Should I Apply For A Second Navy Federal Card
so i’ve had my first navy federal secured card for 3 months now. Only got a 200$ spending limit to get in the door. when i got the card my credit score was around 560 and now its around 650. Other things on my account are a discover it secured card ive had for roughly 4 months and a capital one unsecured card with a 400$ limit thats about to graduate to a 500$ limit in may.
As for baddies i have some late payments about 2 years ago and I have a studen loan in collections that im doing the forgiveness program on and the loan will be out of collections around june.
just wondering when i should apply for a second card and if i should wait untill my first one graduates? Also how many cards can i have with navy federal?
Navy Federal Credit Union Data Points
Before we cover important data points that make all the difference with getting a NFCU card, its important to note that just like many other banks, you want to figure out a way into the eco-system so that could be a basic checking account, savings account, secured credit card or being added as an authorized user to someone else account.
The biggest data point I can give you here is that Navy Federal works off of debt to income ratio , which is why you will see an 18 yr old kid with 0 credit file get approved for a $20k card as his first card and a grown adult with a job get approved for a $1k cash rewards.
What Is Debt-to-Income Ratio?
Your debt-to-income or DTI compares how much you owe each month to home much you make each month. Its the percentage of your gross monthly income that goes towards payments for rent, mortgage, credit cards and other debt. The accepted standard for a mortgage seems to be 43% or less, including Navy Federals mortgage program. Ideally, lenders prefer a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards servicing a mortgage or rent payment. You can read more directly on Navy Federals website here.
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Best For Low Interest Credit Cards: First Tech Federal Credit Union
How to join: The simplest path to First Tech membership is to join the Community History Museum or Financial Fitness Association . The first year’s membership fee for the CHM or FFA is paid by First Tech, and you can cancel the membership after opening an account with no impact on your First Tech membership.
Other ways to become a member include:
- Employee or retiree of partner company or the State of Oregon
- Work or live in Lane County, Oregon
- Student at Cogswell Poly Technical College
- Family or household relationship with a current member
- Member of a partner club or association
Locations: First Tech has 39 branches in eight states and Puerto Rico and is based in San Jose, California. Like CCU, First Tech is also part of the CU Service Centers® Network, which provides access to over 5,000 and 30,000 co-op ATMs, primarily located in the U.S.
Mobile and online features: FTFCU offers online and mobile bill pay, the ability to transfer money, integration with Zelle and mobile check deposit.
Noteworthy financial products: First Tech has some of the best low interest credit cards around. The Platinum Mastercard® from First Tech® Federal Credit Union offers a low 6.99% to 18.00% variable APR while the Choice Rewards World Mastercard® from First Tech® Federal Credit Union similarly offers a 8.25% to 18.00% variable APR.
First Tech also offers a variety of checking and savings accounts, IRAs, mortgages, personal, auto and student refinance loans and more.
Who Should Apply For The Ncfu Platinum Credit Card
If you’re just starting out on your military travel hacking adventure, you need to build your credit with a no annual fee card. Check out my strategy for best military credit cards in this article.
The first step is opening a no annual fee cash back card so you can start building your credit and become eligible for the more exotic travel rewards cards.
You can learn all about military credit cards and how to maximize your benefits in my 100% free online course. Learn how to sign up for the military travel hacking course here.
Building your credit score with a no annual fee credit card is the first step to reaping the lucrative military credit cards benefits available. If you are new to credit cards or new to the military, a no annual fee card from Navy Federal is a great place to start.
As an NFCU member, you can Pre-Qualify for this card. This allows you to check you eligibility for the credit card without submitting a credit report check. A Pre-Qualify check does not affect your credit score.
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Navy Federal Customer Service
Navy Federal members have access to a wide range of support options from the credit union. Phone support is available 24 hours a day, seven days a week, with options for domestic and international callers:
- Domestic: 888-842-6328
- International: 703-255-8837
Other support options include chat, email, mail, and social media channels.
Navy Federal does give members online and mobile access, which arent options at many credit unions. Members can check balances, make payments, transfer money, and order checks from almost anywhere.
Navy Federal Credit Union Visa Signature Flagship Rewards Card* Vs Navy Federal More Rewards American Express Card*
Within the same fleet but without the weight of an annual fee is the Navy Federal More Rewards. With similarity in a lack of accessory fees the More Rewards card offers more complicated rewards, but not necessarily more lucrative ones.
