Navy FCU

[Moneymax]

I have been waiting for navy business dept to call me back, but no one did, so finally i drove to their branch today and i open up a business checking and saving instantly, and also apply for credit card and a Loc, am still waiting for the approval on the business loan. So if any one want to open business account, try and go to their branch is faster. And i also have the application for the checking and saving if anyone need one let me know.

[alplouis]

I have been waiting for navy business dept to call me back, but no one did, so finally i drove to their branch today and i open up a business checking and saving instantly, and also apply for credit card and a Loc, am still waiting for the approval on the business loan. So if any one want to open business account, try and go to their branch is faster. And i also have the application for the checking and saving if anyone need one let me know.

 

I thought you had to be a member or relative of an armed forces member to be open up an account with NFCU?

[Moneymax]

I joined trough my room mate with no issue, so am glad am in.

[alplouis]

Correct. Your either a member of the armed forces or you can go in on behalf of someone else. Navy FCU have good products for personal and business. Good luck.

[Guest KristofsMom]

I have been waiting for navy business dept to call me back, but no one did, so finally i drove to their branch today and i open up a business checking and saving instantly, and also apply for credit card and a Loc, am still waiting for the approval on the business loan. So if any one want to open business account, try and go to their branch is faster. And i also have the application for the checking and saving if anyone need one let me know.

 

 

What kind of LOC did you get on your Biz accounts?

[KYBOSH]

Don't want to thread jack but while we are on the subject of business credit products from navy...I've had my Navy business account (checking and savings) for almost a year now and want to apply for a business credit card.

 

I have a descent amount in both accounts, already have a Citi business CC and my EQ is clean but I am hesitant to pull the trigger for some reason.

Mainly because I have no idea what they will ask for or what to expect.

 

Does anyone have a Biz CC from Navy?

How was the process?

Edited December 29, 2011 by KYBOSH

[alplouis]

Don't want to thread jack but while we are on the subject of business credit products from navy...I've had my Navy business account (checking and savings) for almost a year now and want to apply for a business credit card.

 

I have a descent amount in both accounts, already have a Citi business CC and my EQ is clean but I am hesitant to pull the trigger for some reason.

Mainly because I have no idea what they will ask for or what to expect.

 

Does anyone have a Biz CC from Navy?

How was the process?

 

They will obviously check your business credit files. They may do a soft pull on your personal credit depending on how strong your business credit is. You should expect an approval or denial. Good luck!

[Guest KristofsMom]

I can't wait to see PLEASE let us know!! I'm sure you will Have NO problem getting approved!

 

[KYBOSH]

Thanks for the pep talk!

 

I called them today and left a message for them to call me back.

Seems business services is handled by only a few reps.

 

I'll let you all know what happens.

[Guest KristofsMom]

I can't wait...... I keep logging in to see what you say....lol

[alplouis]

Patience builds wealth. No need to keep calling. I would wait until later next to call back. Remember, it's the Holiday season. The response time will be delayed as staff personnel may be out of the office. Good luck

[MGB007]

Hi i have a checking and saving and a visa bus. card with them, Its all based on your personal files they dont even check your

business credit files as i was told from them at navy.

I have there max limit of $10k anything over that they want 3 years docs.

This does not however report to your personal reports unless you default.

[720lady]

Hi i have a checking and saving and a visa bus. card with them, Its all based on your personal files they dont even check your

business credit files as i was told from them at navy.

I have there max limit of $10k anything over that they want 3 years docs.

This does not however report to your personal reports unless you default.

How long have you had your card? Was it during or after the credit melt down? What type of personal scores did you have when you applied?

[720lady]

I have been waiting for navy business dept to call me back, but no one did, so finally i drove to their branch today and i open up a business checking and saving instantly, and also apply for credit card and a Loc, am still waiting for the approval on the business loan. So if any one want to open business account, try and go to their branch is faster. And i also have the application for the checking and saving if anyone need one let me know.

Yes, please send the url to the application for a loc and credit card.

 

Thanks!

[MGB007]

fico was 720 with 2004 BK had the card about 1 year.

[KYBOSH]

Just an update on what's been happening with the application process.

 

A few days I followed up my voicemail with an email via Navy Federal's eMessaging Service.

I reiterated my interested in applying for LOC and credit cards.

Today I got a response to the bank mail letting me know that a referral had been sent to a Business Account Officer who would be in contact with me shortly.

Sure enough within a few hours I was speaking to a Business Account Officer.

 

 

The Officer asked me a few cursory questions like how long I had been in business and what my personal credit score was like.

They then let me know that a LOC was not an option unless I had been in business at least 5 years.

They also told me that tax forms were needed only if applying for amounts greater than $10,000.

 

Below is the generic email they forwarded me.

Included in the email were 3 documents.

