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5 Things Navy Federal WON鈥橳 Tell You if You DON鈥橳 Ask - YouTube
Channel: Money Growth Project
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what's up money growers
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jacob back here with another video to
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talk to you guys today about something
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that's going to be important to you uh
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particularly those of you that are
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either looking to join navy federal or
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those of you that are already members of
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davey federal and we're going to go over
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a few things say that maybe you didn't
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know about maybe federal because man
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these are some things that i did not
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know and some of the ways i've had to
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find out about these things have been uh
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just a hassle to put it lightly to say
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the least so today we're going to talk
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about five things that maybe federal
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really for the most part they won't tell
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you unless you ask them okay maybe
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you'll get a representative who's a bit
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more uh
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can i say not necessarily volunteers
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information but a representative who's a
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takes a bit more initiative to let you
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know about some of these things than
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others who will just you know maybe
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answer your questions and like that's it
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they're not gonna give you any
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additional info that might actually be
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important to you so we're gonna talk
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about that today and i do have to tell
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you guys thank you everybody who
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subscribed this channel man you guys
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have been absolutely awesome channel's
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growing channel this growing channel is
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doing well i am glad to see it i'm happy
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to see it it's been lots of grind and
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lots of hours sometimes i'm up after
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midnight making videos sometimes i'm in
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the morning in the middle of the day i'm
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doing all different hours of the day but
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i'm enjoying putting out this content
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for you because there's a lot of stuff
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that can uh help people out that you
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know we're not taught this stuff in
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school we're not taught this stuff at
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home so it's like you know you're
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learning it later in life but really
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that's how almost everybody learns it so
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i get to share a lot of the stuff that i
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have learned either on my own uh through
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my own experience through
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seeing data points and comments and
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groups and other other
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other places online and stuff that you
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guys have been gracious enough to share
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with me because i learned a lot from you
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guys as well so i appreciate the
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subscribers i appreciate everyone who
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shares their experiences down in the
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comments section because it helps
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all the newer people and it helps me as
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well so thank you guys for being so
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awesome now hopping into this okay the
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five things navy federal won't tell you
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unless you ask them
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and maybe a bonus just saying maybe
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okay there's a bonus all right anyway
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the first thing we'll talk about in this
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video is number one that you get a um
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people know oftentimes will know about
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the credit limit increase that you can
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get you can not will but can
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get automatically after six months of
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having a navy federal credit card so yes
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you can get that um at the six month
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mark of having your credit card any of
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the unsecured cards okay the um secured
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card the end rewards that's a on a
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different it's a totally different
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animal than the unsecured unsecured
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cards but yeah at the six month mark you
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can automatically get approved for a
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limit increase now the one thing people
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often don't know about this and i didn't
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know until recently i was just talking
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to an operator or one of the
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representatives and i asked her i told
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her well hey i you know
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i was coming up for a
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that six month mark in like the next two
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months and so i just got a credit limit
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increase
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um recently so
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you know i do i have to wait three more
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months another three billing cycles
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because commonly they want you to wait
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three billion cycles after you get your
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credit card before you ask for the
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increase but come to find out that
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whenever you ask for that increase
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yourself you make the request has no
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bearing has no impact on that six month
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automatic review for you to potentially
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get another increase so say you have the
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credit card and you had it for five
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months and at five months you requested
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a credit limit increase and they give
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you that credit limit increase well the
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next month on month six this uh system
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will automatically at the six month mark
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still look at your account to
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potentially give you another automatic
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increase now when i spoke to the rep she
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said it's really just random the amount
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they give you i mean of course you could
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get approved you could not get approved
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the cool thing though is if they don't
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approve you at that six month mark every
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month the system will look at your
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account every single month after that
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for a potential automatic increase again
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so you know you understand that even if
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you don't get the six month mark the
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computer system will continue to look at
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it month after month after that which
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brings me to the second thing that navy
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federal definitely will not tell you if
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you don't ask um because i found this
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out from one of my subscribers and i put
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in a video and several other people had
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the exact same thing happened to them
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and this happened to me too
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is your account your credit card account
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can have a lock on it that you don't
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even know about i've never seen it on
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navy photos website anywhere i'd never
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heard this seen it online anywhere i'd
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never anybody talk about this but navy
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federal can have a lock on your credit
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card account and they won't even tell
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you you won't know you won't get a
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message you won't get an email you won't
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get a phone call you won't get a text
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message you will not get a letter in the
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mail you'll get nothing
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telling you that your account actually
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has a lock on it that will prevent you
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from getting that automatic credit limit
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increase at the six month mark now there
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are different reasons why this could be
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it could be if you had a if you chose to
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freeze your credit if you had a fraud
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alert um
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in the past or if maybe federal just
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thinks your card is using um you know
