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Applying to NFCU with young file

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SecondToLastDraftDodger
Established Member

Applying to NFCU with young file

Hi all!

 

Since my last post, I found out that I was eligible to join Navy Federal. I joined a week to ten days ago, with a checking and savings account with $4k between the two. A quick recap of my situation: my first card was a CFU opened in August, and I just recently opened a BCE that won't report until February 5. I also was on an AU account with a 20+ year history that was closed with perfect payment history.

 

I'm thinking about applying for the NFCU More Rewards card to begin building a relationship with Navy (eyeing a car loan at the end of this year or next year), and if I apply this month then both this inquiry and the Amex inquiry will age together. 

I read that Navy Federal pulls TU, so I got the report here on MyFico. Score is 801 with 1 inquiry (the Amex). A lot of that score is due to the AU age, which I've read Navy Federal's algorithm will ignore. 

 

So, the question is if it's a good idea to apply for the More Rewards card for the relationship with Navy, or is it better to sit tight and let the accounts I currently have report and age?

Message 1 of 12
11 REPLIES 11
SouthJamaica
Mega Contributor

Re: Applying to NFCU with young file


@SecondToLastDraftDodger wrote:

Hi all!

 

Since my last post, I found out that I was eligible to join Navy Federal. I joined a week to ten days ago, with a checking and savings account with $4k between the two. A quick recap of my situation: my first card was a CFU opened in August, and I just recently opened a BCE that won't report until February 5. I also was on an AU account with a 20+ year history that was closed with perfect payment history.

 

I'm thinking about applying for the NFCU More Rewards card to begin building a relationship with Navy (eyeing a car loan at the end of this year or next year), and if I apply this month then both this inquiry and the Amex inquiry will age together. 

I read that Navy Federal pulls TU, so I got the report here on MyFico. Score is 801 with 1 inquiry (the Amex). A lot of that score is due to the AU age, which I've read Navy Federal's algorithm will ignore. 

 

So, the question is if it's a good idea to apply for the More Rewards card for the relationship with Navy, or is it better to sit tight and let the accounts I currently have report and age?


I don't think that getting a credit card will enhance your opportunity for a car loan.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 2 of 12
sznthescore
Established Contributor

Re: Applying to NFCU with young file

I concur with @SouthJamaica . I did get a credit card first (secured card), however, I got approved for an auto loan afterwards (May 2022), even though I still have sub-par credit.

I guess it all depends on the route you'd like to take. However, if you do get a credit card now, I would put at least 6 months in between the car loan app.

REBUILDER CARDS




Goal: FICO 700+
Message 3 of 12
SecondToLastDraftDodger
Established Member

Re: Applying to NFCU with young file

Thank y'all for the replies.

 

What I've read gave me the impression that Navy Federal was a 'relationship bank', and they wanted to see product use and some history before they gave out large loan limits.

 

So, the idea was a credit card now would help give a year's worth of history, relationship, and product use before I applied for the loan. 

 

Have I misunderstood?

Message 4 of 12
Anonymalous
Valued Contributor

Re: Applying to NFCU with young file


@SecondToLastDraftDodger wrote:

Hi all!

 

Since my last post, I found out that I was eligible to join Navy Federal. I joined a week to ten days ago, with a checking and savings account with $4k between the two. A quick recap of my situation: my first card was a CFU opened in August, and I just recently opened a BCE that won't report until February 5. I also was on an AU account with a 20+ year history that was closed with perfect payment history.

 

I'm thinking about applying for the NFCU More Rewards card to begin building a relationship with Navy (eyeing a car loan at the end of this year or next year), and if I apply this month then both this inquiry and the Amex inquiry will age together. 

I read that Navy Federal pulls TU, so I got the report here on MyFico. Score is 801 with 1 inquiry (the Amex). A lot of that score is due to the AU age, which I've read Navy Federal's algorithm will ignore. 

 

So, the question is if it's a good idea to apply for the More Rewards card for the relationship with Navy, or is it better to sit tight and let the accounts I currently have report and age?


