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NFCU Navcheck

Regular Contributor

NFCU Navcheck

I was just approved for a Navcheck line of credit thru NFCU and was wondering if anyone could tell me how that account works? Thanks

Message 1 of 10
9 REPLIES
New Member

Re: NFCU Navcheck

It's an overdraft LOC. If you pay for something, and don't have cash in your checking, it automatically adds it to your LOC. There's no grace period associated.


Starting Score: 498 1/4/2010
Current Score: 642 3/27/2012
Goal Score: 750+


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Message 2 of 10
Valued Contributor

Re: NFCU Navcheck

It's great to have for the overdraft protection but to me the better part of it is that it reports to all 3 bureaus as an open line of credit and helps with utilization. And NFCU does not seem to be concerned about non-usage as in lowering the line or closing the account. You can also pull money directly from NAVCHECK and have it deposited to checking without having to overdraft checking. Although I think you need to go to the branch or call in for this. It does not appear on my list of available accounts to transfer from. Only to transfer to.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Message 3 of 10
Super Contributor

Re: NFCU Navcheck


HoldingOntoHope wrote:

It's great to have for the overdraft protection but to me the better part of it is that it reports to all 3 bureaus as an open line of credit and helps with utilization. And NFCU does not seem to be concerned about non-usage as in lowering the line or closing the account. You can also pull money directly from NAVCHECK and have it deposited to checking without having to overdraft checking. Although I think you need to go to the branch or call in for this. It does not appear on my list of available accounts to transfer from. Only to transfer to.


Navcheck usually reports as a revolving account ?? Is that right ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 10
New Member

Re: NFCU Navcheck

On EX/TU, it's a revolving account, on EQ it's a line of credit.


Starting Score: 498 1/4/2010
Current Score: 642 3/27/2012
Goal Score: 750+


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Message 5 of 10
Regular Contributor

Re: NFCU Navcheck

Regarding how Navchek reports: "On EX/TU, it's a revolving account, on EQ it's a line of credit." Can anyone confirm this? Thanks!
Message 6 of 10
Senior Contributor

Re: NFCU Navcheck

I spoke w/Navy re Navchek and they told me that it's reported as revolving. It could just be how each of the bureaus code or phrase it that's different.

 

Has anyone gotten instant approval for NavChek, or is there generally a wait of a day or longer? Curious if it's been any easier than their CC to get approved.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 7 of 10
Valued Contributor

Re: NFCU Navcheck


Whereis750 wrote:
Regarding how Navchek reports: "On EX/TU, it's a revolving account, on EQ it's a line of credit." Can anyone confirm this? Thanks
whether its line of credit or revolving, don't both still count in utilization?
Message 8 of 10
Valued Contributor

Re: NFCU Navcheck

The Navcheck LOC will report to all three bureaus and will count towards your revolving utilization. And if unused will add another $0 account to the accounts with balances factor in FICO scoring. FICO likes to see less than 50% of your total open revolving accounts report a balance. This is for those (like me) who are not able at the moment to do the PIF and 1-9% utilization on only 1 account.Smiley Embarassed

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Message 9 of 10
Contributor

Re: NFCU Navcheck

I was also just approved for a navcheck.  Does anyone know what the interest rate is?

 

AMEX TrueEarnings 10K | AMEX BCE 10K | AMEX Hilton Honors 10K | AMEX Hilton Surpass 2K | Bank of America 1-2-3 2K | Barclay Card 2K | Chase Southwest Premier Visa 6K | Chase Marriott Premier Visa 9K | Discover IT Card 1.5K | Merrick Bank 1.4K | Navy Federal Credit Union Visa 10K | Navy Federal Credit Union navCheck 15K | USAA Rewards 7K |+ tons of store cards (GE furniture, Amazon, Lowes, Home Depot, etc)
Total amount of available credit $100K
Scores (as of December 2013) Equifax 714 | Experian 714 | Transunion 727
Short term goal is score 750+ across the board
Long term goal is to have all scores close to 800 or 800+
Message 10 of 10