Success with Steven: Navy Federal Flagship Visa Card
Introduction
- Presenter: Steven Smith
- Topic: Navy Federal Flagship Visa card and obtaining an $80,000 credit limit
- Applicable for individuals with bad credit as well
- Emphasis on strategic steps to achieve high credit limits
- Additional resources available for credit repair, collection removal, etc.
Why Navy Federal?
- Largest Credit Union in the US
- $168.5 billion in assets
- 13.2 million customers as of end of 2022
- Known for high credit limits due to member-based structure
- Better interest rates and funding compared to traditional banks
- Builds trust and rewards relationship with members
Becoming a Member
- Military affiliation is a common entry point
- Possible membership through immediate family, household members, or deceased military relatives
- Alternative access through roommates or friends tied to military
Relationship with Navy Federal
- Building relationships is key for better rates and limits
- More internal score advantages by maintaining funds with Navy Federal
Recommended Accounts
- Flagship Checking Account
- Provides dividends on balances
- No monthly fee with $1,500 daily balance
- Money Market Savings Account
- Provides modest interest rates based on balance tiers
- No monthly fee with $1,500 daily balance
Strategy for High Credit Limits
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Initial Steps:
- Open checking and savings accounts
- Maintain relationship for 90 days before applying for credit
- Recommended to wait 90 days for higher initial limits
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Credit Card Application and Pre-Qualification:
- Review Navy Federal’s pre-qualification options
- Options for different credit qualities:
- Bad credit: Secured card
- Fair credit: Cash or Go Rewards
- Excellent credit: Flagship Rewards
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Secured Card Pathway:
- Starts with $200 deposit
- Can graduate to Cash Rewards and receive a $2,000 limit
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Limit Increases and Timelines:
- 91/3 rule for initial increase: Request after 91 days for a maximum of $8,000
- Post 91 days, increases every 6 months
- Time to reach $80,000 limit varies slightly by credit score
Importance of High Limits
- Higher limits lead to better future credit opportunities
- Increase likelihood of higher limits from other institutions
Business Credit
- Gold Biz Rewards Card
- Get up to $25,000 without documentation
- Builds on personal credit history
Closing Remarks
- Strategy can lead to significant credit within a few years
- Encourage sharing experiences and strategies in comments
- Video recommendation for further information on business credit options
This lecture provides a detailed strategy for using the Navy Federal Flagship Visa card to achieve high credit limits even with varying credit scores. It emphasizes the importance of building a relationship with Navy Federal to leverage better financial opportunities.