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Valued Member
Posts: 46
Registered: ‎05-06-2008
0

Navy Federal Credit Union

I just recently became a member of Navy Federal Credit Union.  I am trying to figure out if it makes any difference if you go in person and speak with somebody regarding applying for a credit card?  I have no credit cards currently and have a few baddies on my report that I am working on.  My scores are Transunion 632, Experian 623, and last time I checked Equifax it was 609, but some baddies have come off since then so I may have a little bit of an increase.  I have about $1,000 in my savings through them also if that makes a difference in there decision I don't know.  Any information would be helpful.
Contributor
Posts: 94
Registered: ‎02-04-2008
0

Re: Navy Federal Credit Union

If I were you I would move your money over to Alliant CU. They have A+ CS and are very good wih rates and working with people that have less then perfect credit.... Maybe start with opening and account and chsoe PTA for your what are you a member of.

 

Just my thoughts since Alliant is the hot one around here......

 

My Equifax was 632 when I got a $7000 Unsecured loan with a great rate.... I have only been a member for 3 months and started with a refinance of my suv with them going from a 16.9% APR to a 7.8% APR with them. Awesome place to go through.... 

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Navy Federal Credit Union


CyndibemyLOVE wrote:

If I were you I would move your money over to Alliant CU. They have A+ CS and are very good wih rates and working with people that have less then perfect credit.... Maybe start with opening and account and chsoe PTA for your what are you a member of.

 

Just my thoughts since Alliant is the hot one around here......

 


Alliant is only hot as NFCU has restricted membership making them unuasable for a majority of posters.

 

NFCU is incredibly friendly with people with spotty credit, you can easily do all your applying online.

In all probability you will get a card, just apply for a low amount maybe 500-1000

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Established Contributor
Posts: 672
Registered: ‎07-05-2008
0

Re: Navy Federal Credit Union

[ Edited ]

With your scores and no major baddies, you're in pretty good shape. Two other things they look at are your liquid savings balance, and whether or not you have direct deposit set-up with them. My advice would be to keep that $1,000 plus any extra liquid savings you've got in your Navy Federal Share Savings account, and set-up direct deposit to go into an EveryDay Checking account. Doing either or both of these will increase your chances of approval.

 

I wouldn't go into a branch and talk to someone, because they really don't have any say in the approval process. If you do get denied though, you may want to call-in and either recon or ask about a secured card. The great thing about Navy Federal, is they've got secured cards with rewards, so you can get a Secured nRewards Visa with rewards and no annual fee if you don't qualify for an unsecured card. Smiley Happy

Message Edited by jaybird201 on 05-29-2009 01:08 PM
Frequent Contributor
Posts: 488
Registered: ‎04-09-2008
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Re: Navy Federal Credit Union

NFCU is awesome- I haven't been inside a branch in 20 years.. I had a old savingsaccount I had let expire- I called them and they allowed me to reestablish it. I had scores <550 and applied for a CC- I knew I would get denied, but they allowed me to get a secured one- I got a nrewards secured for $1,000. I just hit the 1 year mark and they are releasing the funds!-  I have since re-financed my auto loan from them and recieved a NavCheck LOC for 5,000 ( basically an overdraft that reorts as revolving, since youcan use it to write yourself a loan) I do everything via internet or phone.
Established Contributor
Posts: 545
Registered: ‎03-20-2009
0

Re: Navy Federal Credit Union

Stay with Navy!  As another poster mentioned the only reason they aren't considered as "hot" as Alliant is the restricted membership.  They treat their members right (unlike Alliant). 

 

I will tell you that my FICO scores are a little bit below yours & was approved for an un-secured Visa cashRewards card in early May ($1,200 CL) & an un-secured MC goRewards card 2 weeks after that.  ($1,000 CL)  I did the Visa online & the MC by phone.  I don't think going in would make any difference as both had to be reviewed.  They are not instant approvals like some CC are. 

 

I say go for it. 

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)



Valued Member
Posts: 46
Registered: ‎05-06-2008
0

Re: Navy Federal Credit Union

Thanks for the information very helpful, guess I will try the online process and see what happens.  I will cross my fingers and hope for the best. 
Regular Contributor
Posts: 158
Registered: ‎07-16-2007
0

Re: Navy Federal Credit Union

I've been with them for almost 20 years. I only made them my primary bank 2 years ago. They are great either on the phone or online. i did my mortgage with them earlier this year and they had my approval done the next day after calling at 6:30PM the night before. Best bank I've ever dealt with. I started with a $1,000 secured visa in 1989, I left the limit below 2k until a couple of years ago and I've had it raised to 25k.
EX. 780 TU 794.
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Navy Federal Credit Union

Not to be argumentative with anyone recommending Alliant, but I believe that for "credit" that NFCU is far superior in every way, unless you are not eligible and cannot gain membership.

 

1.  Alliant does not offer secured credit cards.  NFCU does.

2.  Alliant is more conservative in lending criteria.  NFCU provides credit to those that were denied credit at Alliant.  In addition, with secured cards anyone can get a card with NFCU.

3.  NFCU provides substantially higher CL's for equivalent credit than Alliant.

4.  My experience is that NFCU customer service is always 100% positive, whereas Alliant at times is not, though they usually do very well.

 

However, as a deposit CU, Alliant has far better rates of return.

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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
Established Contributor
Posts: 679
Registered: ‎03-05-2009
0

Re: Navy Federal Credit Union

10000%, stay with NFCU!!!  I just opened 5 accounts with them and they are the nicest ive ever dealt with when it comes to CS.  They are great for people with spotty credit and if you show a couple months of good history with them, they will do anything they can to help you.  Def use them instead of Alliant
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