I had no credit, joined CU and applied for auto loan two weeks later. Approved. (Was turned down by e-Loan at the same time). Been with CU less than a year now and will soon apply for a mortgage. In reality there is no waiting period set by the CU in order for you to be eligible to appy for loans, you can apply the day after you join. The loan is determined on your creditworthiness and your length of time in the CU does not affect it either way.