Earning 3 points per dollar spent at supermarkets, at gas stations, on transit, at restaurants and on food delivery and 1 point per dollar spent on all other purchases, the More Rewards may seem attractive compared to the Navy Federal Visa Flagships rates, but careful calculation around spending patterns and budgets is advised. Almost none of the hefty additional benefits are available with the More cardtheres no travel accident insurance, cell phone coverage or TSA PreCheck/Global Entry credit. Overall, it comes down to a choice among priorities for the individual. We cant tell you which boat sails smootheryoull have to hop in one and see how it feels.
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Navy Federal Credit Union Membership Benefits
Navy Federal Credit Union members enjoy more than great rates on savings products and loans. Its a top-five Veterans Affairs lender for service members who have not used their VA eligibility. Member benefits include:
- Access to more than 30,000 fee-free ATMs
- An auto-buying program
- Auto insurance discounts through Geico
- Discounts on purchases made at select retailers
- Vehicle rental discounts through Enterprise and Hertz
Drawbacks Of Navy Federal More Rewards American Express Card
The first potential downside of this card is the fact not everyone is eligible. For the most part, membership is only available to active duty military members, retired military and veterans. Others who may be eligible to join include family members of current military members and Department of Defense civilians.
And even though this card charges no balance transfer fees, its not a good option for debt payoff. Thats because theres no introductory 0% APR offer for balance transfers. If you have debt you want to pay down, consider other balance transfer credit cards that offer 0% APR on transferred balances for up to 21 months.
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Navy Federal Vs Usaa: Membership And Accounts
Although both geared toward military members and their families, Navy Federal and USAA differ a little in their eligibility requirements. This is mostly noted in Navy Federals inclusion of Department of Defense civilians, which USAA does not cover. Including DoD employees opens up some great banking opportunities for those who are not quite servicemembers.
Both institutions offer their customers great access with 24/7 customer service and online and mobile banking features, too. Both institutions are pretty limited in their U.S. branch locations, however. Navy Federal does provide a wider physical reach than USAA, especially overseas.
When it comes to each banks account offerings, both offer a great variety of accounts, including basic savings and checking accounts. NFCU stands out for its five education savings accounts options. This means you can open five kinds of Navy Federal accounts as ESAs to save for education expenses. Similarly, USAA offers a 529 College Savings Plan which you can use to save and pay for education expenses, as well. If youre looking for a money market account, though, you can only find that with Navy Federal.
Great App With Even Better Service
I use both Bank of America and NFCU, and NFCUs mobile app and overall customer support combined with integration with the app is completely seamless and eons ahead of BoA. The NFCU app has an extremely user friendly interface, and I love that it has direct links to customer service chat and call. Overall its security and banking-tech integration is fantastic. There was an example of a time I forgot my PIN to my card and after speaking with a representative she informed me that I was actually able to reset my PIN directly through the app. In comparison for BoA I can only reset my PIN by going in person to the bank during their working hours, which obviously poises a challenge for customers with 9-5 workdays. I am so impressed with the apps highly secure, detailed and user friendly interface. Even today when I went to make multiple payments to my credit card, it prompted me with a screen checking if I knew I was making multiple payments. I really appreciate developers high attention to detail and clear care to make NFCU customers experience using the app as positive, secure, accurate and responsive as possible. Thanks NFCU! Amazing service as always.
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Navy Federal Personal Loan Reviews & Transparency
Category Rating: 56%
- Better Business Bureau: Navy Federal Credit Union receives an A+ rating from the BBB but is not accredited with them.
- Consumer Financial Protection Bureau: The CFPB has around 140 complaints about Navy Federal personal loans on file. Some complaints include a borrower being unable to find out how much they were charged in late fees and another claiming Navy Federal made automatic payments without authorization.
- WalletHub: Navy Federal Credit Union has an average user score of 4.1/5 stars across 2,400+ reviews.
- Transparency: Navy Federal Credit Union is clear about the range of terms borrowers can expect. However, they are not transparent about their credit score requirement, and they dont have pre-qualification, which many lenders offer.
Navy Federal loses some points for having a relatively high amount of complaints compared to many other lenders and for not being clear about some of their requirements.
No Additional Rewards Offers
Not to mention, many other business credit cards will offer you additional rewards offers if you choose to spend with them.
For instance, many business credit cards will offer you a welcome bonus for spending a certain amount within a certain span of time when you first get your card.
Not to mention, cards like the Blue Business Plus and the Blue Business Cash, which we mentioned earlier, will offer you an intro period of 0% APR, which will allow you to carry interest-free balances for a given amount of time.
