NFCU FICO criteria??

nupey10 · ‎08-10-2017

Got my approval for NFCU Platinum and CLOC a couple days ago.

I logged in to begin the BT process and notice there was a link for FICO score. Nice, maybe they will show what score they used to evaluate me.

Since I'm a new CC holder my score does not appear yet but was interesting is the following:

What are FICO Scores?

FICO Scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at particular consumer reporting agency at a particular point in time, and help lenders evaluate your credit risk.

Why are you providing FICO Scores?

Reviewing your FICO Scores can help you to better understand your financial health.

How often will I receive my FICO® Score?

Your FICO Score 9 is based on Equifax data, and Navy Federal receives updated credit score data from Equifax every two months. When you view your FICO Score Online or through the Mobile app, you see the most recent FICO® Score that Navy Federal has received from Equifax.

Where does the information used to calculate my FICO Score come from?

FICO Scores are based on the credit information in a credit file with a particular consumer reporting agency (CRA) at the time the score is calculated. The information in your credit files is supplied by lenders, collection agencies and public records. Not all lenders report to all three major CRAs. The FICO Score 9 that we provide to you is based on data from your Equifax report as of the "pulled on date" shown with your score.

So I'm wondering now if NFCU is using FICO 9 for all credit applications. My HP for my apps with them were 1 from EQ and 1 from TU. EQ is 723 fico 8. Not sure if that would have gotten me the amount and APR that it did. FICO 9s are all above 800. My guess is they are using FICO 9, YEAAAH!!

Anonymous · ‎08-10-2017

@nupey10 wrote:
Got my approval for NFCU Platinum and CLOC a couple days ago.
I logged in to begin the BT process and notice there was a link for FICO score. Nice, maybe they will show what score they used to evaluate me.
Since I'm a new CC holder my score does not appear yet but was interesting is the following:

What are FICO Scores?
FICO Scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at particular consumer reporting agency at a particular point in time, and help lenders evaluate your credit risk.
Why are you providing FICO Scores?
Reviewing your FICO Scores can help you to better understand your financial health.
How often will I receive my FICO® Score?
Your FICO Score 9 is based on Equifax data, and Navy Federal receives updated credit score data from Equifax every two months. When you view your FICO Score Online or through the Mobile app, you see the most recent FICO® Score that Navy Federal has received from Equifax.
Where does the information used to calculate my FICO Score come from?
FICO Scores are based on the credit information in a credit file with a particular consumer reporting agency (CRA) at the time the score is calculated. The information in your credit files is supplied by lenders, collection agencies and public records. Not all lenders report to all three major CRAs. The FICO Score 9 that we provide to you is based on data from your Equifax report as of the "pulled on date" shown with your score.

So I'm wondering now if NFCU is using FICO 9 for all credit applications. My HP for my apps with them were 1 from EQ and 1 from TU. EQ is 723 fico 8. Not sure if that would have gotten me the amount and APR that it did. FICO 9s are all above 800. My guess is they are using FICO 9, YEAAAH!!

I got approved for 6500 dollars with a 580 FICO for the Go Rewards. I dont think they care too much about whether you have a high score or not.

Anonymous · ‎08-10-2017

Typically, Navy uses a Bankcard enhanced score for CC approvals but the CLOC is evaluated as a loan so it goes through a different department that pulls a different type of HP

*Btw the HP for the CLOC ( because it's through the loan department) can be used ( within 30 days) to app up for a auto refi or PL...just in case you want to see if you can beat your auto rate it consider a PL the HP has already been burnt...no harm no foul to ask 😎

CreditCuriosity · ‎08-10-2017

Navy is providing a fico 09 score although most likely they don't use it for credit approvals and probably getting a special deal from Fico to "push ot" . they probably still use an older version for approvals among their own internal scoring system, but just provide the EQ 09 Fico for customer benefits. Once again this is just speculation as lenders are still trying to feel out whether 09 is a good trusted scoring system or not. Not sure how many lenders actually fully use it yet if any. Probably some smaller banks and possibly .a few CU's although certainly more will goto it in the future.

Navy as you might know is pretty easy to get approved for if you are eligible for membership. Meh scores with big limits is what NFCU is known for if you want to be completely honest.

peghede · ‎08-10-2017

some one....some where...fico 9 ,610 score got cli from 2.9k to 18k and 2nd cc 5.1k both in 93 days. yes sir.

Anonymous · ‎12-31-2017

NFCU has their own internal scoring model. They pull the Credit Bureau reports to get the data to feed into their model.