topic Re: NFCU in General Credit Topics

NFCU

noonway — Tue, 13 Aug 2024 22:00:15 GMT

The past several days I've been researching all of the federal credit unions and so far it looks like the best one to go with would be Navy. Only one slight problem with that is that I didn't know anyone in my family who had military service.

Lo and behold my dad spoke to me today and apparently my granddad served in WWII in the newly formed Air Force. I literally had no idea! Looks like there might be NFCU in my future after all.

Any advice on how to start out? I'm definitely planning a savings account but I already have plenty of loans so I don't really need to do an SSL yet. Does the amount you put into a savings account with them matter at all when trying to get other instruments? For example I'm looking to refinance my auto loans next March and also thinking about turning a HELOC into a fixed loan.

Thanks in advance for any advice!

Re: NFCU

pizzadude — Tue, 13 Aug 2024 22:20:21 GMT

I wouldn't worry too much about the amount in your savings account. It's really up to you how much you want to keep there, same if you decide to also open a checking account.

In my experience I only had a savings account with small ( prob under $100 ) balance when I applied for CCs with NFCU and was approved for 2 cards, both now have limits north of $20K

Re: NFCU

FicoMike0 — Tue, 13 Aug 2024 23:14:44 GMT

I'm new to navy, but I understand they are big on relationships. I opened savings and checking, I'm going to do a direct deposit there and use them to pay bills.

Re: NFCU

noonway — Wed, 14 Aug 2024 00:42:35 GMT

@pizzadude if you don't mind me asking which cards did you go with and what were your initial CLs?

Re: NFCU

AverageJoesCredit — Wed, 14 Aug 2024 02:34:18 GMT

In my experience just be you. Navy values it's members and usually comes through for us in the end even if it starts off slow. Some swear by the take all the products, loans, deposits, cos, etc while others like me just let their credit speak for themselves. No method wrong but don't force it. Enjoy

Re: NFCU

Tdatb64 — Wed, 14 Aug 2024 10:41:42 GMT

@noonway wrote:
The past several days I've been researching all of the federal credit unions and so far it looks like the best one to go with would be Navy. Only one slight problem with that is that I didn't know anyone in my family who had military service.

Lo and behold my dad spoke to me today and apparently my granddad served in WWII in the newly formed Air Force. I literally had no idea! Looks like there might be NFCU in my future after all.

Any advice on how to start out? I'm definitely planning a savings account but I already have plenty of loans so I don't really need to do an SSL yet. Does the amount you put into a savings account with them matter at all when trying to get other instruments? For example I'm looking to refinance my auto loans next March and also thinking about turning a HELOC into a fixed loan.

Thanks in advance for any advice!

Actually, in WWII it was still the Army Air Force, not becoming a separate service 'til 1947. My grandpa was heavy bomber pilot separated after the conclusion of the war who went into the Air Force when the Korean Conflict broke out & stayed 'til they made him retire. He was also my way into NFCU about a month ago. They never asked me to send them a copy of his DD 214, 'though I told them I had it. The young lady I spoke to was very nice & helpful. She tried to upsell me on the Platinum card but I declined (not yet 6 months since my last card - Cap1 Savor). In another month or so I may be looking into their products so I'll be keeping an eye on your progress if you decide to take the plunge.

Good luck and, please, keep us informed!

Re: NFCU

coldfusion — Wed, 14 Aug 2024 11:44:21 GMT

@Tdatb64 wrote:
@noonway wrote:
The past several days I've been researching all of the federal credit unions and so far it looks like the best one to go with would be Navy. Only one slight problem with that is that I didn't know anyone in my family who had military service.

Lo and behold my dad spoke to me today and apparently my granddad served in WWII in the newly formed Air Force. I literally had no idea! Looks like there might be NFCU in my future after all.

Any advice on how to start out? I'm definitely planning a savings account but I already have plenty of loans so I don't really need to do an SSL yet. Does the amount you put into a savings account with them matter at all when trying to get other instruments? For example I'm looking to refinance my auto loans next March and also thinking about turning a HELOC into a fixed loan.

Thanks in advance for any advice!
Actually, in WWII it was still the Army Air Force, not becoming a separate service 'til 1947. My grandpa was heavy bomber pilot separated after the conclusion of the war who went into the Air Force when the Korean Conflict broke out & stayed 'til they made him retire. He was also my way into NFCU about a month ago. They never asked me to send them a copy of his DD 214, 'though I told them I had it. The young lady I spoke to was very nice & helpful. She tried to upsell me on the Platinum card but I declined (not yet 6 months since my last card - Cap1 Savor). In another month or so I may be looking into their products so I'll be keeping an eye on your progress if you decide to take the plunge.

Good luck and, please, keep us informed!

caveat: NFCU sometimes does loop back after membership is established and requests submision proof of membership eligibility; when they do that the members accounts are frozen until proof is provided.

Re: NFCU

noonway — Wed, 14 Aug 2024 13:23:09 GMT

@Tdatb64Looks like you and I are in similar boats! And since I just hit full Member today, I thought I would share this neat certificate. My granddad started in Fort Knox in the Armor Division driving tanks. He was moved to the Army Air Force, became an officer, and was shipped to Italy as a Navigator in the 455th Bomb Group. He later retired as an LTC.

