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Regular Contributor
Apinzon2374
Posts: 119
Registered: ‎11-10-2013
0

Joining PenFed/Other CU's?

[ Edited ]

So after finding out this morning that my car is totaled, I'm looking to join a credit union as I hear they offer better car loans. I'll need to buy another car sooner or later, so I might as well start a relationship with a CU now and hope for the best when the time to apply for the loan comes. Also, I've read that CU's can offer great credit cards too so maybe down the line I'll apply for one of their CC's.

 

The one I was looking at was PenFed since my aunt joined them and it seems like she has great credit cards with them and got a great deal on a car loan. However, I'm not sure how it would work when it comes to me joining. She's a former government employee, so I would fall under the "I am a relative or housemate of someone who is eligible," condition. However, my mom joined too (by being a relative of my aunt), so my question is: when I join would I have to use my aunt since she's the eligible one or could I use my mom since she's a member as well?

 

I also read great things about DCU, what would be their requirements to join?

 

Does anyone recommend any other CU (unfortunately I'm not eligible for NFCU or USAA, at least I don't think I am)?


Capital One Quicksilver | Chase Freedom | Chase Sapphire | AMEX Blue Cash Everyday
Scores: EX: 725 | TU:742
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Revelate
Posts: 9,735
Registered: ‎12-30-2011
0

Re: Joining PenFed/Other CU's?

Many CU's have the ability to contribute $20-25 bucks to an affiliated charitable institution and gain membership via that route.  Both Penfed and DCU have that option.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
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Re: Joining PenFed/Other CU's?

There are a great many CUs open to anyone, including DCU and Penfed.  DepositAccounts.com maintains a current list of such CUs.

 

Penfed is very conservative, and I don't recommend them unless you have very high scores, a good income, and so on.  Since there are many CUs to choose from, there's no need to focus on only one or two.

 

Valued Contributor
wHiTeSoL
Posts: 1,063
Registered: ‎07-09-2013
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Re: Joining PenFed/Other CU's?


Apinzon2374 wrote:

So after finding out this morning that my car is totaled, I'm looking to join a credit union as I hear they offer better car loans. I'll need to buy another car sooner or later, so I might as well start a relationship with a CU now and hope for the best when the time to apply for the loan comes. Also, I've read that CU's can offer great credit cards too so maybe down the line I'll apply for one of their CC's.

 

The one I was looking at was PenFed since my aunt joined them and it seems like she has great credit cards with them and got a great deal on a car loan. However, I'm not sure how it would work when it comes to me joining. She's a former government employee, so I would fall under the "I am a relative or housemate of someone who is eligible," condition. However, my mom joined too (by being a relative of my aunt), so my question is: when I join would I have to use my aunt since she's the eligible one or could I use my mom since she's a member as well?

 

I also read great things about DCU, what would be their requirements to join?

 

Does anyone recommend any other CU (unfortunately I'm not eligible for NFCU or USAA, at least I don't think I am)?


Three letters, D.C.U!

I just joined a few days ago, and they made it so easy. $10 donation and $5 minimum to a checking account and you're in. They HP EQ and have car loans as low as 1.99% New or used, general consensus says 670 is all you need to qualify for the best rates.


   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Frequent Contributor
Longroad
Posts: 442
Registered: ‎11-17-2013
0

Re: Joining PenFed/Other CU's?

So which CU's are not so conservative and that you would recommend if you are in the rebuilding phase?

Regular Contributor
Apinzon2374
Posts: 119
Registered: ‎11-10-2013
0

Re: Joining PenFed/Other CU's?

Good points, the only reason Penfed came to mind was because my aunt is with them so I already heard about them, but if I find something better or more suited to my needs then I'll definitely join a different CU.

Capital One Quicksilver | Chase Freedom | Chase Sapphire | AMEX Blue Cash Everyday
Scores: EX: 725 | TU:742
Regular Contributor
Apinzon2374
Posts: 119
Registered: ‎11-10-2013
0

Re: Joining PenFed/Other CU's?


wHiTeSoL wrote:

Apinzon2374 wrote:

So after finding out this morning that my car is totaled, I'm looking to join a credit union as I hear they offer better car loans. I'll need to buy another car sooner or later, so I might as well start a relationship with a CU now and hope for the best when the time to apply for the loan comes. Also, I've read that CU's can offer great credit cards too so maybe down the line I'll apply for one of their CC's.

