topic Re: Navcheck question in Personal Finance

Navcheck question

ohjoy — Mon, 04 Dec 2017 17:36:35 GMT

I notice the interest rate on my $15K Navcheck is lower than my other NF cards. I do think I'm going to end up carrying a balance for a short period because of the holidays so, I plan to make my purchases through the AMEX card to get my points and then move the balance to Navcheck. My question is, I know it reports as a revolver but, is there a negative to carrying a balance beyond a certain point? Will Navy look at that in a negative light? Is there any reason not to go forward with this strategy? Thanks.

Re: Navcheck question

CreditCuriosity — Mon, 04 Dec 2017 18:17:34 GMT

Navy can care less if you carry a balance as it is money in their pocket by interest of whatever 14.x most likely on navcheck. You will be fine if you choose to go this route. You can simply just pay off x credit cards with checks that should of came with your navcheck account if yo don't have them they will glady send them to you.

I see you have a discover in your signature if you don't currently have a balance on that why not call them and ask them for a BT offer as they hand those out like candy and save yourself a slew of money assuming your CL is big enough on your Discover card. Just my 2 cents

Re: Navcheck question

K-in-Boston — Mon, 04 Dec 2017 18:05:15 GMT

Great answer, @CreditCuriosity. Also, how long have you had those NFCU cards? If your APR on them is higher than a NavCheck account and the accounts have been open for any length of time I would absolutely ask them for an APR reduction if your scores are nearly 200 points higher than they were 7 months ago according to your signature! The highest APR they can give on their credit cards is 18%, and most people with good scores tend to get the lowest APR from NFCU which is going to be lower than the checking line of credit.

Re: Navcheck question

ohjoy — Mon, 04 Dec 2017 18:54:57 GMT

@CreditCuriousity wrote:
Navy can care less if you carry a balance as it is money in their pocket by interest of whatever 14.x most likely on navcheck. You will be fine if you choose to go this route. You can simply just pay off x credit cards with checks that should of came with your navcheck account if yo don't have them they will glady send them to you.

I see you have a discover in your signature if you don't currently have a balance on that why not call them and ask them for a BT offer as they hand those out like candy and save yourself a slew of money assuming your CL is big enough on your Discover card. Just my 2 cents

Thanks for your response. My CL on the Discover cards are $1200/$1000 respectively. What can I transfer on those low limits. I started with a $200 secured Discover so, having that go to $1200 unsecured is probably reasonable. Then I opened the other with a zero balance transfer offer but, seriously, what can I transfer to that low SL. And that might've been because I got it during a spree after getting my car. So...? I'm open to any suggestions. Thanks.

Re: Navcheck question

ohjoy — Mon, 04 Dec 2017 19:11:37 GMT

@K-in-Boston wrote:
Great answer, @CreditCuriosity. Also, how long have you had those NFCU cards? If your APR on them is higher than a NavCheck account and the accounts have been open for any length of time I would absolutely ask them for an APR reduction if your scores are nearly 200 points higher than they were 7 months ago according to your signature! The highest APR they can give on their credit cards is 18%, and most people with good scores tend to get the lowest APR from NFCU which is going to be lower than the checking line of credit.

@Anonymous, I got Signature Cash Rewards back in August ($7K @ 16.65%) shortly after joining NFCU, and the AMEX card last month ($15K @ 15.99%). I opened Navcheck ($15K @ 13.99%) back in August about a week after opening Signature Cash Rewards. My credit scores around then were around 670. I just rec'd a CLI on SCR from $7K to $14K). That said, am I in a position to ask for APR reduction? Thanks.

Re: Navcheck question

CreditCuriosity — Mon, 04 Dec 2017 19:15:30 GMT

NFCU cards must be a year old prior to asking for an APR reduction.

Out of curiousity how did you scores jump 200 points in about 8 months? If they are what they state in the signature you could easily get a fairly good limit 0 % apr card or 0 % bt card where you won't pay any interest on your purchases. PenFed is a good choice for a high CL card such as the promise or many other lenders out that will offer high CL's and good 0% offers for new accounts if that is an option you are willing to consider assuming you income support said CL along with DTI, etc.. Your scores in the mid 700's certainly are solid.

Re: Navcheck question

ohjoy — Mon, 04 Dec 2017 20:15:10 GMT

@CreditCuriousity wrote:
NFCU cards must be a year old prior to asking for an APR reduction.

Out of curiousity how did you scores jump 200 points in about 8 months? If they are what they state in the signature you could easily get a fairly good limit 0 % apr card or 0 % bt card where you won't pay any interest on your purchases. PenFed is a good choice for a high CL card such as the promise or many other lenders out that will offer high CL's and good 0% offers for new accounts if that is an option you are willing to consider assuming you income support said CL along with DTI, etc.. Your scores in the mid 700's certainly are solid.

So, when I started, my file was thin because I'm recently divorced and everything was in hubby's name. Even so, there was a collections on my reports that had been hanging around for years, unbeknowst to me, and no inquiries. I opened 2 secured accounts and a few SCT accounts which I took care of easily. For a boost in points, I became an AU on my brother's 5 year old account and then Navy Federal happened. I was inititally declined a card with Navy but tried again after my brother's card hit, I had also set up my business accounts with Navy, and also took out a shared pledge loan. I was approved for $7K and a couple weeks later, this community psyched me up into applying for the navcheck account ($15K). From there, I just fought to get that stinking Midland Funding collections account off my reports and it was upwards sailing from there. At that point, my file is still young but looking well rounded. I also got a NF auto loan for my daughter's car in July.