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the upper end of your limit a whole lot
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or whatever there's a variety of reasons
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they could do it but they're just going
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to do it and they're not going to say
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anything to you so you need to call navy
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federal if you've got one credit card
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two credit cards three credit cards with
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them call and ask them to say hey is
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there a lock on my account that would
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prevent me from getting this automatic
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um review for a credit limit increase
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because again if you have that lock the
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system every month is going to keep
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checking well every month that lock is
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on there the system's just gonna keep
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going past your account you're gonna get
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denied basically every single month
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after after that six month mark and not
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even know it so you have to call them
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and ask them and when i asked i said
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okay the lock is off my account is there
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anything else on my account that i need
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to know about is there any lock block
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anything any notes anything that i need
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to know about that could stop me or hurt
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my you know hurt me getting the most i
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can out of my relationship um you know
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that i'm building with navy federal and
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the rep goes no so you want to call them
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and check on that the third thing
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the navy fiddler will not tell you about
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unless you ask them um is credit limit
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migration now i didn't even know about
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this until i found out about it uh with
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american express that you can take the
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credit limit from one of your cards or
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you can at least take a portion of it
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and transfer it over to another credit
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card you have now with american express
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you can only do it on the personal side
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and on the business side between those
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cards you can't go like across navy
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federal has one business card they have
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uh
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six personal of the six personal five
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are unsecured so you can do it between
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those um unsecured cards i don't i don't
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know if you can go across from the one
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business card to the person with maybe
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federal but it's probably not that
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common but nonetheless you can take part
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of your credit limit from one card and
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put it with another so say you have a
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cash rewards card with a thirty thousand
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dollar credit limit on it and then you
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apply for the platinum card and you only
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have a five thousand dollar credit limit
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and maybe you wanna do a balance
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transfer well you can call navy federal
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say hey i need to do a balance transfer
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and i want to take 25 000 for my cash
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rewards transferred over here to my
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platinum and then you know you can do a
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ten thousand dollar balance transfer
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whatever balance transfer you want to do
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you just want to have a higher limit so
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now your platinum will have 30 000 and
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your cash flows will have 5 000. now
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understand within a federal you can only
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transfer those limits for a balance
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transfer that's it you can't just call
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up and transfer because you want to so
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if you in that situation i gave if you
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want if you want to take that 25 000 and
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put it back on your cash rewards you
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have to do a balance transfer from your
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platinum now to your cash rewards it
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doesn't have to be twenty five thousand
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dollar balance transfer but you do need
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to actually do a balance transfer to get
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that um limit back over there so but
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nonetheless it's an option you have if
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you want to do a balance transfer on the
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platinum card and maybe you don't get
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approved for a very high limit you can
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do that if you ask maybe federal they'll
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tell you they'll tell you you can do it
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but they're usually not going to
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volunteer that information
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the fourth thing
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with navy federal that you can do that
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they're generally not going to tell you
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about and i mean i can kind of see why
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any credit card institution won't make
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this a big deal to tell you is you can
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request a lower apr on your card so you
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know if you're running paying interest
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you can actually have a lower apr on it
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now with navy federal it has to be at
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the one year anniversary that's the
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soonest you can do it so you call them
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you ask them for a lower apr they might
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reduce it one percent they might reduce
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it three percent it just depends but
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once a year is when you can actually get
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it reduced now if they don't reduce it
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when you call them after on the one
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one-year mark you can go back the next
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day if you want like you could there's
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it's not a it's not a hard inquiry it's
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not a soft inquiry it's not anything so
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you can just keep calling back and keep
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asking you know until until you're
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eventually able to get it reduced but
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you know they are going to be looking at
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your past history and use of the car so
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if you've got like late payments and
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stuff they're probably not going to give
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you a lower apr but if you've been
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responsible with the card then yeah you
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can call up try try if it doesn't work
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okay maybe you wait a couple weeks try
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again and then they reduce it that day
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okay then you have another year you can
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call and do it again so some people you
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know they obviously the results will
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vary but one of the reps actually was
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cool and she told me she got it reduced
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she got hers reduced a few percent the
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first year she asked and then she said
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the next year when she asked she got to
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reduce all the way down as low as she
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could i think it was on her flagship she
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got a reduced all the way down to like
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the 9.65 or whatever it is on the
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flagship card um so you know it may take
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a couple years but hey every year on
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that car's anniversary you're eligible
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to ask for a
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decrease on your apr on your credit card
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so you can do that once you get approved
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hey you got one wait one more year you
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can do it again so again something else
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you can do that you can utilize is maybe
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federal that they're typically not going
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to tell you about now the fifth thing
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we're going to talk about that they
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won't generally tell you about is how to
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get one of their better cars without
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actually having to apply for it so what
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you can do is apply for one of the their
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lower tier cards like the platinum the
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cashier awards or the go rewards those
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are probably like the three easiest ones
