NFCU Biz Credit

[681jim]

Is there anyone here that has a business credit card through NFCU? Early on last summer, after I got approved for my Flagship, I attempted to apply for a biz card. The application process was different, but I was eventually denied based on my credit score. Woof.

What kind of Credit Score do I need to get a biz CC w/NFCU? If we're being honest, I don't even need that big of a CL; maybe 2-3K at the most. I have a Spark Biz Visa right now w/a $1K CL, and I don't even use more than half of it.

Any insight would be appreciated.

[SouthJamaica]

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@681jim wrote:

Is there anyone here that has a business credit card through NFCU? Early on last summer, after I got approved for my Flagship, I attempted to apply for a biz card. The application process was different, but I was eventually denied based on my credit score. Woof.

What kind of Credit Score do I need to get a biz CC w/NFCU? If we're being honest, I don't even need that big of a CL; maybe 2-3K at the most. I have a Spark Biz Visa right now w/a $1K CL, and I don't even use more than half of it.

Any insight would be appreciated.

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Trust me when I tell you this: don't bother.

Their business section is nothing like the rest of NFCU. It is a walking nightmare. It is nothing but excess paperwork, bureaucracy, brittleness, ignorance, and smugness. They know nothing about business, about business people, or about anything else. They live in their own little bubble. It is the exact opposite of the consumer side of NFCU.

Perhaps Navy made a policy decision that it doesn't want to get into business lending, so it hired some otherwise unemployable people to discourage anyone from coming anywhere near the place.

[FinStar]

OP, for a counterbalance on perspective, our forum resident @pizza1 can provide you with her experience regarding the process.

[681jim]

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@SouthJamaica wrote:

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@681jim wrote:

Is there anyone here that has a business credit card through NFCU? Early on last summer, after I got approved for my Flagship, I attempted to apply for a biz card. The application process was different, but I was eventually denied based on my credit score. Woof.

What kind of Credit Score do I need to get a biz CC w/NFCU? If we're being honest, I don't even need that big of a CL; maybe 2-3K at the most. I have a Spark Biz Visa right now w/a $1K CL, and I don't even use more than half of it.

Any insight would be appreciated.

---

Trust me when I tell you this: don't bother.

Their business section is nothing like the rest of NFCU. It is a walking nightmare. It is nothing but excess paperwork, bureaucracy, brittleness, ignorance, and smugness. They know nothing about business, about business people, or about anything else. They live in their own little bubble. It is the exact opposite of the consumer side of NFCU.

Perhaps Navy made a policy decision that it doesn't want to get into business lending, so it hired some otherwise unemployable people to discourage anyone from coming anywhere near the place.

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Wow, that bad? I do remember the application process being a pain in my arse (I felt the same way when I opened up my Biz Savings and Checking with them, TBH). To me, that little bit felt like pulling teeth. Can't imagine going through what you went through based on your description.

[SouthJamaica]

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@681jim wrote:

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@SouthJamaica wrote:

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@681jim wrote:

Is there anyone here that has a business credit card through NFCU? Early on last summer, after I got approved for my Flagship, I attempted to apply for a biz card. The application process was different, but I was eventually denied based on my credit score. Woof.

What kind of Credit Score do I need to get a biz CC w/NFCU? If we're being honest, I don't even need that big of a CL; maybe 2-3K at the most. I have a Spark Biz Visa right now w/a $1K CL, and I don't even use more than half of it.

Any insight would be appreciated.

---

Trust me when I tell you this: don't bother.

Their business section is nothing like the rest of NFCU. It is a walking nightmare. It is nothing but excess paperwork, bureaucracy, brittleness, ignorance, and smugness. They know nothing about business, about business people, or about anything else. They live in their own little bubble. It is the exact opposite of the consumer side of NFCU.

Perhaps Navy made a policy decision that it doesn't want to get into business lending, so it hired some otherwise unemployable people to discourage anyone from coming anywhere near the place.

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Wow, that bad? I do remember the application process being a pain in my arse (I felt the same way when I opened up my Biz Savings and Checking with them, TBH). To me, that little bit felt like pulling teeth. Can't imagine going through what you went through based on your description.

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They put you through the same application process all over again if you ask for anything. E.g., if you ask for an interest rate reduction, or a credit limit increase.

[Anonymous]

Two questions. Do you have business credit anywhere else other than Capital One? Also are your scores listed above accurate?

If you don’t have business credit anywhere else you have not built up enough business credit to get additional tradelines just on the strength of your business credit alone. If that’s the case they will look at your personal scores (that’s what Cap1 did). If your listed scores are accurate, your scores are way too low.

Navy is super generous on the personal side. On the business side, UW is more like a normal bank/CU. Meaning 500 scores are not going to fly.

I am going to assume you have the Spark classic. If your scores have increased try to product change to the Select. 2% vs. 1%. And request a CLI at the same time.

[681jim]

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@Anonymous wrote:

Two questions. Do you have business credit anywhere else other than Capital One? Also are your scores listed above accurate?

