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Not sure if people already know this, but thought it might be worth sharing since credit union membership is where it's at.
I'm a Navy Federal member and unfortunately the membership requirements for NavyFed are pretty rigid, but PenFed has some loopholes that will let anyone join.
If you want to join PenFed, you can get in by joining an eligible military association for a small one-time membership fee. The only military association PenFed recognizes that citizens can join, as far as I know at least, is the National Military Family Association (NMFA): http://www.nmfa.org/site/PageServer?pagename=join_renew.
Just go to their website and sign-up and pay the one-time fee of, I think $25. When it asks your military affiliation you just say "Concerned Citizen". Then once you're signed-up you use your NMFA information to apply for PenFed membership. Once your NMFA membership expires you're already a PenFed member so you don't have to renew it.
PenFed has a much different business model than NavyFed and other credit unions in that it doesn't take on as much risk when lending to others and usually only makes very prime loans. As a result of their strict underwriting standards and extremely low default rate they're able to offer great rates on both long-term deposit products as well as long-term loan products like mortgages and HELOCs.
Also they've got a great credit card.
I personally prefer Navy Federal because they tend to have more products and services and more generous credit lines, but it's better to have membership the second-best credit union than a bank that's going to rate-jack you and change you fees out the wazoo.
Thanks Jaybird
Also you can join Penfed if you are American Red Cross volunteer as well.
I would agree it's better to have membership in the second-best CU than any bank - but I think I recall a thread here a few months ago about how CU accounts are coded. I thought the bottom line is CU's are considered by FICO as being slightly lower than uber bank cards.
I have 2 cards from NFCU, but think 2 (or maybe 3) will be my limit for CU cards.
@cobra19 wrote:I would agree it's better to have membership in the second-best CU than any bank - but I think I recall a thread here a few months ago about how CU accounts are coded. I thought the bottom line is CU's are considered by FICO as being slightly lower than uber bank cards.
I have 2 cards from NFCU, but think 2 (or maybe 3) will be my limit for CU cards.
Message Edited by cobra19 on 01-23-2009 11:12 AM
With generous CL's to help util% and better customer service, i will take that anytime over a small pt difference.
The help in util% will over ride the difference in CU vs uber bank pt difference
cobra19 wrote:
I would agree it's better to have membership in the second-best CU than any bank - but I think I recall a thread here a few months ago about how CU accounts are coded. I thought the bottom line is CU's are considered by FICO as being slightly lower than uber bank cards.
I have 2 cards from NFCU, but think 2 (or maybe 3) will be my limit for CU cards.