06-14-2008 08:41 AM
Geesh you would think I have been around here long enough to know this stuff, but here I go looking silly again ...What is NMFA and MOAA and ABCD (oops that one wasn't listed)? I am not familiar with all of the acronyms listed.
06-14-2008 08:42 AM
NMFA membership is all that's required to join Penfed, and anyone can join NMFA. Therefore, anyone can join Penfed.That's all there is to it.
But a lifetime membership to NMFA is $300Can you get a membership for one year, then join penfed, then opt out of NMFA the next year and retain your penfed membership?
06-14-2008 08:57 AM
PurpleHaze wrote:Geesh you would think I have been around here long enough to know this stuff, but here I go looking silly again ...What is NMFA and MOAA and ABCD (oops that one wasn't listed)? I am not familiar with all of the acronyms listed.
These are just affinity groups that might make you eligible to join PenFed or other credit unions.
MOAA = Military Officers Association of America
NMFA = National Military Family Association. To join this, you don't have to be a member of a military family! It's a group that works to help military families, period. If you go this route to join PenFed, you only have to pay one year's worth of dues. You don't have to re-up each year or do the life-time membership, although I'm sure that they'd be delighted if you did.
Credit unions were originally made up of people who all worked for the same employer, or belonged to the same social organization, or were in the same university, etc. who pooled their money to provide loans to one another. That's why so many have employer names in their name. In my area, we have several major CU's that might be titled "Appalachian Nuclear Weapon Builders CU" or "Big Honkin' Dam Builders CU." But several years ago, CU's won a battle with the banks to allow them to choose to widen their eligibility requirements. One option is geography, so our bomb and dam builders CU's now advertise that membership is open to anyone who works, lives, goes to school, worships, shops, or dines in their counties. For CU's with a wider presence, like PenFed, a different option is to join an affinity group that is felt to have similar goals to those of the CU members. That's when organizations like MOAA and NMFA come into play. Here's the PenFed eligibility link:
thrasher, PenFed doesn't like to see a lot of recent new credit, whether used wisely or not. I'd give it at least 6 months after your recent acquisitions, with very low util, before joining them. But I think they'll be a great option for you when you do.
06-14-2008 09:37 AM - edited 06-14-2008 09:38 AM
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.