Navy Federal Thread for CLI and Additional Cards

[Anonymous]

@Anonymous  welcome to the myFico community!

Congrats on the CLI on your first card and sorry for the no-go on the Platinum right now. A bunch of us are finding that the 91/3 isn't happening for our profiles at this time. Of all the reasons they listed for the denial the current  DTI stands out as the main reason IMHO. Looks like you are doing all the right things to reduce that and I wish you all the best when you try again at 6-12 months. I look forward to following your journey!! 

[Anonymous]

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@CreditobsessedinFL wrote:

... Hang in there Sister, @Anonymous  and thanks for the DPs. THIS is why we all suit up AND show up DAILY, on the regular, IMHO to the MYFICO forums, whether we are winning, or losing, or just taking one for the team, we share our experiences, in an effort to help someone else who is bailing water, from the same Credit ship, until we  ALL turn the tanker around, and are sailing for smoother waters and clearer horizons.

Thank you again for your (brutal?)  honesty and please keep the faith;  NAVY will take care of you (us), eventually, i.e., as @AverageJoesCredit  and the other legions of NAVY folk, standing shoulder to credit shoulder here will attest, NFCU membership will pay off, exponentionally in the end, as NAVY takes care of its own, without a single, solitary, doubt. 

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Am I the only one who heard The Star-Spangled Banner playing in the background when reading this post?  

[CreditobsessedinFL]

LMFAO, @Anonymous , I literally spit out my drink, (it's 5'oclock somewhere AND we are in quarantine, after all), you Gotta LOVE NAVY and the MYFICO FAM!!!

And this is why we show up, (with email me notfications of course, . 

[Aim_High]

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@Anonymous wrote:

Hi Everyone!

I'm new here, though I've been lurking for 6 months or so.

You all have been wonderfully helpful, so thought I'd add some datapoints.

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Welcome to My Fico Forums, @Anonymous !

Thanks for your data points and glad we've been helpful!

Just keep passing it along to those that follow in our little community. 

[bustout]

Has anyone ever charted the NFCU internal score to determine the correlation to acceptances and CLI amounts?

[Aim_High]

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@bustout wrote:

Has anyone ever charted the NFCU internal score to determine the correlation to acceptances and CLI amounts?

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From my understanding, you only learn your Navy internal score if you are declined, not accepted.  That puts some limitations on how helpful that would be.  I imagine that "internal score" is not the only factor used in the decision anyway.  For example, with other lenders you can easily have a great credit score but still be declined for new credit due to some factor like debt-to-income, new accounts, inquiries, etc.   I don't know what goes into that internal score but it's probably heavily influenced by your length of time as a member, your payment history on NFCU accounts, how many types of accounts and loans you have with them, etc.

[Anonymous]

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@Aim_High wrote:

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@bustout wrote:

Has anyone ever charted the NFCU internal score to determine the correlation to acceptances and CLI amounts?

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From my understanding, you only learn your Navy internal score if you are declined, not accepted.  That puts some limitations on how helpful that would be.  I imagine that "internal score" is not the only factor used in the decision anyway.  For example, with other lenders you can easily have a great credit score but still be declined for new credit due to some factor like debt-to-income, new accounts, inquiries, etc.   I don't know what goes into that internal score but it's probably heavily influenced by your length of time as a member, your payment history on NFCU accounts, how many types of accounts and loans you have with them, etc.

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@bustout  That is a great question, and i only wish we had an answer for you.  +1 to @Aim_High  on when you get the score.  I know they won't give the score freely, and sightings of the "internal limit" can be about as easy to find as bigfoot, or Elvis/Tupac.. whichever you prefer.

Based on DP's, i would say the "internal score" is very heavy on DTI and time with Navy(membership and no lates)  I have never received a decline with new accounts or too many accounts from Navy, but this could have changed recently.  The world is a slight touch different since 2020 started. 

[Anonymous]

Hi.

I posted on a different thread not knowing about this one, but I thought I could get some answers here too, so here it goes.

I kept hearing NFCU was very good for mortgages so I opened a checking August of 2019. I have NO plans on buying a house for a few years but want to build my relationship with them until then. Since Aug I have also opened a second checking account, a savings account, plus the accounts listed below. My secured card w a $1k limit just graduated this month (SP) to a Cash Rewards with a $2k limit. I asked for another increased right after it graduated and was given another $1k, so now my CashRewards is $3k. I applied for the Flagship (HP) and was denied due to "DOES NOT QUALIFY FOR MINIMUM Req CL for product. I applied for the Platinum (SP) and was approved for $3800.

Two questions:

#1: Does this denial mean my income/debt does not meet the qualifications for this card OR does it mean I just did not have an internal CL of $5k+ when I applied? (Since I got the Platinum, my internal card limit is now $6,800).

#2: When can I apply for the Flagship again (with a better chance of approval). I plan on paying down my balances before applying again, but would like to know how to increase my chances of approval in the future. This 3rd card (Flagship) will be my last credit card for a while.

First some data points (I hope I do not miss any):

-Current income: ~$40k/year

-Credit scores: All 3 were JUST under 700 before opening and closing various accounts this month, now they are all around 685.

