topic Re: Why navy? in Credit Cards

Why navy?

Anonymous — Sat, 23 May 2020 06:12:17 GMT

I see many posts that seem to indicate many of you love navy and their credit cards. But when I was looking at their credit card line up, they don't seem that exciting to me. Is there a reason why so many of you swear by navy?

Re: Why navy?

Anonymous — Sat, 23 May 2020 06:15:15 GMT

Because Navy rocks! Huge starting limit, low APR and great customer service! And last but not least is they don't judge you by your FICO score for approval!

Re: Why navy?

wasCB14 — Sat, 23 May 2020 06:19:22 GMT

Flagship occasionally has a $500 or $600 SUB.

Re: Why navy?

Anonymous — Sat, 23 May 2020 06:24:55 GMT

@Anonymous wrote:
Because Navy rocks! Huge starting limit, low APR and great customer service! And last but not least is they don't judge you by your FICO score for approval!

I definitely agree, "they don't judge you by your FICO score for approval!"

Re: Why navy?

FieryDance — Sat, 23 May 2020 06:33:06 GMT

Navy sounds great indeed but still like all FI's it is not for everyone. If what Navy offers doesn't match your needs it is not a good match for you.

So far I have yet to find a CU that provides what I am looking for that's why I am not a fan of CU's.

Re: Why navy?

TekkenQQ7 — Sat, 23 May 2020 06:44:38 GMT

Because we are proud to be part of the NAVY.

Re: Why navy?

AverageJoesCredit — Sat, 23 May 2020 12:51:36 GMT

@wasCB14 wrote:
Flagship occasionally has a $500 or $600 SUB.

This is one reason for the Sub chasers.

For others like me, they go above and beyond with not only their customer service, but by treating even their lower class customers with same regards to the upper levels. They look beyond ones income and with good management of ones credit they give more than any other lender imo. Even profiles that are damaged, they give chances unlike any other lender, again imo.

Re: Why navy?

Wavester64 — Sat, 23 May 2020 13:45:04 GMT

@Anonymous wrote:
Because Navy rocks! Huge starting limit, low APR and great customer service! And last but not least is they don't judge you by your FICO score for approval!

+ 1, except for the SL...only $1K here

Re: Why navy?

recoveringfrombk7 — Sat, 23 May 2020 13:48:54 GMT

@Anonymous wrote:
I see many posts that seem to indicate many of you love navy and their credit cards. But when I was looking at their credit card line up, they don't seem that exciting to me. Is there a reason why so many of you swear by navy?

The customer service is great. They allow you to show your worthiness through responsible use and reward you accordingly. I'm not even 2 years post filing for bk7 and I have a 9900 and 12500 card. The cards will continue to grow over time, plus I can ask for APR reductions (though one card is already at the lowest). Some places lock you in and the only way to get better terms is to apply for a new card, which personally for me I hate.

Also, a flat 1.5% card and a 3% gas/restaurant/groceries card are both pretty competitive with offerings by larger lenders like Cap One. But the APR tends to be significantly lower. In January I was approved for QS 3k/19.99, found out about NFCU here and apped Cash Rewards and was approved for 3.9k/12.49. I do not usually carry a balance, but emergencies can happen and it's just nice to know I won't get wrecked if I do.

Plus, I'm establishing myself with a place with competitive rates for mortgage and car who are far more likely to give good terms with my history.

Re: Why navy?

M_Smart007 — Sat, 23 May 2020 14:03:44 GMT

"Why navy?"

Because it is an honor to be a part of the most Awesome CU, that help's so many Military Service Member's and their families!. (Active and retired)

You will never know what Navy is like, until you are actually a Member.

The customer Service is the best, bar none.

Also one of the few Credit Unions to be there 24/7 & 365 days a year for you!

https://en.wikipedia.org/wiki/Navy_Federal_Credit_Union

"In May 2008, the Navy Federal Credit Union widened its membership to include the entire Department of Defense, which made eligible all active duty, retired, and reserve Army, Navy, Marine Corps, and Air Force personnel, as well as civilian personnel within the Department of Defense. In March 2013, the Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees as well.In 2014, Navy Federal expanded its Vienna headquarters and added 600 new jobs there. An increase in membership also led to an expansion at the credit union's Pensacola location in 2015, where Navy Federal hopes to reach 10,000 local employees by 2020.

