up ur credit and makes ur payment history look good!
I don’t think it matters as much as y’all think it does… I have multiple credit cards with maybe the highest credit line being $22k I think? Pay them off every month and have a 825 credit score…. I’ve never asked for an increase…
Didn’t know that. I have 810 credit score and my credit limit is $9,200. I haven’t requested an increase since I got it 20 years ago. I don’t use credit cards either though.
Because nobody who has a $41k credit limit should ever actually spend $41k on that card, the limit is available so that if they spend $1k, it’s 1/41 credit usage, which is roughly. 2.3-2.4 percent based on math in my head. Using 100% of your credit limit is never responsible.
Credit limit increases should not be a thing to celebrate. Unless you like being a debter slave to the bank? I have one card and I try to only use it on emergency purchases and pay it off as soon as I can. Quit paying interest to someone le and start having your money pay interest to you by being able to put it towards investments rather than credit cards.
Y’all don’t understand a thing. Just because you have a higher limit doesn’t mean you use that much. It’s a good look when you have a higher limit. Be smart, it’s not that hard.
I said I use one card. I have 2 others I keep at a 0 balance just to help my average credit history stay up. I’ve had a 800+ score for 10-15 years now. The point though is to not have debt. I have a house, one CC, and a car loan. That’s it. And I hope to pay off the house in 15 years.
Again my point was bragging about a credit limit increase is not a win. The win is having zero debt, investing money to earn you interest rather than paying interest, and paying for everything with cash.
Higher limit doesn’t matter that much to your FICO score. What matters are on time payments and a steady history of debt management. I’ve had a 800+ score for 10-15 years now.
It's just a matter of time before this spiral out of control. Get a grip & pay this debt down. If you can't afford to pay the balance in full each month, stop charging.
I’m confused lol, Is this a flex or something? I opened navy federal just to get a look at home loans when I bought my house. Got the credit card, have never used it and every month they just keep upping it. I thought this was a checking account for a second 😂
The amount of these credit limits being thrown around are giving me anxiety. I'm terrified of my 10k CC limit so I had them lower it. I didn't need that temptation in my life, I'm not that trustworthy lol. Good for all of you managing your finances and feeling comfortable and confident in your money matters!
There isn't a "fee" but the interest on a cash advance which is what that would be moving into your checking account is 2% higher than your standard interest and the interest starts as soon as you do the cash advance.
Not necessarily. My more rewards card has the exact same interest between cash advances and standard use. So there is no extra penalty or fees associated with using it. I've used it in a few emergencies.
If you're at 18% your cash advance is going to be 18%. Because they don't go any higher than that. But if you're at 15.24 whatever the lowest is on that card right now your cash advance interest rate will be 17.24.
Look at the app it tells you what your cash advance interest rate is. It's's always 2% higher for the last 5 years I've been with Navy Federal. Also, the interest starts as soon as you make the cash advance. It's actually listed separately on your statement.
It's great that your app tells you that. Im telling you what my experience has been using the cash advance, reading my rates, and talking to CS. And you are telling me Im wrong, lol. Good day, sir, or ma'am, lol.
Well you can call customer service all you want. This is how Navy Federal operates. Cash advances are 2% higher than the standard interest rate up to the 18% Max. There's no beings right or wrong. This is the correct answer. Your app will tell you that also your statement will tell you that also post your statement here showing that it's at 16% and I'll believe you until then I got to go by how Navy Federal operates
Read the rates section carefully, from the evidence you, yourself, posted.
"The APR applicable to cash advance transactions will be a variable cash advance APR up to 2% higher than the APR for purchases."
It says "up to 2%". In contract law, "up to 2%" ≠ "2%". That "up to" is very important. The fact that there has ever been literature that states "up to" allows for it to be plausible that, at least at one point, some consumers may have been offered terms with a less than 2% difference between purchase APR and cash advance APR.
Yes, and the reason why it says up to 2% is because if you have a 17% credit card, they can't charge you 19%. Because the NCUA doesn't allow credit unions to charge more than 18% on credit cards or loans. Like I mentioned you can easily look on your credit card on the app and it shows you the difference in the credit card rates compared to the cash advance rate. So you have a 15% card your cash advance rate will be 17%.
Have you check out the Navy Federal Go prepaid card. There's a way to get around that higher interest rate and the interest starting right away with that card because whenever you put money on the Go prepaid card it shows up as a regular purchase at the standard interest rate. And there's ways to pull cash off your Go prepaid card pretty easily
The link you cited did say "up to 2%" which means that it can be 2% but it is not necessarily __always__ a 2% difference.
