topic Re: Key Factors that adversely affected your Navy Federal credit score in Credit Card Applications

Key Factors that adversely affected your Navy Federal credit score

bloccoblu — Tue, 17 Dec 2019 10:50:11 GMT

Hi I apologize if this is not the appropriate board to post this but this is my first post. I applied for the Navy Fed Cash Rewards card. I have been heavily researching Navy Feds processes and have been well educated thanks to all the posts on the forum. I was approved for 1k. After reading alot of the posts I know that this is common for first card issued. I recieved the letter indicating my Navy Fed Score and there are a few factors that I dont quite understand and are hoping someone here does. If I can clear a few things up before the 91 days when I apply for 2nd card that would be great.

Factor 1:

Number of balance decreases on non mortgage accounts in last 3 months

Recency of maximum aggregate bankcard balance in last 12

A bit of context. I let balances in the 3-11% range report to the bureaus but pay all accounts in full except discover that has 0% intro apr.

Anyone information would be greatly appreciated. I dont want to apply for 2nd card if theres a high chance of denial.

Thanks

Re: Key Factors that adversely affected your Navy Federal credit score

Shooting-For-800 — Tue, 17 Dec 2019 11:15:28 GMT

It’s all about relationship with Navy.

I got $1k on first card. I was pissed.

Less than a year later I have 3 cards with $43k in TCLs.

My Fico and Navy score both went down before getting CLIs and new/better cards.

Use your card and pay your card and make sound financial decisions and you will be fine with Navy.

Re: Key Factors that adversely affected your Navy Federal credit score

bloccoblu — Tue, 17 Dec 2019 11:32:55 GMT

Thanks for responding. Thats comforting to know. My Navy score sits at 321 so hopefully over time it will improve. This whole credit building thing is strengthening my patience .

Another one of the factors was no open credit union trades in last 12 months. Ive always banked with large banks..so I guess Im on the right track.

Re: Key Factors that adversely affected your Navy Federal credit score

DEcreditguy — Tue, 17 Dec 2019 15:24:52 GMT

When I started rebuilding, I was able to get into NFCU and my first card was a secured nRewards with like a 1,000 limit to start. I used the hell out of it for a few months, always paying in full. Within 6 months it was unsecured. Within three months after that I had a limit of over 20K. Before the end of my first year I had a cashRewards and GoRewards with a combined limit of over 40K. Got a car loan shortly after. Use the hell out of your NFCU card and try to pay in full as often as possible and they will quickly ramp up your limit and you will see your score go up, up and away.

Re: Key Factors that adversely affected your Navy Federal credit score

addicted_to_credit — Tue, 17 Dec 2019 16:45:09 GMT

I’ve been with navy for about 2 months now and I’ve got no complaints any time I’ve called or spoke with them via messages in app they’ve been great. I wish I knew what my internal score is though.

Re: Key Factors that adversely affected your Navy Federal credit score

AverageJoesCredit — Tue, 17 Dec 2019 16:46:19 GMT

Lol, we tried telling @Shooting - for- 800

Too much is put into trying to understand these reasons . If your profile and income support huge limits, with Navy, more than likely you will achieve it. Even less than perfect profiles and LIErs get more than they usually bargain for. Time, good payment history are huge factors with Navy. Sometimes people wsnt it in a month when a couple of months is sll Navy asks for Most lenders would m as ke you wait years for what Navy often gives.

Re: Key Factors that adversely affected your Navy Federal credit score

bourgogne — Tue, 17 Dec 2019 17:54:58 GMT

not sure I would put a ton of faith in their scoring model, I have a decent score with them but all 4 of the codes that supposedly feed into the score are bogus; I have no new credit, have a very seasoned file and > $100 of debt. as I have come to find out not every lender is going to be a good fit.

Re: Key Factors that adversely affected your Navy Federal credit score

Anonymous — Tue, 17 Dec 2019 18:56:22 GMT

@bourgogne wrote:
not sure I would put a ton of faith in their scoring model, I have a decent score with them but all 4 of the codes that supposedly feed into the score are bogus; I have no new credit, have a very seasoned file and > $100 of debt. as I have come to find out not every lender is going to be a good fit.

That's not their proprietary model. That looks like EQ FICO 5. We all know that the scores used for mortgages stack the deck against us hard.

Re: Key Factors that adversely affected your Navy Federal credit score

Shooting-For-800 — Wed, 18 Dec 2019 01:26:26 GMT

@bloccoblu wrote:
Thanks for responding. Thats comforting to know. My Navy score sits at 321 so hopefully over time it will improve. This whole credit building thing is strengthening my patience .
Another one of the factors was no open credit union trades in last 12 months. Ive always banked with large banks..so I guess Im on the right track.

I had 333 and got $1k SL.

I had like 320 and got $20k SL.

Don't worry about scores. Use and pay.

Re: Key Factors that adversely affected your Navy Federal credit score

CerebralZulu — Thu, 19 Dec 2019 01:59:33 GMT

@Anonymous wrote:
@bourgogne wrote:
not sure I would put a ton of faith in their scoring model, I have a decent score with them but all 4 of the codes that supposedly feed into the score are bogus; I have no new credit, have a very seasoned file and > $100 of debt. as I have come to find out not every lender is going to be a good fit.

That's not their proprietary model. That looks like EQ FICO 5. We all know that the scores used for mortgages stack the deck against us hard.

I was wondering what that was. I got it on my last letter. No idea what the Navy score is. Would be nice if someone found a way to make it public knowledge.

Re: Key Factors that adversely affected your Navy Federal credit score

Anonymous — Thu, 19 Dec 2019 04:55:23 GMT

@AverageJoesCredit wrote:
Lol, we tried telling @Shooting - for- 800

Too much is put into trying to understand these reasons . If your profile and income support huge limits, with Navy, more than likely you will achieve it. Even less than perfect profiles and LIErs get more than they usually bargain for. Time, good payment history are huge factors with Navy. Sometimes people wsnt it in a month when a couple of months is sll Navy asks for Most lenders would m as ke you wait years for what Navy often gives.

No kidding!

When I got approved for $1K on my cash Rewards card this summer, I had very high util, low income, and a 6-month-old 90 day late.

In the next three months, I loved the heck out of the checking account (many deposits—but I'm poor so we're not talking about big bucks! ) and I LOVED, LOVED, LOVED the credit card. Made my minimum spend (but not by much, because I'm poor!) to get the sign-up bonus. Kept my balances down on all my credit cards. Sent in payments often. Was always on top of all my credit card payments.

After all this love and attention, and 91 days and three statements later, I got approved for $17K on the AMEX card. Could have knocked me over with a feather!

Don't worry, give it time, treat them right and they'll treat you right.

Re: Key Factors that adversely affected your Navy Federal credit score

bloccoblu — Thu, 19 Dec 2019 10:39:42 GMT

WOW! Thats very encouraging. Im working on my bonus. Ive spent about 1100 of the 2500 in less than 30 days so far. Hopefully thats helps. Unfortunately I have to charge then make a payment immediately since the limit is so low. Im also a bit nervous because my AMEX is due for the 3 times CLI around my 91 day mark with Navy. I dont want issues with AMEX as this is the issuer of some of my personal and business cards.

Ideally I would like a card with limit over 15000 so I can pay my taxes and homeowner insurance annually without worrying about utilization.

Ill keep my fingers crossed