Navy Federal Thread for CLI and Additional Cards

[Anonymous]

@Anonymous 

One thing I forgot to mention were the inquiries for the past 2 two years. I have 5-9 depending on which report is pulled, most of them within the last year. Also, my internal score with MF is 318.

I have $6800 in internal credit now and had I known I should have $5k for the Flagship, I would have applied for the Platinum instead.  I have not been late on anything in two years, my BK DC will be 6 years old this December, now I think I just need to pay down my debts ASAP. Also of note: my CareCredit card balance is now $3200, but will be ~10k (out of 11k) in August of this year (second charge for my surgery will be added).

Do you think it will make a difference to NF if I primarily pay down my internal accounts first and THEN my external accounts, or do they want to see everything paid down/off across ALL accounts for CLI and Flagship?

[MrZero]

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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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I got my Navy internal score (324) mailed to me as part of the "Your Credit Report and the Price You Pay for Credit" letter that was sent after they pulled my TU CR in my Cash Rewards app which was approved at $1,000 on April 3rd.

[Anonymous]

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@MrZero wrote:

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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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I got my Navy internal score (324) mailed to me as part of the "Your Credit Report and the Price You Pay for Credit" letter that was sent after they pulled my TU CR in my Cash Rewards app which was approved at $1,000 on April 3rd.

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You only get that letter if you aren't approved for their lowest APR on a product. I didn't get mine until I opened my CLOC since my cashRewards and Platinum were both the lowest. 

[recoveringfrombk7]

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@recoveringfrombk7 wrote:

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@GoTarHeels wrote:

Hello everyone,

I just recently started following this thread because I just became a NFCU member. I didn't know I was eligible until not too long ago, so that was a nice surprise!

I went ahead and applied for the More Rewards AMEX and was approved for a $1K SL (it's a start). TU was pulled, my score is 676.

Does anyone know how long it takes for Navy to report your new credit card to the CRAs? I read the last 20 pages of this thread and didn't see anything. Appreciate the help. And thanks again to all of you lovely people on this forum! My credit journey has improved dramatically based on the information I have learned here.

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@GoTarHeels 

I applied for More Rewards on 4/30.  Statement cut 5/27.  Received a MyFico notification today for Experian for 2315/12.5k, my statement balance.  Not on my TU or EQ yet.  I'll post when they hit.

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@GoTarHeels 

Notifications came this morning from Credit Karma for both TU and EQ.  Nothing from MyFico yet.

Maybe other people went 2 statements before it reported because they did not have a balance or maybe their first statement was just a partial statement since I know that happens too?  Not sure, but definitely a single statement/1 month from app for me with pretty much a full statement.

[GoTarHeels]

@MrZero, I received my letter with my internal score yesterday. I'm also at 324 for my internal score. I was approved for a $1000 SL at 12.99% on the More Rewards card.

[GoTarHeels]

@recoveringfrombk7 Ok, cool. Appreciate the information

[Anonymous]

@Anonymous 

IME and the DP's we have had in this subject have shown that large balances do not scare Navy, however those large balances need to have large payments being applied.  I have seen members with 80% util on a card, but making large payments still get a CLI. If memory serves tho, i don't believe they had any lates/bk to speak of tho.  While Navy is better than MANY other lenders, they probably will still be a little standoff-ish while you are getting some distance between you and the previous incidents TBH. 

Whether to pay internal or external...  I would say as long as you are not late on anything, and getting it paid down to bring your DTI (util included) to a lower level, you should be able to build your internal limit with some time.  The lower you are at time of application, the better your chances are usually.    As always tho, YMMV

[Anonymous]

@Anonymous Ok good to know... work on the UTIL and DTI. Apply for 3rd card (Flagship) and CLI on cashRewards and Platinum in 6+ months.

[Anonymous]

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@Anonymous wrote:

@Anonymous Ok good to know... work on the UTIL and DTI. Apply for 3rd card (Flagship) and CLI on cashRewards and Platinum in 6+ months.

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@Anonymous 

That was and still is to a point the hardest thing for me to get my head around was that credit is a marathon, and not a sprint. After avoiding credit for over a decade, I grabbed everything i could get my hands on for about 2 years in my rebuild, and while i'm grateful for all that i have, i would have done better to wait on some of it.  Glad to see you are not falling into the trap that i did. 

[MrZero]

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@Anonymous wrote:

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@MrZero wrote:

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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?

---

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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I got my Navy internal score (324) mailed to me as part of the "Your Credit Report and the Price You Pay for Credit" letter that was sent after they pulled my TU CR in my Cash Rewards app which was approved at $1,000 on April 3rd.

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You only get that letter if you aren't approved for their lowest APR on a product. I didn't get mine until I opened my CLOC since my cashRewards and Platinum were both the lowest. 

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Oh yeah, that's right I remember it being mentioned some months back.