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Navy Federal Employee Tells Me How to Get 450 Internal Score - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video coming to you guys
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today but something i am excited to
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share with you guys because i know this
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is going to be helpful for a lot of
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people in the world of finance and world
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of credit looking to build credit and
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stuff like that looking to build out
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your financial future so this is uh hell
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is what the channel is for right this is
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what we share this is why people share
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stuff and they comment these videos they
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share their experience and stuff like
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that uh because there's so much to know
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there's so much information obviously
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stuff is changing all the time and the
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world of credit
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do different banks credit unions and
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things like that um you know because
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they can make up their own rules and
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policies all that kind of stuff and
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taylor gonna be focusing on navy federal
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okay now i also want to hear a lot of
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feedback from you guys in this video
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because for those of you that have
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already subscribed the channel you guys
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have been great you guys have been
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absolutely awesome i've seen the
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subscriptions just go up and up and up
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and up and up as i keep cranking out
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more and more and more content and i'm
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actually not filming this one like at 11
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o'clock at night at feminism during the
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daytime so
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thank you everybody who subscribed the
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channel so far you guys have been
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awesome in helping this girl you so many
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of you've been so awesome in the
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comments section of helping out other
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people as well i appreciate you guys you
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guys have been absolutely great and
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today we're going to be talking about
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something where um this is for navy
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federal okay for those of you that are
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in navy federal or if you're new to them
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or if you're just trying to get into
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navy federal and you're going to be a
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member one day you want to know this
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this is ultimately the way
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you're going to be able to have the most
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success with them uh and building your
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relationship with them and building as
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strong as you possibly can so i got this
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information from sitting down with one
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of their employees
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in the branch in person guy had been an
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employee there for uh over five years
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he'd been an employee and so he's helped
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people with credit cards he's helped
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people with uh pledge loans and things
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like that so this guy knew his stuff and
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this guy was so cool this guy was so
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cool about sitting down and just like
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chatting away about different things
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he's seen sharing his experience and to
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get to talk to somebody with that many
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years of experience who's helped people
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in different areas uh was great because
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you know you can talk to the phone reps
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and
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you can get some pretty decent
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information but you know with the phone
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reps you don't know if the person has
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been on the job for a month or for 10
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years they have different experiences as
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well sometimes the information that they
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give you can be
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vastly different depending on who you
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talk to some of you have had that happen
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i know i've had that happen i've shared
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it here on the channel but this guy that
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i got to talk to in person um
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when i was doing my paperwork for the
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loan this guy was cool man he shared
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some cool info on this now we're going
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to talk about the things you need to
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help uh basically get a perfect credit
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score the internal excuse me internal
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score with navy filter right that from
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100 to 450 that's the range that they
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have for their internal scoring system
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over at navy federal now just like
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trying to get a perfect 850 credit score
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you know with the algorithms and the way
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um
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credit works it's not like there's a
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perfect system of a you do this this
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this this each is worth this exact
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amount of points and you'll eventually
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get to 850 right it doesn't really work
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that way similar concept with maybe
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federal okay these things i'm going to
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share with you he shared him with me
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they said he was totally cool about
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sharing these with me but he was also
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said you know he again this is part of
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him was just being transparent he goes
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hey you know i can tell you like these
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things are important because but i'm not
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going to be able to say like this one is
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necessarily with this this one's worth
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this and this one's where this kind of
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thing like it doesn't work that way or
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there's like a perfect graph of you know
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this product or using this service is
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going to get you like x number of points
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or that kind of thing with navy federal
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he was just saying from his experience
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with these things these are the
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important things to do these are the
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important factors navy federal takes
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into consideration when you do apply for
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something like a credit card or a loan
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or something like that goes this is
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these are things they do take into
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consideration and they're gonna take
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them all together holistically uh when
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they look at your application
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so starting this off and these are said
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not necessarily any particular order of
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you know which ones most important kind
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of thing okay these are they're gonna
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vary but they're all important to some
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extent so if you can do all of these the
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better the more of these you can do the
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better you can you can have a better
