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Its time to play - What will NFCU do?

Contributor

Re: Its time to play - What will NFCU do?

What is this NavChek I keep seeing people mention?

Message 41 of 63
Valued Contributor

Re: Its time to play - What will NFCU do?

it's a line of check for overdraft protection


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 42 of 63
Established Contributor

Re: Its time to play - What will NFCU do?


diabla wrote:

What is this NavChek I keep seeing people mention?


Line of credit for overdraft protection for your checking account.

 

Example. If you have a checking account with $1,000 , and a NavCheck for $15,000 (max) you can technically write a check for $16,000 and it'll clear. You will owe 3% transaction fee, or $20 whatever is higher, and owe a interest rate til you pay it back. Imagine it as one of the cheapest cash advances ever known to man.

 

 below is Navy Federal's description incase I'm not making any sense.

 

How it Works

Overdraft Line of Credit is automatically activated when you exceed your checking account balance. To cover the transaction, funds equaling the overdrawn amount are transferred from your line of credit to your checking. 
It's a safety net that provides convenience and peace of mind.

The Benefits

Money saving – No per-item overdraft fees! Plus, you'll receive a low interest rate with monthly payments that are 2% of the principal loan balance or $20, whichever is higher. Current interest rate is as low as 13.9% APR.** (this is prime rate, there is a prime plus which is lower)

Convenient – Provides automatic protection, flexible repayment rates, and terms.

 

BEST PART IS IT REPORTS AS A CREDIT CARD.  Will never be closed by credit grantor for inactivity, no poking stupid charges to keep it active active, no annual fees, and HIGH credit limits that factors into your FICO.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 43 of 63
Moderator Emeritus

Re: Its time to play - What will NFCU do?

Now that's a nice perk to NFCU!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 44 of 63
Regular Contributor

Re: Its time to play - What will NFCU do?


Juan123 wrote:

JEEZ his highest CL is 2k and people are guessing 10k+?!?!?! i need to join the military or scour my family tree for someone in the military i need to join NFCU ASAP!


My highest limit was $2K on two cards and they just approved me for a $14K limit on the NFCU Visa Platinum.

 



Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 795 | TU 788 | EX 770
Goal Score: 750 (Across All 3)


Take the myFICO Fitness Challenge
Message 45 of 63
Established Contributor

Re: Its time to play - What will NFCU do?


Shogun wrote:

Now that's a nice perk to NFCU!


yep that itself imo makes it the best bank in the world for credit rebuilders, especially cause they really do give you inflated credit limits more than the consumer probably deserves lol, but burn them once they'll usually NEVER let you back in.

 

I seen people with 640's score for $5,000 credit card and $5,000 NavChek.....


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 46 of 63
Moderator Emeritus

Re: Its time to play - What will NFCU do?

2nd guess, decline your application, cause you're a lawyer!!!  haha,, sorry, just brings too many lawyer jokes to mind. 

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 47 of 63
Established Contributor

Re: Its time to play - What will NFCU do?


Shogun wrote:

2nd guess, decline your application, cause you're a lawyer!!!  haha,, sorry, just brings too many lawyer jokes to mind. 


and get sued for discrimination of a profession? Smiley Tongue


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 48 of 63
Moderator Emeritus

Re: Its time to play - What will NFCU do?


distantarray wrote:

Shogun wrote:

2nd guess, decline your application, cause you're a lawyer!!!  haha,, sorry, just brings too many lawyer jokes to mind. 


and get sued for discrimination of a profession? Smiley Tongue


Just picking on Duncan, would never happen that way!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 49 of 63
Valued Contributor

Re: Its time to play - What will NFCU do?


Shogun wrote:

distantarray wrote:

Shogun wrote:

2nd guess, decline your application, cause you're a lawyer!!!  haha,, sorry, just brings too many lawyer jokes to mind. 


and get sued for discrimination of a profession? Smiley Tongue


Just picking on Duncan, would never happen that way!


No problem Shogun. I'm used to it Smiley Wink. EQ updated today on USAA with zero balance. Just waiting on slow TU to update. Should be tomorrow.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 50 of 63