welcome back to success with Steven my name is Steven Smith on this channel we talk about everything financial literacy and today we're going to be talking about one of the credit unions that we all know we all love Navy Federal is the largest Credit Union in the United States and it's most love because they have low interest rate products they have no money down mortgages high limit credit cards most of us are aware of all the benefits but there are some other things that they do have with Navy Federal that also have benefits that they do not tell you or that you are unaware of unless you ask them or unless you look into it or you watch videos like this where we disclose this hidden information so today we're going to be going over five things that Navy Federal will not tell you and hopefully some of these things can actually benefit you so let's get started the first one that we're going to be looking at is going to be the Navy Federal prepaid cards I know that probably seems like something very vague but we're going to go into some of the benefits of the Navy Federal pre PID card so the Navy Federal Go prepaid card account owners can use their debit card or their credit card Visa or Mastercard only to fund their Go prepaid account the name on the funding card it must belong to the account owner they don't accept any other forms of payment it has to be a debit card or a credit card that's issued by Navy Federal it cannot be issued by another financial institution it has to be just Navy Federal and while there's no charge for ordering the Go prepaid card you must initially fund the car with at least $20 when you order a Navy Federal Gold prepaid card you'll be required to enter your funding card information and there's a special note here when funding the Go prepaid card with a credit card the funding transaction is processed as a regular purchase transaction and not a cash advance you can withdraw cash from the ATM at a maximum of $600 per day you can also add up to five cards for family members or friends so a essentially if you get five of these cards then you can withdraw $3,000 per day which would ultimately if you had four days of doing this you'd be able to withdraw $10,000 in cash this would be all from your credit card or your debit card so one advantage of that is now if you did want to get cash from your Navy Federal credit card and you did not want to pay a cash advance fee or you wanted to use more than what was allowed you can actually fund this Go prepaid card and then you can withdraw the the actual cash from that so I guess it'd be a way of liquidating but again you want to you know you want to know that your your APR is still going to be the same if you do this within a certain period like if you do it at the at the end of a statement cycle you're going to have 30 days really to pay it back my recommendation is to do something like this the day before your statement cycle date closes that way it starts in a new cycle you ultimately get around like 60 days almost to pay that back so that would be a nice little trick where for whatever reason you just needed cash and you couldn't use credit this would be an alternative to that or if you need to take that money deposited for something in particular income verification down payment on mortgage anything like that whatever the case may be that might possibly be an option for you and I'm just going to take you to to the website so that way you could see this because again this information is subject to change so at the time of recording all of this information is valid right so right now we are on the Navy Federal website we're in the Go prepaid card portion and spend money the smart way and you can see Go prepaid it delivers a convenient flexible and secure way to spend and send money that you and your family can Bank on and when you look at it here it's for families it's for you to be able to track spending set a budget monitor the account balances load and reload the card how it works you can go to the prepaid card online activate and load the money onto the Go prepaid card through the mobile app and then shop online or in stores anywhere Visa debit cards or accepted and it lets you know that you get convenience flexibility and security you can download the Navy Federal Go prepaid mobile app so there's a dedicated mobile app for this particular card and if we go down to the facts right here what payment method can I use in order to fund my card and I copied the exact information here but we can go over it again account owners can use their Navy Federal debit card or credit card and right here note when funding the Go prepaid card with a credit card the funding transaction is processed as a regular purchase transaction not a cash advance and then you can also um order the Go prepaid card for additional users so you can definitely check this out especially at the time of recording and you can see point of sale transactions are $3,000 per day ATM withdrawal limit is 600 account owners can customize the limit for car holders total card load is $10,000 no monthly activation or purchase fee so this is something that you can definitely look into it might be an additional benefit for you if you are looking to do that and you can get as creative with it as you would like number two that's going to be the auto increase limit this is something that sounds really good right and I'm actually testing something out right now I may do a follow-up video for just this one individual thing but Navy Federal will automatically increase your credit limit this is a feature that it sounds wonderful but can also prevent you from maximizing your full limit I'm just going to give you a quick example I was trying to get another $8,000 increase on one of my Navy Federal credit cards my personal credit card when I got to month five it was like one month before I could actually do the or I was going to be looking at doing the increase it was like maybe let's say like 50 days in almost getting close to the 180 81st day when you should or the recommended date they did an auto increase of $1,500 so instead of getting the $8,000 increase that I could have requested manually I only got 1,500 and it doesn't seem like a big deal but like I said in previous videos the CEO of FICO even stated when you're trying to get higher limits on all your other credit cards they look at what what other banks are offering you so that addition $8,000 could have helped me get increases on all of my credit cards when I did a credit line increase I tried to to do them all at the same time so this would have had a trickle effect to hopefully increase all of them at the same time which then could have gotten me higher limits on even business credit cards that I wanted to apply for so that's one of