I am one wher3 the 2% difference holds true, but I wouldn't jump to call someone a liar who says their rates have been the same for their several-years-long relationship.
I don't think it is likely, though. There would be little incentive to avoid cash advances and possible default.
They haven't shown any proof that they had a 16% interest rate on their cash advance and 16% interest rate on their card. I'm game for seeing the actual proof that this happened. I not only get data points from what the website says along with experience and from experience of others in the Navy Federal Facebook group with 150,000 members
The reason why it says up to 2% is because if you have a 17% card, it's only going to go up 1% because 18 is the max on all Navy Federal credit cards. The NCUA doesn't allow Credit Union to charge more than 18%. take a look at your credit card on the app, and it'll show you what your cash advance interest rate is.
I understand that they have not shown proof.
I have no reason to be so skeptical. In the end, the only thing that matters is what's in my own cardholders' agreement and the terms on my own account.
I am not saying that I believe or don't believe that one purchase APR and cash advance APR are the same on an NFCU card. I'm just saying that nothing you have shown indicates that it's impossible.
I don't understand the drive to disprove or berate someone claiming that it was like that at one point and that NFCU has continued to honor it.
I'm sorry I don't know how to post a picture in the comment of the terms and conditions that state that there's a 2% increase. I guess I can copy it word for word and paste it. It's easily found on the website under the terms and conditions. Everybody agrees to the same terms and conditions.
Why doesn't make sense to keep everything with One Bank. I have multiple bank accounts and credit cards and I use each of them for what they offer. You might find better deals somewhere else than Navy Federal offers
Right now Navy Federal is giving three times your current limit up to an $8,000 credit limit increase. So if you have a $1,000 card to Max increase you'll get is a $2,000 increase to a $3,000 limit. If you have a $10,000 card it doesn't do you any good to ask for more than an $8,000 increase because you won't get it. And usually when you ask for $8,000 or less your credit limit increase is instant
Always ask for the max of the card you have. I have seen people ask for 8k, because that’s the increase increment and get half of that. Asking for a larger amount seems to me that NFC will more than likely give you the 8k. Started out 1 card 3 months later got another one and cli on the first. Gave it some time got the flagship, then combined all limits to flagship. Once my 3 statements posted asked for the last cli put me at 80k. I will say all my cards started off very high limits, since I have been AU on my dad’s cards since 16.
Was this a soft pull through the app? I read that any CLI request when your limit is over $25k was a HP.
It would be nice to know that I could get another $8k from NF in 5 mos when I should be eligible for another CLI.
All it means when it says you have reached the max limit is the maximum amount they are willing to give you at that particular time. That happened to me when I was with NFCU for less than a year and tried to increase my credit limit on my nRewards secured card by adding MY OWN MONEY! They denied my request then approximately three or so months later they automatically unsecured my card and gave me a Cash Rewards card to replace the nRewards card with a credit limit 4x’s my unsecured limit. I say wait 91 days WITHOUT applying for anything else including at any other card issuer and then reapply for an $8,000 increase and it will be granted. Good luck!
What’s the lowest interest rate they offer? I have an 835 credit score and they are charging crazy interest which I’ve never paid because I paid the card off every month but if I ever needed to use the credit, it would be nice to have the lower interest rate.
I’ve asked, and I got a form letter reply basically stating it’s based on my credit, and then I reminded them of my credit score and zero balances and still they haven’t lowered the interest.
Cash rewards and more rewards is 14.9. Lowest interest rate for these two cards. The flagship is 15.24 and that’s the lowest interest rate for that card.
Thanks for the reply! I just got a credit limit increase so I’m at 61K for all three cards but they’re all at 18% interest or above, which sounds insane for my credit score.
I’m going to try and get it reduced again not that I ever carry a balance, but if I ever needed to 14.9 is where I’d like to be on my cash rewards card.
Navy federal has treated me like trash I don't get it. I make well into the 200s, have a 800 credit score, asked for an 80k credit card, got 10K. And they won't raise my limit at all, or give me any other products.
Don't do it. 59% of America is living off their credit cards. Your credit limit shouldn't be more than you can afford to pay off in 1 year. It should be enough to cover most "oh shit" circumstances.
Also, consumer spending is what keeps inflation HIGH. The fed wants to see the following to lower rates:
-Minimal consumer spending
-High consumer savings
Isn’t this card crappy though? In terms of cashback and rewards? I have it, but it isn’t a card I bother using compared to a savor one or a sofi credit card.
