topic Re: Best Credit Union for Son in Personal Finance

Best Credit Union for Son

jamie123 — Sun, 18 Oct 2020 14:30:45 GMT

Hi all!

My 19 year old son who is a full time college student has started his credit journey with 2 credit cards this year. He has a Discover IT and a BoA Rewards card. Once these cards are a year old in March of 2021 I will suggest to him that he apply for 2 more CCs.

When he comes home from college for winter break I want him to join a CU and take out a credit building SSL. He is fortunate that he doesn't, and hopefully won't have to, take out any student loans.

Which CU do you think would be best for him?

I am a member of several CUs but don't want to influence your suggestions by telling you which ones I belong to.

Re: Best Credit Union for Son

Slabenstein — Sun, 18 Oct 2020 15:37:32 GMT

If you want him to do the SSL trick, it needs to be a CU that lets you pay off 91% of the balance w/o advancing the maturity date, e.g. Navy.

Re: Best Credit Union for Son

jamie123 — Sun, 18 Oct 2020 15:51:38 GMT

@Slabenstein wrote:
If you want him to do the SSL trick, it needs to be a CU that lets you pay off 91% of the balance w/o advancing the maturity date, e.g. Navy.

Yeah, that would be nice but we don't have a military connection for membership.

He really shouldn't need a super great score for the next 3 1/2 years while he is in college so it isn't too big of a detriment to just make the monthly payments.

EDIT: My father was in the Army during WWII (Deceased now) but his service records were lost in the fire that happened in the 1970s and it would be VERY difficult to prove his service now.

Re: Best Credit Union for Son

Slabenstein — Sun, 18 Oct 2020 16:10:57 GMT

@jamie123 wrote:
@Slabenstein wrote:
If you want him to do the SSL trick, it needs to be a CU that lets you pay off 91% of the balance w/o advancing the maturity date, e.g. Navy.
Yeah, that would be nice but we don't have a military connection for membership.

He really shouldn't need a super great score for the next 3 1/2 years while he is in college so it isn't too big of a detriment to just make the monthly payments.

EDIT: My father was in the Army during WWII (Deceased now) but his service records were lost in the fire that happened in the 1970s and it would be VERY difficult to prove his service now.

It should be easy. You can request his DD214 from the government. But if getting the low installment balance points isn't important, then I'd probably look for a CU associated w/ your son's school or easily accessible from campus. SSL is a common CU product, so for that alone he prly doesn't need to find a unicorn CU w/ a monster rewards card or crazy good savings rate or whatever.

Re: Best Credit Union for Son

M_Smart007 — Sun, 18 Oct 2020 22:24:38 GMT

@jamie123 wrote:
@Slabenstein wrote:
If you want him to do the SSL trick, it needs to be a CU that lets you pay off 91% of the balance w/o advancing the maturity date, e.g. Navy.
Yeah, that would be nice but we don't have a military connection for membership.

He really shouldn't need a super great score for the next 3 1/2 years while he is in college so it isn't too big of a detriment to just make the monthly payments.

EDIT: My father was in the Army during WWII (Deceased now) but his service records were lost in the fire that happened in the 1970s and it would be VERY difficult to prove his service now.

@jamie123, So here is my honest opinion ...

My Late Dad served in the Air Force as a Photographer .. he passed in 2000

I found out about NFCU through myFICO forums. After reading a lot, I thought? I should qualify based on His service?

I pondered it for a few weeks thinking how can I prove His service? .. I have No documents of any kind.

Here is what I thought, I have nothing to lose .. So I called NFCU and spoke to a Rep., I was very honest and straight forward,

about everything, I did know what years He served, what branch and where He was stationed.

I gave that Information to the Rep .. (put me on hold) came back within 5 minutes and took the rest of My information.

I was approved for Membership within 24 hours from time of call .. That was May 19th 2019.

So my advice to you is "CALL" and speak to the very nice people. You have nothing to lose!

Customer service: 1 (888) 842-6328

Good Luck and keep us posted!

Re: Best Credit Union for Son

Mr_Mojo_Risin — Sun, 18 Oct 2020 23:26:48 GMT

I joined NFCU through my grandfather. He was in WWII. I told CSR his branch of service, discharge date, DOB and they asked what kind discharge he had.

Whether it was honorable or medical.

I think you have a good chance at membership with NFCU. They have been nothing short of generous for me and many others.