Navy Federal offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, IRA accounts, and certificates. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($5.00) literally represents their share of ownership in the credit union. Navy Federal also offers members consumer loans, credit cards, mortgages and home equity lines of credit, as well as some small business services. Navy Federal's CUSO, Navy Federal Financial Group, offers more extensive investment services, an electronic trading platform, and insurance.

As of January 2016, Navy Federal had 295 branches and almost 580 ATMs, located both inside the United States and abroad. Navy Federal offers extensive online services via its corporate website, Navy Federal Online. In addition, members can make ATM transactions through the nearly 30,000 CO-OP Network locations at other credit unions and 7-Eleven stores in the U.S. and Canada without any surcharge fees.

Due to the nature of its membership, which includes actively deployed military personnel in every time zone, Navy Federal maintains 24x7 operations at its three contact centers in Vienna, Virginia, Winchester, Virginia, and Pensacola, Florida, its largest contact center, as well as round-the-clock online services."

Re: Why navy?

Anonymous — Sat, 23 May 2020 14:41:25 GMT

@FieryDance wrote:
Navy sounds great indeed but still like all FI's it is not for everyone. If what Navy offers doesn't match your needs it is not a good match for you.

So far I have yet to find a CU that provides what I am looking for that's why I am not a fan of CU's.

What are you looking for?

Re: Why navy?

MrDisco99 — Sat, 23 May 2020 17:03:18 GMT

It sounds to me like the perks of Navy FCU are less about rewards from spend and more about credit access, i.e. high limits, low rates, easier approvals.

Just like anything else, they're awesome for some people but may not make sense for everyone.

Re: Why navy?

Remedios — Sat, 23 May 2020 17:07:26 GMT

If NFCU changed UW standards, the "everyone's darling" status would change.

Cap one was loved, till it wasnt.

Discover, adored till it wasnt

Its cyclic because everyone loves the lender who meets their expectations, realistic or not.

I cannot speak on their appeal, because I'm not eligible for membership, but if they meet your needs, than that's the appeal.

Re: Why navy?

KJinNC — Sat, 23 May 2020 18:31:06 GMT

I am a new NFCU member. I discovered not long ago that my father's service in the Army National Guard qualifies me. I was surprised by that, and joined immediately once I learned this fact on the MyFICO board.

As a new member during the coronavirus era, I will say two things that might be taken as negative or sour notes. First: the CSR apparently fat-fingered my SSN when I signed up. A couple of weeks later when I applied for a credit card, this came back to haunt me. I ended up with a de facto triple pull (the full story is slightly more complicated than that) as they apparently realized the SSN they had for me did not match what my credit report said, and started pulling other reports in hopes of finding the "right" SSN. Mistake #1 is typing in the wrong SSN, but, human error, it happens. What irked me more was mistake #2, pulling other credit reports instead of asking me to resolve the error. Without getting into the whole story, I will add that I had a warning sign that I missed at the time, so I have some shared responsibility for not being more pro-active in figuring out what was going on.

I sent a secured message asking if they could recode some of the hard pulls as soft pulls. They replied (looked like a copy and paste) saying they couldn't give me special treatment because it wouldn't be fair to other customers. I said I don't want special treatment, I just don't want a bunch of hard pulls because of the errors involved. They replied again (still looked like a copy and paste) saying they coudn't give me special treatment. I replied explaining the series of errors that led to this point. They didn't reply very soon, so I replied again and said, nevermind. One or two people on this board suggested that I call them. I probably should, but I'm pretty burned out telling them this story. I chalk this up largely to the virus hurting their staffing levels.

Second, when I was approved for a card, it was for $1,000, which is low in context of my profile (highest CL is $18,500 and cards total $81,100 in CLs), although I'm ok with that part (I have massive credit-seeking, including recently, and I mainly got this card so I could get a Flagship later this year or early next year). But just to mention as their "high" or "low" starting credit limits have appeared in this thread.

