topic Re: Navy Federal Credit Lines in Credit Card Approvals

Navy Federal Credit Lines

joedtx — Mon, 11 Aug 2014 03:02:34 GMT

Wow I can't believe its been 2 years since i've posted.

I started out finally pulling the trigger on a secured account with Navy Federal things have been tight but I did make it point to setup autopay. A year later they did graduate the card to $1k and there was a sense of relief thanks to many of you out there for sharing your thoughts and experiences to help give us confidence to TRY.

Divorce and Job Loss / losing my home and 3 hospital stays really left me in a depressive state and I seemed to fear any movement on my credit behalf would only trigger the worst. I've managed to get by as best I could living on cash only which was really tight at times but I managed. I recently got a small approval for Cap One unsecured $750 it was not much but it was progress. Now i'm trying to determine the next step, I tried the Barclays card and was declined they pulled TU with a score of 615 and cited too many inquirys I havent applied for anything except a high interest 14%.

I could use some suggestions since Navy seems to be the best opportunity to lower my expenses and increase my credit. I really would like to get Navicheck for piece of mind, and refi my auto to save $$$ and if possible get a rewards card but am not sure when, timeframe, steps, etc.

Sorry as I type this my insecuries of the past are surfacing, it was a painful and difficult time but family always came 1st, and at this point I am committed to being financially responsible and working towards a great score.

Special thanks to Creditaddict his threads and many other I can't name you all but you help put lives back together.

Thanks All,

Re: Navy Federal Credit Lines

pizza1 — Mon, 11 Aug 2014 03:21:47 GMT

Welcome back, and don't be shy coming back here! We were all at one point in a credit bind for some reason or another! Just the fact you came back and spilled your story is a good move! I'm sorry that life happened and you got in a bind, and hopefully others will chime in here too! I would recon Barclays tomorrow and explain your inquiries! You already took the hP. Hopefully CA and my journey will chime in soon. They have way more experience than I do, and I don't want to steer you wrong.

Re: Navy Federal Credit Lines

Jarnog — Mon, 11 Aug 2014 03:58:05 GMT

Welcome back!

Sorry for the troubles but you sound like you're well on the way back!!!

As far as NFCU, they are pretty much a pull heavy EQ puller for any of their loans/credit products. Since you're already in with them no need to worry about the TU pull for joining. I am by no means an expert, but I will give you my experiences.

Started with NFCU secured about 3 years ago. It was all DW and I had with them. Still they have not unsecured the card, but we digress . Jan of this year we decided to move everything to them. Basically just our checking and savings. DW decided to app for goRewards, after reading about approvals on MyFico. Her EQ score was 578 I believe. Approved for $4000. I app'd same time, but declined (expected really, score was like 515 LOL). Fast forward to April and NFCU had the $250 to refi a car loan with them. We decided to take the proverbial plunge and try. Approved for 16% rate (I know, HIGH, but way lower than the 23% we were at). I took a shot again at a credit card, scores had improved to 580...this time cash rewards. 3-5 day message, I think just because of the weekend. Called in the following Monday, boom! approved $3000.

They still won't unsecure, which is no problem, we can wait on that, and they won't give us a NavCheck...different departments and requirements (I guess a little stricter). But we are more than thrilled with our "full" Navy experience and would not change it!

So whatever you decide, just remember EQ (most likely) pull, credit products 1 pull, NavCheck seperate pull....and always ask for the MAX and get countered (hopefully).

AND WELCOME BACK

Re: Navy Federal Credit Lines

Anonymous — Mon, 11 Aug 2014 04:04:26 GMT

Welcome back! I know I wasn't here when you were first here, but I hope I can in some way help you!

Navy gave me the first shot out of anyone, and approved me for 10k when no one else would, except for store cards.

Have you checked your reports?

