Navy Federal Approval Chances?

[fltireguy]

With Navy, a preselected offer, with a code is an approval. Case in point. 2 years ago, cold apped for cash rewards when I first joined. Denied. A week later a postcard mailer came with that same wording you are seeing, and a code. Approved for 5k. Navy is bipolar.. lol

[Anonymous]

Thanks for the reply.  Did you have an APR range or an exact APR?

I will probably still wait to apply.  In 1-2 months I may apply for a personal loan with them.

Hmmm... what to do, what to do. 

[xaximus]

I look at it this way, if you app - what's the most that'll happen? An inq. on your record? No big deal. I would take the shot since NFCU is weird and finicky. What's the worst that can happen? 

[FinStar]

The OP already pointed out that their profile currently has high utilization.

Sure, it's just an inquiry at the end of the day, but if I were in the OP's shoes I'd rather get my ducks in order before applying so my chances for an approval increase over time as my overall profile improves. This isn't the only offer that the OP will receive.

[Anonymous]

I think I will wait to apply.  If I had a set APR I would go for it. 

I have checked Amex, BoA, Capital One, Chase, Citi, and US Bank's prequalification pages.   I did not prequalify at all with Chase, and BoA gave me a range.  The rest gave me a set APR.  So only 2/3 preapproved me. 

I don't want to take a chance of not getting approved or approved for a small amount.  I think I will wait and apply for a personal loan. 

What should I get my utilization down to before applying for a personal loan?  Would below 48.9% be sufficient?

Thank you.

[Anonymous]

I can tell you from my EXP with Navy that they are more about your Income and DTI, than UTIL.  I have seen ppl with 80% util on a Navy card, get a CLI from them.   They are using Fico9 (TU for new cards/EQ for CLI's and loans)as well now, so that has helped many.   Navy is very very HP happy for everything, but they make it worth it.  Navy is also about history, the more you have with them, the better your CLI's/Approvals will be.  

They are not like any regular bank, so the rules for anyone else doesnt apply here.    You just have to try and see what happens.  

[Anonymous]

Jago22,

Thanks for the info.  My current DTI is about 28%.  My FICO8 scores are about 30 points higher than my FICO9s. 

My history with them is very short.  I have only been with them for a little over three months.  I plan to apply for the loan on or around 8/20.  We'll see how it goes.

[Anonymous]

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@Anonymous wrote:

Jago22,

Thanks for the info.  My current DTI is about 28%.  My FICO8 scores are about 30 points higher than my FICO9s. 

My history with them is very short.  I have only been with them for a little over three months.  I plan to apply for the loan on or around 8/20.  We'll see how it goes.

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If you are using the card and PIF each month, that will help with the approval. SInce you are with Navy, you could also consider trying Penfed (if not already a member).  Sometimes they have really really good rates as well.   Can't wait to hear of your loan success

[Brian_Earl_Spilner]

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@Anonymous wrote:

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@Anonymous wrote:

Jago22,

Thanks for the info.  My current DTI is about 28%.  My FICO8 scores are about 30 points higher than my FICO9s. 

My history with them is very short.  I have only been with them for a little over three months.  I plan to apply for the loan on or around 8/20.  We'll see how it goes.

---

If you are using the card and PIF each month, that will help with the approval. SInce you are with Navy, you could also consider trying Penfed (if not already a member).  Sometimes they have really really good rates as well.   Can't wait to hear of your loan success

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So I shouldn't be leaving an 8% balance at statement cut?

[Anonymous]

I am currently carrying a balance. 

The purpose of the personal loan is to pay off the credit card.  I have a full-time and a part-time job.  I want my debts GONE!

Thanks for the suggestion.  I do plan on getting in with PenFed next year.