topic Re: Navy Federal Internal Score? in General Credit Topics

Navy Federal Internal Score?

ridgebackpilot — Thu, 27 Dec 2018 20:31:24 GMT

Today I received my new Navy Federal Flagship Rewards card. I was told Navy issues an internal credit score to their customers. But I couldn't see any evidence of that in the documents they sent me.

Anyone know where I should look for my NFCU internal score? And what's the range of the scores?

Thanks!

Re: Navy Federal Internal Score?

Anonymous — Thu, 27 Dec 2018 23:49:54 GMT

I received my document about 5 days before my Cash Rewards Card showed up. The title of the documents is below and it should be dated the same date of your app.

Navy Federal Credit Union
Your Credit Report and the Price You Pay for Credit

The structure of the form is a Q&A type deal explaining credit, scores, and the bureau they used to deliver a decision. On the backside of that form there is an area that reads "Your Navy Federal Credit Score". It ranges from a low of 100 to a high of 450.

If you haven't received it, contact member services. I actually misplaced mine and they quickly forwarded me another.

Good luck!

Re: Navy Federal Internal Score?

Anonymous — Fri, 28 Dec 2018 02:12:57 GMT

@Anonymous wrote:
I received my document about 5 days before my Cash Rewards Card showed up. The title of the documents is below and it should be dated the same date of your app.

Navy Federal Credit Union
Your Credit Report and the Price You Pay for Credit

The structure of the form is a Q&A type deal explaining credit, scores, and the bureau they used to deliver a decision. On the backside of that form there is an area that reads "Your Navy Federal Credit Score". It ranges from a low of 100 to a high of 450.

If you haven't received it, contact member services. I actually misplaced mine and they quickly forwarded me another.

Good luck!

Oddly I didn’t get this for either my cashRewards or my Platinum but I got one for my CLOC — sans internal score.

Re: Navy Federal Internal Score?

Anonymous — Sun, 30 Dec 2018 23:41:17 GMT

@ridgebackpilot wrote:
Today I received my new Navy Federal Flagship Rewards card. I was told Navy issues an internal credit score to their customers. But I couldn't see any evidence of that in the documents they sent me.

Anyone know where I should look for my NFCU internal score? And what's the range of the scores?

Thanks!

The Fair Credit Reporting Act and the Risk Based Pricing Rule requires lenders to notify borrowers when they are not approved for credit at the most favorable rate/APR. This notice is commonly referred to as the "Price You Pay for Credit" letter and it states the approved APR, credit score, and the credit bureau where the credit report was obtained.

Navy Federal discloses your internal credit score in the "Price You Pay for Credit" letter but if you're approved at the lowest/best APR you wouldn't be sent a notice. The score ranges from 100 to 450.

Re: Navy Federal Internal Score?

Anonymous — Mon, 31 Dec 2018 09:25:54 GMT

@Anonymous wrote:
@ridgebackpilot wrote:
Today I received my new Navy Federal Flagship Rewards card. I was told Navy issues an internal credit score to their customers. But I couldn't see any evidence of that in the documents they sent me.

Anyone know where I should look for my NFCU internal score? And what's the range of the scores?

Thanks!

The Fair Credit Reporting Act and the Risk Based Pricing Rule requires lenders to notify borrowers when they are not approved for credit at the most favorable rate/APR. This notice is commonly referred to as the "Price You Pay for Credit" letter and it states the approved APR, credit score, and the credit bureau where the credit report was obtained.

Navy Federal discloses your internal credit score in the "Price You Pay for Credit" letter but if you're approved at the lowest/best APR you wouldn't be sent a notice. The score ranges from 100 to 450.

No wonder I didn’t get this. I got approved lowest APR for both my NFCU cards. Thanks!

Re: Navy Federal Internal Score?

Anonymous — Mon, 31 Dec 2018 15:03:51 GMT

It's too bad that Navy doesn't have a feature similar to that of many other CC issuers, where they give you the score they are using for free each month (in this case their proprietary 100-450 score). We have so many people with Navy cards that I bet we'd be able to get some good data comparing the Navy score to FICO 8, good enough to make a reasonable conversion generator. We know that 450 Navy = 850 FICO 8, but it'd be nice to say what a 420 Navy converts to (typically).

Re: Navy Federal Internal Score?

Anonymous — Mon, 31 Dec 2018 20:39:38 GMT

820 perhaps?

If I recall mine was 380, which i took to mean 780 because that's what Amex/Disco had as my Fico score at the time.

Re: Navy Federal Internal Score?

RobertEG — Mon, 31 Dec 2018 21:53:04 GMT

The requirment to send a risk-based pricing notice to consumers, published as 16 CFR 640, only applies to offers for credit or insurance that are made based in part on a consumer report obtained from a credit reporting agency.

Internal records of a creditor is not informaiton obtained from a consumer reporting agency, and thus does not trigger requirment for a notice of risk-based pricing.

FCRA 603(2) explicitly excludes a report based only on internal information retained by a creditor as being a consumer report within the meaning of the FCRA.

"16 CFR §640.3 General requirements for risk-based pricing notices.