On the positive side, I have spoken with them on the phone four times, and all four times, the person sounded professional - three times, they went above and beyond to be helpful. I can see why people love their customer service, despite some of my comments above.

But for me, the main reason I wanted to join was their rates. Compare their best rates for any product (auto, mortgage, motorcycle, etc) with any other lender and you'll see what I mean.

As for their cards, I like their selection better than, say, PenFed's selection or Capital One's selection. You could live without having one of their cards, but conversely, someone could do just fine if the only cards they had were NFCU cards. Part of the longterm appeal is definitely potential for high credit limits.

JMO ... I think I'm an outlier in several ways, but feel like I should add to community info as I'm able.

Re: Why navy?

Anonymous — Sat, 23 May 2020 18:49:13 GMT

Honestly these two images say it all.

NFCU is willing to give anyone a chance where many other issuers, especially credit unions, are less likely to lend to people with low income and negative past credit histories. They have no predatory practices, some of the best credit card rates in the country (I mean who has a 5.99% card on offer?) that don't require 800 scores to get (I got the lowest on my two cards when my TU score was around 640), credit card products that are competitive with other offerings (cashRewards = QuickSilver with much better APR) and even exceed some other offerings like the More Rewards' uncapped grocery spend at 3X vs the BCE capped at $6K (and that's not to mention the fact the More Rewards also has 3X categories for dining, transit, and gas on that single card as well), low or no interest BTs every single year, and generous credit lines over time. On top of all of that, they have some of the best customer service of anyone. Despite their size, the service you get is the kind of service you only expect with a smaller outfit that can't afford to lose members. I don't dread making a call to NFCU and I hate talking on the phone after working in call centers.

It really isn't hard to see why they are so loved. Experiences like KJinNC has had are exceptionally rare and I'm sure 6 months from now, KJinNC will be a big fan of NFCU too.

Re: Why navy?

M_Smart007 — Sat, 23 May 2020 18:51:27 GMT

@Anonymous wrote:
Honestly these two images say it all.

NFCU is willing to give anyone a chance where many other issuers, especially credit unions, are less likely to lend to people with low income and negative past credit histories. They have no predatory practices, some of the best credit card rates in the country (I mean who has a 5.99% card on offer?) that don't require 800 scores to get (I got the lowest on my two cards when my TU score was around 640), credit card products that are competitive with other offerings (cashRewards = QuickSilver with much better APR) and even exceed some other offerings like the More Rewards' uncapped grocery spend at 3X vs the BCE capped at $6K (and that's not to mention the fact the More Rewards also has 3X categories for dining, transit, and gas on that single card as well), low or no interest BTs every single year, and generous credit lines over time. On top of all of that, they have some of the best customer service of anyone. Despite their size, the service you get is the kind of service you only expect with a smaller outfit that can't afford to lose members. I don't dread making a call to NFCU and I hate talking on the phone after working in call centers.

It really isn't hard to see why they are so loved. Experiences like KJinNC has had are exceptionally rare and I'm sure 6 months from now, KJinNC will be a big fan of NFCU too.

+ Million^^^^^^^^^^^^^^^^

Re: Why navy?

Aim_High — Sat, 23 May 2020 19:19:13 GMT

@KJinNC wrote:
... the CSR apparently fat-fingered my SSN when I signed up. A couple of weeks later when I applied for a credit card, this came back to haunt me.

Second, when I was approved for a card, it was for $1,000, which is low in context of my profile ... as their "high" or "low" starting credit limits have appeared in this thread.

On the positive side ... I can see why people love their customer service, despite some of my comments above.

But for me, the main reason I wanted to join was their rates. Compare their best rates for any product (auto, mortgage, motorcycle, etc) with any other lender and you'll see what I mean.

As for their cards, I like their selection better than, say, PenFed's selection or Capital One's selection. You could live without having one of their cards, but conversely, someone could do just fine if the only cards they had were NFCU cards. Part of the longterm appeal is definitely potential for high credit limits.