Non-NCFU Accounts:

Cap One #1: 5y 3 mos; CL $1,350, current bal $120; late 12 times since opening, last late March 2018

Credit One: 1y 2 mos; CL $950, current bal $0, never late

Cap One #2: 9 mos; CL $750, current bal $66, never late.

Credit Care: Opened May 2020. CL $11k; Curr Bal $3800.

CLOSED:

-Ch 7 BK: DC Oct 2014

-USAA Secured Amex: Opened June 2018; CL 500, never late, CLOSED May 2020

-USAA Secured Visa: Opened May 2018; CL 300, never late, CLOSED May 2020

-Milestone: Opened5yr 1 mo. $300; 2 lates, last late March 2018. Closed May 2020

One Main Fin. Open Nov 2019. Starting Loan Amt: $4600 @ 36%. Paid off May 2020 with NFCU loan @ 6%

-Merrick Bank: Opened March 2015; CL 900, Paid Off. Chrg OFF. CLOSED Dec 2017

NFCU Accounts

-nRewards: Opened Nov 2019, SL 1000. Converted to CashRewards May 2020. Almost never carried a balance. 

-CashRewards: May 2020. SL 2000. Applied for CLI, approved for an extra $1k. Charges paid in ful from Checking Account.

-Applied for Flagship: May 2020. Denied. 

-Used Flagship app to app for Platinum (same day as Flagship denial in May 2020); appr for $3800.

-Applied for $2500 Pandemic Relief Loan (May 2020) and approved for $2500 (used this to pay off One Main Fin Loan).

-Special 1 yr Easy Start CD: Opened Dec 2019.

-2yr EasyStart CD: Opened May 2020.

Thanks!

[Anonymous]

I posted on a different thread not knowing about this one, but I thought I could get some answers here too, so here it goes.

I kept hearing NFCU was very good for mortgages so I opened a checking August of 2019. I have NO plans on buying a house for a few years but want to build my relationship with them until then. Since Aug I have also opened a second checking account, a savings account, plus the accounts listed below. My secured card w a $1k limit just graduated this month (SP) to a Cash Rewards with a $2k limit. I asked for another increased right after it graduated and was given another $1k, so now my CashRewards is $3k. I applied for the Flagship (HP) and was denied due to "DOES NOT QUALIFY FOR MINIMUM Req CL for product. I applied for the Platinum (SP) and was approved for $3800.

Two questions:

#1: Does this denial mean my income/debt does not meet the qualifications for this card OR does it mean I just did not have an internal CL of $5k+ when I applied? (Since I got the Platinum, my internal card limit is now $6,800).

#2: When can I apply for the Flagship again (with a better chance of approval). I plan on paying down my balances before applying again, but would like to know how to increase my chances of approval in the future. This 3rd card (Flagship) will be my last credit card for a while.

First some data points (I hope I do not miss any):

-Current income: ~$40k/year

-Credit scores: All 3 were JUST under 700 before opening and closing various accounts this month, now they are all around 685.

Non-NCFU Accounts:

Cap One #1: 5y 3 mos; CL $1,350, current bal $120; late 12 times since opening, last late March 2018

Credit One: 1y 2 mos; CL $950, current bal $0, never late

Cap One #2: 9 mos; CL $750, current bal $66, never late.

Credit Care: Opened May 2020. CL $11k; Curr Bal $3800.

CLOSED:

-Ch 7 BK: DC Oct 2014

-USAA Secured Amex: Opened June 2018; CL 500, never late, CLOSED May 2020

-USAA Secured Visa: Opened May 2018; CL 300, never late, CLOSED May 2020

-Milestone: Opened5yr 1 mo. $300; 2 lates, last late March 2018. Closed May 2020

One Main Fin. Open Nov 2019. Starting Loan Amt: $4600 @ 36%. Paid off May 2020 with NFCU loan @ 6%

-Merrick Bank: Opened March 2015; CL 900, Paid Off. Chrg OFF. CLOSED Dec 2017

NFCU Accounts

-nRewards: Opened Nov 2019, SL 1000. Converted to CashRewards May 2020. Almost never carried a balance. 

-CashRewards: May 2020. SL 2000. Applied for CLI, approved for an extra $1k. Charges paid in ful from Checking Account.

-Applied for Flagship: May 2020. Denied. 

-Used Flagship app to app for Platinum (same day as Flagship denial in May 2020); appr for $3800.

-Applied for $2500 Pandemic Relief Loan (May 2020) and approved for $2500 (used this to pay off One Main Fin Loan).

-Special 1 yr Easy Start CD: Opened Dec 2019.

-2yr EasyStart CD: Opened May 2020.

Thanks!

[Anonymous]

@Anonymous  Congrats on your Platinum and your DOUBLE CLI graduation from secured!!! 

#1 yes, they have to qualify you for 5k to be approved for the Flagship

#2 at 91/3 from your Platinum you can apply for the Flagship again

I am sure someone else will chime in with more details of everything else, but congrats again!!! 

[Anonymous]

@Anonymous 

Navy loves low DTI, so that will be the biggest hurdle for a 5k limit.  You are building history that will help alot too. 

IME and considering some of what you have been through in the past few years, i would honestly give it 6-12 months so you can continue doing the amazing job you are and that Navy has time to see that as well.   Scores aren't really a factor for them, but getting more distance between you and those lates/BK will go a long way for an easier Flagship approval.