 

The one I was looking at was PenFed since my aunt joined them and it seems like she has great credit cards with them and got a great deal on a car loan. However, I'm not sure how it would work when it comes to me joining. She's a former government employee, so I would fall under the "I am a relative or housemate of someone who is eligible," condition. However, my mom joined too (by being a relative of my aunt), so my question is: when I join would I have to use my aunt since she's the eligible one or could I use my mom since she's a member as well?

 

I also read great things about DCU, what would be their requirements to join?

 

Does anyone recommend any other CU (unfortunately I'm not eligible for NFCU or USAA, at least I don't think I am)?


Three letters, D.C.U!

I just joined a few days ago, and they made it so easy. $10 donation and $5 minimum to a checking account and you're in. They HP EQ and have car loans as low as 1.99% New or used, general consensus says 670 is all you need to qualify for the best rates.


Is there any monthly fees to have a checking account with them? Is it the same as a "Regular Share," account? I have a checking account with Chase but I don't know if I want two checking accounts (unless regular share and checking are the same then I don't mind).


Capital One Quicksilver | Chase Freedom | Chase Sapphire | AMEX Blue Cash Everyday
Scores: EX: 725 | TU:742
Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Joining PenFed/Other CU's?


Longroad wrote:

So which CU's are not so conservative and that you would recommend if you are in the rebuilding phase?


My first recommendation would be to see if you can find a local CU, where you take your credit report in and show it to a loan officer, and ask them what they can do for you in terms of credit cards, balance transfers, refinancing loans, and so on.

 

If this is not possible, then you could research some of the national CUs, using the various threads on this forum and Google and so on.  If you are rebuilding, then I would exclude some of the conservative ones like Penfed, and try to find ones that will support you.

 

Valued Contributor
wHiTeSoL
Posts: 1,063
Registered: ‎07-09-2013
0

Re: Joining PenFed/Other CU's?


Apinzon2374 wrote:

wHiTeSoL wrote:

Apinzon2374 wrote:

So after finding out this morning that my car is totaled, I'm looking to join a credit union as I hear they offer better car loans. I'll need to buy another car sooner or later, so I might as well start a relationship with a CU now and hope for the best when the time to apply for the loan comes. Also, I've read that CU's can offer great credit cards too so maybe down the line I'll apply for one of their CC's.

 

The one I was looking at was PenFed since my aunt joined them and it seems like she has great credit cards with them and got a great deal on a car loan. However, I'm not sure how it would work when it comes to me joining. She's a former government employee, so I would fall under the "I am a relative or housemate of someone who is eligible," condition. However, my mom joined too (by being a relative of my aunt), so my question is: when I join would I have to use my aunt since she's the eligible one or could I use my mom since she's a member as well?

 

I also read great things about DCU, what would be their requirements to join?

 

Does anyone recommend any other CU (unfortunately I'm not eligible for NFCU or USAA, at least I don't think I am)?


Three letters, D.C.U!

I just joined a few days ago, and they made it so easy. $10 donation and $5 minimum to a checking account and you're in. They HP EQ and have car loans as low as 1.99% New or used, general consensus says 670 is all you need to qualify for the best rates.


Is there any monthly fees to have a checking account with them? Is it the same as a "Regular Share," account? I have a checking account with Chase but I don't know if I want two checking accounts (unless regular share and checking are the same then I don't mind).


No fee, and a bonus! If you get a credit product (or loan) or direct deposit with your checking account you get a monthly free EQ fico score.


   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Regular Contributor
Apinzon2374
Posts: 119
Registered: ‎11-10-2013
0

Re: Joining PenFed/Other CU's?

That is a great bonus! I'll have to see what my insurance company does next but DCU does seem like a great option. I've read many great things about them so if I join them hopefully I'll have the same luck.

Capital One Quicksilver | Chase Freedom | Chase Sapphire | AMEX Blue Cash Everyday
Scores: EX: 725 | TU:742

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