application question about navy federal

rootpooty · ‎11-16-2011

so i new to the cc world and rebuilding my credit due to unpaid medical bills. 2 months ago i got a premier bank secured card followed by a bofa secured card. well after reading hundreds of threads it always seems that someone is mentioning a credit union. so upon further review of reviews on credit unions navy federal always poped up and with the help of my younger brother (who is active duty in marines and also a member) i joined last night and opened a secured card for 500. after talking with the rep for about 30min about their cc's they dont graduate secured cards like bofa does HOWEVER just pay my bill ontime with no lates for the next year and even with some baddies on my report they most likely look past it. not that im counting my chickens before they hatch but ive been banking with chase for 3 years now with several cd's and what not and they denied me on a freedom card. it seems like with navy federal had i been banking with them my chances of getting an unsecured card would have been greater. so within the next year once i have better credit with better fire power if chase denies me again it will be bye bye chase and i will direct all of my banking with navy federal!

SEE THIRD POST FOR EDIT

ChesterPDexter · ‎11-16-2011

That was a good move you made. I'm sure that if you have patience, they'll treat you way better than stinky old Chase ever would.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.

Creditaddict · ‎11-16-2011

Navy does graduate cards... they get reviewed right at 12 months from my understanding.

rootpooty · ‎11-16-2011

so i went to finalize everything just a few min ago with my secured card and the rep asks me if i originally applied with the cash rewards card i said no cause im rebuilding my credit. she then asks if i have any credit cards yeah but only a few months old premier bank 200cl and bofa 300cl. she advised me to apply for it and if denied they will counter with the secured so i asked if i would be hit with 2 inquieries she said no within 30 days its still only one so i applied and got the 3-5 days message.

they asked me for my income and employer. any chance they would call me to confirm my income? has this happened to anyone before or did they get approved right away or denied?

rootpooty · ‎11-16-2011

well 2 weeks ago when i asked i was told no not anymore then i just got off the phone with the rep she told me that there is a chance they would convert it.

Anonymous · ‎11-16-2011

Even if they don't convert it, nRewards secured has rewards and no AF. Hard to beat that. You can always close it later on and apply for a new card once you have better history with the secured card.

RE: Employment/income verification, I don't have experience with that, but from what I've read others have had them call to verify employment and income information before. And asked to submit paystubbs and the likes.

I just submited a CLI request tonight. I'm self-employed/own my LLC as a sole proprietor, so it's not like I *have* paystubbs, so I'm hoping I don't get asked for that. Since this year went a lot better than last year my income will be about $20k higher than last year, so submitting papers from last year wouldn't do me much good.

Creditaddict · ‎11-16-2011

@Anonymous wrote:

I just submited a CLI request tonight. I'm self-employed/own my LLC as a sole proprietor, so it's not like I *have* paystubbs, so I'm hoping I don't get asked for that. Since this year went a lot better than last year my income will be about $20k higher than last year, so submitting papers from last year wouldn't do me much good.

I have had a lot of issues in the department of income with Navy... good luck and keep us posted if you get asked and if they accept what you have to give them.

Anonymous · ‎11-16-2011

@Creditaddict wrote:
@Anonymous wrote:

I just submited a CLI request tonight. I'm self-employed/own my LLC as a sole proprietor, so it's not like I *have* paystubbs, so I'm hoping I don't get asked for that. Since this year went a lot better than last year my income will be about $20k higher than last year, so submitting papers from last year wouldn't do me much good.

I have had a lot of issues in the department of income with Navy... good luck and keep us posted if you get asked and if they accept what you have to give them.

I figure the best I can do is submit copies of my banking statements (my main bank is U.S. bank since my business account is there - and there's a branch less than half a mile from me). Since I only registered the LLC last November and got the first income in in January, it's not in last year's tax returns, so it's going to be pretty grim trying to prove my income to them. At least I only went with what I've made so far this year, so if they really want, they can sift through 10-11 months of bank statements and do math.