topic Re: Navy Federal approval in Credit Card Applications

Navy Federal approval

SCOTTYKASH — Fri, 21 Jul 2023 00:22:13 GMT

Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.

Re: Navy Federal approval

sznthescore — Fri, 21 Jul 2023 00:47:47 GMT

Welcome to the Forum! For starters, what do you currently have credit card wise? A 620 credit score won't yield you much unless you want to start with a secured credit card. NFCU has their own internal scoring system. A banking/CU relationship or any relationship for that matter starts with trust, dedication and loyalty. Good luck.

Note: This post should be moved. It's not an actual credit card approval.

Re: Navy Federal approval

SCOTTYKASH — Fri, 21 Jul 2023 01:10:43 GMT

Thank you. I currently have Barclays View, Barclays Frontier Card and Capital One Savor.

Sorry if I'm in the wrong spot. Rookie mistake.

Re: Navy Federal approval

sznthescore — Fri, 21 Jul 2023 01:15:50 GMT

@SCOTTYKASH It happens no worries. I'm assuming and could be wrong without knowing any other details, but maybe it's your utilization that has your scores suppressed? 🤔

NFCU has been great for me. They like use of their products and direct deposit for starters. It helps with internal score.

Re: Navy Federal approval

SCOTTYKASH — Fri, 21 Jul 2023 01:22:37 GMT

Yes, your assumption is correct. I signed up for Checking with direct deposit, and savings as well. They asked about applying for a CC but I hesitated figuring it would be best to have some time with them under my belt to increase my chances.

thanks again for your input.

Re: Navy Federal approval

slickwidit — Fri, 21 Jul 2023 02:15:02 GMT

pull the trigger and go for it

Re: Navy Federal approval

SouthJamaica — Fri, 21 Jul 2023 03:05:41 GMT

@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.

Welcome to the forum.

Congratulations on your NFCU membership; an excellent credit union.

Unfortunately, I think you need to just work on improving your score, and shouldn't make any credit applications at this point.

Re: Navy Federal approval

Creditwiser — Fri, 21 Jul 2023 03:52:28 GMT

I would wait to see 650-670 range at minimum. Otherwise you might get approved , but with low SL leaving you unable to transfer any real useful amount for your BT.

Re: Navy Federal approval

FireMedic1 — Fri, 21 Jul 2023 10:05:40 GMT

@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.

Welcome @SCOTTYKASH

NFCU likes for you to build with them. Get your negs down and then look into one for their cards. Get up to the 700 range.

Side note. Click on the 3 dots top right of your post. Click "Edit: Change yout title and add "Chances".

Re: Navy Federal approval

SCOTTYKASH — Fri, 21 Jul 2023 10:14:58 GMT

Thanks. I just checked Experian and I'm currently at 667. I will let it climb a little more and keep my fingers crossed

Re: Navy Federal approval

Anonymalous — Fri, 21 Jul 2023 12:39:49 GMT

@SCOTTYKASH wrote:
Thanks. I just checked Experian and I'm currently at 667. I will let it climb a little more and keep my fingers crossed

Navy typically pulls Transunion FICO 9 for new CC applications.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/6379773

Re: Navy Federal approval

Jordan23ww — Fri, 21 Jul 2023 13:09:13 GMT

Welcome to the forums and to the Navy Federal family! For what it's worth, I waited just 1 month after joining to apply for my first Navy Federal card and was approved.I went with the More Rewards card. I didn't have direct deposit set up and since it isn't my main bank I had the bare minimum in my checking and savings account. Navy Federal uses both their internal score along with Transunion for credit card approvals and Equifax for loans and credit limit increases approvals. So keep an eye on those bureaus before you apply. When I got my more rewards card my Transunion Fico score was a 689 and I was approved for a starting limit of $9300. When I got approved for my Flagship card 6 months later, my Transunion Fico score was 715 and I was approved for a starting limit of $5200 ($5000 is the minimum limit on that card).

There is a pre-approval tool on the Navy Federal website where you can check which cards you are eligible for. I would use it as a resource but caution you that it can be iffy. There have been people who have used the tool and saw cards they were eligible for but then got denied when they applied. As long as you don't care about getting another hard inquiry it could be worth rolling the dice on a card if you see that you're eligible for multiple cards.

I've actually read countless posts from people with scores lower than mine that started out with higher credit lines than me. It sometimes seemed as if Navy Federal was borderline a subprime lender, meaning they'd rather approve people with lower Fico scores and/or approve them with higher limits, just in case they can potentially make more money off of them with interests, than people with higher Fico scores who are less likely to pay interest. From the posts I've read it seemed like a lot of people with lower 600 Fico scores kept getting $20K to $25K starting limits. From the data points they'd share, including issues they've had with credit, sometimes to me it didn't make sense to me how they got $25K and I got $5200. Thankfully though they're really great at giving credit limit increases, so no matter what starting limit you get, in time it should get it to where you want it. Best wishes to you should you decide to apply!

Re: Navy Federal approval

SUPERSQUID — Fri, 21 Jul 2023 17:06:03 GMT

@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.

My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv

My scores were in the 670's.

