NAVY FCU- Definitive Guide!

[grillandwinemaster]

Navy now accepting honorably discharged veterans is a TOTAL & COMPLETE game changer for me and probably many MyFico members.

I'm calling on experienced Navy credit account holders, please share your experience with Navy.

What was your starting limit?

How has it grown?

What are the CLI trends??

What were your Scores at Approval?

Do you have additional accounts?

Do you have Plocs and/or Clocs?

General Navy experience?

Did they require proof of income?

Any additional information you Can provide?

 Any and ALL INPUT regarding Navy Federal Credit Union

 will help many MyFico Forum members to make an informed decision regarding Navy Federal. 

Thank you all in advance!

[Anonymous]

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@grillandwinemaster wrote:

Navy now accepting honorably discharged veterans is a TOTAL & COMPLETE game changer for me and probably many MyFico members.

I'm calling out experienced Navy credit account holders, please share your experience with Navy.

What was your starting limit?

How has it grown?

What are the CLI trends??

What were your Scores at Approval?

Do you have additional accounts?

Do you have Plocs and/or Clocs?

General Navy experience?

Any additional information you Can provide?

 Any and ALL INPUT regarding Navy Federal Credit Union

 will help many MyFico Forum members to make an informed decision regarding Navy Federal. 

Thank you all in advance!

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Starting Limit Go Rewards: $22,100.00

How has it grown: At 92 days CLI to $27,100.00

Scores at approval: TU- 745  EQ- 720'S (clean files)

Additional Accounts: Savings, Checking, Money Market

Do you have PLOC/CLOCK: I have the CLOC, 15K

General Navy Experience: Outstanding

[UncleB]

I'm a big fan of NFCU... I got my membership with them and Platinum MC the same day back in November 2015.

My SL was $15.3k, and I still had a couple of old (close to seven year-old) baddies reporting - my EQ was around 715 (they pulled EQ for my card).  My APR was 10.99%, which was the lowest I've ever been approved for (and still is).

Fast-forward to September 2016... I decided to see if I could get it a little higher.  I was baddie-free and my EQ was hovering around 740... and my CLI request went straight to review.    A couple of days and a HP later I was given a CLI to make my new credit line $20k, where I'm happy to leave it.  (While a SP CLI would have been nice, in this case I was OK with the HP.)

The Fed increased rates last year and of course NFCU is variable so it increased as well.  However, once my account was a year old I sent them a SM and they lowered my rate to 10.24% (from 11.24%).  Of course it's now increased to 10.49%, but so far other than a few short-term BTs I've always used their 2.99% promos so the rate doesn't matter too much anyway.

As for the CLOC, I decided to pass.  The CLOC rates are 13.9% APR to 17.9% APR (at this time), and even if I were to qualify for the lowest rate (which isn't likely) it would still be a higher rate than my NFCU credit card, meaning I would never use it anyway.  

Somewhat related, I've found my NFCU card to be a perfect companion to my USAA credit card.  When I need cash I just take a no-fee cash advance directly into my USAA checking from my USAA Visa, then I do a no-fee BT over to NFCU for Navy's low APR (which for a BT is the purchase rate).  I have used this combination a couple of times when I needed cash for a little while and has worked beautifully.  

[JustcallmeTM]

Iv'e been a member since 1999, had negative inactive checking and savings accounts for over 10+ years still open. Reading this site remembered about my NFCU account. Called paid my negatives and they reactivated my accounts.

4/14 was my first NFCU CashRewards @ 12,500 apr @ 17.24 scores at the time was below 615

9/14 I attempted my 2nd CC GoRewards, it was denied and I moved 1500 from CashRewards when it was still allowed to open the account.

First attempt on a CLI was 1/15 CashRewards went from 11k -14.4k GoRewards went from 1.5k to 2.5k, this was before reading about the AR. 

Second attempt was 10/15 this was after I noticed the AR both accounts jumped to 17.5k on my attempt (during this time my CashRewards with a 14.4k CL had a 13+k balance)

1/16 I opened a CLOC for the full 15k

2/16 I attempted a CLI on the goRewards and went from 17.5k to 20k

3/16 attempted CLI on cashRewards and went from 17.5k to 20k

9/16 CLI on both CC's GoRewards 24k and CashRewards 22k

My increase was with scores all under 620 and carrying Total UTI at around 45-60% total debt in 2015 and in 2016 my scores was around 700 with total UTI at around 26%

Inbetween all those CLI I had attempted every AR and found out for best results its every other AR to attempt. I got alot of HP from those attempts trying to see how they work. I read enough on here but the info here had as many holes as swiss cheese, so decided to use my credit report as a guinea pig to see what works and what doesnt.

Last couple attempts I have recieved the recent change to account, the Capital One 6 month language, but no hard pull recieved for it either. But if you look closely you will notice all my increase have come every 6 months since 2015. So they had that in place just havent used it because there was no need. With the surplus of new customers its now being used.

