Navy Federal's Internal Score
What is an Internal Score?
- A scoring model used by banks to determine how much they are willing to lend to an individual.
- Important for securing loans and other financial products.
Relationship Banking
- Having multiple accounts and products with the bank strengthens your relationship.
- Personal checking and savings accounts
- Direct deposits
- Credit cards
- Auto loans, mortgages, and pledge loans
- Shows you are invested in the bank, making you appear less risky.
Score Range
Factors Contributing to Internal Score
- Checking Account
- Type of checking account matters (e.g., flagship checking account)
- Keep at least $1500 in the account for higher yields.
- Direct Deposit
- Regular direct deposits (weekly, biweekly, monthly) raise your score.
- Credit Card
- Having a Navy Federal credit card improves your score (e.g., Flagship Rewards Card).
- Insufficient Funds
- Avoid going negative in your account.
- Use payment protection to prevent insufficient funds.
Finding Your Internal Score
- Customer Service
- Call or write into the Navy Federal portal.
- Denial Letter
- If denied, a letter will state your internal score and reasons for denial.
Improving Your Internal Score
- Use the pre-approval tool on navyfederal.org to check approval odds without a hard inquiry.
- Eligible products:
- Navy Federal Go Rewards Credit Card
- Navy Federal Platinum Card
- Navy Federal nRewards Secured Credit Card (for challenged credit)
- Other Products
- Easy Start certificates or standard certificates for long-term interest gain.
- Personal loans, home equity loans, auto loans, mortgages.
Actions to Raise Your Score
- Open a flagship checking account.
- Get a Navy Federal credit card (preferably Flagship Rewards Card).
- Set up regular direct deposits.
- Maintain balance above $1500 if using flagship checking account.
- Avoid insufficient funds at all costs.
- Consider a pledge loan to increase score.
Explore all products at navyfederal.org and aim for the highest internal score possible.