2 things to keep in mind,

**To maintain the free checking account it is mandatory for you to write one check peryear. ------- scratch this one---------------

Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month

Re: Navy Federal approval

SouthJamaica — Fri, 21 Jul 2023 14:31:21 GMT

@SCOTTYKASH wrote:
Thanks. I just checked Experian and I'm currently at 667. I will let it climb a little more and keep my fingers crossed

All right. That's what we like to hear. Keep up the good work.

Re: Navy Federal approval

sznthescore — Fri, 21 Jul 2023 15:01:59 GMT

@SUPERSQUID wrote:
@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.
My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv
My scores were in the 670's.
2 things to keep in mind,
To maintain the free checking account it is mandatory for you to write one check per year.
Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month

Mandatory!? I've been with NFCU since 2011 and have not written one check ever on any of my checking accounts.

Re: Navy Federal approval

SUPERSQUID — Fri, 21 Jul 2023 16:49:50 GMT

@sznthescore wrote:
@SUPERSQUID wrote:
@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.
My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv
My scores were in the 670's.
2 things to keep in mind,
To maintain the free checking account it is mandatory for you to write one check per year.
Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month
Mandatory!? I've been with NFCU since 2011 and have not written one check ever on any of my checking accounts.

Perhaps you are grandfathered in and an exception to this rule? I'm only guessing. I can tell you that when I opened my checking acount in may/2020 I was told it was mandatory to write at least one check per year to keep the account open. Now you have me guessing, I plan to call them and ask.

Re: Navy Federal approval

SUPERSQUID — Fri, 21 Jul 2023 17:03:07 GMT

@SUPERSQUID wrote:
@sznthescore wrote:
@SUPERSQUID wrote:
@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.
My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv
My scores were in the 670's.
2 things to keep in mind,
To maintain the free checking account it is mandatory for you to write one check per year.
Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month
Mandatory!? I've been with NFCU since 2011 and have not written one check ever on any of my checking accounts.
Perhaps you are grandfathered in and an exception to this rule? I'm only guessing. I can tell you that when I opened my checking acount in may/2020 I was told it was mandatory to write at least one check per year to keep the account open. Now you have me guessing, I plan to call them and ask.

I called them. The csr said they dont have a rule to write one check per year and then she put me on hold to double check, she got back on and told me they never had that rule and she wasnt sure why i was told that when i opened the account.

Re: Navy Federal approval

Jordan23ww — Fri, 21 Jul 2023 17:18:32 GMT

@sznthescore wrote:
@SUPERSQUID wrote:
@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.
My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv
My scores were in the 670's.
2 things to keep in mind,
To maintain the free checking account it is mandatory for you to write one check per year.
Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month
Mandatory!? I've been with NFCU since 2011 and have not written one check ever on any of my checking accounts.

@sznthescore I was about to say the same thing. I joined in 2020 and have never written 1 check. I have not ever gotten charged for my checking account either.

Re: Navy Federal approval

Jordan23ww — Fri, 21 Jul 2023 17:20:09 GMT

@SUPERSQUID wrote:
@sznthescore wrote:
@SUPERSQUID wrote:
@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.
My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv
My scores were in the 670's.
2 things to keep in mind,
To maintain the free checking account it is mandatory for you to write one check per year.
Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month
Mandatory!? I've been with NFCU since 2011 and have not written one check ever on any of my checking accounts.
Perhaps you are grandfathered in and an exception to this rule? I'm only guessing. I can tell you that when I opened my checking acount in may/2020 I was told it was mandatory to write at least one check per year to keep the account open. Now you have me guessing, I plan to call them and ask.

@SUPERSQUID I joined January 2020 and I've never written any checks from my accounts.

Re: Navy Federal approval

Jordan23ww — Fri, 21 Jul 2023 17:21:33 GMT

@SUPERSQUID wrote:
@SUPERSQUID wrote:
@sznthescore wrote:
@SUPERSQUID wrote:
@SCOTTYKASH wrote:
Hello all, I just got accepted in to Navy Federal today. I started up a checking and savings account. I have about $10k in credit card debt with very high interest rates. I'm in a big credit rehab process and would love to transfer a balance over to one of thier cards. My score is only around 620 at the moment. What are my chances of approval on a CC with Navy? How long should I wait to apply? Thanks for any feedback provided.
My example, I joined NFCU with a small savings and checking and added small money to the checking and used the debit card twice and wrote one small check. I let the accounts age 7 months and then applied for the cash rewards in dec/2020 and was approved for 3700 sl, that card now has a 21700 cl. ymmv
My scores were in the 670's.
2 things to keep in mind,
To maintain the free checking account it is mandatory for you to write one check per year.
Dont pay attention to the prequalification page its highly inacurate.

One extra note they like low DTI and Direct Deposit, my DD is only 250 a month
Mandatory!? I've been with NFCU since 2011 and have not written one check ever on any of my checking accounts.
Perhaps you are grandfathered in and an exception to this rule? I'm only guessing. I can tell you that when I opened my checking acount in may/2020 I was told it was mandatory to write at least one check per year to keep the account open. Now you have me guessing, I plan to call them and ask.
I called them. The csr said they dont have a rule to write one check per year and then she put me on hold to double check, she got back on and told me they never had that rule and she wasnt sure why i was told that when i opened the account.

@SUPERSQUID oh cool! Thank you for updating us! I didn't have that experience with my accounts so I was curious about this. Thank you for clarifying and clearing up any confusion!