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relationship with maybe federal so the
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first one direct deposit navy federal
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loves when you have direct deposit with
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them they like to see that that you are
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depositing your check right into an
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account that you have with them they
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enjoy seeing that they like seeing that
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that's why like on their credit card the
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cash rewards they'll offer you um
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an extra 0.25 percent um on the cash
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back with that card so if you don't have
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direct to pause it's one and a half
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percent cash back if you do have direct
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deposit 1.75 uh sometimes i think they
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also have discounts on loans like
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they'll take a quarter percent off of
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loans if you have uh direct deposit as
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well that might only be for military
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personnel don't quote me on it but
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nonetheless you get the idea that they
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like seeing direct deposit they really
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do next thing we're going to talk about
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that you can have with them is the
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pledge zone they like seeing the pledge
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on with them okay because i mean get
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because they make some interest off it
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right they do make a little bit of money
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off that pledge loan now
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when you pay the interest on it the
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interest is not crazy it's 2.25 percent
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and actually this guy again broke it
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down for me because it's 2.25 because
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we're really good it's two because
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you're
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going to earn 0.25 percent interest on
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the money in the account so it goes
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really it's 2 2.25 but you're earning
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0.25 on the money so it cancels out to
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basically be 2 flat that's it for the
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interest you're paying you're hardly
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paying anything in terms of interest
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with navy federal but you do have a loan
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with them you have a loan that's going
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to be reporting um you know on your
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credit report that shows you're making
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consistent monthly payments and you can
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do a loan for six months up to several
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years and you only need a minimum of 250
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dollars so some people are money's tight
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they're in a bad credit situation six a
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month 250
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um pledge loan can be something good to
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help boost their credit also again it
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helps boost the relationship with navy
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federal as well so direct deposit
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plugs only like to see if you have a
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credit card with them they like that as
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well right because hey they make money
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every time you're swiping that credit
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card somewhere in navy federal is making
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money because they're charging um fees
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of the merchant right those merchants
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pay fees that's how credit card
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companies make a whole hell of a lot of
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money is from those merchant fees so
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when you use a credit card with them
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they like that because they make money
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from it so if you have a credit card
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with them that can absolutely help as
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well so when you're applying
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so far if you've got direct deposit if
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you've got a credit card if you've got a
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pledge loan for most people those are
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three things that are probably going to
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be pretty doable that they can do with
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maybe federal even said even it's a 250
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pledge loan credit card doesn't have to
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be the flagship where you get approved
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for a
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5 000 minimum limit you know it could be
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the go rewards it could be the cash
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rewards it could even be the platinum
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right one of those ones that are easier
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to qualify for with them so if you have
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direct deposit
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you've got pledge loan you've got credit
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card another thing they like to see is
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flagship checking account okay now the
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flagship checking account i think it's
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you have to have at least fifteen
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hundred dollars in there in order to
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avoid paying the monthly service fee
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which i think is fifteen bucks so if you
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don't even if you don't keep fifteen
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hundred dollars in there you're paying
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fifteen bucks you know look at basically
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it's the cost of doing business right
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there's always some kind of cost you're
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going to be paying whether that cost is
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with money or that cost is with time or
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whether that cost is with both right
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there's some kind of cost of duties i
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mean as you watch this video there's a
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cost of watching this video right you're
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trading some time uh it took me it was a
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cost to me to get this information and
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to put this all together and create a
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video that i think people are going to
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enjoy so you know
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there's a cost all of those things so if
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you have the flagship checking account
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they like seeing that more than just you
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know like the standard checking or
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something like that so if you have
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direct deposit if you've got a pledge
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loan your credit card you have a
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flagship checking account member not
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just a regular check account but
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flagship another thing they like to see
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are your length of membership that is
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something that does factor in so the
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longer you've been a member you know the
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longer you've shown the loyalty to them
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the longer you've shown you use their
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products that they offer you show that
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over a longer period of time you know
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they're gonna be uh more generous with
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you than someone who's you know been
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with them for six months maybe they just
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have one credit card and that's it you
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know that that mean it makes sense right
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if you've been with them you know
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several years five years 10 plus years
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and you've used products over this
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entire time now you've built up a good
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reputation a good um
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rapport with navy federal so when it
