No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi I apologize if this is not the appropriate board to post this but this is my first post. I applied for the Navy Fed Cash Rewards card. I have been heavily researching Navy Feds processes and have been well educated thanks to all the posts on the forum. I was approved for 1k. After reading alot of the posts I know that this is common for first card issued. I recieved the letter indicating my Navy Fed Score and there are a few factors that I dont quite understand and are hoping someone here does. If I can clear a few things up before the 91 days when I apply for 2nd card that would be great.
Factor 1:
Number of balance decreases on non mortgage accounts in last 3 months
Recency of maximum aggregate bankcard balance in last 12
A bit of context. I let balances in the 3-11% range report to the bureaus but pay all accounts in full except discover that has 0% intro apr.
Anyone information would be greatly appreciated. I dont want to apply for 2nd card if theres a high chance of denial.
Thanks
It’s all about relationship with Navy.
I got $1k on first card. I was pissed.
Less than a year later I have 3 cards with $43k in TCLs.
My Fico and Navy score both went down before getting CLIs and new/better cards.
Use your card and pay your card and make sound financial decisions and you will be fine with Navy.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
Thanks for responding. Thats comforting to know. My Navy score sits at 321 so hopefully over time it will improve. This whole credit building thing is strengthening my patience .
Another one of the factors was no open credit union trades in last 12 months. Ive always banked with large banks..so I guess Im on the right track.
When I started rebuilding, I was able to get into NFCU and my first card was a secured nRewards with like a 1,000 limit to start. I used the hell out of it for a few months, always paying in full. Within 6 months it was unsecured. Within three months after that I had a limit of over 20K. Before the end of my first year I had a cashRewards and GoRewards with a combined limit of over 40K. Got a car loan shortly after. Use the hell out of your NFCU card and try to pay in full as often as possible and they will quickly ramp up your limit and you will see your score go up, up and away.
not sure I would put a ton of faith in their scoring model, I have a decent score with them but all 4 of the codes that supposedly feed into the score are bogus; I have no new credit, have a very seasoned file and > $100 of debt. as I have come to find out not every lender is going to be a good fit.
@bourgogne wrote:not sure I would put a ton of faith in their scoring model, I have a decent score with them but all 4 of the codes that supposedly feed into the score are bogus; I have no new credit, have a very seasoned file and > $100 of debt. as I have come to find out not every lender is going to be a good fit.
That's not their proprietary model. That looks like EQ FICO 5. We all know that the scores used for mortgages stack the deck against us hard.
@bloccoblu wrote:Thanks for responding. Thats comforting to know. My Navy score sits at 321 so hopefully over time it will improve. This whole credit building thing is strengthening my patience .
Another one of the factors was no open credit union trades in last 12 months. Ive always banked with large banks..so I guess Im on the right track.
I had 333 and got $1k SL.
I had like 320 and got $20k SL.
Don't worry about scores. Use and pay.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Anonymous wrote:
@bourgogne wrote:not sure I would put a ton of faith in their scoring model, I have a decent score with them but all 4 of the codes that supposedly feed into the score are bogus; I have no new credit, have a very seasoned file and > $100 of debt. as I have come to find out not every lender is going to be a good fit.
That's not their proprietary model. That looks like EQ FICO 5. We all know that the scores used for mortgages stack the deck against us hard.
I was wondering what that was. I got it on my last letter. No idea what the Navy score is. Would be nice if someone found a way to make it public knowledge.