Lecture on Navy Federal Flagship Visa Card

Introduction

• Presenter: Steven Smith
• Topic: Obtaining an $80,000 credit limit on the Navy Federal Flagship Visa card, even with bad credit.
• Emphasizes strategic method for credit repair and card limit increase.

Why Navy Federal?

• Largest Credit Union in the US with $168.5 billion in assets and 13.2 million customers (as of 2022).
• Known for high credit limits and favorable terms due to non-traditional structure.
• Offers better interest rates and funding.
• Emphasizes relationship-building over transactional interactions.

Becoming a Member

• Various ways to become a member:
  • Military affiliation (family or friends in the military).
  • Immediate family members (parents, siblings, spouse, children, etc.).
  • Household member or roommate in the military.
  • Access code from military-associated members.
  • Veterans or Department of Defense civilians.
  • Deceased military family members.
• Membership benefits include enhanced credit options and better interest rates.

Account Setup Strategy

1. Open Accounts: Checking & Savings

   • Flagship Checking and Money Market Savings accounts recommended.
   • Keep accounts open for 90 days before applying for credit increases.

2. Interest and Dividends

   • Flagship Checking: Dividends based on balance tier.
   • Money Market Savings: Interest for various balance tiers.
   • No monthly fees with minimum balances.

3. Direct Deposit

   • Setup direct deposit to build internal score and relationship with Navy Federal.

Credit Card Strategy

• Pre-Qualification: Use Navy Federal's pre-qualification page to explore card options without impacting credit score.
• Card Options:
  • Flagship Rewards: Ideal for excellent credit.
  • Cash Rewards and Go Rewards: For fair credit.
  • Secured Card: For those rebuilding credit.

Secured Card Path

• Start with a secured card with a $200 deposit.
• Graduates to cash rewards after 6 months (up to 1 year, depending on credit).

Credit Limit Increase

• 913 Rule: Wait 91 days or 3 statement cycles for first credit limit increase.
• Maximum increase in limit is $8,000.
• Every 6 months (180 days), request subsequent increases.

Flagship Card Path

• Product change possible after 1 year with adequate limit.
• Focus on building credit limit to $80,000.

Timeline for Limit Increase

• Different starting points based on credit quality:
  • Bad Credit: Approximately 5.5 years to $80,000.
  • Fair Credit: 4.5 years.
  • Excellent Credit: 3.5 years.
• Importance of relationship and internal score in expediting limit increases.

Additional Notes

• Higher limits with Navy Federal aid in obtaining higher limits from other institutions.
• Potential for combining personal and business credit limits.
• Encourage checking out related resources and videos for further guidance.

Conclusion

• Strategy outlined for reaching high credit limits with Navy Federal.
• Emphasis on relationship-building with Navy Federal for credit growth.
• Open invitation for viewers to share their experiences and outcomes.