Navy Federal Internal Score?

[Anonymous]

---

@RickNATL wrote:

Found the read interesting...where do you find the NFCU internal score?  Is it only through an app process or calling in, or can I find it in my online account?  Thanks in advance for any insights...

---

It’s on the cost of credit letter they send you in the mail when you don’t get the lowest APR they offer on a card. 

[RickNATL]

Thank you...I haven't gotten a letter from them...I have their Go, Flagship, and PLOC.

[Anonymous]

So i have been a member of NFCU about a year now, have been rebuilding for almost two years post BK7 discharge. Wanting to get in the door with them for credit products, was turned down last month due to high utilization (medical). I have paid my balances down and scores improved about 40 points. 

If i do not have any credit products with Navy, do i still have an internal score with them? Or does the internal score only start once you get a credit product from them? Or do they update the score when you apply for your first credit product? 

Basically, i am trying to see if i need to wait for the next internal score refresh (every two months if i remember correct?), or if it doesnt matter when i apply as they would refresh my internal score upon the next HP?

[CreditInspired]

Hi OP

Since no one has responded yet, I’ll answer as best I can.

IMHO, I wouldn’t worry about NFCUs internal scoring. What is your EQ 9 score when you view your FICO score on NFCU’s site? This updates monthly. So I think yes, if you have an EQ 9 score, more than likely you would have an internal score.

[Anonymous]

I do not have an option to view a FICO/EQ9 score online, maybe you need a credit product to generate one from Navy?
I received the denial for original application which gave me what looks like their internal score, was at 291 due to high utilization. Should be better now due to me paying cards down to $0 except one. The denial stated use of existing credit lines as a reason. Trying to figure out if I apply again will they HP and update my internal score or does it only matter what they see in the HP and internal score only applies to future CLI and credit decisions?
Maybe it’s a fools errand to try and figure out Navy? LOL

[Anonymous]

Oh, they will HP again! Navy loves to HP for everything.

[Emierja99]

Yes you got it, as long as you pay on time I think you will be good to go! My internal score was 316. I actually applied for the Cash Rewards upon opening my NFCU account but I had to send in verification documents and as a result the card was declined because they locked my account. Now I'm wondering should I call and ask for a recon and not waste the HP on my CR. I'm thinking I may get it. I would be so happy even it is for $200. I will nurture that $200 until it becomes $20,000.

[Anonymous]

Does the cost of credit letter come seperate? I just received my card last week, there's no cost of credit letter or internal score anywhere.
Thanks

[Anonymous]

Is there any evidence that their in-house model values behavior different from FICO's in some fundamental way?  For example, that it likes it when you have several accounts with a positive balance, or that it likes a 7% utilization better than a 2%, or whatever?

If not, then as a practical matter there may not be a lot of importance to how it works.  I.e. if you want a better score, make sure you have a CC reporting a balance, keep your reported utilization low, have an open loan (painless and virtually cost-free with the SSL technique), pay your bills on time, and work to get all derogs removed from your reports.  That may not result in a perfect NFCU score but I imagine it will result in a score that is good enough to guarantee best rates on a mortgage or auto loan (say) or for approval on any of their credit cards.

On the other hand, maybe NFCU does work much differently from FICO 8 (say).  If so, it seems like we'd need want to investigate in great detail the corner cases, i.e. where someone claims to have a very good FICO 8 score and a terrible NFCU score (or vice-versa).  I can imagine possible explanations.  E.g. the person has a clean strong profile except for a recent $70 collection -- that could result in a high FICO 8 and a bad score in another model.  But without a vast amount of reliable detail about their reports it would be difficult to speculate.

[Anonymous]

I wanted to update: my letter came yesterday, about a week after receiving the card
Internal score: 298
Factors that adversely affected score:
**No open credit union accts reported in last 12 months
**Amount of non mortgage account balances paid down in last 24 months- collections maybe? I have 2 on TU
**Utilization of revolving acct credit lines in last 12 months- I had 2 months of high utilization since getting my first credit card 9 months ago, one of those months was right before I applied, I lowered it to 8%
**Number of revolving accts- 2
**Number of inquiries- 2
Maybe someone will find this helpful, maybe not, but here it is.