Reply
Frequent Contributor
Posts: 382
Registered: ‎02-27-2013
0

Navy Federal Credit Union NFCU card/line of credit, why?

Hello, why do I want Navy Federal Credit Union card or personal line of credit in my credit portfolio?

 

 

I heard they give high limits, but don't consider you unless your score is 780+

 

Does the personal line of credit have any fees to withdraw like a cash advance?

 

 

other perks and why. I realize the institution is authorized by statutory provisions of the US Government, so thats a little different, but why do I want that?

Moderator
Posts: 27,206
Registered: ‎09-13-2012
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?

Your information re 780+ is incorrect. NFCU does offer generous CL's, better than avg rates and their customer service is pretty good.
Contributor
Posts: 85
Registered: ‎05-25-2011
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?

ive seen people get approved for 5k and up limits with sub 500 scores..

,
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?

[ Edited ]
The LOC is accessed with its own special checkbook. My scores are nowhere near 780 and I got max on navcheck and a crazy limit on credit card.

I keep them because I know I will have a long term relationship with this CU and the high limit helps my utilization.

The rate is good on the card with no BT fees ever and special 0% promo rates at certain times of the year

And writing a check to my contractor instead of swiping a card is great because there are no merchant fees associated

There are never cash advance fees from either the LOC or the credit card, and these products are backed by outstanding service 24/7

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Frequent Contributor
Posts: 382
Registered: ‎02-27-2013
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?


webhopper wrote:
The LOC is accessed with its own special checkbook. My scores are nowhere near 780 and I got max on navcheck and a crazy limit on credit card.

I keep them because I know I will have a long term relationship with this CU and the high limit helps my utilization.

The rate is good on the card with no BT fees ever and special 0% promo rates at certain times of the year

And writing a check to my contractor instead of swiping a card is great because there are no merchant fees associated

There are never cash advance fees from either the LOC or the credit card, and these products are backed by outstanding service 24/7

interesting

 

thats really cool, is there any way to access the line of credit outside of checks? I dislike the clearing time

 

 

 

Member
Posts: 97
Registered: ‎06-09-2013
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?


gen-specific wrote:

webhopper wrote:
The LOC is accessed with its own special checkbook. My scores are nowhere near 780 and I got max on navcheck and a crazy limit on credit card.

I keep them because I know I will have a long term relationship with this CU and the high limit helps my utilization.

The rate is good on the card with no BT fees ever and special 0% promo rates at certain times of the year

And writing a check to my contractor instead of swiping a card is great because there are no merchant fees associated

There are never cash advance fees from either the LOC or the credit card, and these products are backed by outstanding service 24/7

interesting

 

thats really cool, is there any way to access the line of credit outside of checks? I dislike the clearing time

 

 

 


I asked a check to myself personally and cleared within 24 hours. $12,000

Established Member
Posts: 20
Registered: ‎03-22-2010
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?

To my understanding there are no fees to withdrawl beyond the APR associated with it.  NAVCheck limit on my account is 15k and my eq fico when pulled was 716 (did a cli on it last night and went from 500 to 15k).  They attach the LOC to your checking account, and it is drawn upon when your checking account cannot cover the charge.  I've never tried to access it directly (bypassing my checking), so I can't comment on that.



In the garden until they run out of veggie burgers.
Established Contributor
Posts: 616
Registered: ‎01-04-2009
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?


gen-specific wrote:

Hello, why do I want Navy Federal Credit Union card or personal line of credit in my credit portfolio?

 

 

I heard they give high limits, but don't consider you unless your score is 780+

 

Does the personal line of credit have any fees to withdraw like a cash advance?

 

 

other perks and why. I realize the institution is authorized by statutory provisions of the US Government, so thats a little different, but why do I want that?


 

 

You might be confusing NFCU with Penfed (the latter generally won't touch you unless you have mid 700s+).  NFCU will fairly readily approve CCs to people with blemishes and FICOs in the low 600s.

 

I got the NavCheck account personally not because I ever really plan on using it (free overdraft is nice, but I would probably never accidentally OD more than $100) but because it adds a VERY nice $15,000 limit to my overall utilization and keeps my usage low.

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?

[ Edited ]

You can access the funds in the LOC by intentionally overdrawing your account...

 

Basically you call them up and ask them to wire funds to another account from your navcheck linked checking account.  There is a $14 fee to wire funds to another account.

 

The Credit Card cash advance is instant


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
New Contributor
Posts: 70
Registered: ‎08-23-2010
0

Re: Navy Federal Credit Union NFCU card/line of credit, why?

I've never used a cash advance feature on any card, either. Do you mean we could use a cash advance to transfer money to checking and then make auto car loan payment from checking? (Essentially paying car payment with cc.) ? Do you get points on cash advances?
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.