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comes to applying for something they've
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got you know 10 years of history of your
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spending history they've got 10 years of
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seeing use their products they've got 10
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years of seeing you be a great customer
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with them so that's going to benefit you
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down the road the next thing i'd like to
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see is uh this is pretty much standard
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anywhere right all on time payments okay
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they don't want to see um
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they want us they want all your payments
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to be on time when it comes to your
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credit card and stuff like that or loans
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you're paying they want that stuff to be
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on time because again it shows you're
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responsible and again the longer amount
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of time you've shown you're responsible
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with your money and you've shown that
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you've handled their products well the
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more navy federal is going to be working
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with you down the road in the future and
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the more when they look at you you're
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gonna have a higher internal score with
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them because they have years of history
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of seeing you make on-time payments with
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them across multiple products that they
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have
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and then one of the last things we'll
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talk about before i talk about i'm gonna
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call it a bonus because the guy didn't
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mention this but i don't see how this
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one could hurt so we'll talk about that
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in just a minute the last one we'll talk
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about is having no insufficient funds
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okay so you can get the checking line of
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credit to protect you from that because
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if you have um insufficient funds
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obviously navy federal is not going to
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look at that as something good but if
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you do have the checking line of credit
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i think it's just uh like a 500 checking
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line of credit that you have i have it
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myself with them so say you ever do
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actually you know overdraft that
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checking line of credit will kick in it
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will protect you and maybe federal will
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not look at that as a negative they're
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not going to look at it as a negative if
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you actually have to use that checking
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line of credit to cover yourself on an
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overdraft so if you um you know think
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you might be in a situation down the
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road that you could wind up having you
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know insufficient funds or something
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it's good to have that um checking line
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of credit to protect you from that now
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it is going to be a hard inquiry
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when i end up with navy federal um i
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also got the checking line of credit
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which i didn't even realize i was
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getting actually when i signed up with
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them and it was a hard inquiry but
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nonetheless you know i mean it's fine i
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mean now it's you know it's been some
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time since then so it's not a big deal
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but nonetheless you know that help does
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help protect people especially in the
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beginning if they're just getting
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started on their credit journey or their
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financial journey you know that can help
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protect you so i have to say it's worth
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it to have that in the beginning uh so
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that you have that protection in case
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you ever need it and you don't hurt
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yourself in the beginning by building a
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relationship with navy federal so you
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can start off on a good foot and
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continue to build on a good foot with
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them going forward in the future
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so showing all of those showing using
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multiple products using multiple
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services they have
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is big and when i sat down with the guys
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all the things he like broke it down he
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was like i mean he literally listed it
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out for me it was so great now one thing
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he didn't say he didn't mention anything
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to ask this the time but i don't see how
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this could hurt is if you have a cd with
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them so if you have your cd product with
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them some people like to use that
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because i think you can put up to
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3 500 and you get 3 interest um on it is
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what you can earn so but again it's just
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another product he didn't mention that
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one specifically but i just don't see
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how using another one of their products
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could hurt and you know all the other
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products they have outside that really
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you know like your auto loans your
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mortgage loans and things like that so
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for some people you know they don't like
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to have a loan for a car some people you
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know they're not in a position to buy a
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home or they don't maybe they have never
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planned to buy a home so those you know
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are going to be a bit smaller
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demographics for those but the ones i
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talked about earlier right the direct
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deposit having a credit card with them
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uh pledge loan flagship checking the
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length of your membership all your
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payments on time and having no
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insufficient funds i mean those are
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things that like just about everybody
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can do that just about everybody can
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access those can do those kinds of
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things and set themselves up for all
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kinds of success and you know we're
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trying to reach that 450 internal score
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with maybe federal in the future so guys
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if there's anything i missed tell me
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about it down the comment section below
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i'm hoping this information was really
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helpful to you guys say to break it down
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like that guy did for me um it was great
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it was awesome i'm happy you did that
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i'm happy to share this with you so that
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you can have success with navy federal
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as well anything i missed tell me about
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it down below other than that i want to
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say thank you for watching thank you for
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being so awesome and until next time
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keep growing your money
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