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Valued Contributor
j_casteel
Posts: 1,915
Registered: ‎06-21-2012
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Should I apply for the overdraft line of credit? (NFCU)

Recently joined; opened savings, Visa siggy cashRewards card, and checking account w/direct deposit.  Should I also go ahead and get the overdraft line of credit? Is that what everyone refers to as Navchek? It reports like another card as well right? I'm also wanting to refi my vehicle in the near future as well so I'm not sure if I should hold off until after doing that or if it really makes a difference.

 

Thanks,

 

John

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $17.5k | Freedom $3k | IT $4.5k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
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Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
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Re: Should I apply for the overdraft line of credit? (NFCU)

[ Edited ]

Although I'm not 100% sure...I read somewhere on here that NFCU uses the same hard pull for all of your credit applications if you do so within 30 days. So if you are waiting to refinance your vehicle you should wait until that time and tell them to check if you can be approved for both. That way if you are approved for both it is only 1 hard pull and if you are declined it will only be 1 hard pull. 

Valued Contributor
j_casteel
Posts: 1,915
Registered: ‎06-21-2012
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Re: Should I apply for the overdraft line of credit? (NFCU)


CC365 wrote:

Although I'm not 100% sure...I read somewhere on here that NFCU uses the same hard pull for all of your credit applications if you do so within 30 days. So if you are waiting to refinance your vehicle you should wait until that time and tell them to check if you can be approved for both. That way if you are approved for both it is only 1 hard pull and if you are declined it will only be 1 hard pull. 


Well, I got the card about a week ago so I wonder if I could call them and ask to approve me with that pull?

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $17.5k | Freedom $3k | IT $4.5k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Re: Should I apply for the overdraft line of credit? (NFCU)


j_casteel wrote:

CC365 wrote:

Although I'm not 100% sure...I read somewhere on here that NFCU uses the same hard pull for all of your credit applications if you do so within 30 days. So if you are waiting to refinance your vehicle you should wait until that time and tell them to check if you can be approved for both. That way if you are approved for both it is only 1 hard pull and if you are declined it will only be 1 hard pull. 


Well, I got the card about a week ago so I wonder if I could call them and ask to approve me with that pull?


It can't hurt to ask :smileywink:

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bichonmom
Posts: 3,318
Registered: ‎05-05-2011
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Re: Should I apply for the overdraft line of credit? (NFCU)


j_casteel wrote:

Recently joined; opened savings, Visa siggy cashRewards card, and checking account w/direct deposit.  Should I also go ahead and get the overdraft line of credit? Is that what everyone refers to as Navchek? It reports like another card as well right? I'm also wanting to refi my vehicle in the near future as well so I'm not sure if I should hold off until after doing that or if it really makes a difference.

 

Thanks,

 

John


It does not report like a cc. It reports as a loc. everyone gets the same %, I think it's around 13.something. The diff is in how much you qualify for. The better your credit, the higher a CL you'll be approved for. The max is $15k. It is a completely separate app and HP. The thing to remember with navy is that they are pull-happy. Whereas some CUs, like PenFed, will do joining and numerous apps with the same HP, navy does it separate.

 

The main benefit of having their loc is to help with your overall util and to have as a cushion should you need it. But their plat cc has a lower interest rate, so it's not the best way to borrow money from them.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
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!

Valued Contributor
j_casteel
Posts: 1,915
Registered: ‎06-21-2012
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Re: Should I apply for the overdraft line of credit? (NFCU)


bichonmom wrote:

j_casteel wrote:

Recently joined; opened savings, Visa siggy cashRewards card, and checking account w/direct deposit.  Should I also go ahead and get the overdraft line of credit? Is that what everyone refers to as Navchek? It reports like another card as well right? I'm also wanting to refi my vehicle in the near future as well so I'm not sure if I should hold off until after doing that or if it really makes a difference.

 

Thanks,

 

John


It does not report like a cc. It reports as a loc. everyone gets the same %, I think it's around 13.something. The diff is in how much you qualify for. The better your credit, the higher a CL you'll be approved for. The max is $15k. It is a completely separate app and HP. The thing to remember with navy is that they are pull-happy. Whereas some CUs, like PenFed, will do joining and numerous apps with the same HP, navy does it separate.

 

The main benefit of having their loc is to help with your overall util and to have as a cushion should you need it. But their plat cc has a lower interest rate, so it's not the best way to borrow money from them.

 

 


thank you for the info

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $17.5k | Freedom $3k | IT $4.5k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Should I apply for the overdraft line of credit? (NFCU)

I got navcheck in September... I highly recommend it. I think that if you want it; you should get it now instead of waiting. I got navcheck in Sept and a new car loan in Oct with the best rate. If anything it will help you with the car loan app I would think. Nfcu wants everyone to have all of their products and its not like they would ever close it for inactivity. I think its a good tradeline to have personally.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
j_casteel
Posts: 1,915
Registered: ‎06-21-2012
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Re: Should I apply for the overdraft line of credit? (NFCU)


webhopper wrote:
I got navcheck in September... I highly recommend it. I think that if you want it; you should get it now instead of waiting. I got navcheck in Sept and a new car loan in Oct with the best rate. If anything it will help you with the car loan app I would think. Nfcu wants everyone to have all of their products and its not like they would ever close it for inactivity. I think its a good tradeline to have personally.

awesome, thanks for the advice.

 

seeing how you're a fellow okie. did you go to the branch in OKC area or did you do your auto loan all online/phone?

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $17.5k | Freedom $3k | IT $4.5k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Should I apply for the overdraft line of credit? (NFCU)

[ Edited ]

I had supplied my w2s; bank statements; investment statements; and paystubs online using a scanner via the secured message center back in march 2012... so for my march cc app; navcheck; and new auto loan they did not need to re verify. I apped for navcheck and the new auto loan over the phone and they mailed me the documents; and then I mailed them back the signed promissory note using snail mail.

The closest actual branch is in Lawton but ive never been to it; I do everything with them over the phone or website.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Contributor
j_casteel
Posts: 1,915
Registered: ‎06-21-2012
0

Re: Should I apply for the overdraft line of credit? (NFCU)


webhopper wrote:

I had supplied my w2s; bank statements; investment statements; and paystubs online using a scanner via the secured message center back in march 2012... so for my march cc app; navcheck; and new auto loan they did not need to re verify. I apped for navcheck and the new auto loan over the phone and they mailed me the documents; and then I mailed them back the signed promissory note using snail mail.

The closest actual branch is in Lawton but ive never been to it; I do everything with them over the phone or website.

lol, i didn't zoom in far enough to see the Lawton branch. I live in Tulsa but will probably be moving to the surround OKC area sometime this year. (Transferring within the company) I like the fact we can do so much either online or over the phone, but sometimes I like to go to the branch if I can.

 

I used the secure message lastnight to send them a copy of my payslip as well to just have on file and if I were going to app for anything else soon. I asked a couple questions so we'll see what they say. I may go ahead and app for the Navchek once my direct deposit goes through. I already made the changes at work but i think it takes a pay period or 2 to process.

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $17.5k | Freedom $3k | IT $4.5k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board

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