topic Re: What is the best formula for a new Navy Federal customer in Credit Cards

What is the best formula for a new Navy Federal customer

GypSea_Surfing — Sat, 04 Mar 2023 19:42:55 GMT

I just started on fixing my credit almost two years ago. In two years I went from 515 FICO to 745 FICO today. I started with a BofA secured card with $1200. Then got a Capital One Walmart $300 CL, Discover secured $800 (graduated to unsecured $2300), Capital One QuicksilverOne $300, Credit One Amex $300, Self loan, and $100 VISA. I mainly bank with Chase for my two businesses and personal checking ( I used to have them with BofA).

I recently got approved to open a Navy Federal checking and savings account without docs because I never knew my grandfather who was in the Army. What is the best formula to reap as many rewards or benefits that Navy Federal's products have to offer? FYI, I really do not draw a salary from my two businesses as I reinvest any money back into them. So while I could do a few direct deposits, I would not be able to do anything consistently. I did just get my $800 deposit back from Discover and might be getting my $1200 deposit from BofA. Are there certain things or mileposts that Navy Fed wants to see before issuing a credit card? Are there certain "tricks" or "hacks" to maximize what they give? I have a car loan for $15,000 with Carvana at an 19% annual interest rate, can I apply to refinance the Navy Fed even though I have had any deposits going in yet or should I wait a certain amount of time and try to deposit a certain amount of money weekly or biweekly? THANK YOU IN ADVANCE!

Re: What is the best formula for a new Navy Federal customer

M_Smart007 — Sat, 04 Mar 2023 20:14:26 GMT

@GypSea_Surfing wrote:
I just started on fixing my credit almost two years ago. In two years I went from 515 FICO to 745 FICO today. I started with a BofA secured card with $1200. Then got a Capital One Walmart $300 CL, Discover secured $800 (graduated to unsecured $2300), Capital One QuicksilverOne $300, Credit One Amex $300, Self loan, and $100 VISA. I mainly bank with Chase for my two businesses and personal checking ( I used to have them with BofA).

I recently got approved to open a Navy Federal checking and savings account without docs because I never knew my grandfather who was in the Army. What is the best formula to reap as many rewards or benefits that Navy Federal's products have to offer? FYI, I really do not draw a salary from my two businesses as I reinvest any money back into them. So while I could do a few direct deposits, I would not be able to do anything consistently. I did just get my $800 deposit back from Discover and might be getting my $1200 deposit from BofA. Are there certain things or mileposts that Navy Fed wants to see before issuing a credit card? Are there certain "tricks" or "hacks" to maximize what they give? I have a car loan for $15,000 with Carvana at an 19% annual interest rate, can I apply to refinance the Navy Fed even though I have had any deposits going in yet or should I wait a certain amount of time and try to deposit a certain amount of money weekly or biweekly? THANK YOU IN ADVANCE!

Hi @GypSea_Surfing ,

The thing that NFCU is really going to look most at IMHO is,

1) DTI = Debt to Income

2) Anything on your report that is seriosly derogatory (if you have anything like that)

3) Do NOT apply for the Navy Federal Flagship as a first card (Underwriting is more strict)

They sometimes do favor the underdog, but they have limits!

(I used to be that Underdog)

(Click image to enlarge)

Read as much as you can here;

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Datapoints-Thread-for-Membership-CLIs-and-Credit/td-p/6336608

As far as your Auto Finance question, that should be separated and asked [here -> in "Auto Loans" ]

Welcome to the Forum & Good Luck!

Re: What is the best formula for a new Navy Federal customer

GZG — Sat, 04 Mar 2023 20:37:13 GMT

@GypSea_Surfing wrote:
FYI, I really do not draw a salary from my two businesses as I reinvest any money back into them. So while I could do a few direct deposits, I would not be able to do anything consistently.

even a consistent token (small amount) direct deposit from a payroll source will check the 'has direct deposit' box, doesn't need to be all of your revenue/profit

Re: What is the best formula for a new Navy Federal customer

sznthescore — Sun, 05 Mar 2023 05:01:19 GMT

@M_Smart007 wrote:

Read as much as you can here;

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Datapoints-Thread-for-Membership-CLIs-and-Credit/td-p/6336608

I was looking for that thread @M_Smart007 Thanks.

@GypSea_Surfing Navy Federal is big on direct deposit ANY amount so they say in literature I received with my new cashRewards card. I got an auto loan with them as well nine months ago with a much lower APR. Like 7-8 percent lower. My credit score is no where near yours. If that says anything. I have a CD that you can add additional funds to at anytime, but I didn't have it at the time I got auto loan. Maybe that helped me get approved for credit card as I was denied previous attempts. Some ppl come through the doors of Navy Federal getting the works off the rip.

Specifically, on what you should do I'm not sure but I can say such a great credit Union over all.