All in all, the Navy Federal fails to make up for its scant rewards program with any other attractive offers.
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Welcome Letter And Online Banking
After another week, I received in the mail a welcome letter and another letter about how to access online banking. The welcome letter had my full Access Number. I used it to activate the debit card. The online banking instructions letter told me how to get the user name and temporary password for online banking.
After I put in my user name and temporary password in online banking, I was asked to change the password and choose the answer to a security question . So far so good, but after I did all that I got an error saying the system could not proceed. I figured maybe the system was having a temporary problem. When I tried again the next day I still received the same error.
How To Find Your Navy Federal Internal Credit Score
Most people have no idea where or how to find their internal score but its actually really easy to find. Anytime you apply for a card or product, Navy Federal is required by law to send you out a letter and if you take the time to read it and look on the back of page 1 you will see your internal score that Navy Federal has given you. It will be a number between 100 and 450. I was a 240 for example when I got my first Navy Federal credit card.
They will also list out things affecting your Navy Federal credit score, which is a huge window into how they are ranking you and what matters to them.
You will see things like
- NUMBER OF INQUIRIES ON CREDIT BUREAU REPORT
- BALANCE STATUS OF NAVY FEDERAL ACCOUNTS
- LENGTH OF NAVY FEDERAL MEMBERSHIP
Here is an example of what that looks like
As you can see they dont just take normal credit factors into account, they look at the length of account history on your checking account, your ability to consistently keep a positive checking account balance and many other factors. Hence why we gave you the list above to give you the best odds to not only get approved but get approved for the highest limit.
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Can I Settle My Credit Card Debt With Navy Federal Credit Union For Half
I have approx $27,000 in unsecured credit card debt with navy federal credit union. I work in real estate and thus have extreme swings. I also have $45,000 in student loans which I have learned are not able to be settled or discharged in bankrutpcy. My question is can I settle my navy federal debt for 50%? I have read the credit union in general and Navy Federal in particular is very difficult to work with. Please advise?
Can i settle debt with navy federal credit union for 50%?
It is true that settling with a credit union is often not the same, nor sometimes as simple, as setting credit card debt with a national bank. I am not sure what you read about Navy Federal Credit Union, but in my experience NFCU is one of the easier credit unions to work out a settlement with.
Why The Navy Federal Business Credit Card
Now that weâve combed through all of the details on both versions of the Navy Federal business credit card, itâs time to take a step back and zoom out a bit.
Letâs take a beat to consider what the repercussions are for all of these details on the Navy Federal business credit card. And how do they affect your search for the perfect business credit card for your business?
Letâs start out on a positive note and take a look at the most notable upsides to choosing the Navy Federal business credit card for your business spending:
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How To Prequalify For Navy Federal Card
In order to prequalify for the Federal card, carry out the following three steps.
Step 1: Visit the official site for the prequalification process. You can
Step 2: click on the Prequalify me in the blue.
Step 3: enter your username and password, then sign in, and you can prequalify for the federal credit card.
Only Nfcu Members Are Eligible To Apply
Another drawback is that you have to be a Navy Federal Credit Union member to apply for its Platinum card. And unlike some credit unions, Navy Federal has pretty strict requirements for joining. To apply, either you or a member of your household or family must have ties to the armed forces, National Guard or Department of Defense.
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Navy Federal Credit Union Platinum Card Overview
The Navy Federal Credit Union Platinum card stands out among other balance transfer cards due to its lack of a balance transfer fee, which is uncommon among cards in this category. The card also offers no annual fee and a 0% promotional APR on balance transfers for 12 months. And while the card doesnt offer a promotional APR for purchases, the regular starting APR is way below the national average for credit cards that incur interest. But theres a catch: You may not be eligible to apply for this card due to Navy Federals membership requirements.
Best For Travel: Nfcu Visa Signature Flagship Rewards Credit Card
Heres why: This card is great for Navy Federal Credit Union members who want rewards they can use toward travel.
With the Navy Federal Credit Union Visa Signature® Flagship Rewards Credit Card, youll earn three points for every $1 you spend on travel and two points on all other purchases. Take the points you earn and redeem them for travel, cash, gift cards or merchandise its up to you.
Theres a $49 annual fee, but with no foreign transaction fees, a $100 statement credit toward TSA PreCheck or Global Entry every four years, and no limits on the amount of points you can earn, this card makes for a great travel companion. Compare other travel rewards credit cards on Credit Karma.
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