Opinions needed on NFCU product

LuvsRetro · ‎05-15-2009

I would like to go agead and apply for some Navy Fed products and would like input as to which card is easier to get.

Does anyone have any comments on the new Visa rewards "Cash Card"? I think I've only seen one member receiving the card so far.

Also, what is the NavCheck used for? I see that a lot.

Message Edited by teamfico on 05-15-2009 12:55 PM

10/01/2017 myFico EQ-778 TU-793 EX-781
11/01/2017 myFico EX-799, Barclays 11-4 Reported: EQ-796 TU-826 EX-799

mt2va · ‎05-15-2009

I posted recently about being approved for the CashRewards Visa card. I wasn't sure which card to apply for & just picked it. Shocked the heck out of me that I was approved because my FICO scores are pretty bad (mid to high 500s) including charge-off's, etc still on my EQ report. I was approved for $1,200 & my income is about $33,400. A lot of people seem to have the goRewards or NRewards cards & they all seem similiar to me. Heck my debit cards give me points for every $1 I spend & I can redeem for gift cards already.

The NAVCheck is a LOC & I posted asking about that before as I don't really understand the LOC concept. It appears to be similiar to a HELOC but not tied to a house. If approved you just write yourself a check as you need it & I'm pretty sure most use it for overdraft on their checking account. I only have a savings account with NFCU as my main bank is BB&T.

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)

jaybird201 · ‎05-16-2009

One unsecured credit card at Navy Federal is as easy to get as the next (with one exception); if you apply for one and want to change, you're free to do so and it's relatively easy. The easiest way to do this is to go to www.nfcu.org, click on credit cards, and next to each card there's a "Switch" button that will lead you to an online application for a card switch. It's easy and straightforward.

The cash rewards card is pretty new and I'm not as familiar with it, though I know Navy Federal is marketing it heavily. I don't believe the underwriting standards are any more strict for the cash rewards card than they are for the other cards though.

The NAVchek line of credit is an unsecured line of credit that is tied to your checking account. It's nice to have in the event of an occasional overdraft, though I wouldn't recommend using it to borrow large sums of money since the interest rate is fixed at 14.9%. If you need to borrow money, you can get a HELOC at Navy Federal or even take a cash advance on a credit card (they don't charge fees for cash advances like banks do) at a lower rate.

jaybird201 · ‎05-16-2009

@mt2va wrote:
I posted recently about being approved for the CashRewards Visa card. I wasn't sure which card to apply for & just picked it. Shocked the heck out of me that I was approved because my FICO scores are pretty bad (mid to high 500s) including charge-off's, etc still on my EQ report. I was approved for $1,200 & my income is about $33,400. A lot of people seem to have the goRewards or NRewards cards & they all seem similiar to me. Heck my debit cards give me points for every $1 I spend & I can redeem for gift cards already.

The NAVCheck is a LOC & I posted asking about that before as I don't really understand the LOC concept. It appears to be similiar to a HELOC but not tied to a house. If approved you just write yourself a check as you need it & I'm pretty sure most use it for overdraft on their checking account. I only have a savings account with NFCU as my main bank is BB&T.

When you said you were recently approved for a card with Navy Federal with a FICO in the 500's, how recently was this? 2008? 2009?

Just curious.

mt2va · ‎05-18-2009

@jaybird201 wrote:
When you said you were recently approved for a card with Navy Federal with a FICO in the 500's, how recently was this? 2008? 2009?

Just curious.

I'm almost afraid to say because I know you work there & I dont' want my CC cancelled if some type of mistake was made.

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)

jaybird201 · ‎05-19-2009

Bahahaha. I'd get fired in a second if I ever looked up anyone's information without a legitimate business purpose...though I have occasionally checked my own applications to see what score they pulled/the application status.

Currently the vast majority of approvals are for FICOs 660+, with some still being made for 600+. Apart from that, it really helps to have a healthy aggregate liquid savings (checking + savings + mmsa) balance and direct deposit, which may have helped you out if you had a below average score. If you didn't have either of those, it must've been your pretty face.

mt2va · ‎05-19-2009

LOL now you are too funny. I apped online for the cashRewards Visa & I apped by phone for the goRewards MC. (yes I'm admitting I got a 2nd card from them approved .....$1,000 CL) As far as I'm concerned NFCU can do no wrong! The Visa was approved May 4th & the MC May 18th. I'm as shocked as the next person. My actual FICO for EQ is probably around 570ish. I haven't pulled it lately.

I will say it is my better score of the 3 CRA. I have no public records, no collection accounts, etc I do have a couple charge-off CC. (still with OC though & they are 3-4 years old) My only positive TL are my previous car loan paid off in 2008, my current car loan, & my student loans I've been paying on for 7 years.

My credit history is only showing 9 years even though I got my 1st CC almost 20 years ago. (USAA Mastercard) Didn't know way back when to keep open oldest accounts to show age on my CR.

I have a theory why I may have been approved & will throw it out there because nothing else makes sense. When I joined NFCU I had to get my dad to join 1st so I could join under him. Is there any chance that they look at the person that sponsored you & put you in a different category as far as approvals go? (assuming your CR looks at least 1/2 way decent) The reason I mention this is my dad is a retired office from the Air Force. (26 years in) His FICO I know is 800+++. He's 78 years old so his credit history is very long & completely spotless. And he & my mom (even retired) have more income than I do. Anyway just a thought on my part.

Also to answer your other question I actually only opened the savings account & have less than $100 in it currently. I do hope to re-fi my car loan with them but for my everyday banking needs BB&T is just more convenient for me. I actually thought I should have waited until I had more in the savings acccount to app but it obviously didn't hurt my chances any. I don't use DD either. I just mail a check every payday to deposit into the account.

Anyway I appreciate them giving me a chance when no one else would. (not even the horrible sub-prime folks would give me a shot) I will not mess this up!

I do want to say that the 2 people I've dealt with from NFCU (you answering my initial questions) & the customer service gal when I called about the MC flier they mailed me are just great. Awesome customer service goes a long way!

Message Edited by mt2va on 05-19-2009 06:54 AM

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)

Anonymous · ‎05-19-2009

I love NFCU. I had to fax my ID, SS card, utility bills, and last two paystubs in twice. I waited almost 2 weeks for a response. I was approved for 10k limit. Whoo-hoo!

Anonymous · ‎05-19-2009

Wow, that's a lot of verification!

But congrats on the CL.

Anonymous · ‎05-19-2009

Correction, I had to fax my DL in 3x. They claim it was unreadable the first two times.

I'm just happy to have a real limit. Now I can cancel my $200 secured Orchard card. They refuse to even graduate me to an unsecured line. Oh well.