This Navy Federal Credit hack is so good. It should be legit way always. It is wonderful for boosting your credit if you do it wisely. And I’m going to tell you exactly how to do that. So let’s get right in..
Now imagine if you don’t use the credit card, like if you get approved for that much, imagine what that does to your credit. You now have this High credit limit with a zero balance. And your utilization rate is going to go low, which makes your credit score go high. So this is why we love to do like these types of hacks, but I want to give you some background information when it comes to this Navy Federal pledge long who Defies, who would be an ideal person that could do this and who should probably not try this?
Navy Federal for Military or Government Person
Now, when it comes to Navy Federal, in order for you to get an account, you do have to either be prior military or government or, you know, have worked like the Pentagon or something like that. You can be current service or prior service. When it comes to military affiliation, you do not have to only be affiliated with Navy. If you’re not Juliet it with the military or the Armed Forces or the government, you can get a Navy Federal account.
If you have some sort of referral, either through a spouse or if your parents served in the military or if someone in your household such as a brother or sister served in the military. So a lot of people say if I have bad credit, should I do this? Well, that depends Navy Federal is one of those institutions that That are just there are a lot more lenient, they’re a lot nicer.
They’re not as like stringent when it comes to credit check requirements now. They do still check your credit but a trick that you can use is going to the Navy Federal website or in the app and doing the pre-approval process which is just like a really quick, 60 second application. That shows you. It does a soft inquiry which means it doesn’t lower your score when you do the pre Approval.
They check every eligibility parameter
It will show you how much you’re eligible for if you’re applying for the cash rewards card. Or if you’re applying for a different type of pneumonia, I will recommend doing that. Now if you do the pre-approval and you’re like denied or it says that they can’t approve you, I would not go and proceed with the actual application. I would understand why it’s saying that I can’t be approved at this time or if there are any things like it’s saying, hi Craig That utilization or too many recently opened accounts.
I would understand and address those things that they put in my little decision letter before applying for anything. So you can do the pre-approval if you’re unsure about where you stand. But for those of you that do have the current Navy Federal account and you know that your indecent standing, if you say, well I currently have a 620 credit score. I want to get it to over 700 house. How can I do that by utilizing a Navy Federal pledge long.
What after credit score increase
Now, the numbers and credit score increases are going to vary over time, according to your payment history and how responsible you are with, you know, these accounts. So here’s the heck you would take any amount of say between $1000 or up to ten thousand dollars just say for purposes of this video you deposit a thousand dollars into a savings account. You then up Apply for the Navy Federal pledge long which You are essentially borrowing money from yourself, which is why it’s called The Pledge long. You’re pledging the money and you have the amount that’s in that savings account. That is going to be the amount that is equal to the loan amount.
Now, the smartest thing for you to do is when you apply for that loan and you’re approved, go ahead and pay down 90% of it. I’m talking about within a couple of days of getting approved for a pay it down because you don’t want to be tempted just like spend it and have this lingering. It’s out there. The balance that you’re left with is going to be 10% of whatever you deposited. What’s great is that this gets reported to the credit bureaus and at the time of this recording, if you have a current account with navy, if you do business with them, generally, they don’t do a credit check. If you already have like credit cards with them, or if you already have checking accounts, but still check, you know, because things change.
What they report to credit bureaus
That’s one of the things they report it to the credit bureaus and usually people see within 30 to 60 days they’ve got this high limit account with as you know very low balance and they see over the next 30 to 60 days where their credit score increases kind of rapidly because now you have a new type of account that’s reporting and you’ve got something with very low utilization. Those are all things that help your score and of course, The payment history starts to report and you can keep, you know, that 10% balance that you’ve had.
You can pay that off over the next few months just to keep the account open. And some people take these loans and they kind of recycle, it just to keep the loan itself open so that it can continue to report. But I don’t think that’s something that you should be doing more than for a few months. Because once you see that credit score shoot up and once you’ve got that perfect payment, history starting to report.
Different loans from different companies matters
You know, you just want to make sure that you’re operating responsibly and that you are not just going out here. Getting all these different loans from different companies because there is a such thing as having too many loans. So I would just keep it with my one Navy, Federal Loan and maybe my One credit card, so that I can have a positive mixture of accounts because make sure of accounts is also how your credit score is partially calculated. And that’s it.
That is the hag. This is again for people with current Navy Federal accounts, if you’ve ever had a credit card, if you’ve ever had any type of loans with Navy Federal, this is where those people that are in good standing with Navy Federal. I cannot guarantee how this is going to work out for people that are credit challenged. Meaning that you have less than a six twenty or four people that say, well, I don’t have a Navy Federal account and I’m enrolling as a very new customer.
How auditing the accounts works?
Sometimes Navy Federal will audit the accounts. So that’s why you want to make sure that you never buy a referral from people. You should only be referred by people that you actually know and that are affiliated in the military. And again, you need to be aware of your credit situation before you do any of this. So, this is why it’s so important to do the pre-approval process.
So that, you know, where you stand, once, you know where you stand, then it’s totally up to you to do the pledge. As long as just a way of kind of fast tracking your way to, you know, maybe a 40-point increase, 50 point increase. I’ve seen people actually did like a 70 point increase over the next few months when they did this hack. So, it’s one that very for everyone based on, you know, different spending habits and how responsible you are with actually paying alone down.