NFCU Question

[Anonymous]

First this may be the wrong forum so if it is I apologize. Secondly, I have been a member with NF about 6 months having a checking and savings with them. I just got back from a deployment and have a nice chunk of change in there right now. I also just checked my Equifax today and my scored raised from 597 to 625 because of about 3 negative accounts falling off due to the 7 year time limit. I currently also have 2 collections. 1 is paid the other I am paying on. Also, shouldn't the paid one be moved to negative accounts since paid in full? But back to original topic, with my jump should I apply for secured card with them or go ahead and apply for the nRewards card as it seems the one that is most approved? Any advice is appreciated. Also, my 2 other collections will drop off around June so any other card advice is appreciated also. Trying to one day hit the 700 and then 800 club.

[Rebuilding69]

I got the cashRewards for $5k with mid-high 500's and still several unpaid collections/judgements at the time. I had just signed on with them when I got it. I did have a couple small CC's from 1 of the unloved vampire CCC's which I wont name, for about 1-2 years at that time.

Just some data points for you if you're deciding on it.

[Anonymous]

Cash rewards or NRewards. Wondering the difference? I do have a current American Airlines with a 1k limit and a Kay Jewlers cc wit a 1,800 limit. Wanting to make most of whichever one I get as I heard a second one from them is tough to come by.

[Anonymous]

The CASH 'rewards'...rewards with CASH not trying to be funny but it's 'in' the name while the

N in N 'rewards' I'd ponder just stands for Navy but again I'm just using Marine Corp brains (jk, jk)

Anyway the cash cards is more so your easy to understand AND redeem 1.5% cash-back on anything that never expires

(plus it seems to be more likely to be VS level if that's important)

the N 'rewards' is one of those 1'point' per $1 cards where you get gift cards and merch (and I believe some cash derivative, at some point if desired)

Also the N comes in both MC or Visa where

https://www.navyfederal.org/products-services/cards/creditcards/creditcards.php

I'm simple I like cash so the cashRewards has worked out fine for me but Navy has great cards, make sure to check out the other great info on this

forum on how to set yourself up right with Navy even if you don't 'need' put yourself in the best position for future 'possible' storms.

CLI's and LOC make sure 'options' are in place before 'options' may ned to be used...just friendly heads up, grab an umbrella and a flashlight as early as possible,

we never know.

Best of Luck

[Anonymous]

Don't even know what LOC means,guess I need to read up.

[Anonymous]

Line of credit

Basically like a credit card w/o the card

Adds another line of your report as a revolver

Can help with debt/CL%

But with NFCU it is apped in a loan and that's a seperate HP,

it's part of of your rebuild but not step 1 (There is a on this forum with GREAT info on the how to's and steps to max NFCU)

When you are ready to ap for a loan or LOC (NFCU offers CLOC...same thing just checking vs PLOC which would be personal)

OK back to @olemiss

Based on your profile and what we've seen with NFCU I'd advise to ap unsecured 1st before jumping right into secured you may not

need to secure...you might find yourself SHOCKEDat what they approve for .

I know I and many others were shocked until we started to understand that's how they do it...I ignored CC ap offers from NFCU for months before I

apped....I've seen ppl 'wait' because they didn't have $500 it turned out they need to go secured...most were just over concerned.

Just reread your OP..thanks for your service

As you build look around this site and you'll find some great tools towards rebuilding it 'right'...feel free to message me if you need/want help.

[Anonymous]

go for the NFCU card you want. i have seen many people in your position and lower scores get a cashRewards or nRewards with $5k limits somehow lol
don't do the LOC yet

[Anonymous]

Filled out the app for NFCU Cash rewards and was automatically approved for 8200 CL. Not the best rate at 15 I think it said but it's a start. I dont plan to carry any balance however I've also read carrying a balance isn't bad for your score either. Might message you Gemini regarding that as I don't wanna break the rules in this post.

[Anonymous]

congrats. and 15% isn't bad. every year you can get it reduced

[Anonymous]

I'm not complaining considering that just this time last year my score was about 550 or so. I wish I would have known about Navy Federal when I first got in instead of the CU at the base where I worked contract at. They not only want to charge me 5 dollars a month in service charges and I never had a CC with them. Add that to their new security measure that doesn't let you purchase anything from Wal mart unless it's over 50 dollars unless you do a cash back to totaling 50dollars and well let's just say they are about to lose my business.

Also NFCU gets the odd over USAA for me because they people can't even keep my insurance on auto draft. I come home from this deployment to find my insurance hasn't been paid in 3 months and I'm left calling them at 1am to avoid a cancellation of it. This is twice now that they have not started auto pay after giving them a new CC info and both times have resulted in me calling them to have it set back up to no avail.