Does adding money to Navy Fed checking account make any difference when applying for a credit card

[QCS123]

Asking for my DH.  We both opened Navy Federal Checking and Savings account about 2 months ago.  He transferred an opening amount of $20, then recently transferred 1,000 to his checking.  He wants to apply for a Credit Card.  He checked the pre-approval for Members and it said he pre-qualifies for the Cash Rewards Card.  Wondering if he should make a few more transfers before applying or just go for it now?  His TU score is 734 and is self employed, so they will probably ask for 2 years of taxes so it will take a bit of time before he gets a final answer...

Any data points on whether having positive deposit activity plays a role in securing a card or in the amount of initial CL offered?

Also if he gets a card - what is best way to get an CL increase (I think he can request after 3 month, is that correct)?

[AverageJoesCredit]

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@QCS123 wrote:

Asking for my DH.  We both opened Navy Federal Checking and Savings account about 2 months ago.  He transferred an opening amount of $20, then recently transferred 1,000 to his checking.  He wants to apply for a Credit Card.  He checked the pre-approval for Members and it said he pre-qualifies for the Cash Rewards Card.  Wondering if he should make a few more transfers before applying or just go for it now?  His TU score is 734 and is self employed, so they will probably ask for 2 years of taxes so it will take a bit of time before he gets a final answer...

Any data points on whether having positive deposit activity plays a role in securing a card or in the amount of initial CL offered?

Also if he gets a card - what is best way to get an CL increase (I think he can request after 3 month, is that correct)?

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No. Money deposited has no affect nor will it sway them on credit card lending, from experience and imo. 

[FinStar]

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@QCS123 wrote:

Asking for my DH.  We both opened Navy Federal Checking and Savings account about 2 months ago.  He transferred an opening amount of $20, then recently transferred 1,000 to his checking.  He wants to apply for a Credit Card.  He checked the pre-approval for Members and it said he pre-qualifies for the Cash Rewards Card.  Wondering if he should make a few more transfers before applying or just go for it now?  His TU score is 734 and is self employed, so they will probably ask for 2 years of taxes so it will take a bit of time before he gets a final answer...

Any data points on whether having positive deposit activity plays a role in securing a card or in the amount of initial CL offered?

Also if he gets a card - what is best way to get an CL increase (I think he can request after 3 month, is that correct)?

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Deposit movements and/or amounts parked will have no influence on the decision, unfortunately. 

As far as the pre-approved offers, those are not 100% reliable as other members have reported.

As far as CLIs or other NFCU pertinent data points, you can check out the following thread for guidance. The first page provides the highlights:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Datapoints-Thread-for-Members...

[RobynJ]

I wonder if that might not be completely correct? Having a good account with them (I agree the amounts or number of deposits would not help) would possibly increase their internal score. I believe that having their products do increase the internal score such as Certificates, Savings, auto loans, Mortgage and so on. The internal score algorithm is unknown to us but at the same time I think what I said above has some input into the overall scoring card. I have no definitive proof but would bet I am correct. 

[FinStar]

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@RobynJ wrote:

I wonder if that might not be completely correct? Having a good account with them (I agree the amounts or number of deposits would not help) would possibly increase their internal score. I believe that having their products do increase the internal score such as Certificates, Savings, auto loans, Mortgage and so on. The internal score algorithm is unknown to us but at the same time I think what I said above has some input into the overall scoring card. I have no definitive proof but would bet I am correct. 

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Unless you have solid information or know what specific elements drive NFCUs internal scores, then it's just an assumption at best. 

It appears both the OP and their DH already have a NFCU deposit relationship, albeit fairly new. So, as far as an internal score goes, it is uncertain how that will weigh when they decide to pull the trigger. However, the main point the OP was interested in was regarding the deposit activities (i.e. amounts, transfers, etc.) influencing the UW decision, which does not. FWIW, folks have been approved for very decent limits with very little in deposits -- profile-specific of course.

[RobynJ]

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@FinStar wrote:

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@RobynJ wrote:

I wonder if that might not be completely correct? Having a good account with them (I agree the amounts or number of deposits would not help) would possibly increase their internal score. I believe that having their products do increase the internal score such as Certificates, Savings, auto loans, Mortgage and so on. The internal score algorithm is unknown to us but at the same time I think what I said above has some input into the overall scoring card. I have no definitive proof but would bet I am correct. 

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Unless you have solid information or know what specific elements drive NFCUs internal scores, then it's just an assumption at best. 

It appears both the OP and their DH already have a NFCU deposit relationship, albeit fairly new. So, as far as an internal score goes, it is uncertain how that will weigh when they decide to pull the trigger. However, the main point the OP was interested in was regarding the deposit activities (i.e. amounts, transfers, etc.) influencing the UW decision, which does not. FWIW, folks have been approved for very decent limits with very little in deposits -- profile-specific of course.

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I wasn't saying you're wrong I am just saying that everyone on this forum says they are a relationship lender and if that's true I am assuming investing into their product could help. Like I said I have no proof but jmho. Do you disagree with this? You know way more about credit then I have even thought about so I would tend to believe what your thoughts are. 

[FinStar]

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@RobynJ wrote:

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@FinStar wrote:

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@RobynJ wrote:

I wonder if that might not be completely correct? Having a good account with them (I agree the amounts or number of deposits would not help) would possibly increase their internal score. I believe that having their products do increase the internal score such as Certificates, Savings, auto loans, Mortgage and so on. The internal score algorithm is unknown to us but at the same time I think what I said above has some input into the overall scoring card. I have no definitive proof but would bet I am correct. 

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Unless you have solid information or know what specific elements drive NFCUs internal scores, then it's just an assumption at best. 

It appears both the OP and their DH already have a NFCU deposit relationship, albeit fairly new. So, as far as an internal score goes, it is uncertain how that will weigh when they decide to pull the trigger. However, the main point the OP was interested in was regarding the deposit activities (i.e. amounts, transfers, etc.) influencing the UW decision, which does not. FWIW, folks have been approved for very decent limits with very little in deposits -- profile-specific of course.

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I wasn't saying you're wrong I am just saying that everyone on this forum says they are a relationship lender and if that's true I am assuming investing into their product could help. Like I said I have no proof but jmho. Do you disagree with this? You know way more about credit then I have even thought about so I would tend to believe what your thoughts are. 

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No worries. I was simply clarifying for the OP that deposit amounts (or transfers) won't help. Having the deposit relationship is a plus and plenty of DPs indicate that ideal DTI levels and length of time with NFCU are other known/helpful elements, for example.

From what I've seen, some denial decisions have hinged on some form of deposit account performance as one of the multiple reasons for not being approved, but there are other internal and external factors at play. We obviously don't know NFCU's secret sauce and countless members have been trying to understand where they rank on NFCU's internal scoring totem pole. 

[GatorGuy]

While their internal scoring method is not well understood, there doesn't seem to be much evidence that having larger deposits helps. Especially if it is only short period. Having an account longer term even with low balances does seem to be favorable. They gave me a $25k CL with a $10 balance in a bank account I haven't used for years. The same for my wife. 

If you like NFCU, and want to use them as your main bank from here, it wouldn't hurt to add additional funds and higher balances. It wouldn't hurt however there just isn't much evidence to say that it would get you a higher CL.

[QCS123]

How do you find out what your internal score is with them?

DH applied for the Flagship card and was instantly approved. 

[Adkins]

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@QCS123 wrote:

How do you find out what your internal score is with them?

DH applied for the Flagship card and was instantly approved. 

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You'll find out your internal score with them when you are approved or denied for a credit product. Your score will be on your approval or denial paperwork that you'll get in the mail.