topic Re: Navy Federal using an Different Credit Model for CCs now? in General Credit Topics

Navy Federal using an Different Credit Model for CCs now?

SilentPogo — Sat, 12 Feb 2022 01:38:36 GMT

Hey, I was wondering when did Navy Federal start using a different credit score model for CC's. I always read/thought that Navy Federal uses TU 09 for CC apps? Well, I applied for a Platinum Card and was denied I recon and still was denied. Waited for letter to come through the mail and saw they're using "Credit Vision link" for apps? Which seems like something new to me. I wanted to share with forum for anyone in the near future that wanted to app for Navy cards.

TU 09: 663

EX 09: 652

EQ 09: 669

Denied for the following reasons:

Not Enough Debt Management or Property Ownership Experience

Number of Alternative Credit Lenders Too High

High Interest Rate Loan Application (the only personal secured loan I have is from nfcu and apr is 2%)

Insufficient short term/small lending data

Denial Letter

Re: Navy Federal using an Different Credit Model for CCs now?

ChargedUp — Sat, 12 Feb 2022 02:21:59 GMT

NFCU still uses TU Fico 9, but now they're also using another TU product called Credit Vision for additional scoring info and trended data. (Kind of like a lender pulling EX Fico 8, but also accessing Sagestream or LexisNexus for additional data used in their decision.)

https://newsroom.transunion.com/transunions-new-creditvision-linksm-provides-lenders-the-ability-to-score-approximately-95-of-us-adult-population/

Evidently there's something that's making your Credit Vision score low. I don't know anything about the formulas in it, but it would be interesting to learn about it.

BTW, Welcome to MyFico!

Re: Navy Federal using an Different Credit Model for CCs now?

Guyatthebeach — Sat, 12 Feb 2022 03:12:55 GMT

SilentPogo,

Welcome to the forum. I'm sorry to hear you weren't approved for a card at Navy Federal. I am curious about this new credit model. I want to know what alternative sources they are using and how are used to determine credit.

Guyatthebeach

Re: Navy Federal using an Different Credit Model for CCs now?

K-in-Boston — Sat, 12 Feb 2022 03:53:44 GMT

Do you have a very young or limited credit file perhaps?

Here's another recent thread on this:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Help-on-creditvision-link-report-what-is-it-and-how-to-get-one/td-p/6154886

Re: Navy Federal using an Different Credit Model for CCs now?

SilentPogo — Sat, 12 Feb 2022 14:14:57 GMT

Hello, Thanks for welcoming me into this forum although I maybe new to posting I have lurked for quite sometime.

@K-in-Boston I wouldn't say I have a very young credit or limited credit. I started an aggressive rebuild campaign last year in May. Where I only used $5-$10 of my available credit every other month. So I can see when Navy says I don't have any Debt experience (Maybe they want to see me use more of my credit?).

I have two closed bank accounts on my credit report both Paid in Full (Year 2019). I was switching from Capital One to Navy Federal and forgot I had some accounts on autopay to previous bank. Took care of that issue pretty quick but they ended up still reporting to Chexsystems.

The second bank is Andrews FCU (I wouldn't wish this credit union to my worst enemy). It started off messed up the moment I applied for membership. When I finally got approved membership for Andrews FCU they didn't even pull the $5. So I had a negative balance of $5 when I opened the savings account. Had to transfer money from a different credit union I was with and forgot they did trial deposits. Ended up with two Insufficient fees. I had to file Attorney General complaint against Andrews FCU and a CFPB complaint and then ultimately ended up filing a National Credit Union Administration Complaint against Andrews FCU and got everything overturned which I'm pretty sure im probably banned from the credit union but I can careless good riddance.

The calls to customer serivce with Andrews FCU was atrocious and i saw that some support staff intentional wanted me to go into ChexSystems which led to my complaint and got it overturned. ( I document everything with every financial institution I deal with)

Sorry about the long rant, But I'd also like to know what goes into the CreditVision model aswell.

Re: Navy Federal using an Different Credit Model for CCs now?

AHillCJ — Thu, 03 Mar 2022 06:08:33 GMT

I was curious about this company as well. I applied and was instantly denied. Then i received a letted saying i haven't been at my residence long enough and I have been at the same address for 11 years. I tried to recon but no luck.

Re: Navy Federal using an Different Credit Model for CCs now?

SilentPogo — Tue, 15 Mar 2022 19:13:22 GMT

Hey, Just a little update as @AHillCJ said I tried to Recon and no bueno. They gave me a response as Navy Federal may use different models other than FICO to make a decision and if I wanted more information from Transunion about the model CreditVision I should contact them directly. But in other news I had my Navy Federal Secured card for 7 months now and as of today. I noticed my credit limit is now showing $2,000 so I'm assuming that my secured card has graduated now so that's a good thing and I tried to slip another application for the Platinum card again and was denied again. So I'm waiting on the letter and just sent my recon again through secure message. I noticed that when the application got denied again it's telling me that I should get another secured card even though the secured card that I have has graduated. I'll keep this thread updated in case someone else runs into the same problem.

Re: Navy Federal using an Different Credit Model for CCs now?

moto4man — Tue, 15 Mar 2022 22:37:10 GMT

Different scoring models, different type of loan... However, strangly enough... I recently app'd for the GoRewards card, I was approved for a SCL of 18k, at just under 14%. I app'd for a refi on my auto loan with about 4k in equity, and they popped me with an 18.49%apr. I couldn't hit the exit key fast enough! A little perplexed by that one, but I am a new member.

Re: Navy Federal using an Different Credit Model for CCs now?

RobynJ — Wed, 16 Mar 2022 01:04:06 GMT

@moto4man

I signed up for Navy FCU yesterday and the customer service was second to none. They have my business. How much was your scl on the card you just graduated?

Re: Navy Federal using an Different Credit Model for CCs now?

moto4man — Thu, 17 Mar 2022 00:31:23 GMT

@RobynJ wrote:
@moto4man
I signed up for Navy FCU yesterday and the customer service was second to none. They have my business. How much was your scl on the card you just graduated?

I was never graduated from a different card there. I got 18k cl out of the gate on the GoRewards card. I recently "graduated" if you will, my Cap1 Platinum to another QuickSilver. However, I don't get the new cardholder $200 cash back offer that I received with my other QS.