If you don’t have business credit anywhere else you have not built up enough business credit to get additional tradelines just on the strength of your business credit alone. If that’s the case they will look at your personal scores (that’s what Cap1 did). If your listed scores are accurate, your scores are way too low.

Navy is super generous on the personal side. On the business side, UW is more like a normal bank/CU. Meaning 500 scores are not going to fly.

I am going to assume you have the Spark classic. If your scores have increased try to product change to the Select. 2% vs. 1%. And request a CLI at the same time.

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No, I only have a biz credit card through CapOne. the Spark Classic (gold card). I'll just wait a year and hope my scores are up enough to request a CLI or a product change.

[pizza1]

@681jim , 

While the business side is most defintiely different from their personal side, it's not impossible to get credit with them. I'll admit, the process is very tedious and time consumming, and the likelyhood of an approval outcome is 50%, I still think it's worth trying to get ( I just didnt have any luck).  When I first opened my savings account with them a little over a year and a half ago, the opening was a fairly easy process, with documents as expected, maybe a bit more being a CU though. 

The minimum they will approve for is $5K for a business card, and only under very special circumstances they will approve for $2.5K, but its rare. If you dont qualify for the $2.5K-$5K, then they decline you. That being said, I applied shortly afterwards for a basic Visa, and was declined after several days in pending status.  Reasons were...1) Business too new, 2) Business credit/payment history not established long enough, 3) borderline credit score for approval.  All appropriate reasons. 

Was told to try back in 6 months after using my other business credit I had, and get my score up (they are clueless on how long it takes someone with umpteen INQ and New accts and a BK to "get your score up", lol).  I decided to wait till my business was a full year before trying again.  When I called in to apply for the Visa again, I was transferred to my "business officer" for my area, and was told since its been a year, I would need to fill out all the paperwork again,  plus send in a business plan etc.. I was like, no I dont...you have everything in front of you, and Im not asking for anything different or different amounts.  He said, since he was the new officer now, I had to start over....(sighs).....I opted to forget it...for now. 

So, I never re-sent anything back in, because its like 10 pages of stuff to fill out, and very time consumming. Their business department is completely separate from their personal, and its much harder to get credit with them. At one point I thought it would be worth all the frustration of the paperwork, and waiting, etcc....but, now I could take it or leave it.  Ive moved out all but the minimum amount of $$$ from my savings account there over to US Bank,  who I got a $1K visa with on recon, and a year later bumped me to $6K with a SP. 

Navy is still in the back of my mind though,  and haven't quite ruled them out as they are a challenge card too me, but right now I dont have the energy  or patience for their paperwork or process, LOL...

[681jim]

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@pizza1 wrote:

@681jim , 

While the business side is most defintiely different from their personal side, it's not impossible to get credit with them. I'll admit, the process is very tedious and time consumming, and the likelyhood of an approval outcome is 50%, I still think it's worth trying to get ( I just didnt have any luck).  When I first opened my savings account with them a little over a year and a half ago, the opening was a fairly easy process, with documents as expected, maybe a bit more being a CU though. 

The minimum they will approve for is $5K for a business card, and only under very special circumstances they will approve for $2.5K, but its rare. If you dont qualify for the $2.5K-$5K, then they decline you. That being said, I applied shortly afterwards for a basic Visa, and was declined after several days in pending status.  Reasons were...1) Business too new, 2) Business credit/payment history not established long enough, 3) borderline credit score for approval.  All appropriate reasons. 

Was told to try back in 6 months after using my other business credit I had, and get my score up (they are clueless on how long it takes someone with umpteen INQ and New accts and a BK to "get your score up", lol).  I decided to wait till my business was a full year before trying again.  When I called in to apply for the Visa again, I was transferred to my "business officer" for my area, and was told since its been a year, I would need to fill out all the paperwork again,  plus send in a business plan etc.. I was like, no I dont...you have everything in front of you, and Im not asking for anything different or different amounts.  He said, since he was the new officer now, I had to start over....(sighs).....I opted to forget it...for now. 

So, I never re-sent anything back in, because its like 10 pages of stuff to fill out, and very time consumming. Their business department is completely separate from their personal, and its much harder to get credit with them. At one point I thought it would be worth all the frustration of the paperwork, and waiting, etcc....but, now I could take it or leave it.  Ive moved out all but the minimum amount of $$$ from my savings account there over to US Bank,  who I got a $1K visa with on recon, and a year later bumped me to $6K with a SP. 

Navy is still in the back of my mind though,  and haven't quite ruled them out as they are a challenge card too me, but right now I dont have the energy  or patience for their paperwork or process, LOL...

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When I had to open up a 2nd checking account to pay my contractors, I had to fill out all the paperwork again. It was frustrating and time-consuming. Guess I'll look elsewhere for Biz Credit when my scores improve.

[woodyman100]

I have 10k business card and a 5k CLOC from NFCU.

All I asked for at the time.

The application process is antiquated and seems silly.

Once I received the card, everything has been fine.

They are definitely NOT a good business institution.