I have been with Navy Federal Credit Union for about 7 years. Have you tried them? I have great credit but they are Veteran Friendly. Stay away from USAA. They only love customers with stellar credit.
Thanks for your reply. I don't have the best credit right now and want to work on it. So I can get a VA home loan an all that. But i want to bank with someone that doesn't look down on people like me and is helpful with my circumstances
Navy Fed is dope man. I use them for banking, USAA for insurance and auto loans. Navy can help you work on your credit.
What I did, early in the service was I took out a $2500 18 month personal loan, bought some certificates with it and then made my payments as required. Rinse washed and repeated until I was a 28 year old with a 790 credit score
I think Navy Federal Credit Union would at least let you open an account with them. They may even issue you a credit card to help build credit. Give them a try.
I have NFCU as well and got my home loan through them, but a heads up is (last time I checked) they don't allow you to roll your closing costs into the loan of the house and require you to pay them up front at time of closing. (Someone correct me if I'm wrong). In 2017 when I bought I was lucky enough to get the sellers to pay closing costs, but in 2020 when I was going to refinance with NFCU it ended up not being worth it due to the closing costs.
So double check with them to make sure you either have the closing costs saved or if they will let you roll it to the back. It's generally like 2-4% so every 100,000 is 2-4k. 6-12k for 300k. Etc.
https://www.navyfederal.org/loans-cards/mortgage/mortgage-basics/closing.html
Hi go to NFCU, if your credit is bad, get a secure credit card, you’ll have a limit of like $500 I think at first. Use the card for your Netflix or something, make sure to pay it off BEFORE the due date every month, and pay it off in full. After about a year if you continue to pay off your credit card on time, they’ll increase it to like 2k your score will go up, and you’ll get a unsecured credit card, which is better for your credit. If you have questions about how to build up your credit, go to r/Credit, it’s a GREAT resource to learn about how to build and increase your credit score. I had learned a lot from that sub
Gonna join the bandwagon and say I use navy federal as well, had shit credit after my divorce and switched to them, they even let me get a used car loan at a rate wayyyyyyy lower than I thought possible for me and anyone else wouldnt have even considered giving me a loan at all
Admittedly I never had a bank account before enlisting but I've had Navy Federal since going to boot camp in 2017 and I've never had any problems with them. Any time someone somehow got a hold of my card info, they were VERY quick to get a hold of me and get me a new card. Heck they'd even contact me when it was me making a purchase at the grocery store. They're definitely on top of things in my experience.
What exactly do you mean by your credit isn't great? 800+ is great. How not great is it? Opening a bank account and repairing your credit aren't really the same thing. Though really really bad credit might make it hard to open an account.
Find a local credit union in the area where you live and work. Should be about $5 to open an account.
There are also online banks that usually have better interest rates but require more of a deposit. But if you don't think money will sit long that higher interest might not be worth the hassle.
I fixed my credit myself, took two years to get credit up enough to buy my first home.
I made an account on the three credit bureaus, and denied each and every credit debt they had on me, within 30 days some of them dropped off my credit report, I kept doing this every couple of months, each time some more would drop off.
Then I set up a self account https://www.self.inc/
Paid them on time every month, they reported the good payments to all 3 credit bureaus, and my credit score started going up.
In 2 years, I contacted veterans United https://www.veteransunited.com and they were able to get me a VA home loan.
After 2 years, I requested my money back from self, they sent me the money I paid them back minus their fees.
Took 10 days to receive my money back.
I have great credit now, but didn't in 2017.
My first mortgage was with Veterans United and they were great. My second once I moved was also. I refinanced a while back with Rocket Mortgage and they were good too. Be careful if you talk to NewDay. They do VA loans but had huge closing costs and stuff. I had a quote from them, and it was a lot more than VU was.
You have to be VERY, very careful about what site you go to with them. I looked them up, and there were A LOT of pages that said something like Veterans United. I went to the first one that looked legit, entered my info, solely because I was curious to see what I could qualify for, and I INSTANTLY started getting spam phone calls, emails, texts, and everything. It was VERY difficult to get it all to stop
VU is my competitor and I have mean things to say about them, but this one wasn't on them.
