topic Re: NFCU More Rewards in Credit Card Applications

NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 02:58:20 GMT

Just had a quick question : I started a bank account with Navy Federal (haven't used it yet ). I am very interested in applying for the More Rewards card within a month but I heard I need to build a relationship with NF first to boost chances of a high CL.

is that true ?

Re: NFCU More Rewards

BmoreBull — Sat, 26 Sep 2020 03:10:36 GMT

Right now it's anybody's guess. The more history you have with them, the more they seem to open up to you. I've seen a lot of first cards recently with $500-1000 SL. And then 90 days later, boom $20k. My SO got a cash rewards for her first card and it was $3k. She hasn't asked for a second card or cli yet though she's past 91/3. I've heard it said that you should app for the card you really want a nice limit on as your second card. If you get a nice SL on the first card you can always pc to the card you really want.

Re: NFCU More Rewards

AllZero — Sat, 26 Sep 2020 03:14:25 GMT

I don't know your credit profile. Thus, unable to answer your question.

In general for credit unions, your overall credit profile, income, DTI Debt To Income will be a factor in your credit seeking.

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 03:16:02 GMT

Thanks .

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 03:16:37 GMT

Thanks . I've been seeing the same thing

Re: NFCU More Rewards

rostrow416 — Sat, 26 Sep 2020 13:20:50 GMT

It seems Navy likes to get to know you with a lower balance loan or credit card first. After 3 months or so, most hit gold with their second approvals.

Re: NFCU More Rewards

Anonymous — Sat, 26 Sep 2020 13:54:50 GMT

@Zig32 welcome to Navy. Like @BmoreBull said, it's a bit different right now. I still think that if your scores are solid and DTI is good you can get a card with a nice SL. My feeling is that even if you get a card with a smaller SL it is invaluable for building history. I wouldn't hesitate at all to get in the game. They will pull TU for new cards.

If you care to share some of your DP's that may be helpful for some others to weigh in.

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 15:50:38 GMT

DPs?

@Anonymous wrote:
@Zig32 welcome to Navy. Like @BmoreBull said, it's a bit different right now. I still think that if your scores are solid and DTI is good you can get a card with a nice SL. My feeling is that even if you get a card with a smaller SL it is invaluable for building history. I wouldn't hesitate at all to get in the game. They will pull TU for new cards.
If you care to share some of your DP's that may be helpful for some others to weigh in.

Re: NFCU More Rewards

Anonymous — Sat, 26 Sep 2020 16:24:07 GMT

Sorry data points (DP's).

-Current scores and where you are getting them (myFico, Credit Karma, etc)

-DTI which is monthly payment amounts including mortgage/rent, credit card minimums, student loans, installment loans (like cars), etc divided by your gross monthly income

-Accounts currently showing and limits

-Any derogs on your credit reports and status/age of derogs

-Number of inquries on each bureau (usually isn't a deal breaker for Navy if the number is high)

The more info you can share, the more we can compare to our experiences or those we have read about. Of course each profile is unique but providing this info in the past has helped me greatly with getting some strong advice in the community!

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 16:30:25 GMT

718 TU , 698 EX, 702 EQ . I was in the 750s but spent some money haha. Should be back within a month . These are fico 8 numbers .

DTI is 0.42

I have 2 capital one cards for about 8 years now and an Amex Gold card . Haven't missed a capital one payment in almost 5 years . Missed one Amex payment . No inquiries in last 2 years .

No derogs , one late payment on my car 5 months . Other than that I'm clean hahahaha

@Anonymous wrote:
Sorry data points (DP's).
-Current scores and where you are getting them (myFico, Credit Karma, etc)
-DTI which is monthly payment amounts including mortgage/rent, credit card minimums, student loans, installment loans (like cars), etc divided by your gross monthly income
-Accounts currently showing and limits
-Any derogs on your credit reports and status/age of derogs
-Number of inquries on each bureau (usually isn't a deal breaker for Navy if the number is high)

The more info you can share, the more we can compare to our experiences or those we have read about. Of course each profile is unique but providing this info in the past has helped me greatly with getting some strong advice in the community!

Re: NFCU More Rewards

Anonymous — Sat, 26 Sep 2020 17:19:26 GMT

@Zig32 Your TU score is definitely good enough. As far as the lates, that may/may not effect the starting limit. The underwriting is the same for all of the cards with the exception of the Flagship. IMHO I would chose anything but the Flagship as a first card until you have some more history with them and there is even more distance on those lates. Don't bother with the pre-qual on their site, it's worthless. Just apply online or through the app. Even a low starting limit gets the history building underway and you never know with Navy. They may surprise you with a better SL than you are expecting.

