Vundle.vim: How to install this for neovim and additional questions

[Joe23232]

How would I install vundle for Neovim aka nvim? Do I create the bundle directory in ~/.config/nvim/bundle and then run git clone https://github.com/VundleVim/Vundle.vim.git ~/.vim/bundle/Vundle.vim?

I am supposed to add these lines in my Neovim configuration inside ~/.config/nvim/init.vim

set nocompatible              " be iMproved, required
filetype off                  " required
filetype plugin indent on

What do these mean and how does it work with vundle?

[0x326]

Run git clone https://github.com/VundleVim/Vundle.vim.git ~/.vim/bundle/Vundle.vim as normal but, instead of editing .vimrc, edit ~/.config/nvim/init.vim instead