Lecture Notes: Success with Steven - Navy Federal Credit Union Benefits

Introduction

• Presenter: Steven Smith
• Focus: Financial literacy and benefits of Navy Federal Credit Union
• Key Interest: Hidden benefits of Navy Federal not commonly known

Overview of Navy Federal Credit Union

• Largest credit union in the U.S.
• Known for low interest rates, no money down mortgages, and high-limit credit cards

Five Hidden Benefits of Navy Federal

1. Navy Federal Prepaid Cards

• Go Prepaid Card
  • Funded using Navy Federal debit or credit cards only
  • Requires initial funding of $20
  • Cash withdrawal limit: $600/day (up to $3,000/day with 5 cards)
• Benefits
  • Purchase transactions are not processed as cash advances
  • Can be used to avoid cash advance fees by withdrawing cash from ATMs
  • Advantageous for liquidating cash needs

2. Auto Increase Limit

• Automatic Limit Increase
  • Navy Federal may increase your credit limit automatically
  • Potential downside: May interrupt larger manual increase requests
  • Option to turn off auto-increase for maximizing manual requests
• Experiment
  • Theory being tested if auto increase affects manual increase eligibility

3. Credit Line Migration

• Reallocating Credit Lines
  • Move credit from one Navy Federal card to another after one year
  • Useful for consolidating debt with balance transfers
  • Allows potential for 0% APR on balance transfers

4. Viewing Your Internal Score

• Internal Credit Score
  • Ranges from 100 to 450
  • Used alongside personal credit score (TransUnion FICO 9)
  • Strong internal score can lead to higher limits and low rates
• How to View
  • Shown on credit card application outcome letters
  • Can freeze credit scores to receive an application denial letter showing internal score

5. Credit Pulls

• Best Time for Applications
  • Suggested between 11 PM - 4:30 AM EST for best approval odds
• Credit Bureau Usage
  • Personal: TransUnion FICO 9, Experian for business
  • Equifax FICO 9 for credit line increases
• Application Tips
  • Membership is a soft pull
  • Reuse denied application hard pull within 30 days
  • Maximum three personal credit cards allowed
  • $25,000 max initial credit line without income proof

Additional Tips and Insights

• Calling after denied credit line increase for possible approval
• Encouragement to share additional unknown tips in comments

• Call to Action: Share knowledge in comments, like, subscribe.
• Closing: Thank viewers for watching and encourage sharing of additional tips.