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

[gen-specific]

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?

[09Lexie]

Your information re 780+ is incorrect. NFCU does offer generous CL's, better than avg rates and their customer service is pretty good.

[iMarcus]

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

[webhopper]

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

[gen-specific]

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@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

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interesting

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

[Ailee92]

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@gen-specific wrote:

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@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

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interesting

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

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

[DontEatMyFriends]

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.

[Brusilov]

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@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?

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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.

[webhopper]

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

[martinkk]

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?