Re: NFCU

MissLiz — Wed, 14 Aug 2024 13:12:11 GMT

@noonway wrote:
@Tdatb64Looks like you and I are in similar boats! And since I just hit full Member today, I thought I would share this neat certificate. My granddad started in Fort Knox in the Armor Division driving tanks. He was moved to the Army Air Force, became an officer, and was shipped to Italy as part of the 455th Bomb Group. He later retired as an LTC.

That is super cool!

Re: NFCU

pizzadude — Wed, 14 Aug 2024 14:41:52 GMT

@noonway wrote:
@pizzadude if you don't mind me asking which cards did you go with and what were your initial CLs?

I applied for the Platinum card first, then later ( maybe 6 mo or 1 year ) the Go Rewards card.

Both initial CLs were in the neighborhood of $8-$10K which was much higher than any other card I had open at the time.

Re: NFCU

MissLiz — Wed, 14 Aug 2024 13:56:46 GMT

@pizzadude wrote:
@noonway wrote:
@pizzadude if you don't mind me asking which cards did you go with and what were your initial CLs?
I applied for the Platinum card first, then later ( maybe 6 mo or 1 year ) the nRewards card.

Both initial CLs were in the neighborhood of $8-$10K which was much higher than any other card I had open at the time.

I think you mean the cashRewards or moreRewards? The nRewards is the secured card.

Re: NFCU

noonway — Wed, 14 Aug 2024 17:05:48 GMT

I was looking at both the Platinum card and the cash rewards card. Thanks for the tips, I'll target getting them in that order over the next year and report back how it goes.

Re: NFCU

pizzadude — Wed, 14 Aug 2024 14:42:55 GMT

@MissLiz wrote:
@pizzadude wrote:
@noonway wrote:
@pizzadude if you don't mind me asking which cards did you go with and what were your initial CLs?
I applied for the Platinum card first, then later ( maybe 6 mo or 1 year ) the nRewards card.

Both initial CLs were in the neighborhood of $8-$10K which was much higher than any other card I had open at the time.
I think you mean the cashRewards or moreRewards? The nRewards is the secured card.

Yes, thanks ! It's the Go Rewards card

Re: NFCU

AndySoCal — Wed, 14 Aug 2024 18:34:36 GMT

@noonway Out of curiosity, if the NFCU option was not available for you which credit union(s) might you have chosen?

Re: NFCU

noonway — Wed, 14 Aug 2024 18:45:39 GMT

While I have a couple of local (KY) ones I was looking at, I didn't like any of the rates they offered. So before NFCU became an option I had narrowed it down to two national ones I was going to reach out to:

PenFed

Unify

Re: NFCU

AndySoCal — Wed, 14 Aug 2024 21:29:05 GMT

@noonway Thank you for response. I would suggest Lafayette Federal Credit Union. I am a member with 3 CD's and two savings accounts. There interest rates is better than many credit unions. The early withdrawal penalty can be higher the some credit unions is a down side. Lafayette is MD DC area but will take consumers from any where in the US. I have been with them 3 to 4 years. lfcu.org. Hope this helps

Re: NFCU

keekers — Thu, 15 Aug 2024 14:27:25 GMT

Navy is big on relationship so the more products you have, the better. The easiest is direct deposit and the SSL (even if you don't need one). If you can muster up $1500 to keep in checking then consider the Flagship Checking; I would argue that's more "important" than a savings balance. I keep like $5 in my savings account with them. These should all raise your internal score. All that said, how much do any of those things matter with regard to credit cards and SL's? I'm not certain, I can only speak for my own experience. In addition to the above I also had a CD when I applied for both of my Navy cards and each started with $25K CLs. Incidentally I was just approved for an auto loan at 5.79% (the lowest rate advertised is 4.79% for the term I requested).

Re: NFCU

Tdatb64 — Wed, 14 Aug 2024 22:34:39 GMT

@noonway wrote:
@Tdatb64Looks like you and I are in similar boats! And since I just hit full Member today, I thought I would share this neat certificate. My granddad started in Fort Knox in the Armor Division driving tanks. He was moved to the Army Air Force, became an officer, and was shipped to Italy as a Navigator in the 455th Bomb Group. He later retired as an LTC.

Mine was in the Pacific Theater and also retired as a Lt. Col. Wow...

Re: NFCU

JSUB — Sun, 18 Aug 2024 19:09:53 GMT

I just joined 3 weeks ago. My sister is a veteran and gave me her Access ID for members. I opened a savings account with $100 and a free checking account with biweekly DD of $150. Two weeks ago I applied for their CashRewards card and was a approved for 20K. I'd suggest reaching out to a family member who's a veteran as your way in.

Re: NFCU

noonway — Wed, 21 Aug 2024 17:46:58 GMT

It's official, I am now a Navy Federal Credit Union member!

I joined NFCU today after a few of my scores went up. I didn't need to wait. I called the customer service line and the gentleman who answered the phone helped me become a member in about 20 minutes. I started with the $5 share (added another $5 for good measure) and then opened an Easy Checking account where I will deposit $500 per month into it to get the higher interest rate. In 6-7 months when all my baddies fall off I will be refinancing auto loans and opening a new cash rewards CC with them.

They never asked me for my proof, but I have it as you all saw here.