03-11-2013 08:15 PM
I have been looking into applying for the navy federal cash reward credit card and was wondering if it's hard to get (credit score needed) and which credit report do they pull?
03-11-2013 08:20 PM
I think the nRewards is easier to get, but Navy is a pretty easy approval so I guess it would depend on what baddies you have in your file.
03-12-2013 01:28 AM
I'm curious about this too. I've heard multiple times that it "depends on what baddies [are on one's credit report.]"
What baddies are specifically bad?
-Charge offs from other credit cards?
-Late payments on other credit cards?
-High balances still unpaid?
-Collection accounts that were settled in a less than full amount?
-A lack of diversified credit?
-Average age of negatives reflecting on a credit report?
03-12-2013 05:40 AM
I think NAvy is really easy... there is no doubt you'll be approved with scores in the 600s, and the limit will grow over time, and with SP increases, there is really no valid reason to wait.
If for some reason you don't qualify for an unsecured card, you can get a secured card... which will eventually graduate...
03-12-2013 07:26 AM
03-12-2013 07:42 AM
My husband and I were each approved for the cashrewards card. His limit is $6k and he has a few mortgage lates in the last year, four collections (all medical, all under $300) that are unpaid, a charge-off from HFC that was settled after it was CO from 2011, and two student loans are being rehabbed. His TU FICO is 635 and his EQ FICO is 589 and this was just last week. I was approved for $4.5k with four student loans being rehabbed, a CO from Macy's from 2007, a charge-off from HFC that was settled after it was CO from 2011, but a perfect payment history for over a year. My EQ FICO is 622 and my TU FICO is 652. And I make $76k/year and he makes $65k/year. I called and asked why i wasn't approved for more and they really couldn't tell me why. I am very happy with the amounts since we are both currently rebuilding our credit...
03-12-2013 09:03 AM
oh wow thats great. My fico score is 660 which should be good enough
03-12-2013 09:10 AM
Who thst has NFCU wants to sponsor me p
So if I am not in the military, If I want to be eligible for one of these cards, can I find someone and have them sponsor me? Is that how it works?
03-12-2013 09:58 AM - edited 03-12-2013 09:58 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO