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Key Factors that adversely affected your Navy Federal credit score

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Established Member

Key Factors that adversely affected your Navy Federal credit score

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

Message 1 of 12
11 REPLIES 11
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Valued Contributor

Re: Key Factors that adversely affected your Navy Federal credit score

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.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





           
Message 2 of 12
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Established Member

Re: Key Factors that adversely affected your Navy Federal credit score

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.

Message 3 of 12
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New Contributor

Re: Key Factors that adversely affected your Navy Federal credit score

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. 

Message 4 of 12
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Frequent Contributor

Re: Key Factors that adversely affected your Navy Federal credit score

I’ve been with navy for about 2 months now and I’ve got no complaints any time I’ve called or spoke with them via messages in app they’ve been great. I wish I knew what my internal score is though.

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 790TU 768EQ 763EX
Goal Score: 800 and higher across the board


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Message 5 of 12
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Community Leader
Mega Contributor

Re: Key Factors that adversely affected your Navy Federal credit score

Lol, we tried telling @Shooting - for- 800 Smiley Wink

Too much is put into trying to understand these reasons . If your profile and income support huge limits, with Navy, more than likely you will achieve it. Even less than perfect profiles and LIErs get more than they usually bargain for. Time, good payment history are huge factors with Navy. Sometimes people wsnt it in a month when a couple of months is sll Navy asks forSmiley Wink Most lenders would m as ke you wait years for what Navy often gives.
Message 6 of 12
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Valued Contributor

Re: Key Factors that adversely affected your Navy Federal credit score

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. 

 

121719 NFCU SCORES.PNG

Message 7 of 12
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Super Contributor

Re: Key Factors that adversely affected your Navy Federal credit score


@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. 

 

121719 NFCU SCORES.PNG


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. 



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 8 of 12
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Valued Contributor

Re: Key Factors that adversely affected your Navy Federal credit score


@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.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





           
Message 9 of 12
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Regular Contributor

Re: Key Factors that adversely affected your Navy Federal credit score


@Saeren 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. 

 

121719 NFCU SCORES.PNG


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.



Message 10 of 12
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