Can I have more than one Navy Federal credit card at one time?

[Epic]

I already have the NFCU Visa Cash rewards, but can I also have the Visa Signature or nRewards at the same time? With more than one card, I would think I would be able to increase my trade lines/limits.

[justbroke]

I already have the NFCU Visa Cash rewards, but can I also have the Visa Signature or nRewards at the same time? With more than one card, I would think I would be able to increase my trade lines/limits.

Yes. You can have 2 credit card products. The Visa Signature can be up to $80K and the regular (non-signature) cards can be up to $50K. Of course, the assigned credit line will be commensurate with your credit score and debt/income ratios. I carry both cards myself (nRewards and Flagship Visa Signature). I will tell you that they are picky about giving the Visa Signature card. A friend of mine was unable to get one, even with a $10K goRewards NFCU Visa!

[AngelinaCat]

I already have the NFCU Visa Cash rewards, but can I also have the Visa Signature or nRewards at the same time? With more than one card, I would think I would be able to increase my trade lines/limits.

I understand having one card, but why do you want or need more than one?

Unless you are trying to work toward the credit rating in order to qualify for a mortgage, why aren't you working on living on cash only?

I know these will not be popular questions, but I wonder at the number of people declaring bankruptcy, and then one discharged and absolved of debt, appear to be rushing headlong into it again.

[justbroke]

I carry two cards. I use one for (reimbursable) business expenses. Otherwise, I could only see having 2 to have the trade lines.

[malf1204]

It is my understanding that NFCU rates your available credit based on your score and income and it does not matter if that is on 1,2 or 3 cards. I have a NFCU nrewards with a 10K limit. I applied for a second card Flagship and they called and said I was only eligible for and addition 3K in unsecured credit so I could increase the limit on my existing card or open a cash rewards with a 3K limit. This limit does not affect a secured loan such as auto or mortgage only unsecured credit.

[iswmle]

I have to admit, I personally do not approve of Navy Fed. They are wildly popular, though, and they do have stellar customer service... but I think they do a great disservice by giving people who are relatively fresh from BKs , 15, 20K credit limits. Pre BK my credit was *ok*. My score was around 633. I snagged a 15k credit card with them. My ex, who had a similar score, had 55k in credit with them. They released the hounds of hell when we defaulted, though. They were worse than Chase, USAA, and Citi combined.

Climbing off my soapbox... To answer your question, as far as I remember, you can have 2 credit cards and a LOC.

[justbroke]

I would hope that a credit union, owned by the members, would be a little more aggressive with collecting. Especially if I had share accounts at the CU that allowed other members to borrow based on their relationship with the bank. In fact, I would expect any bank to be aggressive with collections after 31 days late. I suppose aggressive collections comes with the territory (credit unions in general).

You should see the local CUs at the 341 Meetings here in Florida. I'm not even talking Navy Federal, as I have never seen them (represented) at a 341 Meeting (including 2 of my own). In the several 341 Meetings that I have attended, at least 2 local CUs showed up and wanted to inspect the vehicles(s) (if it was brought to the meeting) and take pictures. They (the CUs) also tend to show up at 341 Meetings with Reaffirmation Agreements in hand!

Sorry, back on topic... Navy Federal will treat you as you treat them. Pay on time, keep your credit clean, and they are your friend. Pay late, continually pay late, or do not pay, and they may just un-friend you.

[iswmle]

Navy fed do more than "un-friend", they slaughter your being, but that comment was more of an aside. My dislike for them has more to do with what I said:

... but I think they do a great disservice by giving people who are relatively fresh from BKs , 15, 20K credit limits. Pre BK my credit was *ok*. My score was around 633. I snagged a 15k credit card with them. My ex, who had a similar score, had 55k in credit with them.

The only reason I signed up and applied for Navy Fed... and KNEW I would get approved... was because at the time I frequented CC forums and people were constantly popping in, talking about their shitty credit, their high debt to income, their low FICO scores, but they just walked away with a 25k limit with NFCU. I think for a major credit union they do members a disservice by giving higher than average credit lines to people who may be less than deserving. But that's MOO.

[justbroke]

I think they give higher limits because they cater to military and are trying to be nice to servicemen and women. I agree that it may come back and bite all the (share) members later. I know of other at least 2 other credit unions that behave similarly; once you are in, you are trusted with more credit. I was choosing between my employer's credit union and Navy Fed and both were similar; once a member, always a member. The employer CU was trying to take over ALL my credit and asked if they could take (refinance) my 2 cars and consolidate any other credit. That was just applying and they pre-approved the consolidation to their CU.

[Epic]

I know of other at least 2 other credit unions that behave similarly; once you are in, you are trusted with more credit.

Can you share who they would be? PenFed?

[justbroke]

Can you share who they would be? PenFed?

One is an employer credit union (which I do not want to disclose), and the other is Digital CU (DCU). I have read good things about all of the usual major CUs, such as PenFed, USAA, NFCU, and DCU. I was searching for a CU about a year after my discharge and looked specifically at USAA, NFCU, DCU, and my employer's CU. I still do not commingle my direct deposit with my credit products.

In the end, my choice came down to NFCU or the employer's CU. The decision was ultimately decided because I lived right down the street from the base which had an NFCU branch. My employer's CU was mostly a "virtual" CU with very few branches. I chose convenience. Besides, NFCU has a bunch of branches in Florida and in the Great DC Metropolitan Area, where I frequent.

[iswmle]

I use to work for USAA in credit cards and they are much more strict on who they give credit to. I can't tell you how many people have said to me "Why is NFCU willing to give me credit and USAA is not?" They have a very strict criteria when it comes to extending credit, and they were tightening their belts even moreso before I moved. I suppose in a way that is part of the reason I respect them more... but they were also great employers and very much a customer oriented bank. They truly do want to go above and beyond for their customers. So I am biased when it comes to USAA. ;D

Also, USAA will forgive and forget if you BK them after 7 years. NFCU burns you for life.

But, to be fair... if you are in NFCU's good grace they treat you like gold. I think NFCU and USAA's customer service were on par with each other.

[justbroke]

I have read (and heard) good things about USAA. It's not that I don't wonder why NavyFed is less restrictive with financing options. I just wonder how long they will continue to do so.