topic Re: What does NFCU consider a “good relationship?” in Personal Finance

What does NFCU consider a “good relationship?”

designated_knitter — Tue, 26 Jan 2021 23:46:45 GMT

I keep reading that NFCU is all about relationships... what exactly does that mean?

Since joining in November,

I have shifted 5000/month in direct deposit to them,
opened a secured credit card with 800 limit,
opened a car loan by refinancing my car and
opened their Easy Start CD where I'm adding 100 per month.

I do not use my checking there that much but shift the money to my other credit union because all my bills are still set up to pull from there. I'm putting a lot of spend on the secured card but trying to keep it so it cuts with a zero balance.

Is that enough of a "relationship" to curry favor for future credit products (thinking decent cc limit upon graduation and a mortgage in a year or so and )

Thanks in advance if anyone has data points and insight.

Re: What does NFCU consider a “good relationship?”

spiritcraft1 — Wed, 27 Jan 2021 00:46:25 GMT

In my opinion, based on experience, the thing that matters to them is payment history. That boosts their internal score. Again, from my experience, no amount of money or deposits mean squat to them. Show them you can use that secured card and pay it off and it will pay off for you. Make your auto payments faithfully of course...

I suppose deposits don't hurt but I have seen zero evidence personally or in other family members that deposits are the NFCU Holy Grail.

Re: What does NFCU consider a “good relationship?”

Aim_High — Thu, 28 Jan 2021 00:15:09 GMT

@designated_knitter wrote:
I keep reading that NFCU is all about relationships... what exactly does that mean?

Since joining in November,
I have shifted 5000/month in direct deposit to them,
opened a secured credit card with 800 limit,
opened a car loan by refinancing my car and
opened their Easy Start CD where I'm adding 100 per month.
I do not use my checking there that much but shift the money to my other credit union because all my bills are still set up to pull from there. I'm putting a lot of spend on the secured card but trying to keep it so it cuts with a zero balance.

Is that enough of a "relationship" to curry favor for future credit products (thinking decent cc limit upon graduation and a mortgage in a year or so and )

Thanks in advance if anyone has data points and insight.

I think you're on the right track, @designated_knitter. Any "data points" anyone could offer is more subjecture than anything, unless we could talk to someone who worked behind the scenes at Navy.

For one thing, you have probably heard that Navy is a little different in that they have their own internal scoring system for you. They essentially boil your relationship down to a score number between 100 and 450. While other banks might do something similar behind the curtains, Navy will actually tell you where you stand ... if they deny you for credit. The score is on your denial letter. They do use FICO scores as well, but I believe that internal score is a big part of not only getting approved but getting better terms such as credit limits and APRs.

Relationship IMO is a combination of - TIME as a member - combined with responsible and regular usage of their products. As mentioned, it doesn't mean that throwing lots of money at them matters but I do think having deposit accounts may factor favorably into the equation. Having a car loan and Easy Start CD may also be viewed positively. Your Direct Deposits may count for something since they help to validate your stated income. Definitely, using your credit card and making satisfactory payments is important to show responsibility. I would suggest that the more you get to know them and let them into your financial life, the more quickly your internal score could climb. My personal opinion is that other credit factors such as FICO score, total debt-to-income, derogatories, etc could all be elements of that internal score but we may never know for sure.

A high Navy internal score is not a guaranteed approval. I was denied for a card last year with them at the end of an app spree (7/12 or so new accounts) and they reported both a very high FICO and very high internal score in my denial letter.

Re: What does NFCU consider a “good relationship?”

Anonymous — Fri, 19 Feb 2021 20:17:48 GMT

Payment history is the biggest factor with them. Second is how long you've been a member. My husband opened a platinum card with like a 1k limit...then he refinanced our van with them. Made all the payments on time for about 5 or 6 months, applied for a cash rewards card and got a 20k limit And was approved for a 46k boat loan with the best rate. Then his platinum limit was raised to 3k without us asking and we switched it over to a cash rewards but probably should have done a go rewards... We can change that later if we decide to. He just got approved in October for a 13k home improvement loan..super easy... He just called and they hooked him up. Didn't even verify his income. If you're on good terms with them they will bend over backwards for you. However, if you f up and don't pay your cards or loan... They'll never do business with you again. We don't direct depost money in the account... We transfer from our local credit union but I have opened minor memberships for my boys that I will transfer money to for them so I don't think how much you deposit means anything.

Re: What does NFCU consider a “good relationship?”

tnhomestead — Sun, 28 Feb 2021 05:00:22 GMT

When I got my account with navy they wouldn't even talk to me about a cc or car loan, fast forward 2yrs of just checking and I get 5100 on a cc on a whim!

Re: What does NFCU consider a “good relationship?”

devilnic — Thu, 04 Mar 2021 18:40:25 GMT

My experience,

I opened a checking and savings with them 7 years ago with $10. Then a few months later I applied for a cc and got a $6000 limit. My first ever that high. Then a few months after that got a small personal loan for $3500. Still only had $10 in my bank accounts. Then a year after that got another card for $5000, meanwhile my first went up to $7500. Still only had $10 in Bank. I have since put all my deposits and do all my banking with them. So Yes you should be golden