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Okay, I am curious about apps, approvals, & CL's at NFCU. Second half of last year (6/08 - 12/08) there were some interesting posts on results. I'm curious if those type of results have changed in past 4 months.
UPDATE: It does appear that qualifications are more restrictive in NFCU than other CU's, requiring either current active status in military, DoD, DoD contractor, relevant paid/annuitized retirement, 1st degree relation or of household to existing/past member, or part of a qualifying military downsizing action.
My understanding is NFCU pulls EQ exclusively like many other CU's.
I am interested in gathering survey on:
Date of App:
Credit Type (CC, Auto, etc)
EQ FICO:
Number of Inquiries:
Highest CL:
Date of Newest Account:
Date of Oldest Account
AAoA:
Stated Income:
Income Verification Required:
Approved or Declined:
Credit Limit / Loan Amount:
APR:
Any derogs on EQ:
How did you qualify for membership:
Helpful Comments:
Thanks! Very helpful.
It would be helpful if you also explained how you qualified for membership (are you active military, prior, family member, etc.)
Anyone else app in 2009?
Joined yesterday online. Apped for CC. Waiting for welcome packet and app results. Will update when I get them.
Date: 4/10/2009
App'ed: Visa
EQ FICO: 736
AAoA: 5+ years
# Inqs: 4 in last year (2 in last month)
Derogs: couple lates 6+ years ago
Oldest Account: 10 Years
Newest Account: 1.5 years
Income: $120k
Join Qualification: prior military (Army vet); sibling of member
Comments: You don't get online results. You have to wait for a welcome packet before you can register online for logging in. All apps appear to have delayed results and LO or committee review. Does not ask for a requested CL.
DATE: AROUND 04/01/09
Credit Type: Credit Card
EQ:749
Number of Inquires: 2
Highest Limit: 2600
AAoA: 4 years
Income: 50,000
Approved instant no income verification
CL: 13000
no Derogs
Qualifications: Medically Retired, retain all benefits like usual retired members, I am suprised about the status of veterans being allowed. They made me jump through many hoops to prove that I was retired, my app was with security dept for two weeks, with a copy of DD214 and ID card, so new qualifications must be really recent, but grats
UPDATE: It does appear that qualifications are restricted in NFCU, requiring either current active/reserve/guard/irr status in military, DoD, DoD contractor, relevant paid/annuitized retirement, 1st degree relation or of household to existing/past member, or part of a qualifying military downsizing action.
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partsworks - I am former Army, no pension, disability, not IRR, not reserves...just a plain jane "vet" though I have a Navy retired grandfather and father-in-law is active reserve warrant officer 5 and federal employee.
Called up, asked if I qualified: Answer: "YES" they signed me up over the phone in about 5 minutes.
I explained in detail to the CSR that I had not current ties or compensation to any form of federal employment, contractor, military, etc. He said, we have opened enrollment up to all branches and all prior service.
And I think you hit the nail on the head: Easy credit. If I am going to pursue credit through various organizations that I have no deposit relationship with, why would I 'not' utilize one which actually is in the market to provide higher CL's and easy to work with LO's? That is "nothing special?" In this market, if you qualify for membership, how is the ability to get $10-20-30k CL's where none are available elsewhere not be special?
When you go to Discover and they give you $2k CL (obviously I have no deposits with them) but the CU's are giving me $10k plus, I'm moving my business where it is appreciated.
I now use Chase, BoA, Citi, Discover, etc on CC's. They are not giving CLI's, not receptive to much new credit, and their loan rates are no better or not as good as the CU's.
As for "disorganized" well, I have read far too many posts here about the fubar issues with any of the big banks to not take the occassional mishap as part of human relations.
So, Alliant CU provides superior rates of return for general savings. My investments are with BoA partially and with a specialty broker for others. My checking and money market for now with BoA. I don't mind keeping a little money at lower rates with NFCU as my contribution to an organization that is still in the credit market in a manner that I appreciate.
I'm not hearing anyone complain of CLD or nebulous AA from the CU's.
I'm goint to follow up with CS and make them explain my eligibility to me and make sure. I'll let you know if something changes on the story they are giving me for qualifications.
Navy Federal's field of membership is determined by the National Credit Union Administration. If you are in any of these categories, you are eligible to join:
Once your family members have joined, they can extend the membership opportunity to their family members, too.
Doesn't look like anything has changed to me.
Obviously I don't dispute what is on the website, this is why I called in rather than attempt an online. I can only FYI what I experienced and what I was told, what a friend of mine experienced and what he was told.
This wasnt' meant to be a debate, I was merely sharing the info. For those who prefer not to consider it.....