u/Euphoric_Inspiration

I’m new to Navy Federal (opened account less than two weeks ago) and from reading this sub I didn’t realize how import relationships are ie having direct deposit, using other products etc. I applied for the cash rewards card with the intention of getting the rewards plus for the 2% cash back to upgrade from my Bank of America 1.5% cash back card . Upon receiving my acceptance for the card I was shocked when my credit limit was only $500. I was in person when I did it and asked how to get the $2500 for $250 statement credit and she said just pay it off weekly and you’ll get there… slowly.

Background:
- Income: O3, 4 years of service
- Experion credit score: 741
- Navy Federal “score” 258
- Average age of account: 3 years 9 months
- 36 month car note (10 months in)
- no history of missed credit/loan payments or defaults
- I use my other cards monthly and pay them off

Navy Federal’s “reason” for stupidly credit limit:
- balance status of navy federal accounts
- insufficient variety of secured loan accounts
- number of inquiries
- direct deposit status

What I’ve done since opening my account is set up direct deposit and put 3k (max amt allowed) in the 4% CD.

I’m well aware of the 91/3 rule but it will take me about 18 months to get the limit required for 2% cash back. I am wondering if it’s better to go ahead and cancel this card and reapply in 3-4 month once I already have 3 direct deposits in my account and better history with them.