Can anyone tell me about navy federals requirements in terms of credit score/profile?
here are some of my data points
100+ k salary
Fico 8 scores 770/730/720(equifax, Tu, exp respectively)
eq- 0 inquiries
tu-2 inq
exp-2 inq
age of oldest account over 7 years on exp and tu but only 1 year on eq
Age of average accounts - over 4 years on exp and tu, but only 1 year on Equifax
Account is clean but does have 30 day late on it that is from 2019 for exp and tu.
Equifax is completely clean with no late payments but is also much younger.
I did their pre approval and the only card I was pre approved for was their secured card. Which was shocking considering all the big banks pre approve me for basically all their cards.
Are credit unions typically stricter than banks? I know they are known to give out bigger limits so maybe that's a factor?
How long have you been an NFCU member? Their pre-qual site isn't known for accuracy. What account(s) do you already have with them?
just the basic checking and savings accounts, they are not my primary bank accounts so I only keep about $50 in there just to maintain membership.
@SRT4kid93 wrote:Can anyone tell me about navy federals requirements in terms of credit score/profile?
here are some of my data points
100+ k salary
Fico 8 scores 770/730/720(equifax, Tu, exp respectively)
eq- 0 inquiries
tu-2 inq
exp-2 inq
age of oldest account over 7 years on exp and tu but only 1 year on eq
Age of average accounts - over 4 years on exp and tu, but only 1 year on Equifax
Account is clean but does have 30 day late on it that is from 2019 for exp and tu.
Equifax is completely clean with no late payments but is also much younger.
I did their pre approval and the only card I was pre approved for was their secured card. Which was shocking considering all the big banks pre approve me for basically all their cards.
Are credit unions typically stricter than banks? I know they are known to give out bigger limits so maybe that's a factor?
Your scores are high enough. Your low average age of accounts on EQ isn't great, but they might pull TU.
As to your profile,
- what are your utilization percentages, and
- when was your last new revolving account opened.
My last reported util was 4%. But I know sometimes soft pull pre approvals can use credit reports that are 30 days old or so. Just Incase my reported util before this most recent 4% was 8%. Either way? It's under 10%
newest revolving account is 1 month old ( 2/6, 3/12, 3/24) that may be hurting my chances too, as I have opened 2 accounts in the past 6 months.
@SRT4kid93 wrote:
My last reported util was 4%. But I know sometimes soft pull pre approvals can use credit reports that are 30 days old or so. Just Incase my reported util before this most recent 4% was 8%. Either way? It's under 10%
newest revolving account is 1 month old ( 2/6, 3/12, 3/24) that may be hurting my chances too, as I have opened 2 accounts in the past 6 months.
I think you would probably get approved, since NFCU isn't overly concerned about new accounts, but the longer you wait the better your odds would be.
Well,
I was mostly just looking to see what I would be pre approved for, I'm not actually positive I want to add another new account. If I do apply The problem is I don't want to take the hard pull and inquiry hit if I'm not going to get approved. Cause if I'm denied it's just a waste of an inqury.
that's why I have always done pre approvals before applying, and up until this point it always worked, I have never been pre approved for something and then not approved when I actually applied. And I have never applied for a card that I wasn't pre approved for first. It's just the way I prefer to do things to give myself the best chance at approval, and to avoid applying for cards that are iffy approvals.
I know you guys said navy feds pre approval isn't reliable, but only being approved for a secured card?? I mean that's a really bad sign in my opinion. And honestly I'm not sure I want to do business with Any company that isn't willing to extend a real line of credit to me. I'm not in a position where I need a credit card and a secured card is my only
option, so why bother?
I have some things to think about
@SRT4kid93 wrote:
just the basic checking and savings accounts, they are not my primary bank accounts so I only keep about $50 in there just to maintain membership.
This will be your biggest hurdle with NFCU. They have more loyalty to active members. NFCU uses an "internal" score more than FICO. Yours should be fine given your financial picture though. Without an active direct deposit and more active checking account it is possible the cards they offer will be very limited.
So you are saying I need to either change my direct deposit so it goes into my navy fed
account or put a ton of money in there? And without that it will be hard to get approved for a card? I have never heard of this before imagine if every credit card company forced you to do this? I get they are not primarily a credit card company but still. The old reason I opened accounts with them in the first place was cause I thought it would help my cause but I didn't realize I needed to have a lot of money with them.
do they do car loans? And if so would an active car loan with them help my case?