One detailing the required documentations from the borrower, another was a Navy Federal Multi-Purpose Business Loan Application and the last was a 4506T which gives Navy access to your IRS tax returns.

The application is fairley detailed as far as credit apps go.

I'm so used to short form applications that answering questions such as my net worth had me scrambling for up to date figures.

I have included a link to those files for everyone's benefit in order to take the mystery out of NFCU business application process (see below).

 

If what I have read here is true, I won't expect to hear back from them for sometime even though they told me the application process moves pretty quickly.

 

Good Luck

 

 

 

 

 

Thank you for your interest in Navy Federal Credit Unions Business Services program. Enclosed are the applications necessary to apply for financing.

 

 

Along with these forms, please include the previous three years of tax returns (with all schedules) for your business, and a copy of personal identification. If your business has been operating less than three years, then personal tax information of all owners within the business is required. Please ensure that all tax returns are signed. If applying for a credit limit of $10,000 or less, tax returns would not be required.

(See attached file: Required Documentation for Business Loan Applications.doc) (See attached file: NFCU 96B.pdf) (See attached file: SBA form 413 PFS.pdf) (See attached file: 4506 T.pdf)

 

For additional information, please refer to: www.navyfcu.org

Please feel free to contact me with any questions.

Thank you.

 

 

Required Documentation for Business Loan Applications

 

 

NFCU 96B

 

 

4506 T

 

 

[KYBOSH]

Here's an update for everyone thinking of applying.

 

I was approved this morning for $2500 (I requested the full $10k).

 

This morning the Business Account Officer I was working with gave me a call and told me that underwriting approved me.

After 6 months and some history they said I can call back and try for an increase.

Not impressed with the limit, I asked whether the low credit limit was normal for newer small businesses and the Officer said "Yes, that's pretty much the way its been for the last 6 months."

They said, when I call back for an increase I should be ready to show P/L data.

Since many of us Quickbooks warriors I wondered if my QB reports would do.

They said they would REALLY like to see statements from a certified account but under certain circumstances a self produced ledger would do (coupled with tax returns and/or other supporting docs).

On a personal note, I have been going back and forth over the last 6 months about getting some form of accounting service but couldn't really justify it in my mind.

I feel QB and TurboTax is all I really need but now I am not so sure.

If I have any hopes of growing and expanding by getting serious lines of credit I don't think i will have a choice.

Especially in these days and times.

Unfortunately I cannot definitively tell you guys which CR was pulled for this app.

The reason being, I requested a CLI on one of my personal cards the day after applying for the biz card thinking it was going to be instant and a soft pull.

The CLI was approved but it took a few days and it was a hard pull.

Underwriting did both business new credit and personal CLI apps this morning so I have 2 inqs showing.

One on TU which reads "NAVY FED CU" and one on EQ which reads "NAVY FCU"

If I were a betting man, I would say that the business app went through TU.

Overall the application process didn't take longer than credit card I've applied for.

Once you get a call back things start moving fairly quickly.

Here's a little more about my situation for compare and contracts:

I have been in business for 2-3 years.

At the time of application I have had my Navy Business accounts open for 1 year and had over $10k in saving and under $5k+ in checking.

(not sure if that makes any difference)

Personal EQ FICO is/was 779 (clean, 0 inqs). I don't know what TU FICO is/was.

Credit to Debt Ratio: ~50% (I pay previous card balances off every month so this number is misleading. Only exceptions are low interest promos I have going right now)I don't know if they pulled business credit....I'm not even sure if D&B or EQ is reporting on my business.

I've had a personal financial relationship with Navy over several years.

Multiple CCs, paid off auto loan, NavChek, checking, savings, small investment account.

I hope this helps.

Good Luck

[KYBOSH]

I have been waiting for navy business dept to call me back, but no one did, so finally i drove to their branch today and i open up a business checking and saving instantly, and also apply for credit card and a Loc, am still waiting for the approval on the business loan. So if any one want to open business account, try and go to their branch is faster. And i also have the application for the checking and saving if anyone need one let me know.

 

MoneyMax, I hope you had more success than I did.

Let us know how things are progressing.

[Moneymax]

Well, i have a bad experience with navy business side, my rep that handle my state was so lazy she never pick her call, finally when she call back almost three weeks later, she was asking for too much docs,just for 10k that is not guarantee and i told her to go hell, i was approved for 5BIZ credit card after, Chaseink BIZ 10K, SearsBIZ 3K,Stalpes 2k, Shell 2k, BillmelaterBIZ 750, and US Airways BIZ 2.5K. So as u can see i don't need navy anymore, and i already have enough small BIZ credit card. Lowes, Amazon, Keybank, Tractor Supply,Officedepot, BP master card,Texaco Mater card, and about 6 Net 30S Account.

Edited January 10, 2012 by Moneymax