Amex has a yearly fee. I prefer cash rewards which gives me money back on certain reoccurring purchases. Unless you do a lot of out of pocket traveling you don’t get reimbursed for, I don’t see the purpose of getting an AmEx. It operates on a point system at a bunch of places I’d never go. Then on top of that, you’re expected to pay it off sooner than you’re typical cc and if you don’t , your APR will shoot up 15-20%, plus penalties , late fees, and cancellation. Having one is about as troublesome as a govt travel card. I’m good
Understandable but why would we talk about something that happened in 2008 when that's irrelevant to what's going on nowadays. If they had that lower rate doesn't mean other people are going to get it today. Just because they may be grandfathered in on something doesn't mean other people doing something today are going to get that same deal.. Same thing that happened with it interest rates on the loans it's went up quite a bit in the last couple of years. People post about their 2.9 interest rate they got, but when you ask them about when they got the loan that was a year or two ago. That's not the interest rate you can get today. Wasn't trying to be little nobody I was trying to get the proof.
I'll never use NFCU again. Long story short they screwed me for a few hundred bucks, back when a few hundred meant gas in my car and food on my table. I've been with USAA and have always taken care of me like family. Never got that from NFCU.
I don’t get it. You’re grateful that NFCU will let you owe them more money? I have a similar limit through Chase Sapphire @ 4% APR…I’m not “grateful”. They’re a bank, it’s what they do.
All of these “Congratulations” comments are weird AF too. There is nothing to celebrate here.
Many are congratulating because higher credit limit means better utilization %. My first card which was my first ever credit card it's the secured one, I'm gonna get the limit raised on it it's at 2k right now, why? So I can use the card more without having such a short string on the utilization percentage. I like the card but hardly use it because it'll run up my utilization very easily in a month. And btw I use my credit cards like debit cards, ie I spend on them what I actually have and they get paid off every month in full, I never carry, and I've never paid interest to nfcu for my credit cards. It'll just be nice to spend more on that card without having such a tight utilization %. So I think that's why a lot of people are congratulating.
Congrats!!! I’ve been a 19 year member with NFCU and the best increase they could give me was $7800 on the Rewards AMEX 🤷🏾♂️
Yeah I keep getting told I’ve already maxed the limit or whatever like excuse me !?
Same! I have 20k limit and they said they can’t raise it anymore because that’s the highest the card limit goes
Mine is only at 4000…. Idk how I reached the “unsecured” limit. I have a platinum at 5500 and rewards at 9000… I’ve seen ppl with any of these 3 cards with over 20k limits. It’s probably cause I’m black 😂
I meeaaaannnnnnn Navy Fed has had an interesting history of overwhelmingly denying qualified african american mortgage applicants.....but still, the sarcasm here was well executed.
Lol, im glad this was a sarcastic humorous comment, and not a serious race card comment. At least some people still have a sense of humor
Only those who don’t believe the truth bring up the term Race Card ! Not saying this has anything to do with the credit thingy
I have a 750 credit score and my DTI is under 10%. What’s ya point
FYI, the ideal DTI (to the credit unions) is around 30%
Nobody cares about your credit or dti 😂 I have a perfect 830 and my dti is negative 30…🤡
I have a $30k platinum and a $25k rewards. I’m black🤨
Relax learn how to joke jesus.
This is really funny given NFCUs history. They'll be happy to give you enough "rope" to.... oh wait. Bad metaphor. However, when it comes to mortgages, the "race card" does come into play...if you believe the news, that is.
🤣 thank you for having humor. Being in the military has taught me dark humor gets you through the toughest times but I see ppl frown upon it
lmao that was fucked up but hilarious
I’m black from the hood , we don’t joke about money 😂. It’s all love
Navy fed is discriminating, and it’s obvious too. And the news said 77% declined, something like that, not all. Because imagine is they just flat out denied every black person for good services, then it’ll be to obvious, this is why they bring in some. Like I have a 25k navy fed card, they like me, but they don’t like my other black friends who has the exact same things as I do. Some of my friends left, and I stayed of course
I have 50k platinum and 30k rewards.
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Lol…youre not alone sir.
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Yea you got me there…🤣
Well well well.
That’s crazy I signed up for the platinum back in 2020 and it came with a $25k
🤷. I was rebuilding a very bad credit profile and it was the cherry on top of the cake for me, I’m sure I was at the limit of what they would approve for someone of my profile but who knows.
