Maximize Your Navy Federal Credit Union Experience: 5 Essential Tips for New Members

5 Must-Do's for Navy Federal Success (and 1 Big No-No)

As a personal finance expert, I often get questions about the best way to approach banking and credit-building with Navy Federal Credit Union. Whether you're starting from scratch with bad credit or looking to maximize your existing relationship, there are a few key steps you'll want to take.

The 5 Things You Should Do

1. Set Up Direct Deposit
   Direct deposit is hugely important for building a strong relationship with Navy Federal. Even if you don't get a traditional paycheck, setting up a payroll system can help demonstrate your commitment.
2. Open Multiple Accounts
   Beyond a basic checking account, be sure to also open a Navy Federal savings account. This will give you more credit-building opportunities.
3. Get the Flagship Rewards Card
   The Navy Federal Flagship Rewards card offers a $200 bonus after just 6 months - which can turn into $2,000 in value over time. This is a great starter card for rebuilding credit.
4. Open a Pledge Loan
   A pledge loan, even at a small $250 limit, can help boost your credit mix and demonstrate responsible borrowing behavior to Navy Federal.
5. Add Authorized Users
   If you have a family member or friend with a long-standing, high-limit Navy Federal account, becoming an authorized user can give your credit a major lift.

The 1 Thing You Shouldn't Do

Don't Apply for a Navy Federal Credit Card Immediately
It's tempting, but resist the urge to apply for a Navy Federal credit card right away, especially if you have bad credit. Take the time to build up your relationship with the steps above first. This will give you a much higher chance of getting approved for a high-limit card down the line.

The "Credit Hack" to Get a High Limit

Here's the big secret: Wait 91 days after opening your Navy Federal accounts, then apply for a credit card. In that 91-day window, make sure to deposit $50-$100 into your new Navy Federal savings account on a regular basis. This demonstrates your commitment to the credit union and can help you qualify for a $10,000, $15,000 or even $25,000 credit limit - even with poor credit!

Building credit and banking success takes time and consistency. But by following these steps with Navy Federal, you'll be well on your way to hitting your financial goals. Let me know if you have any other questions!

YouTube Source: https://www.youtube.com/watch?v=83GrJpDaXnY
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