Please keep us in the loop if you decide to apply and if so, my fingers are crossed for some nice success with your first card!

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 17:22:40 GMT

@Anonymous wrote:
@Zig32 Your TU score is definitely good enough. As far as the lates, that may/may not effect the starting limit. The underwriting is the same for all of the cards with the exception of the Flagship. IMHO I would chose anything but the Flagship as a first card until you have some more history with them and there is even more distance on those lates. Don't bother with the pre-qual on their site, it's worthless. Just apply online or through the app. Even a low starting limit gets the history building underway and you never know with Navy. They may surprise you with a better SL than you are expecting.

Please keep us in the loop if you decide to apply and if so, my fingers are crossed for some nice success with your first card!

Thanks . I will apply after my scores update in October . I will keep you in the loop . Thanks for your help

Re: NFCU More Rewards

M_Smart007 — Sat, 26 Sep 2020 19:15:23 GMT

@Zig32 wrote:
@Anonymous wrote:
@Zig32 Your TU score is definitely good enough. As far as the lates, that may/may not effect the starting limit. The underwriting is the same for all of the cards with the exception of the Flagship. IMHO I would chose anything but the Flagship as a first card until you have some more history with them and there is even more distance on those lates. Don't bother with the pre-qual on their site, it's worthless. Just apply online or through the app. Even a low starting limit gets the history building underway and you never know with Navy. They may surprise you with a better SL than you are expecting.

Please keep us in the loop if you decide to apply and if so, my fingers are crossed for some nice success with your first card!

Thanks . I will apply after my scores update in October . I will keep you in the loop . Thanks for your help

While your overall profile is important, one thing Navy really looks at is your "Debt to Income ratio"

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 19:40:02 GMT

Thanks . I'm looking into that now

@M_Smart007 wrote:
@Zig32 wrote:
@Anonymous wrote:
@Zig32 Your TU score is definitely good enough. As far as the lates, that may/may not effect the starting limit. The underwriting is the same for all of the cards with the exception of the Flagship. IMHO I would chose anything but the Flagship as a first card until you have some more history with them and there is even more distance on those lates. Don't bother with the pre-qual on their site, it's worthless. Just apply online or through the app. Even a low starting limit gets the history building underway and you never know with Navy. They may surprise you with a better SL than you are expecting.

Please keep us in the loop if you decide to apply and if so, my fingers are crossed for some nice success with your first card!

Thanks . I will apply after my scores update in October . I will keep you in the loop . Thanks for your help
While your overall profile is important, one thing Navy really looks at is your "Debt to Income ratio"

Re: NFCU More Rewards

coldfusion — Sat, 26 Sep 2020 19:59:11 GMT

@Zig32 wrote:
Thanks . I'm looking into that now

Yes you need to confirm your DTI. .42 is on the fringe especially with a credit union.

Re: NFCU More Rewards

Zig32 — Sat, 26 Sep 2020 20:08:02 GMT

I did the math over . It's 0.28 , I used my last credit payments instead of the minimums previously .

@coldfusion wrote:
@Zig32 wrote:
Thanks . I'm looking into that now

Yes you need to confirm your DTI. .42 is on the fringe especially with a credit union.

Re: NFCU More Rewards

coldfusion — Sat, 26 Sep 2020 20:24:30 GMT

@Zig32 wrote:
I did the math over . It's 0.28 , I used my last credit payments instead of the minimums previously .
@coldfusion wrote:
@Zig32 wrote:
Thanks . I'm looking into that now

Yes you need to confirm your DTI. .42 is on the fringe especially with a credit union.

That's a huge improvement.

Re: NFCU More Rewards

Anonymous — Mon, 28 Sep 2020 23:10:51 GMT

@Zig32

Hope you are okay! Yikes!

Congrats on the auto loan and the new card!!! Make sure to start an approval thread for some serious congrats my friend!! Very nice! 😉

Re: NFCU More Rewards

Zig32 — Mon, 28 Sep 2020 23:22:23 GMT

Yea I'm fine . No injuries . And I will

Re: NFCU More Rewards

CreditCuriosity — Mon, 28 Sep 2020 23:39:17 GMT

Locking post and just moved it to auto loan approval.. Feel free to create and approval in CC section as well if you would like to share your experience, stats, etc..