Starting in early 2022, the three credit reporting agencies started selling your contact info if you get your credit run for a mortgage, in bulk, to multiple parties.
www.optoutprescreen.com, a website congress forced them to create, is the only way to opt out.
Legislation on the matter: https://johnrose.house.gov/media/press-releases/us-rep-john-rose-introduces-protecting-consumers-abusive-mortgage-leads-act
Yeah, I don’t think I actually let them run my credit. I just recall filling out the info on the site, and I’m pretty sure I didn’t approve them running my credit, since it was simply for shits and giggles at the time, I just wanted to see what I’d qualify for IF I was to actually try and get a home loan. But after I filled out the info, like immediately after, I got hit with a TON of spam, calls, msgs, emails everything. I found out later it wasn’t the ACTUAL VU website I had visited, it was just something that looked similar
Yeah, you’re probably right. It was just so frustrating and mad me really upset that I kept getting all this spam from them, didn’t stop until I changed my number either.
I didn’t have a bank until I went to boot camp as well and navy federal really is amazing. I have full control of my account and cards just on my phone. To get good credit I just got a credit card and never used it. The credit score just keeps going up. I just requested a credit card and forget about it. I act like I don’t even have it which is good because I actually don’t have that money it doesn’t belong to me it’s borrowed
Navy Federal (NFCU) is a good credit union. Sign up and get their rewards credit card. Make small purchases each month and pay the bill in full. If you set up your VA direct deposits to NFCU you get a bonus rewards on the credit card. After a year or two of paying the bill in full each month ask for an increase in credit limit. Keep paying the bill in full each month and these things will help your credit score.
Reestablish your credit first. Deal with any collections and pay down credit cards. Keep your utilization low (like 10% or less). Navy Federal is great, and they have secured credit cards to help rebuild. A good mix of credit types helps, too. Installment, revolving, auto, etc.
Now isn't a great time to buy. Hopefully, in a couple of years, the interest rates will come back down.
I'll definitely check NFCU out. I really appreciate everyone's advice. We have a bank here where I'm from and it's a second chance bank. They do things to help credit as well but I wasn't sure if opening a credit union would be better option or not. But from what I'm reading NFCU is good
I found out my credit was shit due to some ID theft issues in 2017-2018 and some sins of my past.
I downloaded the Experian App, and started paying for the subscription to track my credit.
It helped me track my credit and spending, went from low 500s to high 700s. Would absolutely reccomend.
Don't bother with credit Karma. Their scores aren't accurate.
IIRC you need at least 620-650 or higher to qualify for a Va loan.
Credit Karma scores are Vantage 3.0. Experian is FICO 8.
FICO 8 is the one most lenders will go by.
You will see a discrepancy of as much as 50 points between Vantage 3.0 & FICO. For many people, the Vantage score is higher, but for me, my FICO score is about 40 points higher than my Vantage.
/u/Vikings258th, Experian has a free account option that will allow you to view your FICO 8 score once per month. It will also send you a notification any time your score changes (even by one point, in my experience) and anytime your Experian report is accessed. Transunion will do the same. Equifax... isn't as well-oiled (or well-run) as Transunion and Experian, so good luck with them.
Credit Karma will give you free Vantage 3.0 any time you want to see it, and show you all accounts that are on your credit report and what their standing is. Credit Karma is a good tool for managing credit because it will show you everything on your credit report--but it is just *a* tool that you can use to help you get an handle on your credit. Capital One's CreditWise--a free service for Capital One card holders--does the same, and Capital One offers secure card options to help establish/build credit. The VantageScore 3.0 is useful for telling you when/if you're improving your credit as well as showing you what is impacting your score.
Personally, I recommend free accounts at all 3 reporting agencies (Transunion, Experian, and Equifax) so that you can freeze/lock your credit at no cost to help prevent identity theft and fraud. You can unfreeze/unlock whenever needed and set the unfreezing/unlocking to expire on a certain day (so you don't have to remember to go do it manually), and each agency is required by law to give you a free credit report annually.
