I haven't seen much on the subject, so this is for future reference for others in the same boat.
A bit over 2.5 yrs ago I lost my job. I had 2 - 30s on the CLOC and then 7 straight 30s on the CC (I was working with them every month until caught up). Both accounts were closed by Navy. In the meantime, I have had a job for 2.5 years and paid most of my CC balances. Paid off $12300 to NFCU CC and $7700 to CLOC on the 2nd of April and it finally reported paid and closed today bringing my EQ score to 703.
It might seem silly, but I went ahead and apped for the cash rewards to see what Navy would do! 
I have 4 inqs, 1 of which will roll off next month. They other 3 resulted in approvals that havent posted yet. I didn't get a straight out denial, I got the 3 - 5 day message.
I will post back here when I find out whether I am approved or not so others in the same boat will know what to expect. 
Wish me luck!
Starting Score: 472