Word of advice NFCU doesnt operate like the main banks, PIF and all that crap doesnt mean much to them. If they want to extend credit they will its that simple with them. What I have noticed since the influx they have been changing alot of policies around to mimic big banks to slow down the onslaught of new accounts. 

Another issue IF you decide that you dont want NFCU any more and close all there account you will have to jump through alot to get back in. My friend who joined back in '99 also decided to close his account since he was banking with USAA, he wanted to go back to NFCU and he was told no. At the time they dont take back customers who closed there accounts even ex military at that time. Since the new change I will let you know if this issue is still a case as he reattempting again to get back into NFCU.

[Anonymous]

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@grillandwinemaster wrote:

Navy now accepting honorably discharged veterans is a TOTAL & COMPLETE game changer for me and probably many MyFico members.

I'm calling out experienced Navy credit account holders, please share your experience with Navy.

What was your starting limit?

How has it grown?

What are the CLI trends??

What were your Scores at Approval?

Do you have additional accounts?

Do you have Plocs and/or Clocs?

General Navy experience?

Any additional information you Can provide?

 Any and ALL INPUT regarding Navy Federal Credit Union

 will help many MyFico Forum members to make an informed decision regarding Navy Federal. 

Thank you all in advance!

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What was your starting limit? $19,700

How has it grown? yes

What are the CLI trends?? I received a $300 increase after 3rd statement and first account review (AR). Six months in between CLI is now the rule.

What were your Scores at Approval? TU 818

Do you have additional accounts? Savings/Checking; no other credit products at this point

Do you have Plocs and/or Clocs? No

General Navy experience? Extremely friendly employees at both the contact centre and at the local branch. I am still over the moon about being a member of NFCU. Now, in my case, I only received a $300 CLI when others are reporting massive increases. I am not complaining mind you, it brought my limit to a nice, even $20K but I believe this was NFCU's way of telling me I have too much available credit (which is true). Most of the people that get massive CLI's seem to be rebuilders or people with not as many cards. There are exceptions of course, like Creditaddict and TheManWhoCan. TheManWhoCan has way more available credit than I do and has reported a similar income so I am not sure about my theory about too much available credit vs income. I am more than happy with my $20K limit and will lay low with that for the foreseeable future. It would be nice to get it to $25K at some point but no hurries.

Speaking of Creditaddict, I am not sure if you are aware, but he has created several threads about NFCU.  Here is one: http://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional-...

[grillandwinemaster]

Thank you Donny and thank you Uncle B for sharing your experience.  It's amazing that almost everything you hear about Navy FCU is a positive experience.  

Navy's latest move is definitely a game changer for me, and I'm guessing many others as well. 

[Anonymous]

I joined NFCU back in July 2013, tried for an unsecured card, was declined so I opened a secured card.  Wife also joined when I did, I talked her into applying for a card, she was approved for a $5k cashRewards.  Originally I was just an AU on her card, but once she was approved, we had NFCU switch it to a Joint Account

What was your starting limit? - tried for my first unsecured card in Nov '14 after getting approved for a CLOC at $2k.  cc application was declined, I sent NFCU an SM asking for a recon, they reversed the denial and gave me a $500 CL

How has it grown? - got this card up to $25k a year later

What are the CLI trends?? - got a CLI to $2k in Feb '15, $10k Mar '15, $14k May '15, $20k Sep '15, $25k Nov '15 (if you're interested/it'd be helpful I could determine which CLIs were SP/HP)

What were your Scores at Approval? - Low 600s, like 609 EQ, 613 TU, 606 EXP

Do you have additional accounts? - Yup, just about everything they offer, Checking, Savings, Joint Checking, Joint Savings.  Go Rewards CC $12.5k, Joint cashRewards CC $25k, Joint Auto Loan Jan '17 (3.09% APR for 72 months)

Do you have Plocs and/or Clocs? - Wife and I both have CLOCs, mine is at 15k, wife's is at 12k

General Navy experience? - I LOVE NFCU!  As a former USAA employee, I understand NFCU is USAA's main competition for banking/credit cards, but until the Limitless Card came out, USAA couldn't compete at the credit level (rewards wise, starting limits, SP vs HP CLIs).  USAA is way stricter when it comes to underwriting.  For example in Feb '16, applied for a USAA credit card (scores were 711 EQ, 722 TU, 719 EXP), USAA gave me $2k at 26.9%, their max APR.  I called them and told them to close the card lol.  I hope this new card from USAA has NFCU step up their rewards game, maybe making make the cashRewards a flat 2% and the Flagship 2.5%  I could really dream and hope that they match cashRewards to the Limitless at 2.5% and they make the Flagship 3% across the board

Any additional information you Can provide? It was funny when I worked at USAA hearing all the hate toward NFCU from my co-workers, I'm glad they never looked in my wallet lol.  Even though USAA might have NFCU beat on rewards right now (love my new Limitless), I'll never be able to get a CLI on any of my USAA cards w/o an HP and never be able to PC, combine cards, get an APR reduction like NFCU does.  Being former Army, we anything to do with the Navy even so much so that I was reluctant to join NFCU while I was still on Active Duty, boy I'm glad I did

Hope this helps!