Re: Best Credit Union for Son

Mr_Mojo_Risin — Sun, 18 Oct 2020 23:29:05 GMT

@M_Smart007 wrote:
@jamie123 wrote:
@Slabenstein wrote:
If you want him to do the SSL trick, it needs to be a CU that lets you pay off 91% of the balance w/o advancing the maturity date, e.g. Navy.
Yeah, that would be nice but we don't have a military connection for membership.

He really shouldn't need a super great score for the next 3 1/2 years while he is in college so it isn't too big of a detriment to just make the monthly payments.

EDIT: My father was in the Army during WWII (Deceased now) but his service records were lost in the fire that happened in the 1970s and it would be VERY difficult to prove his service now.
@jamie123, So here is my honest opinion ...

My Late Dad served in the Air Force as a Photographer .. he passed in 2000
I found out about NFCU through myFICO forums. After reading a lot, I thought? I should qualify based on His service?
I pondered it for a few weeks thinking how can I prove His service? .. I have No documents of any kind.
Here is what I thought, I have nothing to lose .. So I called NFCU and spoke to a Rep., I was very honest and straight forward,
about everything, I did know what years He served, what branch and where He was stationed.
I gave that Information to the Rep .. (put me on hold) came back within 5 minutes and took the rest of My information.
I was approved for Membership within 24 hours from time of call .. That was May 19th 2019.

So my advice to you is "CALL" and speak to the very nice people. You have nothing to lose!

Customer service: 1 (888) 842-6328

Good Luck and keep us posted!

Definitely take this advice here.

Smart knows what he's saying!!

Re: Best Credit Union for Son

Anonymous — Sun, 18 Oct 2020 23:59:52 GMT

@jamie123 I joined NFCU earlier this year. I would have been able to provide any needed information to them for my grandfather, who was in the military, but it was not needed. I called in and spoke with a rep to set up my membership and they only asked which family member was in the military and what branch they were in. I was approved while on the phone and the whole call took about 15 minutes. Of course i wouldn't recommend people with no actual affiliation try to do this but if you do have a family member who served i would just give them a call. They are extremely easy to work with.

Re: Best Credit Union for Son

Anonymous — Mon, 19 Oct 2020 00:46:34 GMT

Yes they are known to come back and verify later on so you definitely don’t want to do it fraudulently, but if he was in the military as you say, definitely give them a call, they will help you out!

Re: Best Credit Union for Son

jamie123 — Mon, 19 Oct 2020 01:50:59 GMT

Hey, thanks everybody!

I thought about joining NFCU several years ago but discovered the proof requirements on their website. I investigated what I would need as proof and discovered that there was a fire in 1973 that destroyed the service history records of everyone that had been discharged from 1912 until 1964. Yeah, it was a very big fire that burned for 2 days! That is when I stopped with my application. My Dad had been deceased for a couple of decades at that point.

My Dad was in the Army Air Force from 1942 until the end of WWII. He initially trained as a bomber pilot but flunked out because he had problems with his depth of field which caused him problems landing the bomber. He always told us that it was the best thing that ever happened to him because the great majority of his classmates never made it home.

He served the majority of the war at an airfield in the Southeast UK. He made some English friends during the war that lasted a lifetime with them visiting each other every few years or so.

I'll give NFCU a call tomorrow and try to apply for membership. I'll stop by here and let you know how it turns out. NFCU is one of the very best CUs as far as I know from things that I've read on this board.

Wish me luck!

Re: Best Credit Union for Son

Anonymous — Mon, 19 Oct 2020 01:54:29 GMT

@jamie123 They are 24 hours a day seven days a week pick up the phone!

Re: Best Credit Union for Son

Anonymous — Mon, 19 Oct 2020 01:55:27 GMT

@jamie123 365 days a year. Go for it the longer youre a member, the better; so the sooner you do it, the better.

Re: Best Credit Union for Son

jamie123 — Mon, 19 Oct 2020 03:10:30 GMT

@Anonymous wrote:
@jamie123 They are 24 hours a day seven days a week pick up the phone!

You are such a PITA Birdman7!

But a very wise PITA I must say!

I took your advice and called NFCU on a Sunday night just to prove you wrong. I mean, who has customer service open 24/7 nowadays?

Navy Federal Credit Union does!

You are looking at the newest member of NFCU!

Thanks everyone that gave me the advice to call NFCU! I never thought I was eligible but it was ez peezy!

