It’s Q&A time again. This one comes from ‘Tesla’ who is asking…

I’m almost 20 and have been banking with navy federal since I was 16 or 17. I’ve had two loans, a secured loan and a car loan as well as a credit card. I’ve never made a late payment on any of them and I make large payments. In a little while here once my car loan is paid off, I want to have my credit line extended for any emergencies I may encounter while attending school. What type of things should I do to get that kind of approval from my bank?

Answer: You can either call in at 1-888-842-6328 and speak with the department you need to speak with. If this is a credit increase request for a credit card then speak with the credit card department. If this is for a line of credit, the first available rep should be able to help you. Or you can go into a branch and ask one of the member service representatives. Also there is an option online if you have Navy Federal Online. When you log on, at the top all the way to the right there is a tab saying “Account Services.” click on that, under that there is a column that says “Credit & Debit/Visa check cards”. Under that column there is something that says “Increase my credit limit” and you can request through there as well. Good luck. Hope this helps. And the best way to get approved is not have more debt than income & to continue paying everything on time.

Tagged:Personal Finance