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Why navy?

SouthJamaica
Mega Contributor

Re: Why navy?


@Juanefny wrote:

For those of you who have navy and penfed - how do they compare? 


In my book they're both excellent, each has advantages and disadvantages.

 

 


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 31 of 49
SouthJamaica
Mega Contributor

Re: Why navy?


@MrT_521 wrote:

Is there a legitimate way to join NFCU with no military or government affiliation, or affiliation with anything listed? I didn't see anything on the list that applies to me, but I thought maybe there is something I missed or something unlisted that would qualify me.

 

I qualified for SDFCU by joining American Consumer Council. PenFed doesn't require anything other than simply signing up. I know that some people use questionable or downright dishonest claims to join credit unions with affiliation requirements, but I don't do that. I am interested in becoming a member of NFCU, but only if I can do it 110% legitimately.


If you have a close relative, even a deceased relative, who was in any branch of the military, you can get in.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 715 TU 712 EX 695

Message 32 of 49
UpperNwGuy
Valued Contributor

Re: Why navy?


@MrT_521 wrote:

Is there a legitimate way to join NFCU with no military or government affiliation, or affiliation with anything listed? I didn't see anything on the list that applies to me, but I thought maybe there is something I missed or something unlisted that would qualify me.

 

I qualified for SDFCU by joining American Consumer Council. PenFed doesn't require anything other than simply signing up. I know that some people use questionable or downright dishonest claims to join credit unions with affiliation requirements, but I don't do that. I am interested in becoming a member of NFCU, but only if I can do it 110% legitimately.


Several years ago you could join an organization called the Navy League and thereby qualify for NFCU membership, but they took that away because they were growing too fast.  Keep in mind that NFCU is by far the largest credit union in America, so when the commercial banks complain to the Congress that credit unions are taking advantage of their nonprofit status to steal business from banks, NFCU is usually the credit union that they use as an example.  Because of that, even the other credit unions are distrustful of NFCU because NFCU's success could bring about an end to the tax benefits enjoyed by the rest of the credit unions.  So, feeling pressure from both sides, NFCU has had to become more diligent in limiting new memberships to those who fall within the stated purpose of their charter.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 33 of 49
Aim_High
Senior Contributor

Re: Why navy?


@SouthJamaica wrote:

@MrT_521 wrote:

Is there a legitimate way to join NFCU with no military or government affiliation, or affiliation with anything listed?


If you have a close relative, even a deceased relative*, who was in any branch of the military, you can get in.


In my opinion, it would seem to be pretty easy for a lot of people to qualify for membership at Navy FCU.  But no, there's no shady back-door method to qualify like there is with many CUs.  Besides direct military service on the applicant's part, there are numerous family relationships that help someone to qualify for membership.  Many who did no military service themselves had a parent, grandparent, sibling, or child who served.  (*And yes, that relative can even be deceased!)  Immediate family members include:

 

  • Parents
  • Grandparents
  • Spouses
  • Siblings
  • Children (including adopted and stepchildren)
  • Grandchildren
  • Household members

As for personal qualification, servicemembers in all branches of the armed forces are eligible for membership. This category includes:


  • Active Duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard and Air National Guard
  • Delayed Entry Program (DEP)
  • DoD Officer Candidate/ROTC
  • DoD Reservists
  • Veterans, retirees and annuitants

Finally, the field of membership also covers DoD civilian personnel, who support our armed forces. This category includes:


  • DoD civilian employees
  • U.S. Government employees assigned to DoD installations
  • DoD contractors assigned to U.S. Government installations
  • DoD civilian retirees and annuitants


Length of Credit > 35 years; Total Credit Limits > $600K
AoOA > 28 years (Jun 1993); AoYA (Nov 2021)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 34 of 49
MrT_521
Regular Contributor

Re: Why navy?


@UpperNwGuy wrote:


Several years ago you could join an organization called the Navy League and thereby qualify for NFCU membership, but they took that away because they were growing too fast.  Keep in mind that NFCU is by far the largest credit union in America, so when the commercial banks complain to the Congress that credit unions are taking advantage of their nonprofit status to steal business from banks, NFCU is usually the credit union that they use as an example.  Because of that, even the other credit unions are distrustful of NFCU because NFCU's success could bring about an end to the tax benefits enjoyed by the rest of the credit unions.  So, feeling pressure from both sides, NFCU has had to become more diligent in limiting new memberships to those who fall within the stated purpose of their charter.


This is interesting! 

 

The closest relative I know of involved in the military is a 2nd cousin's husband. Smiley Frustrated

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Message 35 of 49
SteelerNYC
Valued Contributor

Re: Why navy?


@Juanefny wrote:

For those of you who have navy and penfed - how do they compare? 


They are both generous and have great products, but the PenFed experience is a lot more clunky in general. (Outdated Tech, Customer Support, etc.)

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 36 of 49
ajblue03
Valued Member

Re: Why navy?

Would you happen to know of "anyone" who's a current member? Sometimes Navy runs promotions where current members can refer someone. How I became a member was at the time Navy was having a promotion that if any current member referred someone to the CU both parties received 25.00. One day at work my coworker walks up to me and ask if I wanted to join Navy? I had never heard of them, and she was more interested in simply getting the 25.00. I simply said ok. Years later still to this day, I thank her. I tell her all the time it was the best thing she could have ever ask me. When dealing with Navy I get the sense that they care about there members over the phone and even at the branch. The app is amazing. It has just been a great experience overall for me personally. 

Message 37 of 49
KJinNC
Valued Contributor

Re: Why navy?

I might have missed this on the list above, but, National Guard qualifies for NFCU membership. I joined via my father, who was in the National Guard in the 1960s.

 

I wonder how PenFed is allowing anybody to join while remaining a credit union. I thought that stuff was regulated. I joined PenFed last year when there was a minor hoop to jump through (joined a veteran's advocacy group for $25).


FICO Resilience Index: 65. Cards: 5/24, 5/12, 2/6. Accounts including loans: 8/24, 7/12, 2/6. Card CLs total $204,900, or $231,400 including the AU card.Cards (oldest to newest)

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Message 38 of 49
Heatt99
Frequent Contributor

Re: Why navy?

Average FICO scores and large credit limits. If you have a balance and pay over 3x, next months statement payment would be 0..😁😁😁This allows me to knock out other cards that require a minimum regardless what I pay.

Message 39 of 49
Curious_George2
Valued Contributor

Re: Why navy?


@Heatt99 wrote:

Average FICO scores and large credit limits. If you have a balance and pay over 3x, next months statement payment would be 0..😁😁😁This allows me to knock out other cards that require a minimum regardless what I pay.


Thank you for mentioning that!  I stumbled into that situation but I wasn't sure why they showed my minimum payment as $0.  I appreciate knowing it's a feature with a threshold of 3x.


Message 40 of 49
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