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Navy Federal

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Anonymous
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Navy Federal

I just joined Navy Federal today. I didn't realize there is a branch close by. I didn't apply for any credit products, but I plan on applying in January or February or once my scores reach 700. They are currently at 640 (myfico). My utilization should be good at under 10% by then. My parents and both grandfathers were all in the army. I'm afraid I broke that chain and decided that a life practicing law would be the way to go. Hmmm, they may have been right all along. LOL!

 

I looked over their credit cards. Which ones do you like and why? I would also like to eventually get a personal line of credit with them. Is it advisable to first apply for their credit card and then later apply for a PLOC or do both at the same time?

Message 1 of 9
8 REPLIES 8
Sandman771
Valued Contributor

Re: Navy Federal

Not sure about your current scores/cards/utilization/etc. but I'd go ahead and app for one of their cards. Even if you're declined, which I don't think that you will be, in 3 months after three statements and 90 days the increases have been phenomenal and will help your scores all that much more. 

I have the cash rewards card. It isn't anything pretty but it is 1.5% cash back all day every day. Welcome to NFCU they are great as long as you treat them well. 

Starting Score: EQ497/TU496/EX 499
Currently: EQ 620 TU 654 EX 627
in the garden since 6/16/2021
Message 2 of 9
Anonymous
Not applicable

Re: Navy Federal


@Anonymous wrote:

I just joined Navy Federal today. I didn't realize there is a branch close by. I didn't apply for any credit products, but I plan on applying in January or February or once my scores reach 700. They are currently at 640 (myfico). My utilization should be good at under 10% by then. My parents and both grandfathers were all in the army. I'm afraid I broke that chain and decided that a life practicing law would be the way to go. Hmmm, they may have been right all along. LOL!

 

I looked over their credit cards. Which ones do you like and why? I would also like to eventually get a personal line of credit with them. Is it advisable to first apply for their credit card and then later apply for a PLOC or do both at the same time?


You made a great decision to join. As the poster above me said, there really isn't any reason to wait and their cards can grow very easily and quickly. 

 

I have the Cash Rewards card. I wanted to build a relationship with NFCU so I wanted a card that I would use weekly if not daily. I use it as my non catagory spend card. Yes, I could change one of my Citi cards to Double Cash or get the PenFed Power Cash for 2% but I'd rather work with NFCU. Which card you should go for is up to you. I do not advise the Flagship as it has an annual fee and the nRewards is mostly a secured card. The Cash Rewards offers good cash back (1.5%)  and the rewards are availabe almost immediately. Go Rewards offers good points on restaurants (3%) and these rewards can also be redeemed as cash but at a $50 minimum. The Platinum card is a good, low rate card and many here have been approved for Platinum at a higher rate and were able to have the rate lowered later on. So it is all in what you are looking for. NFCU is coming out with a new American Express this fall. The rewards structure has not yet been announced, but if you were to wait for that card I do not think anybody would judge you. 

 

As far as the CLOC; most advise to get the card first and then the CLOC; however, they are underwritten by different departments so I am not sure if there is any rule about going with either one first. There is a recent post in I believe the Personal Finance section here about someone who went for the CLOC before the card and got approved. Do you really need the CLOC or you just want padding? 

 

Message 3 of 9
Anonymous
Not applicable

Re: Navy Federal

Haha that was me! They denied me in the past for a cc but then I was approved this week for an auto loan and since they often reuse the pull for a cloc I decided to go for it.

@litig8or my scores are similar to yours except I have a BK. I don't think you'll have an issue at all getting any of their products.
Message 4 of 9
Anonymous
Not applicable

Re: Navy Federal

Thanks for the advice. That's why I love these forums. There's always someone who's gone through a similar situation and it's always good to hear the voice of experience. 

 

I am actually tempted to apply, but I promised myself I would remain in the garden at the very least until January, 2018. The other thing is that my utilization is actually pretty high right now because of travel for my son's law school graduation in Vermont. My uti is hovering around 68% at the moment. I expect that to be much lower by January. At least I hope it is and I'd like to get a better interest rate than I think I would get now. 

 

I also have a bankruptcy (13) that was filed in May, 2012. That will stick around for about 23 more months or so and I do have some baddies that will fall off in the next few months. Overall, my credit score should be significantly improved by the very beginning of next year. 

 

Two of those baddies are tax liens that were paid years ago, but stick around. I'm hoping they will drop off in July with the new tax lien reporting requirements. If they don't, one will fall off in December and the other one will fall off in a couple of years.

 

Oh, and as for the CLOC, I own a home and have found that occasionally, a large bill repair will rear its head. I would much rather have the CLOC just in case I need it for some repair as opposed to a higher rate credit card. So, it's not necessarily that I need it. I would just like to have it around in case. Also, I just bought the house in February so I don't yet have the equity for a HELOC.

Message 5 of 9
MauiMan85297
Established Contributor

Re: Navy Federal

I would hold off until Util is brought down, no sense in getting a 1000 SL or even worse a decline, once the util is down then expect huge SL of 12k or higher as you already have a Venture.



Message 6 of 9
Anonymous
Not applicable

Re: Navy Federal

Congrats on getting in with navy, been a great bank so far.   

 

as far as credit products, your score is pretty good.  i listed some data point below that may help you

 

504 fico  income?  DTI 12%    approved  2k

620 fico  30k   DTI 14%    cli from 1k to 18k

 

and me personally   522-ish  30k  DTI14% lots of baddies i'm working on and still approved at 1k.

 

Its totally upto you and when you feel comfy going after it, but considering above i think your a prime candidate. 

Message 7 of 9
SunriseEarth
Moderator Emeritus

Re: Navy Federal


@Anonymous wrote:

I just joined Navy Federal today. I didn't realize there is a branch close by. I didn't apply for any credit products, but I plan on applying in January or February or once my scores reach 700. They are currently at 640 (myfico). My utilization should be good at under 10% by then. My parents and both grandfathers were all in the army. I'm afraid I broke that chain and decided that a life practicing law would be the way to go. Hmmm, they may have been right all along. LOL!

 

I looked over their credit cards. Which ones do you like and why? I would also like to eventually get a personal line of credit with them. Is it advisable to first apply for their credit card and then later apply for a PLOC or do both at the same time?


Credit card apps and the CLOC app each require an HP, so there's no need to do those apps at the same time.

 

I'm curious as to what the rewards structure will be on the AMEX they will be issuing in Fall.   I haven't appled for an NFCU CC yet, but the Go Rewards best matches my spending, since I dine out frequenly.   The Cash Rewards is a 1.5% structure, basically like the Barclay CashForward.  I would see which CC matches your spend or your needs best.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 8 of 9
Anonymous
Not applicable

Re: Navy Federal

SunriseEarth I am curious now about the Amex card that they will be offering. Just another reason to wait a bit. 

 

Btw, I really appreciate the advice and experiences of others. Another reason I like the forums. 

Message 9 of 9
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