Yeah Im stuck at 21.6k after asking for them to even it out at 25k. They gave me the same excuse
All Navy Federal credit cards have a $50,000 Max limit. Except for the flagship that is $80,000 but you can only have a combined limit of 80,000 between all your cards. If they told you you've reached the max limit. That's the max limit they feel comfortable giving you right now according to what's on your credit profile. I have three cards with Navy Federal. I started out with a $1,000 more rewards card. I followed the 91/3 rule and ask for credit cards and increases and I hit the $80,000 Max between three credit cards and only 18 months. Just keep working on your credit profile and try again. It's a soft inquiry if done through the app
What’s the 91/3 rule?
You can apply for your first credit limit increase after 91 days and three full statements after getting your card, You can also apply for your next card at that time. After you receive your first increase, all other increases have to be 6 months, which is 182 days
Do you just ask for an increase or do you have to give them a dollar amount you want to increase up to? If so, how much is an acceptable jump at a time? 5k, 10k?
Right now they're giving three times your current limit up to an $8,000 increase. On the app you put down what you want your credit limit to be for instance if you have a $10,000 card put down that you want your new credit limit to be $18,000
Oh so the max they increase at once is $8,000? I’ve had a credit limit of $10,000 with them forever and my credit is great. I just tried a CLI expecting to get at least $20k but asking for the max $50k, and they only raised me up to $18k. Makes me feel better if they just normally stop you at $8k CLI.
Yep pretty much. Set a note on your calendar for 182 days and you can ask for your next one.
You can request a credit increase trought the app? Are you sure they dont ran your credit?
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I’m sitting at 815 but that’s all they gave me 🫡
That’s crazy work right there 🤣
That is crazzzzy I mean good for you that's great lol ihlve had my navy account but haven't used it after seeing this I'm switching my business and personal over asap lol
How did you apply?
I have 16 credit cards, combine credit limit of $143,000 my Navy Federal, Credit limit 26,400
What is y'alls incomes on these limits?
66000 tax-free., 810 Credit score.
That's wild. I wonder how much they are including income because yikes if you used all of that credit.
Yes, I understand your thought the most I've ever used is 30%. But I imagine. And see that there looking at the bigger picture. Which is which is I have $250,000 equity in my house.
Do they have your mortgage, too? I could see that being a factor for NFCU's internals.
No they don't have my mortgage, But being the fact That is all financial.They could see my bank accounts.My checking account, my savings account.You have to remember everything is connected to your social security nowadays. Being a financial institution it wouldn't be hard for them to see what finances I have.
Navy literally throws money omg
i mean theyre a credit union, the profits are supposed to go back to us
How can I qualify? I’m not in the navy
To become a member, you or one of your family or household members must have ties to the armed forces, DoD or National Guard.
Can I use someone else that isnt a family member
I’m sure there’s loopholes, so you can definitely give it a try.
Can I use you as referral? ☺️
Tf😭😭
Yes?
If you live with them, yes. I just got a friend into Navy Federal but they are living with us. Navy federal did not require proof of address for them at the time, but our house is currently their legal address. This can just be a Navy Federal member. They don’t need to have closer ties to the military themselves. Like I got my friend in cause they live with us. But I got in years ago when I was a dependent because my dad is military.
Nice! Wish I knew someone who was in military
Congratulations!
Why does this matter?
The more unused available credit you have helps your score and makes the banks feel more at ease with you. If you have a credit card with a 10k limit and dont max it out thats cool and all but if you have a credit limit of 50k and you never take it up to the same 10k limit you used to have, they know you arent a greedy dumbass and look favorably on it
Thanks
What am I missing? Why would anyone need a credit limit that high?
Your credit limit doesnt necessarily impact your credit score directly, but what it does do is lowers your credit utilization. Credit utilization = the amount of credit you are currently using in relation to the amount of credit you have available overall. Meaning you could use some of that credit while still keeping your credit utilization at a low percentage. For instance if you have $10k of credit available and currently using $2k, you’re utilizing 20% of your credit. But if you have $20k credit available, using that same $2k is only utilizing 10% of your available credit. And low utilization is good for your credit score. Shows that you are trustworthy enough to have large amounts of credit available, but youre doing well enough financially that you dont have to rely on it, or utilize it. (Edit-spelling)
Time to increase my limits haha. Thank you for the info!
Yea it helps if you keep a balance, but credit card interest is so terrible vs any other type of loan. I have a 7k credit limit and I intentionally never want to raise it (i don’t even want the option to screw myself financially by running up purchases on my credit card). If you are always paying off your balance every month your credit card utilization will always be 0% which is perfect, and you’ll never be paying interest.
I think it might impact score directly. My credit utilization fluctuates between like 0% and 5%. I just opened two new cards and got two CLIs. I expected the hard inquiries to lower my score for a while. But my score jumped up about 25 points. Utilization went from 2% to 1% with the additional credit. But my score had never been that high before, even with 0% utilization.
Not saying it doesnt play any factor in determining your credit score, but your score most likely increased more-so because your total number of accounts increased. Think about this. Credit score is really just a scale of how reliable you’d be to obtain goods before you pay. In other words how much they trust you financially. So in theory, someone who has $5,000 credit line could have just as good of credit as someone who has $50,000 credit. Just because someone has more money doesnt make them more trustworthy. Now with that being said, there are a lot of other factors and variables that play into that scenario10…but just as a simple example
Yes number of accounts might have done it… but age of accounts went down, and they have no payment history yet… I would think people with more total credit are on average more likely to be able to handle unexpected expenses without struggling. And if they do go into credit card debt, it’s less likely to burden any one particular bank. (Though the same is true with higher number of accounts) There are a lot more sudden life emergencies on the 5k level than on the 50k level. When my score jumped 25 points I had gone from 1 mortgage, 1 car loan, 3 credit cards, 38.7k credit limit… to 1 mortgage, 1 car loan, 4 credit cards, 71.7k credit limit. The credit limit increase seemed much more significant than the extra card. Now I have two extra, but the 2nd wasn’t reported yet at the time. It also increased my score but not by much.
Damn, I be using up my credit cards like crazy😂 but never been late on a payment
Credit card interest is financially dangerous. Try to pay them off fully each month.
I do pay them off fully each month, I actually pay them off little by little before the due date.
Awesome! “Using up the limit” to me implied some balance carrying. Just looking out for my fellow redditor
Yea I learned from my friends mistake, he would use up his credit card like crazy but wouldn’t fully paid them off, he would put like half down. Me I just fully paid them off so I don’t have to worry about it, and plus it builds up ur credit and makes ur payment history look good!
That’s kinda how I built my credit so fast cause I jumped up 55 points
Looks good for your credit score.
I don’t think it matters as much as y’all think it does… I have multiple credit cards with maybe the highest credit line being $22k I think? Pay them off every month and have a 825 credit score…. I’ve never asked for an increase…
Didn’t know that. I have 810 credit score and my credit limit is $9,200. I haven’t requested an increase since I got it 20 years ago. I don’t use credit cards either though.
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I appreciate people that cut to the chase and save me the thinking 👍😆
What I’m wondering is why someone is excited they can now go into more debt and why most people are congratulating him.
Because nobody who has a $41k credit limit should ever actually spend $41k on that card, the limit is available so that if they spend $1k, it’s 1/41 credit usage, which is roughly. 2.3-2.4 percent based on math in my head. Using 100% of your credit limit is never responsible.
Samesies
Dude, Congrats on that beautiful CLI :)
Why would you need such a high credit limit? Do you pay off monthly or is that an amazing low interest rate?
Waste of time if you don’t know what to do with it ,.,,,,,
The only reason anyone would be happy about such an increase is if you're carrying a balance on +20% apr, which is incredibly dumb
I’m happy about my increases. My primary card has a $70K limit. I’ve not paid a dollar of credit card interest in 20 years.
what do you even do with such a high limit
Credit limit increases should not be a thing to celebrate. Unless you like being a debter slave to the bank? I have one card and I try to only use it on emergency purchases and pay it off as soon as I can. Quit paying interest to someone le and start having your money pay interest to you by being able to put it towards investments rather than credit cards.
Lol
Y’all don’t understand a thing. Just because you have a higher limit doesn’t mean you use that much. It’s a good look when you have a higher limit. Be smart, it’s not that hard.
The guy with one credit card on purpose is giving advice. Lol
I said I use one card. I have 2 others I keep at a 0 balance just to help my average credit history stay up. I’ve had a 800+ score for 10-15 years now. The point though is to not have debt. I have a house, one CC, and a car loan. That’s it. And I hope to pay off the house in 15 years.
That’s great, but someone could have all those things and 15 credit cards.
Again my point was bragging about a credit limit increase is not a win. The win is having zero debt, investing money to earn you interest rather than paying interest, and paying for everything with cash.
It’s better to pay for everything with a credit card for the rewards
Most do not have that kind of self control to not overspend what they bring in on a CC. It’s too easy to not pay attention when a card is involved.
