topic Re: Navy federal requirements? in Credit Card Applications

Navy federal requirements?

SRT4kid93 — Fri, 13 Sep 2024 20:05:08 GMT

Can anyone tell me about navy federals requirements in terms of credit score/profile?

here are some of my data points

100+ k salary

Fico 8 scores 770/730/720(equifax, Tu, exp respectively)

eq- 0 inquiries

tu-2 inq

exp-2 inq

age of oldest account over 7 years on exp and tu but only 1 year on eq

Age of average accounts - over 4 years on exp and tu, but only 1 year on Equifax

Account is clean but does have 30 day late on it that is from 2019 for exp and tu.

Equifax is completely clean with no late payments but is also much younger.

I did their pre approval and the only card I was pre approved for was their secured card. Which was shocking considering all the big banks pre approve me for basically all their cards.

Are credit unions typically stricter than banks? I know they are known to give out bigger limits so maybe that's a factor?

Re: Navy federal requirements?

Cowboys4Life — Fri, 13 Sep 2024 20:44:19 GMT

How long have you been an NFCU member? Their pre-qual site isn't known for accuracy. What account(s) do you already have with them?

Re: Navy federal requirements?

SRT4kid93 — Fri, 13 Sep 2024 21:10:50 GMT

@Cowboys4Life

just the basic checking and savings accounts, they are not my primary bank accounts so I only keep about $50 in there just to maintain membership.

Re: Navy federal requirements?

SouthJamaica — Fri, 13 Sep 2024 21:18:03 GMT

@SRT4kid93 wrote:
Can anyone tell me about navy federals requirements in terms of credit score/profile?

here are some of my data points

100+ k salary
Fico 8 scores 770/730/720(equifax, Tu, exp respectively)
eq- 0 inquiries
tu-2 inq
exp-2 inq
age of oldest account over 7 years on exp and tu but only 1 year on eq
Age of average accounts - over 4 years on exp and tu, but only 1 year on Equifax
Account is clean but does have 30 day late on it that is from 2019 for exp and tu.

Equifax is completely clean with no late payments but is also much younger.

I did their pre approval and the only card I was pre approved for was their secured card. Which was shocking considering all the big banks pre approve me for basically all their cards.

Are credit unions typically stricter than banks? I know they are known to give out bigger limits so maybe that's a factor?

Your scores are high enough. Your low average age of accounts on EQ isn't great, but they might pull TU.

As to your profile,

- what are your utilization percentages, and

- when was your last new revolving account opened.

Re: Navy federal requirements?

pizzadude — Fri, 13 Sep 2024 21:25:31 GMT

If you have other revolving accounts open then I'm going to guess that you have good odds of approval.

Re: Navy federal requirements?

SRT4kid93 — Fri, 13 Sep 2024 22:19:58 GMT

@SouthJamaica

My last reported util was 4%. But I know sometimes soft pull pre approvals can use credit reports that are 30 days old or so. Just Incase my reported util before this most recent 4% was 8%. Either way? It's under 10%

newest revolving account is 1 month old ( 2/6, 3/12, 3/24) that may be hurting my chances too, as I have opened 2 accounts in the past 6 months.

Re: Navy federal requirements?

SouthJamaica — Fri, 13 Sep 2024 22:24:19 GMT

@SRT4kid93 wrote:
@SouthJamaica

My last reported util was 4%. But I know sometimes soft pull pre approvals can use credit reports that are 30 days old or so. Just Incase my reported util before this most recent 4% was 8%. Either way? It's under 10%

newest revolving account is 1 month old ( 2/6, 3/12, 3/24) that may be hurting my chances too, as I have opened 2 accounts in the past 6 months.

I think you would probably get approved, since NFCU isn't overly concerned about new accounts, but the longer you wait the better your odds would be.

Re: Navy federal requirements?

SRT4kid93 — Fri, 13 Sep 2024 23:39:06 GMT

Well,

I was mostly just looking to see what I would be pre approved for, I'm not actually positive I want to add another new account. If I do apply The problem is I don't want to take the hard pull and inquiry hit if I'm not going to get approved. Cause if I'm denied it's just a waste of an inqury.

that's why I have always done pre approvals before applying, and up until this point it always worked, I have never been pre approved for something and then not approved when I actually applied. And I have never applied for a card that I wasn't pre approved for first. It's just the way I prefer to do things to give myself the best chance at approval, and to avoid applying for cards that are iffy approvals.

