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Epic Contributor
Creditaddict
Posts: 21,694
Registered: ‎10-23-2007
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If you can join any military credit union, which one?

I'm helping a friend and he has low 600 scores and only 1 credit card (store) and 1 car loan.

Which credit union would be best to join to get a credit card and refi of car? 

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: If you can join any military credit union, which one?

Navy Federal.
Frequent Contributor
MyFicoAddict
Posts: 284
Registered: ‎05-11-2009
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Re: If you can join any military credit union, which one?

penfed for sure - very good cust service and great products
Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
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Re: If you can join any military credit union, which one?

I think it is all over the net:

 

NAVYFCU, PENFED, USAA (which is not CU)

IN VINO VERITAS.
Epic Contributor
Creditaddict
Posts: 21,694
Registered: ‎10-23-2007
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Re: If you can join any military credit union, which one?

they are going to do both penfed and navy, Ill post back results! thanks all
Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: If you can join any military credit union, which one?

Low 600's thin file Penfed? Good luck stick with Navy for now.
Senior Contributor
score_building
Posts: 3,560
Registered: ‎01-10-2008
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Re: If you can join any military credit union, which one?

navy and maybe usaa, pen fed is a poor choice with the current profile referenced.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008
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Re: If you can join any military credit union, which one?

Navy and USAA are the two they should join. 

 

Navy for the easy credit terms, and USAA because they can join as a "full" member, eligible for insurance and many benefits non-military are excluded from.  Penfed?  Not right now.  Maybe down the road.  Good luck to them!

Frequent Contributor
Karatz
Posts: 318
Registered: ‎09-25-2008
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Re: If you can join any military credit union, which one?


Creditaddict wrote:

I'm helping a friend and he has low 600 scores and only 1 credit card (store) and 1 car loan.

Which credit union would be best to join to get a credit card and refi of car? 


I'd still join Penfed.

 

Me: Opened a savings account last October, set up with employeer to put in $25 per 2week paycheck. Was denied CC with low 700's but high 50% utilization. Paid down utilization to low 20% now, waiting for 1 more account to show show zero balance, then I'll reapply. I'm mid 700's now, expecting to be high 700's with the 5k showing paid in full.

 

You: Six months from now you won't be in their system as a newbie with them, and I can only think that would help you whenever you do decide to app up for a card. If you don't plan on getting your scores around mid 700's and utilization under 20%, then I'd say maybe pick someone else.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: If you can join any military credit union, which one?

I would advise any active duty military member to join all three.

For credit now, Navy.

Get an insurance product going with USAA, like renter's insurance, or open a Roth IRA.

Do something similar with PenFed.

The name of the game is getting in while eligible and establishing a history. Membership is basically free, other than the $5 share account opening with Navy and PenFed.

And FWIW, PenFed isn't precisely a "military" credit union, and USAA is a federal savings bank, as mentioned above, but I know that's how we all think of these guys.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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