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NFCU - hard pull to open savings??

Valued Contributor

NFCU - hard pull to open savings??

Been trying to find answer and seem to be seeing yes and no responses. Does NFCU do a hard pull when you open just a savings account?


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 1 of 15
14 REPLIES
Super Contributor

Re: NFCU - hard pull to open savings??


Duncanrr wrote:
Been trying to find answer and seem to be seeing yes and no responses. Does NFCU do a hard pull when you open just a savings account?

If you aren't a member then yes they'll pull your credit.   If you are already a member then they won't need to pull your credit to open another account.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 15
Valued Contributor

Re: NFCU - hard pull to open savings??

Why do the need to pull credit for a savings account. That makes no sense. I got my buddy to room with me a couple of months while he is off on training. I'll be able to join but don't want to do hard pull for another month or two so I can app for NFCU cc at same time. I've seen that if you do it this way they only pull once.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 3 of 15
Super Contributor

Re: NFCU - hard pull to open savings??


Duncanrr wrote:
Why do the need to pull credit for a savings account. That makes no sense. I got my buddy to room with me a couple of months while he is off on training. I'll be able to join but don't want to do hard pull for another month or two so I can app for NFCU cc at same time. I've seen that if you do it this way they only pull once.

Credit unions always do an initial credit pull when you join.   I don't know exactly why they do it, but you can count on it.

 

As far as using your inital membership pull to also apply for a CC, I wouldn't count on it working that way.    NFCU is very pull happy and they'll very likely pull your credit again when you apply.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 15
Frequent Contributor

Re: NFCU - hard pull to open savings??

I think for them to do all of this on one pull you have to be on the phone with them or in a local branch.  I'm kind of going through the same thing right now with PENFED.  I want a CC the 5% gas one with them so I opened an account with them they did a hard pull via the online questions they were asking me.  Now I'm attempting to get the CC via chatting with them through email to try and get them to use the same pull.  Of course I would just call if i could, In afghanistan though!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Message 5 of 15
Valued Contributor

Re: NFCU - hard pull to open savings??


BigDaddy18 wrote:

I think for them to do all of this on one pull you have to be on the phone with them or in a local branch.  I'm kind of going through the same thing right now with PENFED.  I want a CC the 5% gas one with them so I opened an account with them they did a hard pull via the online questions they were asking me.  Now I'm attempting to get the CC via chatting with them through email to try and get them to use the same pull.  Of course I would just call if i could, In afghanistan though!


Keep the faith and keep your head down.  Thanks for your service.  Friend of mine that is helping with this has done 2 tours in Iraq, a couple in Egypt and a couple months in Afghanistan.  He really doesnt talk about it too much.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 6 of 15
Valued Contributor

Re: NFCU - hard pull to open savings??

 I was able to open my membership and a credit card with one pull.  I am not sure how I did this (as I have heard many have had two pulls for this same combination), but I applied online and apped for the card over the phone.

 

But NFCU membership is without-a-doubt one hard pull.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 7 of 15
Frequent Contributor

Re: NFCU - hard pull to open savings??


Duncanrr wrote:

BigDaddy18 wrote:

I think for them to do all of this on one pull you have to be on the phone with them or in a local branch.  I'm kind of going through the same thing right now with PENFED.  I want a CC the 5% gas one with them so I opened an account with them they did a hard pull via the online questions they were asking me.  Now I'm attempting to get the CC via chatting with them through email to try and get them to use the same pull.  Of course I would just call if i could, In afghanistan though!


Keep the faith and keep your head down.  Thanks for your service.  Friend of mine that is helping with this has done 2 tours in Iraq, a couple in Egypt and a couple months in Afghanistan.  He really doesnt talk about it too much.


haha I'm not sure I even have reflexes anymore!!  I lost track of tours after 4 I think, I'm pretty sure this is number 8 between the initial push into Iraq and now in Afghanistan next year I'm retireing after 20 years of faithful service.  Then I have to get a real job??  Crap!!  What does Marine translate to anyway in the civilian world = Wal-Mart door greeter?  I can do that!!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Message 8 of 15
Moderator

Re: NFCU - hard pull to open savings??


pizzadude wrote:

Duncanrr wrote:
Why do the need to pull credit for a savings account. That makes no sense. I got my buddy to room with me a couple of months while he is off on training. I'll be able to join but don't want to do hard pull for another month or two so I can app for NFCU cc at same time. I've seen that if you do it this way they only pull once.

Credit unions always do an initial credit pull when you join.   I don't know exactly why they do it, but you can count on it.

 

As far as using your inital membership pull to also apply for a CC, I wouldn't count on it working that way.    NFCU is very pull happy and they'll very likely pull your credit again when you apply.


Credit Unions are effectively member-owned, so they're only as strong as their members assets.  There may be more sophisticated ways to do it now, but they've probably been setup this way for decades and even the largest CU's are slow to change (e.g. NFCU pulling TU98 really PD?  Name one major national lender... Smiley Wink.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


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Message 9 of 15
Community Leader
Legendary Contributor

Re: NFCU - hard pull to open savings??

In order to pull a consumer's credit report when the consumer initiates a business transaction that does not involve the extension of credit, they must have a "legitimate business purpose" for pulling a consumer's credit report as part of that transactin.  FCRA 604(a)(3)(F),

 

I am wrestling with conjuring up a legitimate business purpose related to only a savings account.  Maybe some banking experts can point to one, but I dont see any potential business risk that would constitute a legitimate purpose to consider the consumer's credit history as a condition for opening a savings account.

 

I do see legitimte business purposes when related to a checking account.  I would thus speculate that pulling for a savings account is more a matter of simplfying their procedures by just pulling for all new accounts.  I would not dispute over their practice, but if one chose to do so, they might, in my opinion, have a legitimate case for lack of permissible purpose.

Message 10 of 15