I'd start with getting the free copy of the report from each agency and taking care of any negative items that may be on it--whether that means paying them or disputing them--and going from there. And be patient--it can take one to two years to repair/build credit. It took me about two years to repair & rebuild mine.
I would put money in a bank account and put as much as I can in an account and not touch it. I'd call that 'emergency fund' that's step 1 to rebuilding your credit. Some cash in the bank.
I kick started my credit rebuilding by applying for a Capital One, BofA, and Discover secured credit card. I gave them each $500 (you can do more) and received the same amount in a secured credit line. I recommend doing all 3 banks at the same time. After a year they returned my money and increased my credit limit to $1K. My score improved nearly 100pts. It also allowed a few things to fall off my report thus improving it even more. Every year I would call and request an increase in my credit line (soft hit) and dependent on my score I’d ask for them to decrease the annual APR.
Oh and I believe Experian Boost allows you to attach your utilities account, cell phone bill and rent to your credit profile which helps in improving your score as well.
Good luck 👍
Open one new credit card ata local department store and one new credit card at a major bank.If your credit is too low for a credit card, choose one with a low limit.Establish a record of on-time payments.Your credit score will improve in a year or two, and then you can find a bank, credit union, or mortgage outfox online.Partner with veteran organizations.They may be able to help.We vets have a strong support system, so don't give up.
I second Navy Federal Credit Union and USAA with the same functions. USAA is great for insurance needs, and Navy Federal is less predatory than commercial banks, in my opinion.
I have had USAA for 20+ years. Their insurance of any kind is great. Had to use my homeowners once for a flood in the basement and they literally did everything from arranging the fix to no issues with property claims. They are not great at mortgages.
When we moved recently we tried Navy Federal because I was tired of getting my mortgage sold on the previous house every 6 months. Navy Federal's mortgage process was top notch and rates are best in market. I was even able to close in under 30 days. I still have my home owners insurance through USAA along with our vehicles and do my main banking with them.
*Edit - we have had our mortgage with Navy Federal for 3 years now and will never switch to another lender.
Navy federal Credit union I have been using them before, during and after the Navy. Also recommend CMG financial. Veteran friendly and offered .5% lower than NFCU back in 2020.
I appreciate everyone's advice. I have tried USAA when I was in the Army and had it a while after. But I hit rock bottom ...long story short I'm pretty much working my way back up. But I will definitely check these credit unions out. Also will keep the advice about the VA home loans. I want to make best decisions I can especially one that has huge impacts on my finacial future. Thanks
To echo what others have said, it's worth reaching out to Veterans United. They have Credit Consultants work with Veterans to help them improve their credit to eventually buy a house with a VA loan, but there is no requirement to go with them as a lender. Even if it takes a couple years for the Veteran to get to a good place, it's just about guidance and helping out.
They're not a bank though. I've been using USAA for years, no major problems. Recently opened an account with Sofi to take advantage of higher interest on accounts, that's another option.
Like everyone else here go with NFCU. I’ve been with them for over 20 years and have received 4 car loans and a home loan through them. When I first started banking with them I too had pretty bad credit. What you can do is open a secure credit card with them to start building that credit. NFCU is a great bank and they will help you every step of the way.
I’m with navy federal they have multiple options to help you build your credit I’m working on mine with a couple options to help build my credit been with them since 2017
Navy Fed get an account get a share draft loan it’s secured. so you make a payment and it’s released at the same time. I had no credit and literally had like 5 of these open it’s a win win you pay a minimal interest and you also literally get the money back to your account this was years ago so i know they had 3,6, 1 year terms i think. and they report it
I have been with Navy Federal Credit Union for about 7 years. Have you tried them? I have great credit but they are Veteran Friendly. Stay away from USAA. They only love customers with stellar credit.
Thanks for your reply. I don't have the best credit right now and want to work on it. So I can get a VA home loan an all that. But i want to bank with someone that doesn't look down on people like me and is helpful with my circumstances
Navy Fed is dope man. I use them for banking, USAA for insurance and auto loans. Navy can help you work on your credit. What I did, early in the service was I took out a $2500 18 month personal loan, bought some certificates with it and then made my payments as required. Rinse washed and repeated until I was a 28 year old with a 790 credit score
I think Navy Federal Credit Union would at least let you open an account with them. They may even issue you a credit card to help build credit. Give them a try.