Re: Navy Federal Credit Lines

joedtx — Mon, 11 Aug 2014 05:25:32 GMT

@ Pizza

Thanks for the encourging words. I had thought about contacting Barclays i'm still within 30 days. It's just when I was holding that denial letter and reading their reason it quickly deflated my hope and was a quick reminder of where I was. I really don't know what to say to them, after reading the letter I just had a sobering feeling and found myself researching threads on here for answers and experiences. I guess for the interim, i'll wait a month I just paid off my one cc with Navy it's a Nrewards card my hope is to get the CL increased i've never asked and it's at 1k.

I'm really not sure where to start or in what order to approach these i've got 4 goals for Navy.

*Increase CL with existing card

*establish Navichecking Line

*refi my exisiting car loan which is at 13.9 to a lower rate with NFCU

*Not to be greedy establing at lease one other CC

Thanks again Pizza1

Re: Navy Federal Credit Lines

joedtx — Mon, 11 Aug 2014 05:31:34 GMT

@Jarnog

I appreciate your sharing of your experience as well as the valuable information. I'll definately add it to my checklist. I'm still trying decypher the abbreviations in these threads but most are pretty straightforward and i'm still trying to learn the process of cleaning up my credit report so much to cover

Thank Again and all the best to your goals

Re: Navy Federal Credit Lines

joedtx — Mon, 11 Aug 2014 05:38:55 GMT

@tommywerdine

I was in the same boat to speak of, Navy gave me a chance when I was stuck in an endless cycle with WellsFargo going nowhere I can't believe my banking with them for 20 plus years didn't add to much of anything except fee's and when times got really lean advancement loans that were so fee centric there was no way I was ever going to see daylight.

I haven't checked my report yet I had been waiting for the last 2 years to get stablity now I need to learn the process of working with it.

Thanks

Re: Navy Federal Credit Lines

leegreen — Mon, 11 Aug 2014 15:22:42 GMT

@joedtx wrote:
@ Pizza

Thanks for the encourging words. I had thought about contacting Barclays i'm still within 30 days. It's just when I was holding that denial letter and reading their reason it quickly deflated my hope and was a quick reminder of where I was. I really don't know what to say to them, after reading the letter I just had a sobering feeling and found myself researching threads on here for answers and experiences. I guess for the interim, i'll wait a month I just paid off my one cc with Navy it's a Nrewards card my hope is to get the CL increased i've never asked and it's at 1k.

I'm really not sure where to start or in what order to approach these i've got 4 goals for Navy.

*Increase CL with existing card
*establish Navichecking Line
*refi my exisiting car loan which is at 13.9 to a lower rate with NFCU
*Not to be greedy establing at lease one other CC

Thanks again Pizza1

I would start with the most important...the refi. I would call and tell them where your score is and what your interest rate is and ask if their rate will beat it, better yet go to a branch and ask to see a banker. They may just tell you that they don't know but they could say our rate would be around X and then you can decide if the refi is right for you or not. I personally get better auto rates elsewhere because my EQ is my lowest score due to all of the NFCU inquiries.

Next either Navcheck or a CLI for your existing card, ask yourself which is more important to you and go there first. When you ask for the CLI do it online and ask for 25000, that is the max you can ask for and if you will approve for less they will give you as much as they can. With the Navcheck same theory ask for the full 15000 and see what they give you, they might shock you and give the full thing.

Next do the other from above.

Last apply for the second card, I would suggest the cashRewards as it is a great card to have, 1.5% on every purchase, everyday. Don't be surprised if they deny it as you already went to max CC limit with your CLI. However, IF they deny it you then should log in and send a secured message asking them to split some amount of CC limit from your exsisting card to open the new card. They will normally do this and open you right up.

*Edited for clarity

Re: Navy Federal Credit Lines

Creditaddict — Mon, 11 Aug 2014 15:49:41 GMT

Welcome back... now lets fix you up!:

1. Call barclay - 866-408-4064 direct into credit and give them social and ask them to reconsider your credit card decline

2. go online right now and click credit line increase on your credit card and request $25k - hopefully you will confirm the next screen and then get an instant counter back and take it!

