Should I join NFCU?

Anonymous · ‎01-08-2019

I have been thinking about whether I should join NFCU for at least a year.

When I hear testimonials about it, a lot of the advantages seem to be the way they help members who....

* Might have borderline scores (640-740 say), or

* Are new to credit (age of oldest account is under 2 years) or

* Who have few cards or

* Who have a much lower credit limit than they'd like, or

* Who might need a Share Secured Loan.

None of those things are true for me. I.e...

* My FICO 8 scores are vary between 840 and 850 and my middle mortgage score is around 800.

* I have open cards and loans that are over 15 years old, and my AAoA is > 8.0 years.

* I have 12 personal cards and 3 business cards, more than I want.

* My credit limit is vastly higher than I want or need.

* I have an SSL paid down to 7% that will stay open for quite a while longer.

I also have more bank accounts than I need, some with free checks, most with high interest, etc.

Is there something I am missing? Is there a particular reason I should still think about opening a savings account there?

Anonymous · ‎01-08-2019

If you don't need it then you don't need it, their savings rate is just decent at best anyway. Your post actually reminded me to close some accounts from last round of SUB churning, first up, Chase.

FinStar · ‎01-08-2019

It's Navy! 'nuff said 😄

Honestly, it really depends on whether you'd be up for nurturing another FI relationship. Then, there's the diversification option, but I'm not entirely sure what your current line up consists of. Perhaps you're content with what you have, you've reached a great pinnacle with your scores and financial goals or maybe you want to expand?

For a while, I wasn't elegible to join, missed the little "loophole" when that was around, and then the opportunity to join as a veteran opened up. Never looked back.

In my experience, I tend to keep my options open and explore a variety of different products inclusive of any available perks/benefits. Plus, a good balance of solid CUs and banks never hurts either.

AverageJoesCredit · ‎01-08-2019

No, Navy is the worse....

Remedios · ‎01-08-2019

Sometimes I feel like stomping my feet for not joining while the "loophole" was still around.

CreditCuriosity · ‎01-08-2019

@Remedios wrote:
Sometimes I feel like stomping my feet for not joining while the "loophole" was still around.

This is MF blasphemy!

08 Scores - TU: 839 - EXP:839 - EQ:838

Remedios · ‎01-08-2019

@CreditCuriosity wrote:
@Remedios wrote:
Sometimes I feel like stomping my feet for not joining while the "loophole" was still around.

This is MF blasphemy!

I know, I failed all of you. Take my kudos away 😢🐼

AverageJoesCredit · ‎01-08-2019

Remedios, if there is one thing a true MFer is good for, is finding another loophole when conventional wisdom says orherwise

Just look at everybody making Paypal a 3% card lol

Anonymous · ‎01-08-2019

It's really your decision though, isn't it.

If you see no benefit, then don't. Simple enough.

I have several accounts with NFCU, and like them better than another competing CU with whom I previously had accounts.

Anonymous · ‎01-08-2019

@Anonymous wrote:
It's really your decision though, isn't it.
If you see no benefit, then don't. Simple enough.

It's certainly my decision -- as opposed to (say) my dad's or my next door neighbor's.

The reason to ask other folks for feedback is that, while I wasn't seeing a benefit, it was possible that I was missing a benefit that I hadn't thought of.