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How does Navy Federal CU verify income?

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Regular Contributor

How does Navy Federal CU verify income?

W2s, pay stubs, bank statements?

Thanks guys
Message 1 of 9
8 REPLIES 8
Super Contributor

Re: How does Navy Federal CU verify income?

They likely have some sort of database they can access like the other credit card companies to estimate your income but they don’t normally ask for POI unless you’re asking past a certain threshold, I believe 25K, or your stated income is considered very high. 

 

Otherwise its on the honor system like most credit card companies, a rarity for credit unions. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 2 of 9
Regular Contributor

Re: How does Navy Federal CU verify income?

I read a couple of threads from 2017 and one from 2018 where folks who hit 20k or more got a request for income verification.

They were all requesting CLIs though.

There was one thread where folks were applying for cards and got income verification requests too, so not all were CLIs

I wonder though do they go by our W2s or our pay checks? When they want verification what exact proof are they wanting?

I'm a steelworker and my income fluctuates one season to the next. It goes up and down all yr, depending on work pace.

Worst case scenario I gross 1374 a pay, 2700 a month.

Some of my best months I can do 4k a pay and 8k a month.

Feburary will be that kind of month. I would ideally apply for a CC soon after receiving those pay stubs

But if they verify via W2s then thats different, I can apply later when I'm more comfortable. With two back to back pay stubs like that I'd have to seriously consider applying for one before the pay stubs age out and are no longer recent
Message 3 of 9
Regular Contributor

Re: How does Navy Federal CU verify income?

I'm also going to do a job change where I'll be taking a very large pay cut.

Its a smart decision long term financially,
but short term the pay cut will be enormous. So the new job is a difficult must

All that makes me wonder then, how do they verify our incomes when requesting proof?

Pay stubs would be most ideal, bank statements would work too but a W2 would not work as well as paystubs. Which is why I ask
Message 4 of 9
Super Contributor

Re: How does Navy Federal CU verify income?

I can’t see them asking for your income. I have never had them request income verification and I get $18K a year which is what I reported to them - I have $15.2K in credit with them since I joined in September. 

 

The times I have seen are large CLI requests like you mentioned or very high reported income. 

 

I wouldnt recommend trying to get credit based on temporarily inflated income either. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 5 of 9
Moderator

Re: How does Navy Federal CU verify income?

OP, in the event that NFCU asks for POI, they'll let you know what acceptable documents or items would be needed during the review process (new CC, CLI request, etc.). I suppose you could cross that bridge whenever you decide to pull the trigger.
Message 6 of 9
Regular Contributor

Re: How does Navy Federal CU verify income?

Thanks for the feedback guys.

If they ask for just paystubs on a slow down I'll take it upon myself to provide W2s too.

That way they see I'm reporting my income honestly but not inflating.

Imho I don't consider reporting my current gross yearly income dishonest or inflating, even if I plan to make almost half what I do in another career in a few months.

I think reporting a lower hypothetical income that hasnt come to fruition yet isnt a good idea. I don't think it'd be wise to do that. I'm in a fortunate position to know a pay cut is coming, I'll take advantage of it while I can and make the best of it and build my credit accordingly with your help and advice
Message 7 of 9
Contributor

Re: How does Navy Federal CU verify income?

I recently did an auto load refi with NFCU, and had to upload pay stubs to a secure document portal on their site. 

Message 8 of 9
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Valued Contributor

Re: How does Navy Federal CU verify income?

I've pondered this myself just in case it ever does happen, I too have fluctuating income from to month. So I would prefer using W2's as it correctly reprisents what I state that I earn annually. However, if a finacial institution ever requested a pay stub during one of my smaller paychecks. It may look fishy to them as the math wouldn't add up. Though I haven't been as for POI in a very long time, since I was younger and much lower credit scores.

 

 






Message 9 of 9
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