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Senior Contributor
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Registered: ‎09-12-2008
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Re: If you can join any military credit union, which one?


haulingthescoreup wrote:
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.

 

+1    with heavy emphasis on Navy and USAA.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
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Re: If you can join any military credit union, which one?

I would never advocate taking a hard inquiry to open a savings account. I don't think it helps down the road but some disagree. In time if things go along as they seem to be Penfed will be as difficult to get a credit card from as AMEX used to be. I would agree with what Hauling posted about Navy and USAA.
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Re: If you can join any military credit union, which one?

Navy Federal.
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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? 


Definately recommend NFCU!

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



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Registered: ‎09-12-2008
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Re: If you can join any military credit union, which one?


smallfry wrote:
I would never advocate taking a hard inquiry to open a savings account. I don't think it helps down the road but some disagree. In time if things go along as they seem to be Penfed will be as difficult to get a credit card from as AMEX used to be. I would agree with what Hauling posted about Navy and USAA.

 

Navy and USAA only soft for membership/savings.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: If you can join any military credit union, which one?


txjohn wrote:

smallfry wrote:
I would never advocate taking a hard inquiry to open a savings account. I don't think it helps down the road but some disagree. In time if things go along as they seem to be Penfed will be as difficult to get a credit card from as AMEX used to be. I would agree with what Hauling posted about Navy and USAA.

 

Navy and USAA only soft for membership/savings.

 

 


OP had some interest in Penfed. For a number of reasons I think it's a wasted pull. There is no reason to open a savings account with them now in the hopes of getting a credit card in 2-3 years. 600 EQ won't cut it.

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