topic Re: Is Navy Federal good for people with good/great credit? in General Credit Topics

Is Navy Federal good for people with good/great credit?

Swatch — Tue, 29 Mar 2022 03:30:43 GMT

Or is it only really good for people who are rebuilding? What are the benefits for people with good FICO scores?

I know about the SSL and the benefits of SSLs... so what else?

I am wondering if I should get a sponsor and build a relationship with Navy Federal or not. I am in other CUs.

Re: Is Navy Federal good for people with good/great credit?

ChargedUp — Tue, 29 Mar 2022 03:51:19 GMT

@Swatch wrote:
Or is it only really good for people who are rebuilding? What are the benefits for people with good FICO scores?

I know about the SSL and the benefits of SSLs... so what else?

I am wondering if I should get a sponsor and build a relationship with Navy Federal or not. I am in other CUs.

They gave me a $25K More Rewards Amex right out the gate. Their web and app interface are intuitive and easy to use and they offer a wide variety of banking services and competitive rates on lending products.

Ultimately, it's up to you if their offerings are going to line up with your financial needs and desires. They *are* the nations largest CU, and yes, they do tend to be rebuilder friendly, but I'd hardly call them strictly oriented at rebuilders and those with blemished credit reports.

Re: Is Navy Federal good for people with good/great credit?

tcbofade — Tue, 29 Mar 2022 09:01:17 GMT

They've been very good to me. In the past, I've had a second mortgage and a car loan with them.

Currently, it's three credit cards... all below 10 percent APR... I use the CashRewards as a use and pay card, the Platinum is sitting empty with a $40k CL and 5.99 APR... I don't PLAN to carry a balance that I pay interest on, but if I have to, that's where it will go.

Re: Is Navy Federal good for people with good/great credit?

SouthJamaica — Tue, 29 Mar 2022 12:45:56 GMT

@Swatch wrote:
Or is it only really good for people who are rebuilding? What are the benefits for people with good FICO scores?

I know about the SSL and the benefits of SSLs... so what else?

I am wondering if I should get a sponsor and build a relationship with Navy Federal or not. I am in other CUs.

IMHO it's an excellent credit union. Its website is superior, many of its products are excellent, and its customer service is the best.

Re: Is Navy Federal good for people with good/great credit?

ldkcivilservant — Tue, 29 Mar 2022 13:25:53 GMT

We have the following products with them:

- Used Auto Loan

- New Auto Loan

- My cashRewards ($10k)

- My Platinum ($50k)

- DW Platinum ($37k)

We have been members since December 2020, and they are the first port of call for any financial needs. The platinum (both at 5.99% APR) is quite simply the cheapest way to borrow money if you need too. Even taking a cash advance ($15k avaliable of my $50k line) is only at 7.99%. There are plenty of people that can't get a car loan at that low an APR, let alone a cash advance from a credit card.

Their website is good, customer service excellent, and I recommend them to friends that have a way in. I would never burn them if I had any choice whatsoever, they are too valuable a CU to have on your side.

In short - yes, you should join. There really is no reason not to.

Re: Is Navy Federal good for people with good/great credit?

LakeLife — Tue, 29 Mar 2022 14:19:34 GMT

They have become my go to for auto loans, and we used them for their "Military Choice" mortgage loan for our vacation home. They were the only bank to offer a 2nd home mortgage for only 5% down and no PMI that I couuld find. The interest rate actually looks attractive 4 months after we bought the property. Their credit card offerings are so-so, but I'm happy to have one for my total CL if nothing else.

I'd recommend them to anyone.

Re: Is Navy Federal good for people with good/great credit?

Mr_Mojo_Risin — Tue, 29 Mar 2022 15:37:27 GMT

@Swatch wrote:
Or is it only really good for people who are rebuilding? What are the benefits for people with good FICO scores?

I know about the SSL and the benefits of SSLs... so what else?

I am wondering if I should get a sponsor and build a relationship with Navy Federal or not. I am in other CUs.

I'd definitely recommend you apply for membership with Navy if you're eligible.

Whether you have a score of 550 or 850, they have products for everyone.

They're a great CU to be apart of.

Re: Is Navy Federal good for people with good/great credit?

Anonymous — Tue, 29 Mar 2022 18:03:19 GMT

@Mr_Mojo_Risin wrote:
@Swatch wrote:
Or is it only really good for people who are rebuilding? What are the benefits for people with good FICO scores?

I know about the SSL and the benefits of SSLs... so what else?

I am wondering if I should get a sponsor and build a relationship with Navy Federal or not. I am in other CUs.
I'd definitely recommend you apply for membership with Navy if you're eligible.
Whether you have a score of 550 or 850, they have products for everyone.
They're a great CU to be apart of.

I envy your card lineup @Mr_Mojo_Risin , AOD+CITI CC is formidable lol. @Swatch I'm also a Swatch collector, recently bought 2 Charlie Brown ones! Too bad I'm ineligible for this CU, I'm permanent resident, naturally no one I know of/relatives are military related, maybe if I marry a sister of a veteran or something 😅

Re: Is Navy Federal good for people with good/great credit?

