05-22-2013 10:41 AM
My apologies if this post is in the wrong forum...was a toss-up between CCs and rebuilding.
I am a NFCU member that is currently paying off a C/O checking acct with NFCU (was recent, never reported to credit, just some pay problems. Ive been advised by NFCU that it will not be a significant black mark after PIF since im handling it quickly...lets go with the assumption that this information is true).
My plan is to pay off the C/O next month, then reopen a new checking acct with NFCU (they say can be done same day), and move my direct deposits back to NFCU (military retirement plus some misc VA and education benefits). It is my assumption (sounds good in theory anyway) that it would be a plus to bank with them when applying for loans and CC's...considering they wouldnt have to verify your income, just check their own banking records (confirmation on that assumption would be welcomed).
My question is this: considering im in the rebuilding process, and I estimate my EQ/TU Ficos to only be in the 650 range for the next 12 months or so, so Im taking every plus I can get to better support my credit worthiness at time of CC app...is there a good rule of thumb for amount of pay periods made through direct deposit that a bank/CU would consider you "firmly their banking customer". Id assume it would be more than just one direct deposit. Considering I am paid once per month (the 1st), should I wait for 3 months worth of direct deposit banking with NFCU? More?
As always, thank you very much in advance.
05-22-2013 10:55 AM
05-22-2013 01:13 PM
I will share our recent experience... My husband has been an NFCU member since the early 2000s.. .he joined in Okinawa, while stationed there in the USMC because his local bank debit card broke and he didn't have access to cash.. so he opened an NFCU account and started having his check deposited there so that he could go to the branch and access his money.
He got married to his former spouse and added her to his checking and savings. When they divorced in 2009, he literally forgot about them, but his sharesavings was still open. When I was helping him with his credit last year, I found an entry for an NFCU personal loan in early 2000, so I decided to call NFCU and see if DH was still a member, which he was. Since he was a member, I joined through him... and applied to refi my truck from 7.5% to 4%. also was pre-approved for cash card and they gave me a 22k starting limit. In June, DH applied for Plat card and was approved for 2.5k.
Fast forward to Sunday night... DH still had his shares account open with his ex wife listed as joint and we didn't know where she was. So we called NFCU to see what we needed to do to get her off of that account. The answer was that we needed to transfer out of that account and effectively close it out, and DH could open a new one in his name with me as joint. I also wanted to make sure that DH was on my checking account... turns out he wasn't... I asked if I can add him over the phone. They said umm.... he has a prior checking account which was closed with a -$4.06 balance and therefore we can't add him to your account or give him a checking account.
This blew my mind, so anyways we printed out the forms to add him as joint to checking account, and as authorized signer to the business... Along with a $4.06 check made out to them and a sincere apology for the inconvenience.
I was actually surprised that they approved his platinum card and raised the limit to 12k now that I know he had a negatively closed checking account with them. They also approved me and DH for a new car loan at the best rate in Oct.
In other words, once you pay them I'm sure you'll be fine