topic Re: Need a new bank + Auto loan & CC in future. Advice? in Credit Cards

Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Tue, 24 Jan 2017 19:20:12 GMT

I've been banking with Bank of America for 6 years now. I'm currently located in a state (going to college) where the nearest BoA ATM/brick-and-mortar is an hour away. This isn't too big of a problem because of mobile deposit for checks and online banking.

I am interested in finding a new bank/CU for my checking account, one that is available where I am at now and back home when I'm home for the summers. This made me consider joining a credit union. Also, in the next 2-3 years, after I graduate, I would like to finance an automobile, so getting in now with a CU would benefit me down the road.

I have credit cards with Capital One (QS $750) and American Express (BCE $1,000) and scores of about 690. I have a credit history of 7 months, and hope to have a mid/high 700's score in 2-3 years when I'm ready for the auto loan.

I have been reading about NFCU and am very impressed. Apparently their online banking app is very smooth, I can use 50,000+ ATMs with no fees, and their auto rates look very good. I also would love to get one of their credit cards next summer due to their very generous limits.

I have also heard that USAA is very good too. I'm not affiliated with the military, but I've found ways from these forums by which you can join these CU's legitimately, this would be how I join NFCU or USAA.

I would like ideas as to where to switch my checking account to, next summer possibly get another CC, and in the future apply for a low-interest auto loan, all in one place.

Re: Need a new bank + Auto loan & CC in future. Advice?

Blackswizz750 — Tue, 24 Jan 2017 21:18:19 GMT

You have great footing at your age about credit. YOu should defintely look into NFCU as you can get banking, Credit Cards, and Car loans, and when ready, CLOC and mortgage all in one spot. I use a few instititions incuding two Credit unions now. I like having something local as you said and with NFCU, the mobile option for checks and free ATM's will be nice to have too.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Tue, 24 Jan 2017 21:24:14 GMT

Welcome to the forum, great decision to join a credit union but I do need to rain on your parade a bit you are not eligible to join USAA they are extremely strict about who they will let join and you absolutely MUST be associated in some way with the military, you didn't used to be for banking only but that has changed. For NFCU you can join through Navy League, I highly recommend them they have a great app based infrastructure and it is not just 50,000+ free ATM as college students we have access to the "campus checking" which means we get ATM fee rebates every statement period so you can literally use any ATM for free essentially. Not to mention they have 24/7 American customer service, great credit card limits and a range of products.

Re: Need a new bank + Auto loan & CC in future. Advice?

fltireguy — Tue, 24 Jan 2017 21:29:52 GMT

PenFed is another very good option for you as well, and it's very easy to join

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Tue, 24 Jan 2017 21:37:03 GMT

Thanks for the advice guys. Is it necessary to have a NFCU brick-and-mortar near you? In my current state, there are no locations, and back in my home state, the closest NFCU is 3 hrs away.

Re: Need a new bank + Auto loan & CC in future. Advice?

fltireguy — Tue, 24 Jan 2017 21:47:06 GMT

No, it's not necessary, but it's always nice. I'm fortunate to live in Tampa, where there is a branch 15 minutes from me. I've been in there twice - awesome service!

Re: Need a new bank + Auto loan & CC in future. Advice?

CreditCuriosity — Tue, 24 Jan 2017 21:47:27 GMT

You can always do something like NFCU or PenFed like others stated as they are both great CU's and good rates on Auto, etc.. Then do something like a Fidelity CMA (ash management account that acts like a checking account) . The CMA is a Soft pull to open and no min amount required and can get checks as well. No ATM fees local or international as they reimburse EVERYTHING to you. So basically what I do is use PenFed as my main bank/cu and transfer money to my Fidelity CMA aka debit card and use that to withdrawl cash whenever I might actually use cash. Gets around fees for ANY ATM and the flexibility of using any bank/CU you might choose.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Tue, 24 Jan 2017 22:10:20 GMT

My first step will be to join NFCU, and get a checking account and CC. Should I do it now with scores in 690's, or wait until June when my score would be higher and I would potentially have a higher starting CLI. Would you reccomend Cash Rewards or GoRewards card? I use my AMEX just with grocery stores and gas stations, and my Cap One QS on everything else. Is NFCU a hard pull to open a checking account, and a second one for CC? Are CLIs HP or SP?

Re: Need a new bank + Auto loan & CC in future. Advice?

stellar — Tue, 24 Jan 2017 22:34:19 GMT

Be very careful being so young and getting most likely a high credit card limit from NFCU.

I know nothing about you personally and you may be the exception. But MOST young people mess up their credit, thankfully just for small amounts. They usually can't get super high credit limits starting out. NFCU is different. You could easily get in over your head and end up defaulting.

You never want to screw NFCU over as they are one of the best lenders that exist period.

