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@ezdoesit wrote:
@Anonymous wrote:
I was thrilled to finally have an "in" with NFCU once the Navy League method became known. Their credit card with a $17,900 SL was more than 7x my next highest limit at the time ($2,400)! I have also heard good things about their mortgage offerings for first-time home buyers; buying a house in 2021 or thereabouts will be the endgame of all my recent rebuilding efforts. NFCU's promotional 2% CD rate is also appealing, and led me to sponsor membership for my father recently. They are an excellent institution to build a relationship with.What is the Navy League method?
While I guess I'm technically no longer a 'rebuilder' (?), when I got with NFCU I definitely was and they still approved me for a credit card with a low rate and a generous credit line.
My already generous credit line is now a super-generous $20k (which for my modest resources, is really good) and I'm looking forward to getting my already low 11.24% APR even lower in November when my account anniversary comes up.
I know if you look around there are other places to get low APR cards, but those places tend to be 'pickier' than NFCU (new accounts, inquiries, etc.) and with NFCU this wasn't a problem.
While I don't use them for my checking now, if I ever have a reason to switch from USAA, Navy will be my go-to.
@UncleB wrote:While I guess I'm technically no longer a 'rebuilder' (?), when I got with NFCU I definitely was and they still approved me for a credit card with a low rate and a generous credit line.
My already generous credit line is now a super-generous $20k (which for my modest resources, is really good) and I'm looking forward to getting my already low 11.24% APR even lower in November when my account anniversary comes up.
I know if you look around there are other places to get low APR cards, but those places tend to be 'pickier' than NFCU (new accounts, inquiries, etc.) and with NFCU this wasn't a problem.
While I don't use them for my checking now, if I ever have a reason to switch from USAA, Navy will be my go-to.
Once approved for membership, do you have to open a checking/savings account or can you just apply for the credit card?
@Anonymous wrote:
@UncleB wrote:While I guess I'm technically no longer a 'rebuilder' (?), when I got with NFCU I definitely was and they still approved me for a credit card with a low rate and a generous credit line.
My already generous credit line is now a super-generous $20k (which for my modest resources, is really good) and I'm looking forward to getting my already low 11.24% APR even lower in November when my account anniversary comes up.
I know if you look around there are other places to get low APR cards, but those places tend to be 'pickier' than NFCU (new accounts, inquiries, etc.) and with NFCU this wasn't a problem.
While I don't use them for my checking now, if I ever have a reason to switch from USAA, Navy will be my go-to.
Once approved for membership, do you have to open a checking/savings account or can you just apply for the credit card?
Like most credit unions, membership requires you to have a savings account with a minimum of $5. If you ever close that savings account, that also ends your membership. All of the other accounts are strictly optional, although most people do get a checking account, since it's free.
I'm a bit of an outlier in that I didn't get the free checking, but I've already got two checking accounts, so I figured I would stick with their (required) savings account and the credit card.
@Anonymous wrote:
@longtimelurker wrote:
@Anonymous wrote:
I personally would rather have a solid relationship with the largest credit union in the world than the mom and pop credit union down the street that has 4 locations total. But that's just me.
How often do people need to visit locations? I do nearly all of my banking with an internet bank, that offers unlimited ATM fee reimbursement, and with that, remote deposit and online bill pay, I never expect to visit one of their locations (nearest is 150 miles, all others more than 1,000 miles away).
I don't visit locations at all, and actually, visitng locations isn't the point.
The point is having the relationship with the large and more fiscally sound credit union with many millions of members versus the little mom and pop one which may not have the same level of strength.
Personally, wouldn't mind a branch nearby. Not having one is like online dating and never meeting the girl on the other side of your screen. Eventually, I want to meet the girl in person! Lol
@Anonymous wrote:
Regarding membership, if I'm not military and none of my family that is (or was actually) is a member, and I don't have the required employment qualifications, I can't become a member, right? I know some of these CU's let you obtain membership via other methods (paying for membership / donating to other organizations as one example) if you don't quality through military affiliation. I just trying to be sure I'm not missing it.
From the Navy FCU website:
If you have an immediate family member who has joined or one who is eligible to join, you can become a Navy Federal member. Immediate family members include grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren) and household members.
It seems that your family member doesn't have to be an actual Navy Federal CU member, only ELIGIBLE to become one.
Perhaps that fine distinction will make a difference to some.