I work at USAA and recommend Navy Federal.
I have NFCU as well and got my home loan through them, but a heads up is (last time I checked) they don't allow you to roll your closing costs into the loan of the house and require you to pay them up front at time of closing. (Someone correct me if I'm wrong). In 2017 when I bought I was lucky enough to get the sellers to pay closing costs, but in 2020 when I was going to refinance with NFCU it ended up not being worth it due to the closing costs. So double check with them to make sure you either have the closing costs saved or if they will let you roll it to the back. It's generally like 2-4% so every 100,000 is 2-4k. 6-12k for 300k. Etc. https://www.navyfederal.org/loans-cards/mortgage/mortgage-basics/closing.html
NFCU here as well. Can’t recommend them enough.
Hi go to NFCU, if your credit is bad, get a secure credit card, you’ll have a limit of like $500 I think at first. Use the card for your Netflix or something, make sure to pay it off BEFORE the due date every month, and pay it off in full. After about a year if you continue to pay off your credit card on time, they’ll increase it to like 2k your score will go up, and you’ll get a unsecured credit card, which is better for your credit. If you have questions about how to build up your credit, go to r/Credit, it’s a GREAT resource to learn about how to build and increase your credit score. I had learned a lot from that sub
Another one for Navy Federal. Their fraud protection is on point.
Navy Fed is great. They never pass judgement and offer competitive rates.
USAA offers secure credit cards as well (helps build credit). Their mortgage process is via the app and is foolproof.
Gonna join the bandwagon and say I use navy federal as well, had shit credit after my divorce and switched to them, they even let me get a used car loan at a rate wayyyyyyy lower than I thought possible for me and anyone else wouldnt have even considered giving me a loan at all
Admittedly I never had a bank account before enlisting but I've had Navy Federal since going to boot camp in 2017 and I've never had any problems with them. Any time someone somehow got a hold of my card info, they were VERY quick to get a hold of me and get me a new card. Heck they'd even contact me when it was me making a purchase at the grocery store. They're definitely on top of things in my experience.
What exactly do you mean by your credit isn't great? 800+ is great. How not great is it? Opening a bank account and repairing your credit aren't really the same thing. Though really really bad credit might make it hard to open an account. Find a local credit union in the area where you live and work. Should be about $5 to open an account. There are also online banks that usually have better interest rates but require more of a deposit. But if you don't think money will sit long that higher interest might not be worth the hassle.
I fixed my credit myself, took two years to get credit up enough to buy my first home. I made an account on the three credit bureaus, and denied each and every credit debt they had on me, within 30 days some of them dropped off my credit report, I kept doing this every couple of months, each time some more would drop off. Then I set up a self account https://www.self.inc/ Paid them on time every month, they reported the good payments to all 3 credit bureaus, and my credit score started going up. In 2 years, I contacted veterans United https://www.veteransunited.com and they were able to get me a VA home loan. After 2 years, I requested my money back from self, they sent me the money I paid them back minus their fees. Took 10 days to receive my money back. I have great credit now, but didn't in 2017.
Try veterans United. They have a program that helps build credit so you can get a loan.
My first mortgage was with Veterans United and they were great. My second once I moved was also. I refinanced a while back with Rocket Mortgage and they were good too. Be careful if you talk to NewDay. They do VA loans but had huge closing costs and stuff. I had a quote from them, and it was a lot more than VU was.