Re: What is the best formula for a new Navy Federal customer

Lou-natic — Sun, 05 Mar 2023 02:47:13 GMT

My first "product" from NFCU was a car loan. Got a rate just .1% shy of the best they offered at the time with no deposits made except for the $5 you have to park in the savings account when you join. I then moved my deposits over to make life easier especially after seeing how the car buying process there worked and experiencing how awesome and easy they make it first hand. It was such a different experience from anything else I had ever done and it worked flawlessly.

Re: What is the best formula for a new Navy Federal customer

delaney1 — Sun, 05 Mar 2023 03:06:13 GMT

After I helped DH get his credit cleaned up he applied for a Discover secured card, and the Navy Federal Platinum in spring 2020. We went for the Discover secured because all of his tradelines had fallen off his report. The only thing remaining was his AU accounts through me. Being that this was the case, we were pleasantly surprised that he received a $10000 starting line on the Platinum. He only had the $5 requirement in his Navy savings account. We still don't do direct deposit with Navy. I think DH may have $100 in his Navy account. Spring 2021 he applied for a mortgage with Navy. It was a very smooth process. Currently his Platnum is at 21000k. We've had a wonderful experience with Navy.

Re: What is the best formula for a new Navy Federal customer

OmarGB9 — Sun, 05 Mar 2023 19:30:29 GMT

No real "tips" or "hacks." Having DD going to them is optional and may or may not help. But Navy definitely values relationship with them (i.e. length of time with them, and number of products with them) as well as low DTI.

Re: What is the best formula for a new Navy Federal customer

SouthJamaica — Tue, 07 Mar 2023 04:35:05 GMT

@GypSea_Surfing wrote:
I just started on fixing my credit almost two years ago. In two years I went from 515 FICO to 745 FICO today. I started with a BofA secured card with $1200. Then got a Capital One Walmart $300 CL, Discover secured $800 (graduated to unsecured $2300), Capital One QuicksilverOne $300, Credit One Amex $300, Self loan, and $100 VISA. I mainly bank with Chase for my two businesses and personal checking ( I used to have them with BofA).

I recently got approved to open a Navy Federal checking and savings account without docs because I never knew my grandfather who was in the Army. What is the best formula to reap as many rewards or benefits that Navy Federal's products have to offer? FYI, I really do not draw a salary from my two businesses as I reinvest any money back into them. So while I could do a few direct deposits, I would not be able to do anything consistently. I did just get my $800 deposit back from Discover and might be getting my $1200 deposit from BofA. Are there certain things or mileposts that Navy Fed wants to see before issuing a credit card? Are there certain "tricks" or "hacks" to maximize what they give? I have a car loan for $15,000 with Carvana at an 19% annual interest rate, can I apply to refinance the Navy Fed even though I have had any deposits going in yet or should I wait a certain amount of time and try to deposit a certain amount of money weekly or biweekly? THANK YOU IN ADVANCE!

My suggestion would be to apply to refinance the car loan, after you've opened your checking and savings accounts. Every credit union I know is dying to write car loans.

Re: What is the best formula for a new Navy Federal customer

Guyatthebeach — Tue, 07 Mar 2023 02:31:58 GMT

GypSea_Surfing,

With your Fico score at 745, you should be able refinance your car with NFCU with no problem. Make sure you have some type of direct deposit, even if it's only once a month. Make sure to use your debit card regularly. NavyFederal is huge on these as the weigh heavily on relationships . Second, make sure you keep or get the paperwork showing your grandfather was in the service. NavyFederal has a known history of verifying membership after joining. They have a history of freezing accounts and taking months to restore the accounts.

Make sure there are no baddies on your CR's and make sure your DTI ratio supports your car payment. You should fine for a refi. If I were you, I'd refi your car first, then apply for a credit card. I would apply for a cash rewards card first. Don't apply for the Flagship card first, because that card has tighter under writing compared to their other cards. In the event you get approved for a NFCU at a higher rate, after your first year anniversary, you can request an APR review. It's a SP and it normally works.

I don't use NFCU for my day to day banking because I can't use ACH to pull or deposit money into my checking account. I do utilize their credit cards, and use them for savings. They have some solid CD rates.

Guyatthebeach

Re: What is the best formula for a new Navy Federal customer

acreditdummy123 — Tue, 07 Mar 2023 08:14:38 GMT

I don't think there's really any formula for navy fed.... i remember joining and then soon after i applied for their cards and they gave me like 15-20K credit lines. of course they probably value what i had on my credit reports vs when i started a relationship with them.

I just checked and really none of their cards are worth applying for at the moment lol. very poor offers

Re: What is the best formula for a new Navy Federal customer

SUPERSQUID — Tue, 07 Mar 2023 09:00:41 GMT

I agree with the comments made upstream, It may help your chances to ,

Have a low DTI

Have at least a small direct deposit, mine is only 250 per month.

Dont apply for the Flagship as your first card.

In my case I dropped 15 dollars into a checking and savings and aged it 7 months before I applied, instantly approved for a 3700 sl on the cash rewards, ymmv.

PS - Dont pay any attention to the prequal page, its wildly inacurate