I had 1 personal card with 6 months of credit history and 1 AU card with a 20+ year history when I joined Navy Fed in late 2021. My TU was about 780, mostly due to that AU card. I opened basic checking and savings account, put maybe a couple thousand in them, and then applied for the More Rewards a few weeks later. They gave me more than $8K, then another $8K 3 months later, and another $8K 6 months after that. I stopped requesting CLIs at that point, because I don't need that much credit. At the year mark, they lowered my APR to the lowest possible for the card.

 

They are a relationship CU, but it doesn't seem that important if you have a clean file. And they were far more generous with a young/almost empty file like me than I would have expected, so I strongly suspect they counted the AU card.

Message 5 of 12
SecondToLastDraftDodger
Established Member

Re: Applying to NFCU with young file

I went ahead and applied and they approved me, but only for $500.

 

I did recon, but they sent a message a few days later telling me to sit tight at $500 for three months.

 

Well, from the beginning of my credit journey in August, I think I've done ok. I got my three cards, building a relationship with Navy Federal, no wasted HPs.

 

I guess I'm done for awhile.

Message 6 of 12
Anonymous
Not applicable

Re: Applying to NFCU with young file


@SecondToLastDraftDodger wrote:

I went ahead and applied and they approved me, but only for $500.

 

I did recon, but they sent a message a few days later telling me to sit tight at $500 for three months.

 

Well, from the beginning of my credit journey in August, I think I've done ok. I got my three cards, building a relationship with Navy Federal, no wasted HPs.

 

I guess I'm done for awhile.


Congrats on your approval! My cash rewards was approved for $1K now it's at $44K. It will definitely grow with time. I do believe having a credit card will help with the auto loan. 

Message 7 of 12
OmarGB9
Community Leader
Super Contributor

Re: Applying to NFCU with young file


@SecondToLastDraftDodger wrote:

I went ahead and applied and they approved me, but only for $500.

 

I did recon, but they sent a message a few days later telling me to sit tight at $500 for three months.

 

Well, from the beginning of my credit journey in August, I think I've done ok. I got my three cards, building a relationship with Navy Federal, no wasted HPs.

 

I guess I'm done for awhile.


Congrats on the approval! And as mentioned above, it'll grow over time.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 12
DONZI
Established Contributor

Re: Applying to NFCU with young file

Based on much of the read I've done on NFCU, time is a big thing with Navy.

 

My own experience is pretty much right along with what I'd read.

 

Mid June '21 - Membership + deposit accts + ~$70k into flagship checking.

Mid July '21 - Applied/approved for MR Amex card

..day later called to see about a CLI to help with a trip soon, denied.

Late Dec '21 - CLI request online for ~125% increase

 

The MR is a great card, I'd say enjoy and manage it well along with your other cards.

 

That's what a young credit profile needs most, indications of well managed credit use over a period of time.

 

That in turn will instill confidence at the F.I. that they made a worthwhile choice by offering the CC approval.

 

Not really any way to accelerate that part predictably without something remarkable.

2014 credit2020 credit2021 credit2023 credit
paypal credit imagecredit card imagecredit card imagecredit card imagecredit card imagecharge card imagecredit card imagecredit card imagecharge card imagecharge card image
[2020-12-09]=[EQ8|786]-[TU8|746]-[EX8|772] .... gardening until I can't (again).
[2023-10-01]=[EQ8|797]-[TU8|776]-[EX8|775]
Message 9 of 12
SouthJamaica
Mega Contributor

Re: Applying to NFCU with young file


@SecondToLastDraftDodger wrote:

Thank y'all for the replies.

 

What I've read gave me the impression that Navy Federal was a 'relationship bank', and they wanted to see product use and some history before they gave out large loan limits.

 

So, the idea was a credit card now would help give a year's worth of history, relationship, and product use before I applied for the loan. 

 

Have I misunderstood?


Auto loans are easy to get. Every credit union I know is dying to write them.

 

 


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 10 of 12
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