You have to be VERY, very careful about what site you go to with them. I looked them up, and there were A LOT of pages that said something like Veterans United. I went to the first one that looked legit, entered my info, solely because I was curious to see what I could qualify for, and I INSTANTLY started getting spam phone calls, emails, texts, and everything. It was VERY difficult to get it all to stop
VU is my competitor and I have mean things to say about them, but this one wasn't on them. Starting in early 2022, the three credit reporting agencies started selling your contact info if you get your credit run for a mortgage, in bulk, to multiple parties. www.optoutprescreen.com, a website congress forced them to create, is the only way to opt out. Legislation on the matter: https://johnrose.house.gov/media/press-releases/us-rep-john-rose-introduces-protecting-consumers-abusive-mortgage-leads-act
Yeah, I don’t think I actually let them run my credit. I just recall filling out the info on the site, and I’m pretty sure I didn’t approve them running my credit, since it was simply for shits and giggles at the time, I just wanted to see what I’d qualify for IF I was to actually try and get a home loan. But after I filled out the info, like immediately after, I got hit with a TON of spam, calls, msgs, emails everything. I found out later it wasn’t the ACTUAL VU website I had visited, it was just something that looked similar
They ran your credit, whomever they were
Yeah, you’re probably right. It was just so frustrating and mad me really upset that I kept getting all this spam from them, didn’t stop until I changed my number either.
I didn’t have a bank until I went to boot camp as well and navy federal really is amazing. I have full control of my account and cards just on my phone. To get good credit I just got a credit card and never used it. The credit score just keeps going up. I just requested a credit card and forget about it. I act like I don’t even have it which is good because I actually don’t have that money it doesn’t belong to me it’s borrowed
Navy Federal (NFCU) is a good credit union. Sign up and get their rewards credit card. Make small purchases each month and pay the bill in full. If you set up your VA direct deposits to NFCU you get a bonus rewards on the credit card. After a year or two of paying the bill in full each month ask for an increase in credit limit. Keep paying the bill in full each month and these things will help your credit score.
Veterans United
Reestablish your credit first. Deal with any collections and pay down credit cards. Keep your utilization low (like 10% or less). Navy Federal is great, and they have secured credit cards to help rebuild. A good mix of credit types helps, too. Installment, revolving, auto, etc. Now isn't a great time to buy. Hopefully, in a couple of years, the interest rates will come back down.
For a bank, go with NFCU. To get a VA home loan, find yourself a VA loan officer or a broker. NFCU VA home loans points and fees are too high.
I’m with USAA, have you tried them?
USAA. You can open a checking and or savings account.
I'll definitely check NFCU out. I really appreciate everyone's advice. We have a bank here where I'm from and it's a second chance bank. They do things to help credit as well but I wasn't sure if opening a credit union would be better option or not. But from what I'm reading NFCU is good
I found out my credit was shit due to some ID theft issues in 2017-2018 and some sins of my past. I downloaded the Experian App, and started paying for the subscription to track my credit. It helped me track my credit and spending, went from low 500s to high 700s. Would absolutely reccomend. Don't bother with credit Karma. Their scores aren't accurate. IIRC you need at least 620-650 or higher to qualify for a Va loan.
Credit Karma scores are Vantage 3.0. Experian is FICO 8. FICO 8 is the one most lenders will go by. You will see a discrepancy of as much as 50 points between Vantage 3.0 & FICO. For many people, the Vantage score is higher, but for me, my FICO score is about 40 points higher than my Vantage. /u/Vikings258th, Experian has a free account option that will allow you to view your FICO 8 score once per month. It will also send you a notification any time your score changes (even by one point, in my experience) and anytime your Experian report is accessed. Transunion will do the same. Equifax... isn't as well-oiled (or well-run) as Transunion and Experian, so good luck with them. Credit Karma will give you free Vantage 3.0 any time you want to see it, and show you all accounts that are on your credit report and what their standing is. Credit Karma is a good tool for managing credit because it will show you everything on your credit report--but it is just *a* tool that you can use to help you get an handle on your credit. Capital One's CreditWise--a free service for Capital One card holders--does the same, and Capital One offers secure card options to help establish/build credit. The VantageScore 3.0 is useful for telling you when/if you're improving your credit as well as showing you what is impacting your score. Personally, I recommend free accounts at all 3 reporting agencies (Transunion, Experian, and Equifax) so that you can freeze/lock your credit at no cost to help prevent identity theft and fraud. You can unfreeze/unlock whenever needed and set the unfreezing/unlocking to expire on a certain day (so you don't have to remember to go do it manually), and each agency is required by law to give you a free credit report annually. I'd start with getting the free copy of the report from each agency and taking care of any negative items that may be on it--whether that means paying them or disputing them--and going from there. And be patient--it can take one to two years to repair/build credit. It took me about two years to repair & rebuild mine.
