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Why navy?

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Contributor

Re: Why navy?


@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?

Message 11 of 43
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Valued Contributor

Re: Why navy?

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.

Message 12 of 43
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Moderator

Re: Why navy?

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. 

Message 13 of 43
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Valued Contributor

Re: Why navy?

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.


Young profile, but no derogs. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. The only thing in my signature that was on my CRs then was the old closed Exxon card. I am a MyFICO monthly paying customer. One might think my perspective would be welcome here, but ...
Cards

Authorized user / Corporate / Auto loan

Card CLs total $81,100, not counting the AU card. In March 2019, card CLs totaled $0. In April 2019, card CLs reached $500. Since then, I received a lot of great advice on this board, as well as a lot of advice I didn't take, that is good for most situations, but not mine. Bronze spade on July 3.
Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Message 14 of 43
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Super Contributor

Re: Why navy?

Honestly these two images say it all. 
46CB29B6-2EA6-4405-8F6F-6FD55984F77F.jpeg

 

2A672AF9-AECA-4C9C-951A-A1682DEB2A09.jpeg


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. 

✌️
Message 15 of 43
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Mega Contributor

Re: Why navy?


@Saeren 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^^^^^^^^^^^^^^^^

Message 16 of 43
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Valued Contributor

Re: Why navy?


@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.



Updated 05/18/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 8+ years; AoYA = less than 1 year (April 2020)
Total Open Credit Lines Over $492K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:6)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 17 of 43
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Frequent Contributor

Re: Why navy?

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.

Official travel point totals as of 3/21/20 (Goal Free Flights)
Chase Ultimate Rewards 163,976
British Airways Avios 11,332
AA Advantage 10,841
United MileagePlus 4,550
Expedia Points 2,523
Southwest Rapid Rewards 1,000
Hilton Honors 481
Delta Sky Miles 123
Marriot Bonvoy 0

Official cashback as of 3/21/20 (Goal Fund Roth IRA)
Acorns 418.87
Retail Me Not 85.12
Top Cashback 39.08
DOSH App 32.64
Raise Cash 27.49
PEI App 24.28
Club Overstock 23.87
Mr. Rebates 14.65
Rakuten 0.00

Other Point Category
Freebird 3,500
Samsung Rewards 2,750
Open Table 1,400
Message 18 of 43
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Regular Contributor

Re: Why navy?


@Juanefny 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.   

Message 19 of 43
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Valued Contributor

Re: Why navy?

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

Message 20 of 43
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