Anonymalous — Tue, 29 Mar 2022 21:27:44 GMT

JD Powers did a credit card lender satisfaction survey. A couple subprime lenders fell off the bottom, but most of the major and regional banks were spread across this big lump in the middle. Noticeably above the middle group were AmEx and Discover. And even above that were three lenders: Goldman Sachs, USAA, and the highest of all, Navy Fed.

Navy Fed has excellent customer service. They don't have cards for super optimizers, but they have some of the best cards for people who don't want a wallet full. They have some of the lowest interest rates in the business, low or no fees, reasonable transfer limits, and their app and webpage aren't ground breaking but are pretty decent. Like any lender, they have some quirks, and they won't work for everybody. But overall, they're a very solid choice for almost anyone who qualifies.

Re: Is Navy Federal good for people with good/great credit?

Swatch — Wed, 30 Mar 2022 08:01:13 GMT

@Anonymalous wrote:
JD Powers did a credit card lender satisfaction survey. A couple subprime lenders fell off the bottom, but most of the major and regional banks were spread across this big lump in the middle. Noticeably above the middle group were AmEx and Discover. And even above that were three lenders: Goldman Sachs, USAA, and the highest of all, Navy Fed.

Navy Fed has excellent customer service.

Interesting. My friend was dealing with a local branch and felt the CS was very poor. I wonder if I can skip dealing with local branches.

Re: Is Navy Federal good for people with good/great credit?

Swatch — Wed, 30 Mar 2022 08:02:44 GMT

@Anonymous wrote:
@Swatch I'm also a Swatch collector, recently bought 2 Charlie Brown ones! Too bad I'm ineligible for this CU, I'm permanent resident, naturally no one I know of/relatives are military related, maybe if I marry a sister of a veteran or something 😅

LOL, screen all of your dates.

Congrats on your new Swatches. I don't collect, but knew someone who did long ago.

Re: Is Navy Federal good for people with good/great credit?

Anonymalous — Wed, 30 Mar 2022 10:46:48 GMT

@Swatch wrote:
@Anonymalous wrote:
JD Powers did a credit card lender satisfaction survey. A couple subprime lenders fell off the bottom, but most of the major and regional banks were spread across this big lump in the middle. Noticeably above the middle group were AmEx and Discover. And even above that were three lenders: Goldman Sachs, USAA, and the highest of all, Navy Fed.

Navy Fed has excellent customer service.
Interesting. My friend was dealing with a local branch and felt the CS was very poor. I wonder if I can skip dealing with local branches.

You'll find people who had a poor experience with every single lender in existence. But the survey suggest it's far less common with Navy Fed than most other FIs.

Navy Fed also works well without a local branch. They use the Co-Op network (of credit unions) of ATMs, which includes cash deposits. They have a good app and webpage, and a high mobile deposit limit ($50K). They have 24 hour phone support, with short wait times and a very good reputation. Without a branch nearby you won't be able to walk in and get a document notarized or a roll of quarters, but almost everything else can be done remotely via the internet or phone.

Re: Is Navy Federal good for people with good/great credit?

SouthJamaica — Wed, 30 Mar 2022 14:31:39 GMT

@Swatch wrote:
@Anonymalous wrote:
JD Powers did a credit card lender satisfaction survey. A couple subprime lenders fell off the bottom, but most of the major and regional banks were spread across this big lump in the middle. Noticeably above the middle group were AmEx and Discover. And even above that were three lenders: Goldman Sachs, USAA, and the highest of all, Navy Fed.

Navy Fed has excellent customer service.
Interesting. My friend was dealing with a local branch and felt the CS was very poor. I wonder if I can skip dealing with local branches.

I wouldn't know, I never dealt with a local branch.

Re: Is Navy Federal good for people with good/great credit?

ldkcivilservant — Wed, 30 Mar 2022 15:46:34 GMT

I have never been into a branch either. To be fair we also retain a local banking relationship explicitly for ATM withdrawals - and NFCU do ACH transfers out of our checking to our local checking overnight.

Re: Is Navy Federal good for people with good/great credit?

Aim_High — Wed, 30 Mar 2022 18:02:05 GMT

@Anonymalous wrote:
JD Powers did a credit card lender satisfaction survey. A couple subprime lenders fell off the bottom, but most of the major and regional banks were spread across this big lump in the middle. Noticeably above the middle group were AmEx and Discover. And even above that were three lenders: Goldman Sachs, USAA, and the highest of all, Navy Fed.

I just posted about the J.D. Power surveys in the "Credit in the News Forum" > Credit Card Lender Satisfaction with chart of the largest lenders from 2013 to 2021. USAA is considered a "Large" lender and Navy FCU a "Midsize" lender by their definition. However, both of those are excluded from the official rankings since they both have a closed membership not available to the general public. In a blended poll including USAA and Navy Federal and all midsize or large lenders from 2021, here were some of the top rankings (all above segment averages) with their score:

Navy Federal CU ........................866
Goldman Sachs (Apple card) .... 864
USAA ........................................ 860
American Express ........................ 838
Discover ..................................... 837
BB&T ......................................... 817
Huntington ................................. 817
PNC ........................................... 817
Capital One ................................ 815
Regions Bank ............................. 812
Chase ....................................... 807
Bank of America ......................... 805
Citibank .................................... 805
Fifth Third ..................................803

Here is a link to the >JD Powers Release< with both complete rankings.