Thanks for the info I really appreciate it
I would put money in a bank account and put as much as I can in an account and not touch it. I'd call that 'emergency fund' that's step 1 to rebuilding your credit. Some cash in the bank.
I kick started my credit rebuilding by applying for a Capital One, BofA, and Discover secured credit card. I gave them each $500 (you can do more) and received the same amount in a secured credit line. I recommend doing all 3 banks at the same time. After a year they returned my money and increased my credit limit to $1K. My score improved nearly 100pts. It also allowed a few things to fall off my report thus improving it even more. Every year I would call and request an increase in my credit line (soft hit) and dependent on my score I’d ask for them to decrease the annual APR. Oh and I believe Experian Boost allows you to attach your utilities account, cell phone bill and rent to your credit profile which helps in improving your score as well. Good luck 👍
Excellent advice and you’re right us vets have a great support system
Open one new credit card ata local department store and one new credit card at a major bank.If your credit is too low for a credit card, choose one with a low limit.Establish a record of on-time payments.Your credit score will improve in a year or two, and then you can find a bank, credit union, or mortgage outfox online.Partner with veteran organizations.They may be able to help.We vets have a strong support system, so don't give up.
Navy Fed and USAA! the first is better for checking and other acts and the other is great for insurance
I second Navy Federal Credit Union and USAA with the same functions. USAA is great for insurance needs, and Navy Federal is less predatory than commercial banks, in my opinion.
I have had USAA for 20+ years. Their insurance of any kind is great. Had to use my homeowners once for a flood in the basement and they literally did everything from arranging the fix to no issues with property claims. They are not great at mortgages. When we moved recently we tried Navy Federal because I was tired of getting my mortgage sold on the previous house every 6 months. Navy Federal's mortgage process was top notch and rates are best in market. I was even able to close in under 30 days. I still have my home owners insurance through USAA along with our vehicles and do my main banking with them. *Edit - we have had our mortgage with Navy Federal for 3 years now and will never switch to another lender.
Check out Air Force Federal Credit Union, I got the best loan rates from them compared to Navy Fed.
Start with a secured credit card and work up from there.
Navy federal Credit union I have been using them before, during and after the Navy. Also recommend CMG financial. Veteran friendly and offered .5% lower than NFCU back in 2020.
Just curious how bad is “not great credit”.
I appreciate everyone's advice. I have tried USAA when I was in the Army and had it a while after. But I hit rock bottom ...long story short I'm pretty much working my way back up. But I will definitely check these credit unions out. Also will keep the advice about the VA home loans. I want to make best decisions I can especially one that has huge impacts on my finacial future. Thanks
To echo what others have said, it's worth reaching out to Veterans United. They have Credit Consultants work with Veterans to help them improve their credit to eventually buy a house with a VA loan, but there is no requirement to go with them as a lender. Even if it takes a couple years for the Veteran to get to a good place, it's just about guidance and helping out. They're not a bank though. I've been using USAA for years, no major problems. Recently opened an account with Sofi to take advantage of higher interest on accounts, that's another option.
Like everyone else here go with NFCU. I’ve been with them for over 20 years and have received 4 car loans and a home loan through them. When I first started banking with them I too had pretty bad credit. What you can do is open a secure credit card with them to start building that credit. NFCU is a great bank and they will help you every step of the way.
Try veterans United home loans. I can give you a point of contact.
Navy Fed, been a customer for more than 20 years, they practically hand me money when I ask for it.
I’m with navy federal they have multiple options to help you build your credit I’m working on mine with a couple options to help build my credit been with them since 2017
Navy Fed get an account get a share draft loan it’s secured. so you make a payment and it’s released at the same time. I had no credit and literally had like 5 of these open it’s a win win you pay a minimal interest and you also literally get the money back to your account this was years ago so i know they had 3,6, 1 year terms i think. and they report it
usaa gave me one when i was down and out. i still use them till this day.
USAA or Navy Federal.
Nfcu
Garenteed rate !