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Member
SpiceofLife
Posts: 23
Registered: ‎09-27-2009

NFCU question

Hi,

 

I've been reading the threads for about a year now. I finally have a question.

 

I've noticed when some of you are approved for Navy Fed (I am a member)that you send in paystubs and some don't. What is the deciding factor in that? It appears to be the CL maybe. Can someone help me?

 

Thanks

Frequent Contributor
mt2va
Posts: 495
Registered: ‎03-20-2009

Re: NFCU question


SpiceofLife wrote:

 

I've noticed when some of you are approved for Navy Fed (I am a member)that you send in paystubs and some don't. What is the deciding factor in that? It appears to be the CL maybe. Can someone help me?

 

 


I'm guessing it is based on CL requested.  I wasn't required to, but they only approved me for $1,200 on Visa, $1,000 on MC, $500 LOC, & $14,600 for auto re-fi.  All of these required manual review by them except for the LOC which was instant online. 



Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Established Contributor
Posts: 742
Registered: ‎12-19-2008

Re: NFCU question

From what I have read and my experience, it is the sole discretion of NFCU based on one's entire EQ credit profile and the credit product applied for.

 

For example, I was approved for a 25k Platinum CC and a 15k NavChek LOC without providing NFCU any income verification. However, I have been at the same job for 26 years and have a high EQ FICO score. Nevertheless, if I applied for a mortgage I am certain I would need to provide NFCU income verification. 

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: NFCU question

I applied 2+ years ago and didn't ask for a credit limit. No pay stubs. Penfed on the other hand required pay stubs for a smallish limit because of my BK.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: NFCU question

I applied NFCU this year and was approved $25k Visa and $15k Nav LOC.  They required paystubs on the Visa and called my employment for the Nav LOC.  Both times manual review, took the 3-5 days.

 

However, my 21 year old daughter was instantly approved Visa for $8k, no docs.

 

We both did online apps which only the LOC asked for a requested CL.  The Visa's were assigned CL's by NFCU without input from us.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
Posts: 742
Registered: ‎12-19-2008

Re: NFCU question


txjohn wrote:

I applied NFCU this year and was approved $25k Visa and $15k Nav LOC.  They required paystubs on the Visa and called my employment for the Nav LOC.  Both times manual review, took the 3-5 days.

 

However, my 21 year old daughter was instantly approved Visa for $8k, no docs.

 

We both did online apps which only the LOC asked for a requested CL.  The Visa's were assigned CL's by NFCU without input from us.

 

 


+1

Member
SpiceofLife
Posts: 23
Registered: ‎09-27-2009

Re: NFCU question

Thanks for the responses everyone. I am self employed and was kinda worrying about the paystub thing when I app for the cash rewards visa today. I guess(hope) they will accept tax returns in lieu if needed. Or maybe they won't need any docs at all!

 

What are my chances of approval ?

No baddies

2 EQ inquiries

EQ 698

AAOA 3 yrs

History 3 yrs

Util 20%

 

Should I chance apping nrewards at the same time or space them out?

 

Thanks alot

Member
SpiceofLife
Posts: 23
Registered: ‎09-27-2009

Re: NFCU question

BTW

Congrats on 25k:smileywink:

Frequent Contributor
mt2va
Posts: 495
Registered: ‎03-20-2009

Re: NFCU question


SpiceofLife wrote:

Thanks for the responses everyone. I am self employed and was kinda worrying about the paystub thing when I app for the cash rewards visa today. I guess(hope) they will accept tax returns in lieu if needed. Or maybe they won't need any docs at all!

 

What are my chances of approval ?

No baddies

2 EQ inquiries

EQ 698

AAOA 3 yrs

History 3 yrs

Util 20%

 

Should I chance apping nrewards at the same time or space them out?

 

Thanks alot


 

I would say to go for it based on my own experience & what I've seen on here.  My credit history & AAOA are quite a bit longer than yours but I had several baddies (although none of my judgements or collections show up on EQ) & my score was about 600 give or take. 

 

I don't think I've actually seen anyone post they were denied by NFCU.  I think its just a matter of what CL you may receive.  They are the first place to give me credit in over 5 years.  A week after they approve me for CashRewards Visa they approved me for GoRewards MasterCard.  Then a month later (I was impatient) they re-fi my car loan at 1/2 the interest rate I was paying & then about a week ago I hit them up for the NavChek LOC & it was an instant approval.

 

Thanks to them un-locking the door I've also been approved for 2 Sears CC & 1 Best Buy CC as well. 

 

My understanding is I'm supposed to be doing something called credit gardening now, but that is just not as much fun for me. 



Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Established Contributor
MsKiwi
Posts: 832
Registered: ‎03-20-2008

Re: NFCU question

You all are killing me! I was going to wait until December (no particular reason for December) to apply for a cc with NFCU as my goal is to pick them up and close my rebuilder cards. I'm not sure if I should call and app on the phone so I can explain my goals or to just app online. What to do , what to do?

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