I don't think 91/3 applies to installment loan with them. Or at least, I haven't seen any DPs suggesting that.
That said, getting an installment *may* raise your internal score with them, but even if it does, it's not guaranteed to give you a higher SL, or even an approval for that matter.
1. As I said in your other thread, getting an installment loan isn't necessary and isn't guaranteed to improve approval odds.
2. Installment loans aren't part of 91/3 and in and of themselves wouldn't preclude you from a CC. However, the new account and inquiry associated with opening up the installment loan *may* affect odds of approval on a CC.
3. You could do it either way, but if you honestly have no need for the installment loan, I'd forget about it. If anything, just give your relationship with Navy time to grow.
4. Again, not necessary and not guaranteed to help. I, personally, DO NOT have a Flagship Checking account. Just the regular Everyday Checking (with only like $29 in it, BTW) and I've got two cards with them: a cashRewards (which started as a secured in Aug 2020 and graduated in Sep 2021), and a MoreRewards (which I obtained Dec 2020). Both cards were acquired before having direct deposit or even the Checking account with them. Both have grown decently - moreoso the MoreRewards ($2k -> $3.5k -> $9.5k).
@DigitalDolla wrote:that was super helpful. Thankyou so much. I'm going to abandon the installment loan and flagship checking acct ideas. I'll let my checking and saving accts season for a few couple more months before I apply for a CC. Thanks again!
Sounds like a good plan, and you're welcome!
@DigitalDolla wrote:I want to increase my chances of being approved for a high limit credit card by improving my internal NFCU socre.
I have some questions
- Would it be best practice to apply for a secured savings loan to improve my internal score before I apply for a credit card?
- Is Installment Credit included in the 91/3 rule? Would an installment loan delay my eligibility for a credit card?
- Would it make more sense to apply for a credit card without getting the secured loan first?
- Would upgrading to a Flagship Checking Acct Improve my internal score?
Currently my activity with NFCU is
- Direct Deposit into Checking & Savings Acct
- Purchases made regularly with my debit card
- Have been a member since July 2022.
My current credit profile
- My overall Credit Limit across 7 cards is 15K.
- My Credit utilization rate is at 30%
- My Credit score is at 700.
Your utilization is a mite high.
Don't have your heart set on a high starting limit. I don't think you'll get it.
@DigitalDolla just be aware that with me (and I know many others) i did the most and still got a smaller SL on my first card compared to the crazy amounts you see posted on here. A lot of times navy federal will give u a normal SL (around what your other cards are) to see how you handle it and then when its time for your second card youll get a huge SL .