Last month, once I was comfortable with my scores being over 740, I leased a car for myself and decided that I'd better grab the cards that I wanted right away before the car inquiries hit (There were only 2 but they hit me with 10+ for my daughter's car so, I didn't know what to expect). So at that time, during my app spree, I went for a second Discover card for the zero interest promo (1st card was a graduated secured card that CLI from 200 to $1200). But seriously, what can I do with that. I just asked Discover about a higher limit on that card and they said since it's new, I'll have to wait until Feb to put in for an increase.

My scores and income are good but my inquiries are up, of course. Even so, I'm about to update my TU score with a 5 pt hike just a few minutes ago (Yay!) So, with PenFed, do I have to be military? I'm with Navy because my ex was military and still, technically, my hubby at the time. We're divorced now. I'd LOVE to be able to grab a zero interest card with a decent SL tho. What say you? (Thanks)

Re: Navcheck question

CreditCuriosity — Mon, 04 Dec 2017 20:26:03 GMT

You can get into penfed and don't have to be in military or DOD, etc. by the following method of a small donation. Been with them about 2 years and have worse credit than you by far, but possibly alot thicker profile also have a 6 fiure income but less than two year I have the following with them

Checking

Savings

CLOC (1k)

PLOC(5k)

Car Loan 2.49 apr starting at approx 68k

Visa @ 35k @ 14.x APR this is a rewards cards so not the best apr any my EQ score was around 700 at time or would of got better APR

As you can see they can be very generous

Re: Navcheck question

ohjoy — Mon, 04 Dec 2017 21:08:28 GMT

@CreditCuriousity wrote:
You can get into penfed and don't have to be in military or DOD, etc. by the following method of a small donation. Been with them about 2 years and have worse credit than you by far, but possibly alot thicker profile also have a 6 fiure income but less than two year I have the following with them

Checking
Savings
CLOC (1k)
PLOC(5k)
Car Loan 2.49 apr starting at approx 68k
@Anonymous @ 35k @ 14.x APR this is a rewards cards so not the best apr any my EQ score was around 700 at time or would of got better APR

As you can see they can be very generous

Great info! Thank you SO much. I'll check into that now.

Re: Navcheck question

ohjoy — Tue, 05 Dec 2017 00:32:53 GMT

@ohjoy wrote:
@CreditCuriousity wrote:
You can get into penfed and don't have to be in military or DOD, etc. by the following method of a small donation. Been with them about 2 years and have worse credit than you by far, but possibly alot thicker profile also have a 6 fiure income but less than two year I have the following with them

Checking
Savings
CLOC (1k)
PLOC(5k)
Car Loan 2.49 apr starting at approx 68k
@Anonymous @ 35k @ 14.x APR this is a rewards cards so not the best apr any my EQ score was around 700 at time or would of got better APR

As you can see they can be very generous

Great info! Thank you SO much. I'll check into that now.

So basically, they hate me already. I opened an account and applied for the card that gives 5% for gas, I think Platinum Rewards. Got turned down for "TOO MANY RECENTLY ACTIVE ACCOUNTS". I don't know if that means I've opened too many recent accounts or that I'm using too many of my accounts. In either case, that's a big fat no and a new inquiry. I didn't see anywhere to send in a recon request, unless I'm supposed to just call in. I don't think it will make a difference tho because I did just do an app spree. Ah well. *le sigh*

Re: Navcheck question

Anonymous — Thu, 07 Dec 2017 00:50:23 GMT

@K-in-Boston wrote:
Great answer, @CreditCuriosity. Also, how long have you had those NFCU cards? If your APR on them is higher than a NavCheck account and the accounts have been open for any length of time I would absolutely ask them for an APR reduction if your scores are nearly 200 points higher than they were 7 months ago according to your signature! The highest APR they can give on their credit cards is 18%, and most people with good scores tend to get the lowest APR from NFCU which is going to be lower than the checking line of credit.

This is true. Your card must be a few days past 1 year old.

I asked them to lower my Gorewards that was 13.99% and they reduced it to its lowest rate. It's now. 9.99%. Sad thing is, I never carry a balance on it. But you never know.

My CLOC is 13.90%.

Re: Navcheck question

K-in-Boston — Thu, 07 Dec 2017 02:27:05 GMT

@ohjoy wrote:
So basically, they hate me already. I opened an account and applied for the card that gives 5% for gas, I think Platinum Rewards. Got turned down for "TOO MANY RECENTLY ACTIVE ACCOUNTS". I don't know if that means I've opened too many recent accounts or that I'm using too many of my accounts. In either case, that's a big fat no and a new inquiry. I didn't see anywhere to send in a recon request, unless I'm supposed to just call in. I don't think it will make a difference tho because I did just do an app spree. Ah well. *le sigh*

I'm sorry to hear that you were not approved. PenFed sends out email surveys, and often people will wait to express their displeasure on those, which will result in them contacting you to find out how they can make it right. Alternately, you could be proactive and just call them up, tell them that you were denied on an application and would like to speak with a loan officer to reconsider your request. Their loan officers are friendly and helpful.

One thing I sincerely hate about PenFed is the cryptic denial reasons. When I asked for a CLI on my Defender card, I got:

ALREADY MAX OPEN END CREDIT

I assumed this meant that I had the maximum amount of credit they were willing to extend to me. That would of course be an outcome ratrher a reason so it didn't make sense. When I called to recon, the loan officer laughed and she said that the loan officer who wrote that could have been clearer but he meant that he had decided my total revolving lines across all lenders were sufficient for my income. She approved me for the CLI to $20k (I really should have asked for more, but coming off of a "denial," I wanted to be conservative), I got even more revolving credit and they instantly approved me for $10k when I applied for the new Power Cash Rewards card 90 days later using the same HP (and boy do I miss those NG2 scores; I was just shy of 800).