(a) In general. Except as otherwise provided in this part, a person must provide to a consumer a notice (“risk-based pricing notice”) in the form and manner required by this part if the person both—

(1) Uses a consumer report in connection with an application for, or a grant, extension, or other provision of, credit to that consumer that is primarily for personal, family, or household purposes; and

(2) Based in whole or in part on the consumer report, grants, extends, or otherwise provides credit to that consumer on material terms that are materially less favorable than the most favorable material terms available to a substantial proportion of consumers from or through that person."

Re: Navy Federal Internal Score?

ridgebackpilot — Wed, 02 Jan 2019 21:15:51 GMT

Good to know, thanks! I never received any credit-related document from NFCU, even one that disclosed my FICO scores they relied on to make their decision on my Flagship card.

However, I was given the lowest APR available on that card (11.9%) so perhaps they didn't bother to send me the information.

Re: Navy Federal Internal Score?

Anonymous — Wed, 02 Jan 2019 21:23:37 GMT

@ridgebackpilot wrote:
Good to know, thanks! I never received any credit-related document from NFCU, even one that disclosed my FICO scores they relied on to make their decision on my Flagship card.

However, I was given the lowest APR available on that card (11.9%) so perhaps they didn't bother to send me the information.

Lenders usually only send the "Price You Pay for Credit" letter when you are not approved for the lowest interest rate they offer.

NFCU: What’s Your Score

Anonymous — Tue, 22 Jan 2019 00:13:08 GMT

Haven’t found a thread devoted to seeing what everyone’s internal score is at NFCU. I joined a not too long ago, scores at that time was 304 and fico 8’s were 642, 690 and 662 (EQ TU EX). Applied and approved for the cashRewards $1k when opening checking / savings. Have had lots of new accounts in the past 12 months so not surprised about the low limit rather glad for the opportunity to get my foot in.

And, how do you improve your internal score - time and consistent use of the card (not too high util and payoff before statement cuts or carry tiny balance and show good payment history?).

Re: NFCU: What’s Your Score

Anonymous — Tue, 22 Jan 2019 00:23:00 GMT

NFCU doesn’t disclose how they come about their internal scores unfortunately. There have been a few threads trying to figure them out but no consistent patterns seem to have emerged. There were people with excellent FICO scores that had low internal scores (and ended up with high APR as a result).

I got the lowest APR on my two cards and they didn’t send it on my cost of credit letter for my CLOC so I can’t add mine, sorry.

Re: NFCU: What’s Your Score

credithappy — Tue, 22 Jan 2019 00:28:48 GMT

@Anonymous wrote:
Haven’t found a thread devoted to seeing what everyone’s internal score is at NFCU. I joined a not too long ago, scores at that time was 304 and fico 8’s were 642, 690 and 662 (EQ TU EX). Applied and approved for the cashRewards $1k when opening checking / savings. Have had lots of new accounts in the past 12 months so not surprised about the low limit rather glad for the opportunity to get my foot in.

And, how do you improve your internal score - time and consistent use of the card (not too high util and payoff before statement cuts or carry tiny balance and show good payment history?).

Congratulations!!!!! Yes, you are going in the right direction to improve your score just keep on paying your cc 's on time and paid them in full and you will see improvements. Good luck.

Re: NFCU: What’s Your Score

AverageJoesCredit — Tue, 22 Jan 2019 01:20:13 GMT

No clue on mine though after 1 year good history, Navy lowered my CR to its lowest possible limit. My newest plat i was able to start at 10.99 whereas the first plat i was at 16%.

Re: NFCU: What’s Your Score

Anonymous — Tue, 22 Jan 2019 01:24:07 GMT

@AverageJoesCredit wrote:
No clue on mine though after 1 year good history, Navy lowered my CR to its lowest possible limit. My newest plat i was able to start at 10.99 whereas the first plat i was at 16%.

You should have gotten the cost of credit letter? They’re sent out whenever you didn’t receive the lowest APR.

You can call them and tell them you didn’t get it and they will resend it.

Re: NFCU: What’s Your Score

Gunnerboy — Tue, 22 Jan 2019 02:21:33 GMT

397, as of 10/5/2018 when I first joined. Had to dig up the letter from my Go Rewards app.

Re: NFCU: What’s Your Score

Anonymous — Tue, 22 Jan 2019 02:28:24 GMT

I will be pissed if they give me 16% on a Plat!! 😈

Re: NFCU: What’s Your Score

CramEiko — Tue, 22 Jan 2019 02:33:10 GMT

I'd be curious about knowing my internal NFCU score. I have the Plat @ 7.99% for 15mo now.

Re: NFCU: What’s Your Score

DemonHusker — Tue, 22 Jan 2019 21:40:47 GMT

Mine was a 304 when I signed up for account and got the Amex card same day in August. SL was only $1000 @ 16.99. I applied for the Flagship in December and was approved for $15,000 @17.49 and the internal score was 297. TU Fico 9 was 701 the first time and 693 for the second card if that helps.

Re: NFCU: What’s Your Score

RickNATL — Wed, 23 Jan 2019 09:28:21 GMT

Found the read interesting...where do you find the NFCU internal score? Is it only through an app process or calling in, or can I find it in my online account? Thanks in advance for any insights...