Navy Federal Internal Score

[tebtengri]

I know no one knows their exact formula for their internal scoring system. I get the basics about direct deposit(s) which I now have about $10000 a month of direct deposits going in. 

Would having a save first an easy start certificate, IRA with constant weekly auto deposits add to the internal score? What about a digital investor account with them that I add auto amounts to each week? I'll also likely transfer in stock I can purchase via my employer's discounted program once every few months as well. 

The digital investor product seems a bit "removed" from the regular app so I'm less sure if the internal score would "see" that but I also see no real harm adding just $100 a month to it and allowing NFCU to hold stocks I've purchased elsewhere at a discount given the small fee a month if it might possibly increase my internal score.

[sznthescore]

Someone previously debunked that getting many of NFCU's products help with their internal score. As I look at my lastest NFCU internal score 11/28/2022 I've come to this conclusion....

NFCU internal score is tied into your credit score and or the reason code's received from the credit bureau as to the reason for denial. I do have a portion of my direct deposit setup to go into my NFCU checking account

My NFCU internal score is 235

NFCU reason codes are as follow:

• Number of Inquiries on credit bureau report (10 at time of application)
• Balance Status of NFCU Accounts (nothing negative but less than $200 in checking over $500 in savings)
• Utilization of Bankcard credit lines in last 12 months (Interesting FACT to know they look at this)
• Insufficient variety of secured loan accounts (Only secured loan I have is an auto loan through them. Only other secured loan to get would be mortgage or SSL I'm assuming.)

[tebtengri]

So aside from having a wide variety of products increasing your "balance status" as you add to them one of each really has no bearing on it.

Appreciate the info.

[Shooting-For-800]

Time and relationship matter the most.

My internal score was 333 and I was denied for flagship.

I now have a $35k flagship and my score has been lower than 333 the entire time since I got it till now.

Just keep making smart descisions and it will work out.

GL!

[tebtengri]

I opened the super high % smart easy start and basically put what I think I may owe in taxes plus another $100-150 a week in it, opened an IRA to to beyond my employer 401k and did a small test pledge loan. 

I'll probably so a $5000ish pledge loan in February and use that to pay down some credit cards and LOC to around 9% utilization (other banks). I'll probably pay that loan down to 50% the next month then another 40% the month after and keep all cards at 0-10% max util.

Paid off my single collection of $911 and a discover CO of 555 and a first premier chargoff of 409 that had fall off dates a bit further out than I liked, plus given the smaller amounts I'd rather pay and see what they do to my score.

At this point it's really just using my cards and paying off weekly and any remainder before they calc interest and utilization, slowly pay down the remaining 10% on the pledge loans and see.

Gonna call and make sure my nRewards isn't locked for automatic increases too. I'm mid to upper 500s from all 3 bureaus. When I'm not in an Uber I'll screenshot with dates so I can add data points.

[ghgirll40]

I agree that share secured loans do help both your internal and external scores. Time and consistency in your financial habits will also help.

[tebtengri]

I actually got the small "test" pledge loan for $250 around Dec 23 2022, paid $225 on it on Dec 30 2022 and it already reported to Experian as an installment loan.

Experian score jumped 22 points from that and just one more month of on time payments on 3 revolving accounts. My nRewards remained around 8% utilization. I've two other revolving accounts around 60% and 70% util I will now start paying down. Hopefully have them below 10% in 3 months or so.

[sznthescore]

Nice @tebtengri  how many months did you do th e loan for?

[tebtengri]

$250 maxes at 6 months. $3001+ allows 60 months