Oz

[grillandwinemaster]

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@Anonymous wrote:

I joined NFCU back in July 2013, tried for an unsecured card, was declined so I opened a secured card.  Wife also joined when I did, I talked her into applying for a card, she was approved for a $5k cashRewards.  Originally I was just an AU on her card, but once she was approved, we had NFCU switch it to a Joint Account

What was your starting limit? - tried for my first unsecured card in Nov '14 after getting approved for a CLOC at $2k.  cc application was declined, I sent NFCU an SM asking for a recon, they reversed the denial and gave me a $500 CL

How has it grown? - got this card up to $25k a year later

What are the CLI trends?? - got a CLI to $2k in Feb '15, $10k Mar '15, $14k May '15, $20k Sep '15, $25k Nov '15 (if you're interested/it'd be helpful I could determine which CLIs were SP/HP)

What were your Scores at Approval? - Low 600s, like 609 EQ, 613 TU, 606 EXP

Do you have additional accounts? - Yup, just about everything they offer, Checking, Savings, Joint Checking, Joint Savings.  Go Rewards CC $12.5k, Joint cashRewards CC $25k, Joint Auto Loan Jan '17 (3.09% APR for 72 months)

Do you have Plocs and/or Clocs? - Wife and I both have CLOCs, mine is at 15k, wife's is at 12k

General Navy experience? - I LOVE NFCU!  As a former USAA employee, I understand NFCU is USAA's main competition for banking/credit cards, but until the Limitless Card came out, USAA couldn't compete at the credit level (rewards wise, starting limits, SP vs HP CLIs).  USAA is way stricter when it comes to underwriting.  For example in Feb '16, applied for a USAA credit card (scores were 711 EQ, 722 TU, 719 EXP), USAA gave me $2k at 26.9%, their max APR.  I called them and told them to close the card lol.  I hope this new card from USAA has NFCU step up their rewards game, maybe making make the cashRewards a flat 2% and the Flagship 2.5%  I could really dream and hope that they match cashRewards to the Limitless at 2.5% and they make the Flagship 3% across the board

Any additional information you Can provide? It was funny when I worked at USAA hearing all the hate toward NFCU from my co-workers, I'm glad they never looked in my wallet lol.  Even though USAA might have NFCU beat on rewards right now (love my new Limitless), I'll never be able to get a CLI on any of my USAA cards w/o an HP and never be able to PC, combine cards, get an APR reduction like NFCU does.  Being former Army, we anything to do with the Navy even so much so that I was reluctant to join NFCU while I was still on Active Duty, boy I'm glad I did

Hope this helps!

Oz

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Oz, your story is an excellent account of how Navy really grows with you.  Thanks for sharing, and congratulations on your amazing credit journey with Navy!

[Anonymous]

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@grillandwinemaster wrote:

Navy now accepting honorably discharged veterans is a TOTAL & COMPLETE game changer for me and probably many MyFico members.

I'm calling on experienced Navy credit account holders, please share your experience with Navy.

What was your starting limit?

How has it grown?

What are the CLI trends??

What were your Scores at Approval?

Do you have additional accounts?

Do you have Plocs and/or Clocs?

General Navy experience?

Any additional information you Can provide?

 Any and ALL INPUT regarding Navy Federal Credit Union

 will help many MyFico Forum members to make an informed decision regarding Navy Federal. 

Thank you all in advance!

---

What was your starting limit?  $500 on a cashRewards card in August 2016

How has it grown?  $22,000 on a soft pull CLI in January 2017

What are the CLI trends?? Based on everything I've learned from my own experience and others', the best time to ask for you first CLI is on the first Account Review (AR) after your third statement.  Navy does AR at the beginning of each of these months: Jan, Mar, May, Jul, Sep, Nov

What were your Scores at Approval? The closest score reading to my approval on 8/13/2016 is from 9/3/2016: EX 664 / TU 654 / EQ 673

Do you have additional accounts? Opened an nRewards secured card for my DW at the beginning of February

Do you have Plocs and/or Clocs? Not yet - will app for a CLOC when I shop them for an auto loan in a few months (this is the only thing they are known to combine a HP for)

General Navy experience? Favorable so far - I'm definitely a fan!

Any additional information you Can provide? If you're not qualified by virtue of your military experience, don't be afraid to use the backdoor and join via NLUS-SD.  It's now a very well-documented process which I found to be very straightfoward and easy to follow

[grillandwinemaster]

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TygerHawke wrote: 

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What was your starting limit?  $500 on a cashRewards card in August 2016

How has it grown?  $22,000 on a soft pull CLI in January 2017

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PHENOMENAL!!

This type of account growth is truly phenomenal! I'm not aware of any other lender that will promote this type of growth in such a short period of time. 

Thanks Tyger, for sharing your experience!