PenFed vs NFCU

[Anonymous]

So, I've had my PenFed Promise for a few months at this point, but rarely use it and plan on closing it. I keep seeing everyone joining NFCU and absolutely loving it. Is it better than PenFed? I definitely want to look in to joining but feel bad asking for my grandfather's SS# since he was in the armed forces and it looks like that's needed. So, really what I would like to hear are the positives of NFCU 

[jacetx]

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@Anonymous wrote:

So, I've had my PenFed Promise for a few months at this point, but rarely use it and plan on closing it. I keep seeing everyone joining NFCU and absolutely loving it. Is it better than PenFed? I definitely want to look in to joining but feel bad asking for my grandfather's SS# since he was in the armed forces and it looks like that's needed. So, really what I would like to hear are the positives of NFCU 

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PenFed has been more generous to me than NFCU has. I also like the fact that in most cases PenFed will use the same pull for other products unlike NFCU that pulls for every application. I'm not sure if the method still works, but a lot of us joined via the Navy League of San Diego.

[Anonymous]

They are both very good credit unions.  If I were in your shoes, I'd live the Penfed Promise open because you want to have relationships with both CUs.  Also, diversity is good when it comes to credit.

Both these CUs have great rates depending on what you are looking for.  NFCU tends to be more lenient to people who are rebuilding by approving them for credit and helping them build.  It really depends on what you are looking for.

Lastly, there is another way to join.  Go to the "money and relationship" section and there is a big thread on it.  Follow the instruction and you will become a member.

[Anonymous]

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@Anonymous wrote:

They are both very good credit unions.  If I were in your shoes, I'd live the Penfed Promise open because you want to have relationships with both CUs.  Also, diversity is good when it comes to credit.

Both these CUs have great rates depending on what you are looking for.  NFCU tends to be more lenient to people who are rebuilding by approving them for credit and helping them build.  It really depends on what you are looking for.

Lastly, there is another way to join.  Go to the "money and relationship" section and there is a big thread on it.  Follow the instruction and you will become a member.

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Thanks so much for the insight! I will take a look!

[happypill]

Penfed and NFCU are both great credit unions.  I joined Penfed a little while back and got the platinum rewards card.  I'm in process of joining NFCU (looking good, they asked for patriot act docs and I think that's the last step).

To be honest, the cards that they offer are not really all that distinguished.  They do have potential for high limits and NFCU in particular seems to hand out high limits to marginal credit scores, which is nice.  Some of their cards have nice sign-on bonuses, but the rates & rewards on the cards aren't all that great.

Really, the greatest things about both CUs are the rates and options they have on mortgages, auto loans and such.  Some of their products are really unique and their rates are some of the best.  Some high limits on cards are really icing on the cake.

[Anonymous]

I'm a member of both 😳

I have a 7.5k platinum rewards with Penfed. Not really digging the rewards but love the no af. Apr at 17.99%. It's also easy to add funds to savings. 

I have a 10k flagship with NFCU with an af of $49 at 15% apr.

My only cons with NFCU is it was 2 hp with membership + cc and I can't fund savings from an external account as easy. 

[UncleB]

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@Anonymous wrote:

So, I've had my PenFed Promise for a few months at this point, but rarely use it and plan on closing it. I keep seeing everyone joining NFCU and absolutely loving it. Is it better than PenFed? I definitely want to look in to joining but feel bad asking for my grandfather's SS# since he was in the armed forces and it looks like that's needed. So, really what I would like to hear are the positives of NFCU 

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I'll leave it to the others to compare NFCU's cards to PenFed's since I'm only with NFCU, but I 'second' the advice to check into joining via the San Diego chapter of the NLUS.   

Further, unless your grandfather retired from the armed forces you'll have to go that route anyway, since (unlike USAA) being a vet isn't sufficient for membership with NFCU. 

[longtimelurker]

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@happypill wrote:

To be honest, the cards that they offer are not really all that distinguished.  They do have potential for high limits and NFCU in particular seems to hand out high limits to marginal credit scores, which is nice.  Some of their cards have nice sign-on bonuses, but the rates & rewards on the cards aren't all that great.

Really, the greatest things about both CUs are the rates and options they have on mortgages, auto loans and such.  Some of their products are really unique and their rates are some of the best.  Some high limits on cards are really icing on the cake.

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I think the PenFed Cash Rewards (so long as you also have a qualifying product) is in the best-of-class for gas purchases so that, IMO is distinguished!

On the other hand, I haven't found their mortgage rates to be all that good, easy to do better using internet brokers.

[jbb27885]

My vote is for NFCU.

PenFed declined me for a SECURED card and also an auto refinance when I had a cosigner with 700+ scores.

NFCU declined me for CashRewards but offered me a secured card and I took them up on the offer. They have the best mortgage and auto loan rates that I have found anywhere. I'll take advantage of these products once I have their secured card for a while and build a relationship with them.