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to apply for and then you can actually
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product switch after you get approved
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for one of those you can product switch
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to a one of their higher cards like the
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more rewards or the flagship card so if
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you want you can apply for let's say the
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go rewards card which as i make this
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video i think they're offering like a
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200
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um sign up bonus if you spend two
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thousand dollars in the first three
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months with the card so you can sign up
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for the go rewards hey hit your signup
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bonus and after you do that then they
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switch that i say i'd like to product
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change to a more rewards card and you
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can do that okay i mean you have to ask
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them and you have to get it approved and
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then you know they'll be willing to do
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that for you um understand with the
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flagship card though you do have to have
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at least a five thousand dollar minimum
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credit limit because that's the minimum
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to get approved for the flagship cars so
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if you have the platinum the more
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rewards or the platinum the cash rewards
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the go rewards or even the more rewards
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and you only have like you know a 3500
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credit limit you cannot product switch
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that into a flagship card because you're
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not going to meet that minimum
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5 000 credit limit to have the flagship
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card so just understand that that's the
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one um thing to look out for if you are
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going to be trying that strategy with
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the flagship card
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and the bonus
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oh the final thing we'll talk about here
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and this gets into a personal story of
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mine that maybe federal may not tell you
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about or i should say they won't tell
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you that for me they didn't tell me
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about it they weren't going to tell me
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about it had i not called numerous times
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and asked and happened to mention it
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that was if you were actually even
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approved for a credit limit increase a
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lot of you guys watched my video i did
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several videos on that getting denied
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for the increase
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initially getting told numerous things
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by different reps um you know because
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they didn't approve me right away when i
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applied online so i caught a couple days
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in a row first couple reps i spoke to
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said yeah it's still pending it's still
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pending i call a few days after that and
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then a rep says i get denied she was
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like you were denied you have to wait
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six months for your next credit limit
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increase there's no counteroffer there's
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no reconsideration nothing it was like
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your out of luck dude
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basically what she told me she didn't
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say those words but all in all that was
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like damn okay i'm dead in the water on
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this one and then i called a week later
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uh spoke to another rep about something
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totally different i just happened to
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mention to her about what happened with
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my credit limit increase request and she
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offered to go look into it for me like i
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said earlier some of some reps will take
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more initiative than others when you
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talk to them on the phone she just i
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told her about it she goes that sounds a
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little strange because i could take a
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look into it for you if you'd like and i
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said you know what sure why not let's
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take a look and she told me she goes
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actually i had not been denied the
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credit limit increase they were actually
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waiting for me to send they gave me two
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weeks to send in documentation they need
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additional documentation from me
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which is basically like my tax returns
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they want to see additional
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documentation from me about like my
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income and that kind of thing they had
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actually put that out two days ago but i
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never got a phone call email text
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message um
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message in the system a letter in the
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mail
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nothing about it so had i not been in
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conversation with that newer rep and had
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just happened to mention it and she just
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happened to volunteer to go look into
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the situation for me that two weeks
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would have went by that i didn't even
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know they were waiting for me to send an
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information because they didn't tell me
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anything that two weeks would have went
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by would have expired i would just been
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denied the credit limit increase and i
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would have never known about it had i
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not just happened to bring it up and she
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happened to volunteer to look into it
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for me so it pays to call and check
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especially with something like that
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where you're getting told no whether
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it's a
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credit card application a credit limit
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increase a loan you're applying for
[768]
anything along those lines you get that
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no answer i would call more than once
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talk to more than one different rep and
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just ask me what are my options what you
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know what can be done here have you ever
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seen have you in your experience have
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you seen someone get approved in this
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situation what else you know could
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someone possibly do is there anything i
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don't know about that i might have an
[787]
option available to me ask those kinds
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of questions leave them kind of
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open-ended like that and that way you
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know the rep can say well you know if
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you have someone who's experienced and
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someone has it takes some initiative
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they might say well you know i have seen
[798]
someone do this i've seen people try
[799]
this right they might just speak from
[801]
experience what they've seen other
[802]
people do then that can be very
[803]
beneficial to you but you gotta ask
[806]
because some of these things like i've
[808]
been sharing with you they're not gonna
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tell you you're gonna have to take it
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upon yourself to ask some of these
[812]
things and it's unfortunate because some
[814]
things like you know having your credit
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account locked from the automatic
[818]
increase you would never know
[820]
yeah i'd never even heard of that just
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happened to hear someone else mention
[822]
and i call it an ass and i had a lock on
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my account i would never even think to
[825]
ask that so some of it's unfortunate
[827]
some of this stuff you're not going to
[828]
ever
[829]
think to know or think to ask because
[831]
you don't know about it but some of
[832]
these other things where you do get
[834]
denied you're getting some pushback ask
[836]
what are my other options what
[837]
possibilities are there what other
[839]
avenues do i have that could possibly
[840]
exercise you know what else do you think
[842]
i could do in this situation ask things
[844]
like that talk to different reps you may
[846]
get an answer from a rep that you know
[848]
you didn't expect and they might just
[849]
one it just takes one person they might
[851]
give you a little bit of information
[852]
that actually was being really helpful
[854]
in turning your whole situation around
[856]
so with all that being said thank you
[858]
guys for watching thanks for being so
[859]
awesome is anything i missed down in the
[861]
comments section below please tell me
[863]
about i really want to hear what you
[864]
guys have to say and if you have
[865]
anything else to help anyone else down
[866]
in the comments section please do so it
[868]
will be very helpful for them and myself
[870]
as well thank you again for watching
[871]
thanks for being so awesome and until
[873]
next time keep growing your money
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