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NavyFed: Business Credit Card application - does business checkings account matter?

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leo187um
New Contributor

NavyFed: Business Credit Card application - does business checkings account matter?

I recently opened up a Personal & Business Checkings Acct with NavyFed and got the nRewards Secured Card. I am thinking of building up data points with my personal so I can have the secured card graduate and eventually get high limit personal credit cards. I want to apply for the business credit card down the line; in this case does what I do with the Business Checkings Account matter or would they just look at my personal credit & internal bank score on the personal side? 

Message 1 of 18
17 REPLIES 17
aynot4fitness
Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?

I've had business and personal accounts with NFCU for many years. I, like I am sure others on this site will tell you, NFCU personal services does a great job, but their business services division is terrible. I would suggest you try a small test: Call their business services phone number just to ask some general informational questions about accounts. Then count the days until you manage to speak to a person. That'll be your first DP. Their online messaging system tends to be faster, but it can still be 1+ days to get a response.

 

Again, I have nothing but praise for their personal account services. I've refered at least 6 family members who are quite happy with them. But I've gotten so frustrated with their business services that I have decided to move my business acounts. To answer your question, if you want a business credit card YMMV, but I was denied a business credit card even though I had  2+ year old business checking and savings accounts, a FICO over 720, and a personal NFCU Visa card with a $23K CL. The reason was "insufficient business credit established", which I found confusing since I maintained good bank balances, had a good DUNS score and Experian Business Credit score, and had several positive business trade lines that were at least 1 year old.

 

I went to AmEx, FNBO, and Capital One with that same credit profile and they all approved business cards. So good luck to you, but I am in the process of putting NFCU Business Services in my rear view mirror.

Personal

Business


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Message 2 of 18
SouthJamaica
Mega Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?


@leo187um wrote:

I recently opened up a Personal & Business Checkings Acct with NavyFed and got the nRewards Secured Card. I am thinking of building up data points with my personal so I can have the secured card graduate and eventually get high limit personal credit cards. I want to apply for the business credit card down the line; in this case does what I do with the Business Checkings Account matter or would they just look at my personal credit & internal bank score on the personal side? 


As @aynot4fitness already pointed out, NFCU's business department is for the birds. My advice is to stay away from it at all costs.  If you do apply for a credit card it will be a much more onerous application than any you have prepared for any other credit card, and if you get the card and ever want to apply for a CLI they will require the same excessive paperwork.  Everything else about their business department is also bad.  A word to the wise.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 18
leo187um
New Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?

Interesting.. such a good rep on the personal side, seems poor on the business side... good to know thank you. 

Message 4 of 18
SouthJamaica
Mega Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?


@leo187um wrote:

Interesting.. such a good rep on the personal side, seems poor on the business side... good to know thank you. 


And both reputations are well deserved Smiley Happy

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 18
LP007
Frequent Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?


@SouthJamaica wrote:

@leo187um wrote:

I recently opened up a Personal & Business Checkings Acct with NavyFed and got the nRewards Secured Card. I am thinking of building up data points with my personal so I can have the secured card graduate and eventually get high limit personal credit cards. I want to apply for the business credit card down the line; in this case does what I do with the Business Checkings Account matter or would they just look at my personal credit & internal bank score on the personal side? 


As @aynot4fitness already pointed out, NFCU's business department is for the birds. My advice is to stay away from it at all costs.  If you do apply for a credit card it will be a much more onerous application than any you have prepared for any other credit card, and if you get the card and ever want to apply for a CLI they will require the same excessive paperwork.  Everything else about their business department is also bad.  A word to the wise.


Happy New Year! But I'm afraid I have to disagree. They have a new Business Products Marketplace portal on which they've spent a lot of money. You shop for the product you desire and click through the application links. Very streamlined and straightforward. It has a 'progress & next steps' dashboard page for you to see the progress of all of the applications.











Message 6 of 18
mfinsmi1
Established Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?

@aynot4fitness i keep getting denied their business card to even tho on the perosnal side they approve me for crazy limits and the max CLI.  I know the two sides dont talk but you would think the underwriting for the flagship would be somewhat similar to the business. I know they do use FICO 3 tho , which is typically a lot lower than most peoples F8 or F9.  All i know is i keep trying and keep having to sweep the inquiry. I make weekly deposits, i think im going to open a business cd , and will try again in another 6 months .... but i think after this next time im going to move on from their business side. 

Personal Cards (Over $100k):

Business Cards:

Rebuilding Starting Scores - December 2021

FICO SCORE 8/9 - Current 1/6/23

Stats: : 3/6; 8/12; 17/24 --- AAoA 3 YRS, 8 MO --- INQ: EX-6/TU-7/EQ-2
Message 7 of 18
FinStar
Moderator Emeritus

Re: NavyFed: Business Credit Card application - does business checkings account matter?


@mfinsmi1 wrote:

@aynot4fitness i keep getting denied their business card to even tho on the perosnal side they approve me for crazy limits and the max CLI.  I know the two sides dont talk but you would think the underwriting for the flagship would be somewhat similar to the business. I know they do use FICO 3 tho , which is typically a lot lower than most peoples F8 or F9.  All i know is i keep trying and keep having to sweep the inquiry. I make weekly deposits, i think im going to open a business cd , and will try again in another 6 months .... but i think after this next time im going to move on from their business side. 


When was the last time you submitted an application for their biz CC? Was it through the revamped portal or before the changes?

Message 8 of 18
SouthJamaica
Mega Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?


@LP007 wrote:

@SouthJamaica wrote:

@leo187um wrote:

I recently opened up a Personal & Business Checkings Acct with NavyFed and got the nRewards Secured Card. I am thinking of building up data points with my personal so I can have the secured card graduate and eventually get high limit personal credit cards. I want to apply for the business credit card down the line; in this case does what I do with the Business Checkings Account matter or would they just look at my personal credit & internal bank score on the personal side? 


As @aynot4fitness already pointed out, NFCU's business department is for the birds. My advice is to stay away from it at all costs.  If you do apply for a credit card it will be a much more onerous application than any you have prepared for any other credit card, and if you get the card and ever want to apply for a CLI they will require the same excessive paperwork.  Everything else about their business department is also bad.  A word to the wise.


Happy New Year! But I'm afraid I have to disagree. They have a new Business Products Marketplace portal on which they've spent a lot of money. You shop for the product you desire and click through the application links. Very streamlined and straightforward. It has a 'progress & next steps' dashboard page for you to see the progress of all of the applications.


Can you advise how to access this portal? I'm just curious. I don't see it on the site.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 9 of 18
aynot4fitness
Contributor

Re: NavyFed: Business Credit Card application - does business checkings account matter?


Happy New Year! But I'm afraid I have to disagree. They have a new Business Products Marketplace portal on which they've spent a lot of money. You shop for the product you desire and click through the application links. Very streamlined and straightforward. It has a 'progress & next steps' dashboard page for you to see the progress of all of the applications.

Hi @LP007, can you share the link to this portal?

Personal

Business


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Message 10 of 18
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