2a. you can product change your card anytime you want, if you want the cash rewards which is 1.5% just call them and ask them to switch you over, easy and done but id do all cli online youself... if you get an error about a condition exists and to call, that is a browser issue, i suggest using firefox if on apple, clear history and cookies and do the request)

3. Apply to refi your auto loan right now (even if your cli goes pending, apply for auto loan, it's different department)

4. upon auto refi approval, then go apply for navcheck for the full $15k (they counter if they won't approve full amount)

I'll give you 15 minutes to do all that and get back to us here

Re: Navy Federal Credit Lines

iCoop — Mon, 11 Aug 2014 15:50:39 GMT

The one thing I dislike about Navy Federal (but to be fair most lenders do the same) is with the advertised rates which are only for those who have EXCELLENT credit. NFCU advertises as low as yada yada yada but I found that my rates with them would always be 1 to 2% higher. So instead for large purchases or refinances I use PenFed. With PenFed the rate you see advertised on the site for auto loans, etc is what you get. You're either approved or not approved. If you're approved there is no guessing at what rate they approved you at, your rate is exactly at the terms that were shown when you agreed to sign up for the loan.

Re: Navy Federal Credit Lines

iCoop — Mon, 11 Aug 2014 15:52:40 GMT

@Creditaddict wrote:
Welcome back... now lets fix you up!:

1. Call barclay - 866-408-4064 direct into credit and give them social and ask them to reconsider your credit card decline
2. go online right now and click credit line increase on your credit card and request $25k - hopefully you will confirm the next screen and then get an instant counter back and take it!
2a. you can product change your card anytime you want, if you want the cash rewards which is 1.5% just call them and ask them to switch you over, easy and done but id do all cli online youself... if you get an error about a condition exists and to call, that is a browser issue, i suggest using firefox if on apple, clear history and cookies and do the request)
3. Apply to refi your auto loan right now (even if your cli goes pending, apply for auto loan, it's different department)
4. upon auto refi approval, then go apply for navcheck for the full $15k (they counter if they won't approve full amount)

I'll give you 15 minutes to do all that and get back to us here

I wish I would have came here years ago before doing #4. I opened navcheck lines of credit for both my checking accounts with NFCU but didn't request the max. I requested a measly $1K per account just to cover me if I ever needed it. Never used either account but it sure would have helped with utilization on my reports.

Re: Navy Federal Credit Lines

Creditaddict — Mon, 11 Aug 2014 15:54:23 GMT

@iCoop wrote:
@Creditaddict wrote:
Welcome back... now lets fix you up!:

1. Call barclay - 866-408-4064 direct into credit and give them social and ask them to reconsider your credit card decline
2. go online right now and click credit line increase on your credit card and request $25k - hopefully you will confirm the next screen and then get an instant counter back and take it!
2a. you can product change your card anytime you want, if you want the cash rewards which is 1.5% just call them and ask them to switch you over, easy and done but id do all cli online youself... if you get an error about a condition exists and to call, that is a browser issue, i suggest using firefox if on apple, clear history and cookies and do the request)
3. Apply to refi your auto loan right now (even if your cli goes pending, apply for auto loan, it's different department)
4. upon auto refi approval, then go apply for navcheck for the full $15k (they counter if they won't approve full amount)

I'll give you 15 minutes to do all that and get back to us here
I wish I would have came here years ago before doing #4. I opened navcheck lines of credit for both my checking accounts with NFCU but didn't request the max. I requested a measly $1K per account just to cover me if I ever needed it. Never used either account but it sure would have helped with utilization on my reports.

well can't erase the past but you can fix it... go ask for CLI! (just go in like you want to apply for navcheck and then it will ask if you want new or cli on existing)

Re: Navy Federal Credit Lines

joedtx — Tue, 12 Aug 2014 00:29:08 GMT

@leegreen wrote:
@joedtx wrote:
@ Pizza

Thanks for the encourging words. I had thought about contacting Barclays i'm still within 30 days. It's just when I was holding that denial letter and reading their reason it quickly deflated my hope and was a quick reminder of where I was. I really don't know what to say to them, after reading the letter I just had a sobering feeling and found myself researching threads on here for answers and experiences. I guess for the interim, i'll wait a month I just paid off my one cc with Navy it's a Nrewards card my hope is to get the CL increased i've never asked and it's at 1k.