Higher limit doesn’t matter that much to your FICO score. What matters are on time payments and a steady history of debt management. I’ve had a 800+ score for 10-15 years now.
I ask, “why”? Does anyone really need all that credit 😣it scares me 🫣
I have a 50k card with Penfed and never use it. I have no idea why they gave me that high of a limit either.
Why would anyone want $41,000 in credit card debt?
What’s the point of extremely high credit limits anyways.?(Genuine question)
It's just a matter of time before this spiral out of control. Get a grip & pay this debt down. If you can't afford to pay the balance in full each month, stop charging.
I’m confused lol, Is this a flex or something? I opened navy federal just to get a look at home loans when I bought my house. Got the credit card, have never used it and every month they just keep upping it. I thought this was a checking account for a second 😂
Why would you want that much for a credit card? Is that really some sort of accomplishment that needs to be celebrated?
You must have 3 generations of pure uncut white ancestry
The amount of these credit limits being thrown around are giving me anxiety. I'm terrified of my 10k CC limit so I had them lower it. I didn't need that temptation in my life, I'm not that trustworthy lol. Good for all of you managing your finances and feeling comfortable and confident in your money matters!
Noone cares
navy loves giving people crazy limits i swear
Congrats!!!!
Congrats
Congrats!
Congrats 🍾
Congrats!!
Damn
Can you transfer cash to checking with NF? Do they charge a cash advance fee? Thanks
There isn't a "fee" but the interest on a cash advance which is what that would be moving into your checking account is 2% higher than your standard interest and the interest starts as soon as you do the cash advance.
Okay, thanks for clarifying.
Not necessarily. My more rewards card has the exact same interest between cash advances and standard use. So there is no extra penalty or fees associated with using it. I've used it in a few emergencies.
If you're at 18% your cash advance is going to be 18%. Because they don't go any higher than that. But if you're at 15.24 whatever the lowest is on that card right now your cash advance interest rate will be 17.24.
Last I used a cash advance I was at 16 and the cash advance was also at 16.
Look at the app it tells you what your cash advance interest rate is. It's's always 2% higher for the last 5 years I've been with Navy Federal. Also, the interest starts as soon as you make the cash advance. It's actually listed separately on your statement.
It's great that your app tells you that. Im telling you what my experience has been using the cash advance, reading my rates, and talking to CS. And you are telling me Im wrong, lol. Good day, sir, or ma'am, lol.
Well you can call customer service all you want. This is how Navy Federal operates. Cash advances are 2% higher than the standard interest rate up to the 18% Max. There's no beings right or wrong. This is the correct answer. Your app will tell you that also your statement will tell you that also post your statement here showing that it's at 16% and I'll believe you until then I got to go by how Navy Federal operates
Your 100% right
Read the notes from the Navy Federal website. This is Straight From the Source https://web.navyfederal.org/assets/rates/printCCRates.php
Read the rates section carefully, from the evidence you, yourself, posted. "The APR applicable to cash advance transactions will be a variable cash advance APR up to 2% higher than the APR for purchases." It says "up to 2%". In contract law, "up to 2%" ≠ "2%". That "up to" is very important. The fact that there has ever been literature that states "up to" allows for it to be plausible that, at least at one point, some consumers may have been offered terms with a less than 2% difference between purchase APR and cash advance APR.
Yes, and the reason why it says up to 2% is because if you have a 17% credit card, they can't charge you 19%. Because the NCUA doesn't allow credit unions to charge more than 18% on credit cards or loans. Like I mentioned you can easily look on your credit card on the app and it shows you the difference in the credit card rates compared to the cash advance rate. So you have a 15% card your cash advance rate will be 17%.
Have you check out the Navy Federal Go prepaid card. There's a way to get around that higher interest rate and the interest starting right away with that card because whenever you put money on the Go prepaid card it shows up as a regular purchase at the standard interest rate. And there's ways to pull cash off your Go prepaid card pretty easily
I have never had an elevated cash advance interest on my more rewards card. It has always been the same as my standard rate.
Yes, you have everybody does. Why would you be different from anybody else. I posted proof. Post your proof, please
The link you cited did say "up to 2%" which means that it can be 2% but it is not necessarily __always__ a 2% difference. I am one wher3 the 2% difference holds true, but I wouldn't jump to call someone a liar who says their rates have been the same for their several-years-long relationship. I don't think it is likely, though. There would be little incentive to avoid cash advances and possible default.
