How to join NCFU and rebuild as a civilian the right way

[Anonymous]

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@Anonymous wrote:

P.S. Sorry for hijacking the thread.

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*puts on the not-sure-if-serious face*

You're kidding, right?  you're providing GREAT info in exactly the right place for it - keep it up!

[Guyatthebeach]

Hey it's all good in the end. 

[Guyatthebeach]

Empressj, 

Are you speechless over getting into NFCU?  

Congratulations!

[empressj]

😂😂 Thanks! Now I'm hoping they'll give me some credit secured or unsecured 😂

[washpadude]

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@Anonymous wrote:

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@Guyatthebeach wrote:

Leonel9,

In my case, NFCU hit both TransUnion and Equifax when I applied for a CLOC. I asked a lot of questions on their lending practices as I'm planning on buying a new home in 2018. The branch manager told me that the CU always pulls a new credit report for each application and does not reuse credit pulls. The loan department office in FL told me the exact same thing when I called to ask about my line of credit.

I'm not sure if NFCU has different lending standards for different parts of the country. I wish NFCU was consistent across the board with all their lending practices.

I just passed the 6 month mark with NFCU and I have too admit I'm pretty impressed.

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The lending guidelines are the same no matter how you apply, unless you're applying for a special program, such as products offered to new recruits during basic training. Members either get auto approved, auto declined, or go to a loan officer for manual review.

The loan officers are located in three main locations and handle applications for all members. Typically Transunion is not pulled. I've only seen it in the case where something doesn't make sense, such as:

• mortgage payment listed, but no mortgage shows on Equifax;
• member filed bankruptcy and Equifax isn't clear on if credit was sufficiently re-established;
• CBR only lists 1 account;
• high risk of fraud;
• application is borderline and the loan officer wants to pull another bureau as a deciding factor; etc.

As far as reusing reports, it's safer to tell someone their report will be pulled again and not have it done, vs. not, than to suggest it will be re-used and have both Equifax and Transunion pulled again. Those taking applications rarely review credit reports. Branch managers, for example, have no lending authority. A select few had lending authority and were trained in lending policies/guidelines. Those are the ones who have access and know how to read credit reports (though it's not rocket science).

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In my experience Transunion is almost always pulled. It may vary depending on your region. My TU was pulled for membership, credit card and CLOC. Many others have reported the same in other NFCU threads. Not a big deal, just adding in case it might be helpful to someone.

[Guyatthebeach]

In addition to pulling TransUnion, NFCU also pulled Experian twice the day I joined. When I joined apped for a credit card and CLOC. I didn't complain about it at all because they told me they were going to pull both.

[Anonymous]

Interesting to hear about the increase in Transunion reports. I will look into that. 

As far as Experian goes, I don't know if I've ever seen a loan or CLOC application where Experian was pulled. Are you sure this wasn't Equifax?

[Guyatthebeach]

It was Expedian. The associate in the loan department advised the assistant branch manager to get my consent. I was told they wanted review everything included in bankruptcy. I had over 40 lines of credit(credit cards, regular loans, and PLOC's) included in my bankruptcy. I wasn't overly concerned because other banks and credit unions have pulled multiple CRs before.

Before 2016, I would have submit pay stubs and other documents to get applications approved. Navy Federal was the first credit union where I didn't have to submit documents.

[TXinandout]

TU was pulled for membership and credit card for my wife and myself 6 months apart.