topic Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego? in Personal Finance

NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Fri, 12 May 2017 23:31:20 GMT

Just read on Facebook and CB that NFCU has closed off new memberships through Navy League of San Diego. More than a few people commented that they were denied membership this week via that route.

Dang -- I was going to do this next week! Oh well.

Anyone get a denial this week for membership?

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

AverageJoesCredit — Fri, 12 May 2017 23:34:54 GMT

Wow, thanks for the alert. I really appreciate that they opened up for vets but happy for those who were able to get in via this method

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Fri, 12 May 2017 23:35:26 GMT

Yuk!!...but thanks for the info....

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

CreditInspired — Fri, 12 May 2017 23:49:30 GMT

Honestly, I was wondering when that hammer was going to fall. When I joined in 2002, you had to be related to an active military member.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Fri, 12 May 2017 23:56:43 GMT

I am amazed! Not that NFCU may have changed their backdoor but that they did so *after* I got through it rather than right before I tried.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Fri, 12 May 2017 23:59:36 GMT

Blast, I waited too long. Oh well. I still have Justice FCU and Apple FCU, both rebuilder-friendly from what I hear (especially Apple) and both local to me to apply to, and I have my longstanding Penfed relationship. As I have just learned that my EX FICO has jumped 13 points from 662 to 675, I feel reasonably optimistic that by the time I come out of the garden in the fall I'll be in good shape to get a CC from one or more of those three.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

rmduhon — Sat, 13 May 2017 00:04:38 GMT

I'm not seeing that on FB. Where us it?

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Sat, 13 May 2017 00:07:19 GMT

Go to the Navy League of San Diego's page. And some credit rebuilding groups, not sure if they're public or private.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

rmduhon — Sat, 13 May 2017 00:17:45 GMT

Can you share the link? Because I'm still not seeing anything about it.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

rmduhon — Sat, 13 May 2017 00:21:44 GMT

Never mind, baller4life shared a screenshot.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Sat, 13 May 2017 00:29:42 GMT

I read this a few hours ago today.....was hoping it was just bad info.

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

mjb59463 — Sat, 13 May 2017 01:41:20 GMT

**bleep**, I sat on my hands too long.....

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

CreditCuriosity — Sat, 13 May 2017 02:04:03 GMT

Hopefully if you made it in through NLUS-SD you are golden and won't be closed out... I assume you will be grandfathered in

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

UncleB — Sat, 13 May 2017 02:07:01 GMT

@CreditCuriousity wrote:
Hopefully if you made it in through NLUS-SD you are golden and won't be closed out... I assume you will be grandfathered in

Those who made it in before the cut-off should be fine... I would suggest not ever closing out the share/savings account if you want to keep your 'spot', though!

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

CreditCuriosity — Sat, 13 May 2017 02:10:15 GMT

@UncleB wrote:
@CreditCuriousity wrote:
Hopefully if you made it in through NLUS-SD you are golden and won't be closed out... I assume you will be grandfathered in
+1

Those who made it in before the cut-off should be fine... I would suggest not ever closing out the share/savings account if you want to keep your 'spot', though!

I would think we are good as well due to people having auto loands, personal loans, home loans, cc's, etc... Don't see how they could persay sick you out now that this way in has been shut down. I certainly won't be closing my savings/checking and keeping a Bt on a card lol.. Very sad and interesting development

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

UncleB — Sat, 13 May 2017 02:19:08 GMT

@CreditCuriousity wrote:
@UncleB wrote:
@CreditCuriousity wrote:
Hopefully if you made it in through NLUS-SD you are golden and won't be closed out... I assume you will be grandfathered in
+1

Those who made it in before the cut-off should be fine... I would suggest not ever closing out the share/savings account if you want to keep your 'spot', though!
I would think we are good as well due to people having auto loands, personal loans, home loans, cc's, etc... Don't see how they could persay sick you out now that this way in has been shut down. I certainly won't be closing my savings/checking and keeping a Bt on a card lol.. Very sad and interesting development

Absolutely.

I only 'call out' the share/savings account since that's what makes you an actual member ("owner") of a credit union. In most cases it usually doesn't matter... if you want to leave (for whatever reason) you can pull all your accounts (including the share account), and if you change your mind later you can simply go back and put $5 into a new share/savings and pick up where you left off.

For NLUS folks that won't be an option, though... they'll need to leave at least $5 in their share/savings account in the event they someday decide to close all their other accounts (this is assuming someone would want to keep future membership as an option, of course).

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Guyatthebeach — Sat, 13 May 2017 02:24:45 GMT

This is sad news, but we all know golden opportunities don't last forever.

I called NFCU today about this and it is true. Effective May 12th, the NCUA removed the Navy League-San Diego group from NFCU's field of membership. The CU will not accept or process any new membership applications from NLUS-SD members. As the the ones ones that are pending at NFCU, the lady wouldn't give me answer. My guess since, NFCU works like the government, they will automatically decline those pending applications. I saw a screen shot from baller4life which confirms it to a point.

As sad as it is, don't complain to the Navy League or NFCU, complain to the NCUA. They are the organization that has the power to changes who gets to join a CU.

For those of us that are already members of NFCU, we get to keep our accounts as long they are in good standing. I plan on keeping mine. I also plan on keeping my membership with the Navy League.

Guyatthebeach

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Sat, 13 May 2017 02:45:50 GMT

Wow, I was waiting for this to happen and I am surprised it lasted as long as it did. So happy I was able to get in last year.

MyFico NFCU NLUS SD floodgate: RIP 5/17/2016-5/12/2017

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Anonymous — Sat, 13 May 2017 03:14:16 GMT

Daaaamn. I waited too long...

My grandfather is a vet. Can I still get in this way?

Re: NFCU Navy Fed no longer allowing new membership through Navy League of San Diego?

Erusidhion — Sat, 13 May 2017 04:33:21 GMT

I feel bad for a lot of people that didn't make it in. I was almost one of them myself. Joined Navy League back in December of 2016 and finally got around to sending in an application like a week or two ago. They were really generous on their credit products to people with borderline 600 and mid 600 scores. They may have had this kind of criteria setup for military members only and their families that joined through the normal eligibility.

Instead of changing their criteria for credit products maybe it was just better for them to change the field of membership because they still wanted to cater to everyone in the military regardless of what their credit score may be. There's been tons of news of Synchrony and other banks having 1.0%+ increases in defaults in the last year. Real estate is taking off and sub prime car loans are having high defaults again as well.

I think they made this decision to protect their non-Navy League members. It just sucks that they ultimately blocked out a lot of those on MF/CB/Doctor of Credit/etc that were becoming financially reponsible and striving to fix their credit issues. Hopefully another backdoor opens up in the future. I'll forever be grateful for those that provided the way to get in though.