I'm really not sure where to start or in what order to approach these i've got 4 goals for Navy.

*Increase CL with existing card
*establish Navichecking Line
*refi my exisiting car loan which is at 13.9 to a lower rate with NFCU
*Not to be greedy establing at lease one other CC

Thanks again Pizza1
I would start with the most important...the refi. I would call and tell them where your score is and what your interest rate is and ask if their rate will beat it, better yet go to a branch and ask to see a banker. They may just tell you that they don't know but they could say our rate would be around X and then you can decide if the refi is right for you or not. I personally get better auto rates elsewhere because my EQ is my lowest score due to all of the NFCU inquiries.

Next either Navcheck or a CLI for your existing card, ask yourself which is more important to you and go there first. When you ask for the CLI do it online and ask for 25000, that is the max you can ask for and if you will approve for less they will give you as much as they can. With the Navcheck same theory ask for the full 15000 and see what they give you, they might shock you and give the full thing.

Next do the other from above.

Last apply for the second card, I would suggest the cashRewards as it is a great card to have, 1.5% on every purchase, everyday. Don't be surprised if they deny it as you already went to max CC limit with your CLI. However, IF they deny it you then should log in and send a secured message asking them to split some amount of CC limit from your exsisting card to open the new card. They will normally do this and open you right up.

*Edited for clarity

ieegreen

First let me say Thank you for your insight. I'm really taking in the input along with others to come up with a plan. Navy had taken a chance on me and i'm gonna stick with them. I still can't believe I had Wells Fargo for nearly 25 years and walked away with nothing but regrets.

Re: Navy Federal Credit Lines

joedtx — Tue, 12 Aug 2014 00:45:51 GMT

@Creditaddict wrote:
Welcome back... now lets fix you up!:

1. Call barclay - 866-408-4064 direct into credit and give them social and ask them to reconsider your credit card decline
2. go online right now and click credit line increase on your credit card and request $25k - hopefully you will confirm the next screen and then get an instant counter back and take it!
2a. you can product change your card anytime you want, if you want the cash rewards which is 1.5% just call them and ask them to switch you over, easy and done but id do all cli online youself... if you get an error about a condition exists and to call, that is a browser issue, i suggest using firefox if on apple, clear history and cookies and do the request)
3. Apply to refi your auto loan right now (even if your cli goes pending, apply for auto loan, it's different department)
4. upon auto refi approval, then go apply for navcheck for the full $15k (they counter if they won't approve full amount)

I'll give you 15 minutes to do all that and get back to us here

Wow Creditaddict...... First let me say I've read so many of your posts you're famous the last one being something like 298 - 297 page range just amazing.

I do have some info to share as I'd like to weigh in on your thoughts and process.

I just checked my NFCU, and it still has a balance let me elaborate. My idea was I transfered my CC balance to a new cap one card since I just got it and they have 0% for one year with the idea being, pay off NFCU and apply for one of there products so they can see I have savings, checking and a zero balance, I just logged in and the NFCU balance has not been credited yet. The rep said the balance transfer takes around 10 days, I setup autopay with Cap One to payoff this balance in 5 mths as well.

You had mentioned I should go online and submit an increase as, well as apply as well, what about Navicheck i'm just making sure I understand the suggestions as well as your insight. Thanks again.

