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With your experiences... what are the benefits of Navy Federal?? Is it mainly the fact they typically provide almost excessive credit limits?
@CaptainGreenThumb wrote:With your experiences... what are the benefits of Navy Federal?? Is it mainly the fact they typically provide almost excessive credit limits?
There is MUCH more than that.
Fair/Low APRs if you carry a balance.
Twice a year they offer low (currently 2.99%) and I've read about 0% interest on balance transfers.
Excellent customer service and increases to you credit limit.
I've read cases where promotions were offered a few weeks after someone opened a card with them. One call to customer service and the promotions were added.
If you read the boards you will hear customer service complaints about just about everyone but very rarely do you hear about a customer service complaint with NFCU.
Edit:
You can call them every 12 months and they will review your account for interest rate reductions.
My main reservation is that upon creating these savings/checkings/credit accounts, I would feel as if I am stuck with them forever... cancelling these accounts with such potentially high credit limits could do severe damage to a credit score if done in the distant future.
@CaptainGreenThumb wrote:My main reservation is that upon creating these savings/checkings/credit accounts, I would feel as if I am stuck with them forever... cancelling these accounts with such potentially high credit limits could do severe damage to a credit score if done in the distant future.
you don't want to open a huge credit line now because you feel you can't ever close it later?!
Is that an outrageous thought? I apologize, I am new to all of this so I appreciate all helpful tips/pointers that are offered.
I just have a few reservations about opening checkings and savings accounts with the sole purpose of obtaining credit accounts with huge credit limits... althought it does sound like I would be silly not to do this....
The main purpose for my NFCU card is to do balance transfers once a year when they offer the 0% BT promotion. The other reason is because it helps my utilization.
I don't have a checking account with NFCU. I have $5 in share savings and thats all I have ever had with them. You might like their checking accounts though, if you currently use a big bank for checking.
@CaptainGreenThumb wrote:Is that an outrageous thought? I apologize, I am new to all of this so I appreciate all helpful tips/pointers that are offered.
I just have a few reservations about opening checkings and savings accounts with the sole purpose of obtaining credit accounts with huge credit limits... althought it does sound like I would be silly not to do this....
Navy has amazing auto loan rates, an easy to get huge overdraft line of credit if you did use the checking account that doesn't cost any fees if it gets used as backup for overdraft. They do mortgages too... it's not just credit cards with huge lines.
and as other said you don't have to open anything but a savings account with $5 if you don't actually want to use them for checking.
From the responses I have received it sounds like I would be silly to not become a member of NFCU while I am still eligible.
@CaptainGreenThumb wrote:From the responses I have received it sounds like I would be silly to not become a member of NFCU while I am still eligible.
Yes, I can confirm that you would be silly not to become a member of NFCU if you qualify.