How to proceed with NFCU

Anonymous · ‎12-21-2020

One of my family members has just joined Navy Federal and wanted to know how to proceed. I am sure you guys could help her out. Should she apply for a credit card with NFCU now or wait for a while...a few months in order to build some kinda relationship with them to get a good credit limit on her first card? Or waiting doesn't matter if her profile is thick enough without any derogatory info? Obviously, NFCU did a soft pull from Equifax for her membership, so would they use the same SP for her credit card application if she were to apply for her first card now, or there would be another inquiry, a HP one? Further, she has not opened any saving or/and checking account with them yet since she just got approved for the membership, and didn't have any access number or any info related to her membership as of now. She just received only an email telling her that she is now a proud member of Navy Federal, so in the absence of any Access Number, how she be able to open any saving/checking account with them or just wait until something comes in the mail?? Please share your opinions. Tnx

cashorcharge · ‎12-21-2020

@Anonymous wrote:
One of my family members has just joined Navy Federal and wanted to know how to proceed. I am sure you guys could help her out. Should she apply for a credit card with NFCU now or wait for a while...a few months in order to build some kinda relationship with them to get a good credit limit on her first card? Or waiting doesn't matter if her profile is thick enough without any derogatory info? Obviously, NFCU did a soft pull from Equifax for her membership, so would they use the same SP for her credit card application if she were to apply for her first card now, or there would be another inquiry, a HP one? Further, she has not opened any saving or/and checking account with them yet since she just got approved for the membership, and didn't have any access number or any info related to her membership as of now. She just received only an email telling her that she is now a proud member of Navy Federal, so in the absence of any Access Number, how she be able to open any saving/checking account with them or just wait until something comes in the mail?? Please share your opinions. Tnx

Congrats to your friend. A few things though I know a lot of us here have experience with NFCU. She can app for a credit card now. The "preapproval" page they offer is not entirely accurate so don't use that as a gauge. Her first SL may be small, though this is really credit file, income and DTI dependant. Some have come away with $5000 some $20,000. Avoid the Flagship as her first card...get something else since underwriting is different on that card and not the best "beginner" card with them. It will be another TU HP when she applies for a card, they won't reuse the membership pull. When the account got opened, she should have provided a way to fund the intial account with funds from another bank...unless she was there in person. Once her account is set up, likely tomorrow....she will be a full fledged member and can apply for a card. Suggest she sets up mobile app access to her accounts as well with login credentials because she will need that when she applies for anything. She may also want to avoid a Credit Line/Personal Line of credit as those have been capped lately. If she goes for the card, she can circle back for a CLI after 3 full statements (after 91 days) of the account being open asking for a CLI. Those are SP when done online.

OmarGB9 · ‎12-21-2020

I think they should've set her up with at least the savings account upon membership approval...I would tell your family member to call back and ask about that.

As far as applying, you can apply right away. Navy does value relationship, true, but there have been plenty of DPs around the forums of people applying for products right out of the gate and being approved if their profile supports it. And yes, it would be an HP on TU for any credit products.

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Anonymous · ‎12-21-2020

Agreed with @OmarGB9 - I joined this past Friday and was approved for a personal loan and a card within 30 minutes of membership approval. Credit products can definitely be achieved upon opening membership with Navy.

Anonymous · ‎12-21-2020

@cashorcharge wrote:
@Anonymous wrote:
One of my family members has just joined Navy Federal and wanted to know how to proceed. I am sure you guys could help her out. Should she apply for a credit card with NFCU now or wait for a while...a few months in order to build some kinda relationship with them to get a good credit limit on her first card? Or waiting doesn't matter if her profile is thick enough without any derogatory info? Obviously, NFCU did a soft pull from Equifax for her membership, so would they use the same SP for her credit card application if she were to apply for her first card now, or there would be another inquiry, a HP one? Further, she has not opened any saving or/and checking account with them yet since she just got approved for the membership, and didn't have any access number or any info related to her membership as of now. She just received only an email telling her that she is now a proud member of Navy Federal, so in the absence of any Access Number, how she be able to open any saving/checking account with them or just wait until something comes in the mail?? Please share your opinions. Tnx
Congrats to your friend. A few things though I know a lot of us here have experience with NFCU. She can app for a credit card now. The "preapproval" page they offer is not entirely accurate so don't use that as a gauge. Her first SL may be small, though this is really credit file, income and DTI dependant. Some have come away with $5000 some $20,000. Avoid the Flagship as her first card...get something else since underwriting is different on that card and not the best "beginner" card with them. It will be another TU HP when she applies for a card, they won't reuse the membership pull. When the account got opened, she should have provided a way to fund the intial account with funds from another bank...unless she was there in person. Once her account is set up, likely tomorrow....she will be a full fledged member and can apply for a card. Suggest she sets up mobile app access to her accounts as well with login credentials because she will need that when she applies for anything. She may also want to avoid a Credit Line/Personal Line of credit as those have been capped lately. If she goes for the card, she can circle back for a CLI after 3 full statements (after 91 days) of the account being open asking for a CLI. Those are SP when done online.

Thank you so much...Very much appreciated. I am newbie here, thus don't know all these jargons- DTI...I know that there is never a guarantee ...not now and not in the future...if she would get definitely be approved and for how much credit line...but a few postings I have read on many forums wherein its stated that most people who apply their cards right away don't get big line of credit limit but if people have waited at least 90 days after joining NFCU then they are seen to have good line of credit on their first card...not always this is the case but in majority of them its seen like this....

Anonymous · ‎12-21-2020

@Anonymous wrote:
Agreed with @OmarGB9 - I joined this past Friday and was approved for a personal loan and a card within 30 minutes of membership approval. Credit products can definitely be achieved upon opening membership with Navy.

Did you have a good line of credit line on a card?? How was your profile overall before applying for their products?

Anonymous · ‎12-21-2020

@Anonymous wrote:
@Anonymous wrote:
Agreed with @OmarGB9 - I joined this past Friday and was approved for a personal loan and a card within 30 minutes of membership approval. Credit products can definitely be achieved upon opening membership with Navy.
Did you have a good line of credit line on a card?? How was your profile overall before applying for their products?

My stats and cards at approval are listed in my signature below. I was approved for $1000 on the card 15 minutes after I was approved for a $7000 personal loan. Given that I had just taken the loan out and had been a member of Navy only since earlier that morning, and I had five new cards in the past twelve months, I think the approvals were quite good.

Anonymous · ‎12-21-2020

Once a person joins NFCU, does s/he receives the whole membership kit in the snail mail? Can she now get her husband into joining NFCU since they both live together? If so, then what would that eligibility be? Household member?? The email she got from NFCU states- "If you haven't opened a savings account already, submit at least $5 for your membership savings account by either depositing the funds at your local branch or by mailing a check to Navy Fderal Credit Union" and then they have provided an address in VA to send the check. Now she doesn't know if she has opened the account or not while applying the membership, so she can do it now? If she will send the check then she has no any account number nor any access number.

AllZero · ‎12-21-2020

Here is a good post from @Aim_High

Navy Federal CU: New Accountholder Data Points

Anonymous · ‎12-21-2020

Her membership is approved and the opening of the account is waiting for that $5 minimum to fund the security of the savings. I applied over the phone and used my debit card to provide the savings funding with the CSR, and it was immediately established. She could likely call in and ask to do the same.