Re: Navy Federal Credit Lines

Creditaddict — Tue, 12 Aug 2014 00:49:40 GMT

@joedtx wrote:
@Creditaddict wrote:
Welcome back... now lets fix you up!:

1. Call barclay - 866-408-4064 direct into credit and give them social and ask them to reconsider your credit card decline
2. go online right now and click credit line increase on your credit card and request $25k - hopefully you will confirm the next screen and then get an instant counter back and take it!
2a. you can product change your card anytime you want, if you want the cash rewards which is 1.5% just call them and ask them to switch you over, easy and done but id do all cli online youself... if you get an error about a condition exists and to call, that is a browser issue, i suggest using firefox if on apple, clear history and cookies and do the request)
3. Apply to refi your auto loan right now (even if your cli goes pending, apply for auto loan, it's different department)
4. upon auto refi approval, then go apply for navcheck for the full $15k (they counter if they won't approve full amount)

I'll give you 15 minutes to do all that and get back to us here

Wow Creditaddict...... First let me say I've read so many of your posts you're famous the last one being something like 298 - 297 page range just amazing.

I do have some info to share as I'd like to weigh in on your thoughts and process.

I just checked my NFCU, and it still has a balance let me elaborate. My idea was I transfered my CC balance to a new cap one card since I just got it and they have 0% for one year with the idea being, pay off NFCU and apply for one of there products so they can see I have savings, checking and a zero balance, I just logged in and the NFCU balance has not been credited yet. The rep said the balance transfer takes around 10 days, I setup autopay with Cap One to payoff this balance in 5 mths as well.

You had mentioned I should go online and submit an increase as, well as apply as well, what about Navicheck i'm just making sure I understand the suggestions as well as your insight. Thanks again.

yes do the cli online and apply for checking line of credit online.

Re: Navy Federal Credit Lines

Zorasmiles — Wed, 13 Aug 2014 01:08:20 GMT

Welcome back and good luck on either way you decide to go. I'd like to share with you what CRA NFCU used last month with my credit applications. They used TU for both of my credit pulls and did not touch any of the other CRA's. I hope this bit of information doesn't prevent you from moving forward with a positive rebuilding plan.

Re: Navy Federal Credit Lines

Diegan_Sailor — Wed, 13 Aug 2014 16:44:42 GMT

Please do as creditaddict suggested... NFCU will surprise you again.

Re: Navy Federal Credit Lines

Zorasmiles — Wed, 13 Aug 2014 21:54:44 GMT

NFCU UPDATE!! NFCU pulled my EQ credit report for the LOC! EQ has always been my lowest score, so I'd advise you to pull the trigger like CreditAddict stated. Good luck

Re: Navy Federal Credit Lines

joedtx — Thu, 14 Aug 2014 07:00:07 GMT

@Zorasmiles wrote:
NFCU UPDATE!! NFCU pulled my EQ credit report for the LOC! EQ has always been my lowest score, so I'd advise you to pull the trigger like CreditAddict stated. Good luck

Thanks Zorasmiles ....Good Luck on your LOC approval! I'm going to wait until my balance is at Zero then i'll apply as well. I'll post when I do.

Thanks all!

Re: Navy Federal Credit Lines

joedtx — Fri, 15 Aug 2014 03:16:44 GMT

Hi All,

And special thanks to all those who chimed in with encouraging words and suggestions. I am so pleased to announce I got an instant approval for 7k on my card I was so happy, it did ask if I wanted to ask for a consideration. I didn't want to be greedy and accepted. I did take the advice for applying for both a refi on my auto and CLI navicheck and it stated I would hear back within an hour, that was over 2 hours ago so I guess what my answer will be but they've treated me well so I'm loyal to NFCU and will be taking care of this account in the right way.

There is one looming question when should I apply for the next NFCU card it was a part of goals

~2 cards from NFCU

~refi auto

~navicheck line

Also what card is recommended I have the Nrewards can I convert it to another product? Which 2 cards do you recommend?

THANKS!