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Navy Federal Credit Union / interest rate/credit limit

1 MD, United States Review updated:

I contacted navy federal by email inquiring about who I should contact about lowering my credit card interest rate. Instead of replying with the information I asked for, they took it upon themselves to do a credit check on me (Without my permission) and then denied me an interest rate reduction. Furthermore, they raised my credit card limit by $2000 during the same time that I was inquiring about an interest rate reduction. They wouldn't lower my interest rate at my request, but decided to increase my credit limit on their own? This is not the navy federal that I signed up with a few years ago.

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Wh
  30th of Jan, 2009
Agree Disagree +1 Votes

When you ask for a reduction in rate, any responsible lender will pull your current credit report in order to determine if you qualify for a reduction. I have a Navy Federal nRewards Visa card and also asked for a reduction in rate, but I assumed they would pull my credit again LIKE ANY OTHER LENDER. By asking questions of the phone representative I spoke with, I found that Navy Federal bases their rates STRICTLY on credit scores and cannot make exceptions to those rates for the whiny members because it would be unfair to the other members who don't complain. (hello, the rates are great anyway!!) I also found that Navy Federal reviews credit card accounts annually and if an account is handled in a responsible manner, the limit is automatically increased as a courtesy. From doing further research about credit reporting agencies, it appears that this is a POSITIVE factor on a credit report because the ratio of debt to credit limit is a huge factor in credit scoring. It shows that the consumer can have a lot of available credit and not MAX it out. So the higher the limit and the lower the balance = better for the consumer.

Ka
  15th of Dec, 2009
Agree Disagree 0 Votes

I agree. Navy Federal that I have been banking with for, 14 years has gone down hill with how they treat their customers and their professionalism and services, are not even close to the standards they once were. I guess that, they're now serving all branches of the military due to the fact, they've treated their customers so unfairly that they're huting for services with so many marines& navy cancelling their accounts with them, as well as their dependants, that this is why they now cater to all branches of the military. However, no one has the right to run a crwdit check without consent because each time a credit report is ran, it drops your credit score.
Obviously this above comment has been written by a fellow employee. I say, if they're treating you poorly, find another financial institution that values and respects their cutomers. Then eventually they'll run out of business and have your relatives and friends leave Navy Federal as well.

Te
  6th of Oct, 2011
Agree Disagree 0 Votes

Quit ###!!! Navy Federal is great. I've slowly been building my credit with them and my credit limit went from 4, 000 to 10, 000 when no other compaines were willing to take a chance on me. My bill is paid in full every month. You guys don't realize ### happens, thats the business. If you're unhappy leave, I guarentee you'll be back. I've have Bank of America, USAA, SunTrust and Wells Fargo (bankning since I was 16) and so far I've been happy with Navy Federal.

Jo
  15th of Feb, 2016
Agree Disagree +1 Votes

I agree with the "employee." If you know anything about credit, then you know a higher limit is GOOD. Not only does it decrease your debt to credit ratio, it increases your available credit. Why on earth do you think mortgages hold so much weight? Because they're HUGE sums of credit.

Granted, you didn't get your interest rate to drop. Big whoop. Now you just have to pay attention to your spending and pay off totals before that interest hits.

If you ever choose a bank over NFCU, have fun dealing with the clandestine tactics they pull. I'll be sitting here enjoying the perks of managing money and credit with NFCU.

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