Sorry for your unfortunate customer service experience with Navy! It's notable that you still had positive constructive feedback to give, none-the-less.

I will add to the "low starting limit" comment. I experienced the same thing and I later came to understand that Navy (and most credit unions) value relationship a lot more than I knew. So if you want a better credit SL with Navy, join and bank with them for awhile before applying for a card. By the time you get to cards number 2 and 3 with them, your limits will be climbing. While they have maximum exposure of $80K across all cards, you just don't see $30K or $40K or $50K SL with a first card with them, especially as a new member, regardless of what other profile data points you bring to the table.

I echo that it's not so much that their cards themselves are that special. It's more the underwriting, the customer service, and their rates on products as a whole that make them stand out. And they are popular on My Fico in part because we have a lot of rebuilders and Navy tends to be more lenient and generous than some competitors on profiles such as that.

And by the way, Navy Federal is by far the largest credit union in the United States, much larger than even many regional banks. No other credit union comes close to their size, which is part of the reason their products are exceptional as a whole.

Re: Why navy?

Citylights18 — Sat, 23 May 2020 21:19:48 GMT

I first got in with NFCU in 2007 and I was drawn in by APY for checking and the rates they offer across products as a credit union compared to the commercial bank I was in at the time.

Then I realized they had some great credit cards so I applied for NFCU Flagship Rewards card in 2010. They gave me a SL of 15,000 which at that was my first card over the 10k threshold. The earning back then was 1% everything but 1.5% redemption for travel. So what I would do is call in and they would redeem flights at 1.5%.

They also have a nice checking line of credit product which doesn't charge a fee for overdrafts. I used it to make large payments on my higher interest credit cards. Its a good everyday bank to be a part of. No ATM fees either I believe.

The Flagship comes with annual balance transfer offers of 0.0 APR or 1.99 APR. They are always from around January 2nd to Februrary 28th. You could even pay down your mortgage with it to help you refinance.

It was more of a travel card for me originally for flights but its become cash back with 3x travel and 2x everything. Last $500 in CB I had on it I just redeemed it as a statement credit. But it doesn't compare to the leveraged power of points with Citi, Chase, AMEX ect.

Re: Why navy?

FieryDance — Sun, 24 May 2020 02:17:31 GMT

@Anonymous wrote:
What are you looking for?

My answer is probably better suited for Personal Finance but here it goes. 🤗

I am looking for an FI that offers HYSA with no maximum and in-house brokerage and free outbound domestic wire transfers so I can purchase mutual funds whenever I see an opportunity while the cash earns decent interests. If there are high rewards credit cards and other benefits that would be even better.

Either I am not looking in the right places or CU's just traditionally don't offer such products but I haven't found a CU that comes close.

Presently I am trying out HSBC Premier, and it's been a mixed bag. I am also checking out Goldman Sachs Marcus and Charles Schwab. Too bad CitiBank doesn't offer HYSA in my area or CitiGold could be a good choice, at least on paper.

One more thought, no matter what you are looking for there is something to be said about excellent customer service. Those that consistently get high reviews (Navy, Schwab, AmEx, Discover, etc) are FIs I will always keep in mind and regularly check out. The moment they offer something I want I am in.

Re: Why navy?

Guyatthebeach — Sun, 24 May 2020 00:39:35 GMT

I'm a huge Navy Federal for several reasons:

1. They have excellent U.S. based customer service. They always do what they say they are going to do. They typically get it right the first time.

2. With their credit cards and lines of credit, they are generous. A FICO score and negative information is not a road block for underwriting. I agree that their credit card APR's maybe higher than some, but I think they are fair when compared to other lenders. They were the first bank to give me a $10k+ credit card without POI, requesting documents, or a recon. I do remember that.

3. Navy Federal offers members great savings rates with their CD's.

4. Navy Federal made the process of rolling IRA accounts easy and painless. They are much easier to deal with than other banks and CU's.

Navy Federal has become more of a savings CU than a credit card CU, even though I do like my Flagship and Cash rewards Visas. I hope to keep them as a CU forever.

Guyatthebeach