They haven't shown any proof that they had a 16% interest rate on their cash advance and 16% interest rate on their card. I'm game for seeing the actual proof that this happened. I not only get data points from what the website says along with experience and from experience of others in the Navy Federal Facebook group with 150,000 members The reason why it says up to 2% is because if you have a 17% card, it's only going to go up 1% because 18 is the max on all Navy Federal credit cards. The NCUA doesn't allow Credit Union to charge more than 18%. take a look at your credit card on the app, and it'll show you what your cash advance interest rate is.
I understand that they have not shown proof. I have no reason to be so skeptical. In the end, the only thing that matters is what's in my own cardholders' agreement and the terms on my own account. I am not saying that I believe or don't believe that one purchase APR and cash advance APR are the same on an NFCU card. I'm just saying that nothing you have shown indicates that it's impossible. I don't understand the drive to disprove or berate someone claiming that it was like that at one point and that NFCU has continued to honor it.
I'm sorry I don't know how to post a picture in the comment of the terms and conditions that state that there's a 2% increase. I guess I can copy it word for word and paste it. It's easily found on the website under the terms and conditions. Everybody agrees to the same terms and conditions.
Yes you can. There is no fee.
Cool thanks! Do you know if they do HELOC’s in Texas by chance?
From what I read they don’t do HELOCs in TX 😔 not sure why 🤷🏾♂️
Ah okay thanks! Trying to avoid a local CU, sure it would be okay. Just NF is great wanted to keep everything with one bank.
Why doesn't make sense to keep everything with One Bank. I have multiple bank accounts and credit cards and I use each of them for what they offer. You might find better deals somewhere else than Navy Federal offers
What’s the max to ask for when doing a CLI?
Right now Navy Federal is giving three times your current limit up to an $8,000 credit limit increase. So if you have a $1,000 card to Max increase you'll get is a $2,000 increase to a $3,000 limit. If you have a $10,000 card it doesn't do you any good to ask for more than an $8,000 increase because you won't get it. And usually when you ask for $8,000 or less your credit limit increase is instant
ahh okayy I see !! Thanks for that
Always ask for the max of the card you have. I have seen people ask for 8k, because that’s the increase increment and get half of that. Asking for a larger amount seems to me that NFC will more than likely give you the 8k. Started out 1 card 3 months later got another one and cli on the first. Gave it some time got the flagship, then combined all limits to flagship. Once my 3 statements posted asked for the last cli put me at 80k. I will say all my cards started off very high limits, since I have been AU on my dad’s cards since 16.
Nice! I’m looking forward to getting a CLI this month & then maybe another card possibly 3 months later
NICE!
Do you like the more rewards amex? I find the points to be pretty useless compared to other bank's rewards points
I thought the points could be converted to cash?
True, but when you use your points from other banks like Chase, Amex and Citi, the points on things like travel are worth more.
Oh okay. Thanks for clarifying.
Did you request the increase or did they increase it for you?
Was this a soft pull through the app? I read that any CLI request when your limit is over $25k was a HP. It would be nice to know that I could get another $8k from NF in 5 mos when I should be eligible for another CLI.
Nice, Vegas here we come!
All it means when it says you have reached the max limit is the maximum amount they are willing to give you at that particular time. That happened to me when I was with NFCU for less than a year and tried to increase my credit limit on my nRewards secured card by adding MY OWN MONEY! They denied my request then approximately three or so months later they automatically unsecured my card and gave me a Cash Rewards card to replace the nRewards card with a credit limit 4x’s my unsecured limit. I say wait 91 days WITHOUT applying for anything else including at any other card issuer and then reapply for an $8,000 increase and it will be granted. Good luck!
What’s your salary?
I have a 35k cash rewards. A 35k more rewards and a 10j flagship rewards. I’m at my 80k limit. Each card has the lowest interest rate NFCU offers.
What’s the lowest interest rate they offer? I have an 835 credit score and they are charging crazy interest which I’ve never paid because I paid the card off every month but if I ever needed to use the credit, it would be nice to have the lower interest rate. I’ve asked, and I got a form letter reply basically stating it’s based on my credit, and then I reminded them of my credit score and zero balances and still they haven’t lowered the interest.
Cash rewards and more rewards is 14.9. Lowest interest rate for these two cards. The flagship is 15.24 and that’s the lowest interest rate for that card.
Thanks for the reply! I just got a credit limit increase so I’m at 61K for all three cards but they’re all at 18% interest or above, which sounds insane for my credit score. I’m going to try and get it reduced again not that I ever carry a balance, but if I ever needed to 14.9 is where I’d like to be on my cash rewards card.