I know you guys said navy feds pre approval isn't reliable, but only being approved for a secured card?? I mean that's a really bad sign in my opinion. And honestly I'm not sure I want to do business with Any company that isn't willing to extend a real line of credit to me. I'm not in a position where I need a credit card and a secured card is my only

option, so why bother?

I have some things to think about

Re: Navy federal requirements?

Cowboys4Life — Sat, 14 Sep 2024 00:13:27 GMT

@SRT4kid93 wrote:
@Cowboys4Life

just the basic checking and savings accounts, they are not my primary bank accounts so I only keep about $50 in there just to maintain membership.

This will be your biggest hurdle with NFCU. They have more loyalty to active members. NFCU uses an "internal" score more than FICO. Yours should be fine given your financial picture though. Without an active direct deposit and more active checking account it is possible the cards they offer will be very limited.

Re: Navy federal requirements?

SRT4kid93 — Sat, 14 Sep 2024 01:16:07 GMT

So you are saying I need to either change my direct deposit so it goes into my navy fed

account or put a ton of money in there? And without that it will be hard to get approved for a card? I have never heard of this before imagine if every credit card company forced you to do this? I get they are not primarily a credit card company but still. The old reason I opened accounts with them in the first place was cause I thought it would help my cause but I didn't realize I needed to have a lot of money with them.

do they do car loans? And if so would an active car loan with them help my case?

Re: Navy federal requirements?

Cowboys4Life — Sat, 14 Sep 2024 01:27:53 GMT

@SRT4kid93 wrote:
So you are saying I need to either change my direct deposit so it goes into my navy fed
account or put a ton of money in there? And without that it will be hard to get approved for a card? I have never heard of this before imagine if every credit card company forced you to do this? I get they are not primarily a credit card company but still. The old reason I opened accounts with them in the first place was cause I thought it would help my cause but I didn't realize I needed to have a lot of money with them.

do they do car loans? And if so would an active car loan with them help my case?

Remember a CU is about MEMBERSHIP. They want active members using their products. You would be a passive member since your checking and savings have almost no balance and are not your primary account(s). NFCU is known for their great rates on car loans.

You are looking at this the wrong way. You need to be choosing credit products because they meet YOUR needs not simply because they are there. If the NFCU card works for your profile then you should consider applying. What I am saying is they are not going to consider you for their Flagship card with a $25k limit if you have an account with $50 in it and no deposit activity. While the rest of your credit file is excellent your file with NFCU is weak.

Re: Navy federal requirements?

nytimestraveler — Sat, 14 Sep 2024 05:18:50 GMT

Can anyone refer me to a navy fed checking account please

Re: Navy federal requirements?

SRT4kid93 — Sat, 14 Sep 2024 05:24:19 GMT

Well technically speaking it does fit my needs, the cash back they offer is good and it will give me access to bigger credit lines that some other banks might.

Re: Navy federal requirements?

pizzadude — Sat, 14 Sep 2024 16:31:45 GMT

You do not need direct deposit and / or an auto loan to qualify at NFCU to be approved for revolving credit. It may be helpful but it's not required.

The only reason I can think they might deny you is if they think your other revolving accounts are too new. In general they're one of the best CUs for approvals and CLs that will grow so I still think it's worth applying.

Re: Navy federal requirements?

Anonymous — Sat, 14 Sep 2024 21:49:56 GMT

@pizzadude wrote:

The only reason I can think they might deny you is if they think your other revolving accounts are too new.

Or if the newest 2 accounts out of 3 are not even reporting yet.

Re: Navy federal requirements?

SRT4kid93 — Sat, 14 Sep 2024 22:04:53 GMT

@Anonymous is correct, the new accounts are not on my credit report yet,

however the other week I called amex for a recon on my application with them and I told them I had some changes in my credit report but the changes have not been reflected on my credit report yet, so would they still reconsider me or should I wait until the accounts post on my report?

and Amex told me that "even tho the accounts aren't on your report yet, they can see the inquiries on there and there are ways for them to know you have new accounts.

I didn't really understand this because inquires do not mean you were approved for the account it just means you applied. But when I asked about this they just said "it doesn't Matter as long as the inquiries are there they can tell you have a new account"

so I'm not really sure what to think about that.

Re: Navy federal requirements?

Gunnerboy — Sat, 14 Sep 2024 22:59:00 GMT

I've seen posters on r/NavyFederal with your income and 800 scores only getting preapproved for a secured card. The preapproval tool doesn't work. If you think your credit is established, just apply with confidence.