The customer service rep was a woman and we got to talking about credit because she is buying a house soon. We talked like old friends for about 40 minutes! I explained AZEO to her and how it is used to groom your scores before an auto loan or mortgage app! Yeah, we were good friends by the end of the conversation!

MyFICO is awesome! Such a great group of people here!

Thank you so much!

And to my Dad...Thanks for your service! You're still helping me today!

Re: Best Credit Union for Son

M_Smart007 — Mon, 19 Oct 2020 03:15:32 GMT

+1 on @Anonymous PITA

Re: Best Credit Union for Son

WowCool — Mon, 19 Oct 2020 04:07:25 GMT

@jamie123 wrote:
@Anonymous wrote:
@jamie123 They are 24 hours a day seven days a week pick up the phone!
You are such a PITA Birdman7!
But a very wise PITA I must say!

I took your advice and called NFCU on a Sunday night just to prove you wrong. I mean, who has customer service open 24/7 nowadays?
Navy Federal Credit Union does!

You are looking at the newest member of NFCU!
Thanks everyone that gave me the advice to call NFCU! I never thought I was eligible but it was ez peezy!

The customer service rep was a woman and we got to talking about credit because she is buying a house soon. We talked like old friends for about 40 minutes! I explained AZEO to her and how it is used to groom your scores before an auto loan or mortgage app! Yeah, we were good friends by the end of the conversation!

MyFICO is awesome! Such a great group of people here!

Thank you so much!

And to my Dad...Thanks for your service! You're still helping me today!

Congrats on membership with NFCU!! And NFCU to answer your OP for your son!!!!

Re: Best Credit Union for Son

Anonymous — Mon, 19 Oct 2020 04:28:28 GMT

@jamie123 wrote:
@Anonymous wrote:
@jamie123 They are 24 hours a day seven days a week pick up the phone!
You are such a PITA Birdman7!
But a very wise PITA I must say!

I took your advice and called NFCU on a Sunday night just to prove you wrong. I mean, who has customer service open 24/7 nowadays?
Navy Federal Credit Union does!

You are looking at the newest member of NFCU!
Thanks everyone that gave me the advice to call NFCU! I never thought I was eligible but it was ez peezy!

The customer service rep was a woman and we got to talking about credit because she is buying a house soon. We talked like old friends for about 40 minutes! I explained AZEO to her and how it is used to groom your scores before an auto loan or mortgage app! Yeah, we were good friends by the end of the conversation!

MyFICO is awesome! Such a great group of people here!

Thank you so much!

And to my Dad...Thanks for your service! You're still helping me today!

@jamie123 done like a true MF'er! That's what I'm talking about congratulations and welcome to the family my friend! 😁 happy to be a bad influence in this context LOL!

ps. Glad to be a good PITA! 😁😂

Re: Best Credit Union for Son

M_Smart007 — Mon, 19 Oct 2020 04:26:47 GMT

" You are looking at the newest member of NFCU!

Thanks everyone that gave me the advice to call NFCU! I never thought I was eligible but it was ez peezy! "

@jamie123, Congratulations and Welcome to The Navy Family!

Re: Best Credit Union for Son

AllZero — Mon, 19 Oct 2020 04:57:22 GMT

Congratulations on your membership! Your son should be good to go as well.

Re: Best Credit Union for Son

AllZero — Mon, 19 Oct 2020 05:00:53 GMT

To answer your question, PenFed, DCU, etc. are good credit unions too.

CU's to join for Savings Rate now and possible Credit Products later!

Re: Best Credit Union for Son

OmarGB9 — Mon, 19 Oct 2020 05:03:02 GMT

@jamie123 wrote:
@Anonymous wrote:
@jamie123 They are 24 hours a day seven days a week pick up the phone!
You are such a PITA Birdman7!
But a very wise PITA I must say!

I took your advice and called NFCU on a Sunday night just to prove you wrong. I mean, who has customer service open 24/7 nowadays?
Navy Federal Credit Union does!

You are looking at the newest member of NFCU!
Thanks everyone that gave me the advice to call NFCU! I never thought I was eligible but it was ez peezy!

The customer service rep was a woman and we got to talking about credit because she is buying a house soon. We talked like old friends for about 40 minutes! I explained AZEO to her and how it is used to groom your scores before an auto loan or mortgage app! Yeah, we were good friends by the end of the conversation!

MyFICO is awesome! Such a great group of people here!

Thank you so much!

And to my Dad...Thanks for your service! You're still helping me today!

Congrats! Welcome to the Navy family!