Just a friendly warning.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Tue, 24 Jan 2017 23:15:06 GMT

@Anonymous wrote:
My first step will be to join NFCU, and get a checking account and CC. Should I do it now with scores in 690's, or wait until June when my score would be higher and I would potentially have a higher starting CLI. Would you reccomend Cash Rewards or GoRewards card? I use my AMEX just with grocery stores and gas stations, and my Cap One QS on everything else. Is NFCU a hard pull to open a checking account, and a second one for CC? Are CLIs HP or SP?

HP to establish membership, get whatever card they are having a promo on that month sometimes its go rewards sometimes its cash rewards, NFCU makes product changes super easy and you can switch right after you get the bonus, it will be a second pull for the CC and CLIs are mostly HP but sometimes you can get a SP if you request right after an annual review, there are several threads about the annual review topic alone on here. I would start the process now your scores are fine you will still get a very high starting limit depending on your income.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Tue, 24 Jan 2017 23:21:23 GMT

Stellar,

Thanks for the advice.

My strategy is to use CC's to:

1. Build up my credit history/score to be able to finance an automobile, home, etc. with a very-low interest rate in the future.

2. Use my credit cards instead of my debit just for rewards

I always pay down my balances to 7% a couple days before the statement is put out, and I always pay the entire balance in full right after the statement so I don't get charged interest (plus I have auto-pay set up just in case).

I only use money that I know I have in my checking account, which makes using my CCs basically like using my debit card, but with rewards and a payment date. I really would like to change over to NFCU for their rates, and their generosity with credit limits, and accesibility to ATMs, etc.

I am 22, and studying Finance at one of the best programs in the US. Just trying to take advantage of the "system" and get the best deals to set myself up with for the future.

Re: Need a new bank + Auto loan & CC in future. Advice?

Gmood1 — Tue, 24 Jan 2017 23:58:53 GMT

A lot of these CUs are part of a CO-OP. Basically their linked. You can walk in a CU you're not a member of and deposit or withdraw money as if you banked with them.

Penfed is the best of the two for auto loans. Rates are better.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Wed, 25 Jan 2017 00:18:21 GMT

Does a Fidelity CMA card charge you for foreign transaction fees?

Re: Need a new bank + Auto loan & CC in future. Advice?

Gmood1 — Wed, 25 Jan 2017 00:39:40 GMT

Nope..It doesn't. You mean the Fidelity debit card?

I'm thinking ATM fees.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Wed, 25 Jan 2017 00:40:34 GMT

Yes, the CMA. I have family and friends whom I visit in Eastern Europe and wouldn't mind a debit card that doesn't charge foreign transaction fees or ATM fees.

I'm doing research on opening up an account with NFCU or PenFed for checking, a CC, and a future car loan (2-3 yrs), and possibly opening up a Fidelity CMA to transfer money to when I'm overseas so I don't get ripped off on ATM fees. No foreign transaction fees work well into that as well.

Re: Need a new bank + Auto loan & CC in future. Advice?

Gmood1 — Wed, 25 Jan 2017 00:43:20 GMT

@Anonymous wrote:
Yes, the CMA. I have family and friends whom I visit in Eastern Europe and wouldn't mind a debit card that doesn't charge foreign transaction fees or ATM fees.

I'm doing research on opening up an account with NFCU or PenFed for checking, a CC, and a future car loan (2-3 yrs), and possibly opening up a Fidelity CMA to transfer money to when I'm overseas so I don't get ripped off on ATM fees. No foreign transaction fees work well into that as well.

I'd open an account with both. There are no one shot one kill CUs or Banks I know of. Use them all to your advantage.

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Wed, 25 Jan 2017 00:56:25 GMT

I only have about 7 months of credit history. Do you think that would hurt my process of getting a checking account and gettting a credit card with NFCU?

FICO 688; CK Scores 690, 689

7% Util

100% On Time

0 baddies

7 mo credit history (AAoA 5 mo)

2 Accounts (1 of which is Student Loan)

1 HP

Re: Need a new bank + Auto loan & CC in future. Advice?

Gmood1 — Wed, 25 Jan 2017 00:59:19 GMT

My step daughter had short history and got an account and CC with Navy. I can't remember if the same applies to Penfed. Being they are major competitors. I assume it would be the same.

Pull your FICO 8 scores for a $1 www.creditchecktotal.com .

Re: Need a new bank + Auto loan & CC in future. Advice?

Anonymous — Wed, 25 Jan 2017 01:13:05 GMT

Are there fees for transferring funds from NFCU or let's say an Australian bank account over to the Fidelity CMA?

Re: Need a new bank + Auto loan & CC in future. Advice?

CreditCuriosity — Wed, 25 Jan 2017 01:18:08 GMT

@Gmood1 wrote:
Nope..It doesn't. You mean the Fidelity debit card?
I'm thinking ATM fees.

No ATM fees are reimbursed as well. Whether country side or out of country