The consensus here is just don't apply for the Flagship as your first card, since it requires an approved limit of at least $5,000. I was denied (hosed), then insta-approved for a $4,700 Go Rewards.

Re: Navy federal requirements?

titancylinder — Sun, 15 Sep 2024 18:00:45 GMT

@SRT4kid93 wrote:
Can anyone tell me about navy federals requirements in terms of credit score/profile?

here are some of my data points

100+ k salary
Fico 8 scores 770/730/720(equifax, Tu, exp respectively)
eq- 0 inquiries
tu-2 inq
exp-2 inq
age of oldest account over 7 years on exp and tu but only 1 year on eq
Age of average accounts - over 4 years on exp and tu, but only 1 year on Equifax
Account is clean but does have 30 day late on it that is from 2019 for exp and tu.

Equifax is completely clean with no late payments but is also much younger.

I did their pre approval and the only card I was pre approved for was their secured card. Which was shocking considering all the big banks pre approve me for basically all their cards.

Are credit unions typically stricter than banks? I know they are known to give out bigger limits so maybe that's a factor?

A lot of great information here.

Here's a fast run down.

1. Navy isn't inquiry sensitive

2. One of my friends makes around 30k a year pre tax and he has over 60k in credit with Navy and a 34k auto loan but he does have stellar credit. Meaning Navy isn't shy to lend to folks with less than stellar income.
3. Navy values time as a member.

4. Navy uses an external score and an internal score to make decision.
5. Navy was very tight with me in the beginning until I started a direct deposit relationship. Since then, they've given me everything I've ever wanted and then some. Including preapproved 75k auto loans in the 5% range.
6. Navy is 99% going to pull TU in the rare case they will pull EQ. Navy uses F9 models.
7. Navy is aggregate debt sensitive. Too much debt to income and it could affect the chances of getting a 25k limit out of the gate.

Good luck!

Re: Navy federal requirements?

Tiggr — Sun, 15 Sep 2024 21:27:43 GMT

@Cowboys4Life wrote:
@SRT4kid93 wrote:
@Cowboys4Life

just the basic checking and savings accounts, they are not my primary bank accounts so I only keep about $50 in there just to maintain membership.
This will be your biggest hurdle with NFCU. They have more loyalty to active members. NFCU uses an "internal" score more than FICO. Yours should be fine given your financial picture though. Without an active direct deposit and more active checking account it is possible the cards they offer will be very limited.

I know somebody inn the 750s who made an NFCU account and doubled their credit line with one pre-approved card from them. However I made an account a couple days ago and I am still in the same boat as OP, only being offered a sec card.

Re: Navy federal requirements?

Tiggr — Sun, 15 Sep 2024 21:34:36 GMT

@titancylinder wrote:
@SRT4kid93 wrote:
Can anyone tell me about navy federals requirements in terms of credit score/profile?

here are some of my data points

100+ k salary
Fico 8 scores 770/730/720(equifax, Tu, exp respectively)
eq- 0 inquiries
tu-2 inq
exp-2 inq
age of oldest account over 7 years on exp and tu but only 1 year on eq
Age of average accounts - over 4 years on exp and tu, but only 1 year on Equifax
Account is clean but does have 30 day late on it that is from 2019 for exp and tu.

Equifax is completely clean with no late payments but is also much younger.

I did their pre approval and the only card I was pre approved for was their secured card. Which was shocking considering all the big banks pre approve me for basically all their cards.

Are credit unions typically stricter than banks? I know they are known to give out bigger limits so maybe that's a factor?
A lot of great information here.

Here's a fast run down.

1. Navy isn't inquiry sensitive
2. One of my friends makes around 30k a year pre tax and he has over 60k in credit with Navy and a 34k auto loan but he does have stellar credit. Meaning Navy isn't shy to lend to folks with less than stellar income.
3. Navy values time as a member.
4. Navy uses an external score and an internal score to make decision.
5. Navy was very tight with me in the beginning until I started a direct deposit relationship. Since then, they've given me everything I've ever wanted and then some. Including preapproved 75k auto loans in the 5% range.
6. Navy is 99% going to pull TU in the rare case they will pull EQ. Navy uses F9 models.
7. Navy is aggregate debt sensitive. Too much debt to income and it could affect the chances of getting a 25k limit out of the gate.

Good luck!

About #7, does student loan debt not hurt as much as other loans? I haven't experienced negative reactions to my student loans and I know NFCU does offer huge loans to new officers coming out of the academies or college. Though to keep their low rates on those loans they require direct deposit.