the things that I was really upset about because now I'm like now I got to wait another 6 months so when I called I did find out that one from the from the represent that I spoke with you do not actually have to wait 6 months for a limit increase that's the recommended date so the automatic increase didn't have to wait 6 months it could be four it could be five they can just do it they are also able to turn this feature off so if you want to be able to maximize your limit you can turn it off now I do have from what I've been researching there is a theory of mine that the auto limit increase may not affect that 180 days that six month credit limit increase that pretty much that method that we're all familiar with so I'm testing it out now I'm trying to see if in this time frame can I request another increase on top of that if so I'll come back and update this video because it would be awesome if Auto increases can be on and they may give you a couple maybe $1,500 $2,000 increase here and there but it won't affect you asking for $88,000 later that way you might be able to get a $110,000 increase within like a 7 Monon 8 Monon time frame so I'm still testing that I don't have any any information to confirm it but I will keep you in the loop but if that something that you had seen happen just know that I would turn the auto limit increase feature off because you could have manually requested way more they may have given you a counter offer in my opinion for where my score was the other cards that I just got limit increases on I would say that I probably would have gotten the full 8,000 but instead this is what I got I got 1,500 so just bear that in mind it's something that again they don't tell you you would have to actually call them and ask them to turn this feature off now if the counter happens and turns out you could do this and request a manual I'll update this video and I'll come back with that information and then it might be better to keep it turned on but I will keep you posted with that information as I learn it in real time number three that we're going to be looking at will be credit line migration now this is something that I've worked at a few Banks a lot of them offer this exact same thing I didn't know that it was something with Navy Federal that you can actually do so when you reallocate credit line by that I mean you're moving credit line from one card to the other you can move it with Navy Federal and the account has to be open for one year and that would be really helpful if you want to complete a balance transfer so I'm going to give you an example I had someone ask me what I recommend for a consolidation loan and I told them I don't have any recommendations because everything's based off of you know circumstances if you have a a consolidation loan for your debt and the interest rate is high you know if it's lower than my APR on my card then I guess it makes sense if it's not then I wouldn't do it right or there has to be a specific reason why now let's say you wanted to do a balance transfer let's say you have a Navy Federal car that has 50,000 and another one that has 30,000 you can take the 30,000 from one card add it to the other you now have $80,000 on one card and now you can do a balance transfer and you can consolidate all of your debt onto this one card and a lot of balance transfers they have low APR occasionally there'll be promotions for 0% APR so if you had a credit card that was just out of hand maybe $50,000 in debt and your interest is like $2 or $3,000 a month I mean the interest is killing you you can't even pay on the principal because you can't beat the interest this would be a situation where this benefit comes into play now you can put all of it to one card 0% APR and you can pay it down on the actual principle just imagine how much money that would save you if you were paying $2,000 in interest and now you get to pay $2,000 plus extra on top of that to pay down that balance and if you have a year to do so you can really make a dent in that I mean if you could do that for $2,000 for a year that's $24,000 that can be half of that entire balance and if you could throw a low extra on there that would be great it'll give you a lot of time to be able to really get that down and then you can go do a balance transfer somewhere else with a different card and then pay down the other 24,000 within another year now you were able to pay that without paying any interest z% APR by using this and by using this reallocation strategy so again this is something that I didn't know that they had available at Navy Federal and it can be good just depending on how you're going to use it and how you're going to reallocate those funds all right number four is going to be viewing your internal score so a couple things with this some of us may or may not know but Navy Federal has an internal score that can range from 100 to 450 and Navy Federal will use this and your personal credit score usually your TransUnion FICO 9 to determine what approval odds you receive as well as low interest rates and based off this internal score you may be approved for lower interest rates and higher limits even if your credit score is low so that's one of the huge benefits of having an internal score the internal score like for another example there's someone who on our $80,000 Navy Federal Flagship credit card video they had a 580 credit score and got approved for the flagship for I believe $111,000 and I think I pinned that comment cuz I thought that was really amazing cuz that just goes to show you didn't have to have the strongest credit score if you have a high internal score and you can do things like get the pledge loan use the certificate make deposits you know get products with Navy Federal and definitely make sure that you're depositing money and you're building that relationship you don't necessarily have to have the strongest credit score you can have a strong internal score now your credit score is taken into account but it's not the end all Beall and that's the main point so if your internal score is lower than about 250 I would probably wait before applying for anything and a lot of people don't know how to find their internal credit score so that's where you know this information comes into play anytime you apply for a credit card product Navy Federal is going to send you a letter and if you look on the back of that letter it's usually on page one then you will see your internal credit score so it is a again a number between 100 and 450 that's the only way that I know of that you can actually see your score you can try to call you can try to ask a lot of times some of the people who work there don't even know what that is I've worked in a place where it's like internally you have to understand at