Navy federal requirements?

[titancylinder]

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@Tiggr wrote:

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@Cowboys4Life wrote:

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@SRT4kid93 wrote:

@Cowboys4Life 

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. 

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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.  

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I know somebody inn the 750s who made an NFCU account and doubled their credit line with one pre-approved card from them. However I made an account a couple days ago and I am still in the same boat as OP, only being offered a sec card.

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Their online pre approval isn't accurate at all. Better to call them and ask if you have any pre approved offers on your account. 

[titancylinder]

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@Tiggr wrote:

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@titancylinder wrote:

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@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?

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A lot of great information here. 

Here's a fast  run down. 

1. Navy isn't inquiry sensitive 

2. One of my friends makes around 30k a year pre tax and he has over 60k in credit with Navy and a 34k auto loan but he does have stellar credit. Meaning Navy isn't shy to lend to folks with less than stellar income. 
3. Navy values time as a member. 

4. Navy uses an external score and an internal score to make decision. 
5. Navy was very tight with me in the beginning until I started a direct deposit relationship. Since then, they've given me everything I've ever wanted and then some. Including preapproved 75k auto loans in the 5% range. 
6. Navy is 99% going to pull TU in the rare case they will pull EQ. Navy uses F9 models. 
7. Navy is aggregate debt sensitive. Too much debt to income and it could affect the chances of getting a 25k limit out of the gate.

Good luck! 

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About #7, does student loan debt not hurt as much as other loans? I haven't experienced negative reactions to my student loans and I know NFCU does offer huge loans to new officers coming out of the academies or college. Though to keep their low rates on those loans they require direct deposit.

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It just depends on how much. 20k probably not. 200k maybe. I got rid of my student loans several years ago but I don't ever recall them impacting my ability to get credit.