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USAA or PenFed

Frequent Contributor

USAA or PenFed

Looking for a good bank or CU. I recently have been trying to get into NFCU since my grandfather served in the Air Force during the Korean War. But come to find out he doesn't have DOD benefits or access to the "comissary" so I cannot join. VA benefits are not valid. (frustrating) So, I have been looking around and found USAA and PenFed as the next on the list. Anyone have any advice or experience with these banks? Im looking for a bank to have a mortage, car loan and maybe some CC's...

 

Thanks!


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Message 1 of 22
21 REPLIES
Established Contributor

Re: USAA or PenFed

With those scores neither of those banks will give you a card. But if you are looking just for banking needs either one of them will do nicely for you

NFCU Cash Rewards Siggy $22k, NFCU Flagship Rewards Siggy $22K, NFCU Platinum MC $20K, USAA Amex Rewards $6k, USAA World Mastercard Rewards $6k, NFCU Navcheck $15k

Other Cards - Citibank AAdvantage, Chase Slate, Barclays Rewards,


IN THE GARDEN UNTIL APRIL 2014

NFCU FAN CLUB MEMBER #1









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NFCU FAN CLUB FAN#1
Message 2 of 22
Established Contributor

Re: USAA or PenFed

Pen fed is rough I'm calling to close our account. At last denial my wife's eq was 786 . They said debt pyramiding so I give up!
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Message 3 of 22
Highlighted
Valued Member

Re: USAA or PenFed

I personally love Penfed. .

 

Pros:

My credit had a collection and a few old lates and they still showed me love.

My best CL. I got Platinum rewards, LOC, and a Auto loan at 1.99%. Now it's 1.49

I have had really good customer service.

 

Cons: I hate being charged a fee to use the ATM on top if the ATM fee. I use my fidelity account to withdraw money.

No local branch. But that's expected.

 

cNt think of anything else. But I got almost all my accounts with them and nsobbing issues so far.

 

Amex Platinum | Amex Zync | Penfed Plat Rewards | Discover IT | Bank Of America Cash Rewards

Message 4 of 22
Senior Contributor

Re: USAA or PenFed

USAA has excellent service and may be a better choice if you're rebuilding than PenFed. That being said, USAA has pretty strict underwriting guidelines so you really can't compare them to NFCU in terms of credit limits.

 

If your credit is already perfect, PenFed is pretty hard to beat.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 5 of 22
Contributor

Re: USAA or PenFed

I use PFCU for credit cards. 

 

5% cash back on gas

1.5% cash back everything else. 

 

The crediti is automatic, applied on that months bill.  No hoops, games, points.  You also utilize 100% of your rewards. 

 

But

 

You need a spectacular report to get their best cards.  Maybe try their no-fee-no-reward Visa Promise card. 

 

I use NFCU and USAA as my primary banking accounts. 

 

I like them all, though Penfed feels to be lagging on their website and just business compared  to the other two

Message 6 of 22
Frequent Contributor

Re: USAA or PenFed

I'm not keen on PenFed. I have a savings account with them and they offered me a checking account too, but I hear it's difficult to get credit products with them. My mom has been a member with them since she was overseas in Turkey, and she has scores in the 700s but can't get anything with them. I tried for a card with them recently and was shot down. I should've known better than to apply though. In any event, I won't try again and am more than likely going to shut the account down permanently next month.


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


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Message 7 of 22
Valued Contributor

Re: USAA or PenFed


RemyWinchester wrote:

I use PFCU for credit cards. 

 

5% cash back on gas

1.5% cash back everything else. 

 

The crediti is automatic, applied on that months bill.  No hoops, games, points.  You also utilize 100% of your rewards. 

 

But

 

You need a spectacular report to get their best cards.  Maybe try their no-fee-no-reward Visa Promise card. 

 

I use NFCU and USAA as my primary banking accounts. 

 

I like them all, though Penfed feels to be lagging on their website and just business compared  to the other two


Which card is that?  The Platinum Rewards is 5% gas, 3% groceries, 1% everything else, with points, and the Platinum Cash Rewards is 5% gas, 0.25% everything else, but with immediate cash back as statement credit.   Is yours a different one?

 

What are the advantages of NFCU/USAA for bank accounts?  Their rates don't seem to compete with internet banks like TIAA Direct/Everbank etc.

Message 8 of 22
Contributor

Re: USAA or PenFed

It is two seperate cards. 

 

Plat Cash - 5% gas

 

Amex Defender 1.5% everything

 

The savings rates at both USAA and Navy are garbage - though Navy are much better. 

 

The real gem is the special deals on CDs that come around.  I have a 4% and 3% CD that has only 12 month term.  This is perfect for most of my emergency fund (can always break the CD)

 

And USAA (Navy does for me too because of my DOD paycheck is Direct Deposited there) reimburses ATM fees. 

Message 9 of 22
Valued Member

Re: USAA or PenFed

That's so strange. My scores were in high 600s when I got Penfed. They gave me 5k limit 2k LOC and a 25k auto loan. Wonder how these higher scores are not being approved.

Amex Platinum | Amex Zync | Penfed Plat Rewards | Discover IT | Bank Of America Cash Rewards

Message 10 of 22