sometimes it's just a job and there's some things that I'm not going to know about that if you're someone who is looking into something like a strategy or something like how we're doing you're going to be more involved in this then I will then if even if it's my job so I understand I've been on the other side so I get it you're not going to know all that stuff because to you it's not really that important you're just trying to do your job so again some of them don't even know what what that is this is the definite way that you can find it so if you are approved for a credit card you will be able to see your internal score if you're denied for a credit card you will see your internal score I want to give you a tip to actually seeing your internal score that probably seems obvious I'm not sure that I heard anybody ever mention it on YouTube but what you can do is freeze your credit scores freeze your credit scores and then apply for something with Navy Federal apply for a credit card apply for something you will get denied because they're not able to actually see your score but you will receive a letter in the mail that letter should have your internal score on it now sometimes I've seen where it doesn't but this has worked for me in the past when I wanted to see my internal score I just go apply freeze denied letter in the mail you're denied be because we weren't able to access your with the intern internal score and then they'll also have some tips that you can actually see on that letter about how to improve your internal score like they'll have things like number of inquiries on on the credit bureau your report saying that is too high they'll have like balance statuses they'll have length of Navy Federal membership so that the time that you've been a member actually does matter that can all affect your your actual internal score so you do want to be aware of that so a lot of these things do add up account balances can also be a factor and you know you want to put yourself in the best position to get approved for their products and their services so again that's the reason why we hyperfocus on building that relationship to really grow that internal score that internal score is just as if not more important than our actual personal credit score so just keep that in mind and let me know if that tip still works I haven't done it in a while but you can try that freeze everything apply get a letter in the mail with the deny and then you can see your internal score without having to actually apply for something and take a hard inquiry or if you apply for for something and you're approved just know that you'll be able to actually see it that way as well or if you are denied number five credit pools now credit pools it's going to be a couple things I want to talk about when's the best time to submit them like to submit an application to get a credit pool and where they're actually going to be pulling from so this is going to be some information that I'm not sure is still relevant but it was at a a Time best to submit your application anywhere between 11:00 p.m. and 4:30 a.m. Eastern Standard Time as Navy Federal will be using an automated system normally underwriting is gone it used to be called The Late Night approval hack and it was supposed to give you a higher chance of approval during those hours I think it was a loophole that Navy Federal was aware of so it may or may not still work but currently they use your TransUnion 9 for everything personal experion for business but TransUnion FICO 9 for the personal except they have been known to pull your Equifax FICO 9 for credit line increases so you again you may or may not know that memberships if you're a member it's currently a soft pool if you call for like a credit line increase they will most likely do a hard pool and you want to avoid this by just doing it through the app you don't really want to have the call if you're denied on an application they can also reuse a hard pool within 30 days if they can match your application with the previous app now we have tools and resources on this channel to remove hard inquiries but remember if you're approved for something you want to keep that hard inquiry you don't want to remove it so if you are denied and you want to try again within a certain time frame like you know a 30-day time frame you can then instead of taking a second hard pull you can try again with the original one if something change like let's say you pay down your your utilization or something Chang where your score increased then you can call them back and say hey can you use this same one if you're approved cool if you're not we know how to remove it so and just another like a sidebar you're only allowed three credit cards maximum you can have duplicate cards but you are only allowed three cards maximum on the personal side and also if you do get let's say a credit pull you're approved for a credit card your initial credit line without proof of income the maximum you could possibly get is $25,000 25,000 is the maximum amount that you could possibly get without proof of income and of course 50k on every card except the flagship it's 80,000 but for initial it's always going to be 25 without that one more thing and you may or may not be aware of this but when you're when you're doing a a credit line increase if you were denied or you did not get approved I recommend calling because sometimes they actually have your credit line increase pending sometimes all they need is proof of income they need to verify something so always call and ask they may just need to verify that and if they verify that then they can approve you for your credit line increase and that's something that I've never seen like anybody address or or talk about so just keep that in mind I would always call if you did not get it and just find out why because it may be as simple as you calling verifying some information and then you're approved so always double check that that is pretty much it those are five things that Navy Federal will not tell you and if you didn't know then you are aware now I may compile another video of a few more things that you may or may not know but thank you guys so much for watching if there's anything that you want to add things that you've found out add them in the comments you know it would be great to actually have here under this video a lot of information that people did not know and that you can share that way we can all just go down to the bottom of this video and look at all the additional information that we can refer to so in the comments add some additional information if you know anything or if you've benefited or learned anything from this video please like Please Subscribe thank you for watching once again and you guys have a wonderful day