Navy Fed Credit Card Interest Rate

[ChunksJR]

Lots of commands do a financial workshop that can explain things like credit to debt ratio and ways to build credit in laymen terms. If this isn't an option, go talk to a loan officer at a bank on a strictly informational basis...don't even ask for an application until you have an idea about what path you want to go down.

Or your local Fleet and Family service center.

 

[abracadabra11]

I got a letter that says I'm keeping the same 7.9% rate from NFCU.

 

[Ken_gone_flying]

Just got a letter in the mail yesterday saying they are raising mine from 7.9% to 9.9%. ^^^Bastard.

 

[VS FO]

As far as USAA not having locations to deposit checks you can now use a USAA app on the iphone (maybe others) to take a picture with your phone and send it to deposit. No reason for NFCU anymore.

 

[Cleonard19]

Lots of commands do a financial workshop that can explain things like credit to debt ratio

Something I was going to bring up. You could have ten million dollars in assets, but they don't care. Having a crap ton of money doesn't make you credit worthy. Credit worthiness is a function of your ability to manage your credit, so the company knows that if they extend you credit (loan you money), you're not going to take every penny you can get it and run. The easiest way to judge this is based on your debt/credit ratio. Simply put, the higher your available credit is and the less of that credit you're actually using, the more credit worthy you are.

This is a primary reason they say not to close your oldest accounts. Even if you don't use them, they likely have your highest limits, and therefore improve your ratio.


5 months ago when I went to get a new car, I applied for the financing through a bank with one credit card and some student loans in my name. I got an interest rate of %XX. I then opened a new credit card with a completely unrelated bank a week later it had a $11,000 limit on it. The week after that, I went back to the bank I wanted to finance with and requested a new loan for the same terms, and my interest rate dropped nearly %6... down into the single digits. all because I had improved my ratio.

now personally, I went and closed that new credit card because it had served its intended purpose for me, and that was the best $50 I ever spent going through the hassle of closing a brand new card like that just in the interest it saved me on the car financing. I wouldn't recommend doing it this way though. It was underhanded, and oculd easily backfire on you. Just don't do it.

 

[redhead]

This is why I stay away from variable interest rates.

While looking up the same topic, got my letter from NFCU also..saw this comment. First, I HAD a fixed rate, I have all my bank accounts with them, credit card and a car loan, they make plenty off me currently. Apparently, NFCU could allow the credit card holders the option of rejecting the increase on the current balance, if the consumer contacted in a certain amount of days. OR they could choose to terminate the account if you reject the change from fixed to variable. NFCU choses to terminate if you reject the rate. Now, to me that puts them in the same game as folks like BOA. There is no reason to make all their customers go from fixed to variable (if they had fixed) and not allow them to lock in current charges. They have the choice to "do the right thing" and they chose not to. I personally think it's tacky to make the rate change on any previous balanace, it should be from the time of change forward.

 

[Spekkio]

My mistake then. If a bank changes an interest rate on a fixed CC and applies it to past debt, then I can understand the extreme dissatisfaction.

 

[53Crewman]

I called them the second I opened the letter... they jacked mine from 10.9% to 15.9%... I shall be refinancing everything through USAA. I am going to call them back to keep the card open for FICO Score purposes but there will not be a penny on the card.

Speaking of hating NFCU. They used to be my favorite bank but I have not been happy with them for the past couple years. From their extremely long lines to their new 'no face-to-face' transaction, but a dirty telephone with a peep hole and a screen. Really?!!?!?!

 

[PropAddict]

I got a letter that says I'm keeping the same 7.9% rate from NFCU.

Mine says it's staying at 7.5%, but it's computed differently than it was before.

Meh. I pay it all off anyway.

From their extremely long lines to their new 'no face-to-face' transaction, but a dirty telephone with a peep hole and a screen. Really?!!?!?!

Wait, what?

 

[squorch2]

Lots of commands do a financial workshop that can explain things like credit to debt ratio and ways to build credit in laymen terms.

Divos, have a training day at least once a year set aside for this. The command-wide one, if it exists, doesn't count - there are just too many people for your guys to feel comfortable asking questions about their finances, no matter how vague, plus people just want to GTFO. Learn the basics (FFSC is a great place for information), sit your people down, give them the information and have a Q and A session afterwards. This will go a long way towards keeping your guys and gals out of trouble and save you much pain in the long run.

 

[ChunksJR]

Divos, have a training day at least once a year ...FFSC is a great place for information...

And a great place to get "guest speakers..."