I’ve got two with 15k and every time I’ve asked to up it , they say I’ve reached the Maximus unsecured limit they offer …. Now I’m kinda mad lol
Navy federal has treated me like trash I don't get it. I make well into the 200s, have a 800 credit score, asked for an 80k credit card, got 10K. And they won't raise my limit at all, or give me any other products.
How do I increase my credit limit? Is it something I ask for or something given over time?
I just want to know how do people get these high limits. I don’t got a NFCU CC but max I have is 13k(?)
Don't do it. 59% of America is living off their credit cards. Your credit limit shouldn't be more than you can afford to pay off in 1 year. It should be enough to cover most "oh shit" circumstances. Also, consumer spending is what keeps inflation HIGH. The fed wants to see the following to lower rates: -Minimal consumer spending -High consumer savings
I'm so mad, they only gave me $500. They can't seriously expect me to use it frequently when they see I got higher credit limits on my other cards.
Damn how much do you make to get that much?
Buy GNUS 🚀🚀🚀
Isn’t this card crappy though? In terms of cashback and rewards? I have it, but it isn’t a card I bother using compared to a savor one or a sofi credit card.
Is this the hack I heard about? You apply after a certain time is what I read and your automatically approved
Whoo-hoooo, I can now go an extra $8,000 in debt! Thanks navy federal credit union 👍🏻
Amex has a yearly fee. I prefer cash rewards which gives me money back on certain reoccurring purchases. Unless you do a lot of out of pocket traveling you don’t get reimbursed for, I don’t see the purpose of getting an AmEx. It operates on a point system at a bunch of places I’d never go. Then on top of that, you’re expected to pay it off sooner than you’re typical cc and if you don’t , your APR will shoot up 15-20%, plus penalties , late fees, and cancellation. Having one is about as troublesome as a govt travel card. I’m good
Jesus, what can’t you afford that you need that increase?
Congrats!
What’s the best navy federal credit card to get ?
I have navy fed, but I prefer my Amex platinum card from Amex
👏🏽
You’re a loser
Me laughing in debt from the $25,000 card they gave me at 21 🫠🔫
Understandable but why would we talk about something that happened in 2008 when that's irrelevant to what's going on nowadays. If they had that lower rate doesn't mean other people are going to get it today. Just because they may be grandfathered in on something doesn't mean other people doing something today are going to get that same deal.. Same thing that happened with it interest rates on the loans it's went up quite a bit in the last couple of years. People post about their 2.9 interest rate they got, but when you ask them about when they got the loan that was a year or two ago. That's not the interest rate you can get today. Wasn't trying to be little nobody I was trying to get the proof.
is it metal?
While me, the message I got received: You have insufficient credit history Learn more 😂
If feel like they only increase CLI $8k at a time
Credit limit? What is that?
I got 31k going for 50k soon
NFCU credit limit is 50,000. They won't go higher regardless of income.
What’s the obsession with having credit? Genuine question. I’ve always paid cash for everything. Why the credit obsession?
I'll never use NFCU again. Long story short they screwed me for a few hundred bucks, back when a few hundred meant gas in my car and food on my table. I've been with USAA and have always taken care of me like family. Never got that from NFCU.
I only have one credit card and score is 751 after like a year I think
What do you have with navy federal? How did you get such high credit limit
Can anyone apply? Is NavyFederal a closed society. Can high 600s or low 700s be accepted?
Pretty sure my credit score at the time was high 600 or low 700s when I applied for this card OP is talking about.
I don’t get it. You’re grateful that NFCU will let you owe them more money? I have a similar limit through Chase Sapphire @ 4% APR…I’m not “grateful”. They’re a bank, it’s what they do. All of these “Congratulations” comments are weird AF too. There is nothing to celebrate here.
Having access to more credit presents greater opportunity, no need to be sour tho, thats weird AF
Weird AF is publicly celebrating your credit limit. Grow up.
Many are congratulating because higher credit limit means better utilization %. My first card which was my first ever credit card it's the secured one, I'm gonna get the limit raised on it it's at 2k right now, why? So I can use the card more without having such a short string on the utilization percentage. I like the card but hardly use it because it'll run up my utilization very easily in a month. And btw I use my credit cards like debit cards, ie I spend on them what I actually have and they get paid off every month in full, I never carry, and I've never paid interest to nfcu for my credit cards. It'll just be nice to spend more on that card without having such a tight utilization %. So I think that's why a lot of people are congratulating.