Let me first say that I LOVE NFCU and hope to get my three cards with them in due course.
I have read in the forums that the theoretically suggested mix for credit score optimization is 3 revolving credit card accounts, with an installment loan.
I have also read statically documented posts in the forums that 7 CCs are preferable to just 3.
For those readers who are either hoping to get a mortgage in the future, or already own their home, or simply choose to rent, meaning that they do not currently have a mortgage OR a car loan, opening revolving credit too rapidly without either one, can make one appear to be a riskier borrower, and at the extreme end of the spectrum, a bust-out risk.
As it relates to bust out fraud risk indicators, according to Experian, fraudsters have three times fewer credit union accounts than good/regular account holders. While there are many more "Indicators" in the BO risk model, IF one does NOT have a mortgage or a car loan, can one then theorize that having credit union memberships minimizes at least some of the risk categorizations?
Given the MYFICO forums aptitude for encouraging thought provoking discussions and witty repartee, with substantive statistical analysis, I have questions regarding Credit Union memberships:
Q:
A) How many CU memberships are recommended?
B) Is there suggested spacing between CU apps like those for CC apps, with full disclosure that obtaining a credit card is at least partially a membership goal?
(Although YMMV, as we all acknowledge with whether or not we follow recommended CC app spacing, LOL)
C) If Chex systems are also checked by certain lenders and CUs use them for memberships, is there a danger in apping for a certain number CUs that might hinder CC apps or major bank relationships in the future?
D) If the hope/intent of discouraging the appearance of being credit seeking and or a bust out risk is paramount, is a credit card and a depository relationship preferable to having just a checking or savings account?
I look forward to the varied perspectives on the topic.
EDIT---JUST JOINED LANGLEY!!! CSR was extremely pleasant, NO HP for membership, opened Savings, funded it with $50.00.
Since ill never afford a house ill just go with what works for me
. If i see a lender id like to have ill apply and let the chips fall where they may. I know none of that helps your specific questions but honestly if someone is applying for a mortgage, i would hope that person has the means more than what FI they choose to have on their reports. They dont call me Average Joe for nada. 😄
Thank you for your insight @Saeren, I value your input.
I am going to do some more research before making any moves. I have no problem having a depository relationship before applying for credit in a year or so, I am in the garden, for a good while.
I just don't want to jeopardize my existing big bank relationships down the road by creating Chex systems inquires and issues now.
I had hoped to be on a path to a mortgage in two years but now, it may not be possible due to the economy, post crisis.
@AverageJoesCredit wrote:Since ill never afford a house ill just go with what works for me
Thanks Joe, you are anything but Average! 
@CreditobsessedinFL wrote:Q:
A) How many CU memberships are recommended?
As many as humanly possible and personal preference.
B) Is there suggested spacing between CU apps like those for CC apps, with full disclosure that obtaining a credit card is at least partially a membership goal?(Although YMMV, as we all acknowledge with whether or not we follow recommended CC app spacing, LOL)
Depends on how loaded up you are with Chexsytems and how sensitive the CU is. 1 every 3 months should possibly be okay for membership.
C) If Chex systems are also checked by certain lenders and CUs use them for memberships, is there a danger in apping for a certain number CUs that might hinder CC apps or major bank relationships in the future?
As mentioned up thread, it's CU dependent. If you spread out the membership, you'll be okay.
D) If the hope/intent of discouraging the appearance of being credit seeking and or a bust out risk is paramount, is a credit card and a depository relationship preferable to having just a checking or savings account?
It depends on the CU. Some are loose, some are conservative. Your course of action should adjust accordingly. If you don't want to appear as credit seeking, then do not apply for credit products. I have some CUs that I don't have any credit products with. I joined because they may offer good APY on checking or savings or allowing my membership to marinate so I can obtain credit products in the future.
See comments in red.
Besides Navy, I'd recommend also joining PenFed, BECU, DCU, Langley, your local ones. It's recommended to research the CU before joining. Some will do a HP as mentioned up thread.
As always; thank you @AllZero, you are amazing.
@Anonymous wrote:@Saeren makes some great points and I've love to expand as well as add my $0.02. My insight comes as a member of 3 credit unions (2 local to my area, 1 is Navy Fed) and as an employee of a Credit Union. These are just my humble opinions and observations working at a Credit Union as well as previous experience with commercial financial institutions, and do not reflect the opinions of my current or past employer(s).
@Anonymous wrote:If this COVID-19 crisis has taught me anything, it's that CUs are always great to have. All of the CUs I have offered some degree of assistance whether it was specialized loans or deferred payments(1). The thing is, you have to open a savings account with each one which gets tedious (2) and sometimes their UW can be so conservative (3) that you end up having an idle savings account to manage and no credit. Sometimes their verification processes can be a lot to deal with as well so it's important to research any CU thoroughly before throwing your hat in the app ring.
1. One of the reasons I chose to work for a credit union (after having worked for a commercial bank) is because of the personalized help you can get from these institutions. These institutions are much smaller than commercial banks which means they really get to know their members and offer a level of service that is often unmatched at the commercial level. Which leads me to...
2. Yes, their underwriting can be conservative - especially for local/niche/smaller institutions. One of the most common phrases I hear is "Well, that's not how Wells Fargo/Chase does it..." Of course not, this is a Credit Union, not a commercial bank. Don't expect $25,000 starting credit limits and stellar rewards programs from a "mom and pop credit union". What you can expect and should get is competitive rates as well as less fees! (BTW less fees does not equal NO fees, just because a Credit Union is not for profit doesn't mean they're not going to charge you for paying late, overdrafting, bouncing a check, etc...)
3. As a member of a Credit Union, you are a co-owner, as such you will be required to be a "share" and have at minimum $1 (or more) on deposit in that savings share. If you read up on the history/ origin of Credit Unions you'll understand why this is done. One of the biggest misconceptions of people who get auto loans or other credit products from us - particularly those who get their loans after getting approved at a dealership versus going into a branch from the beginning - is this: "I don't have any accounts with you!" Be prepared to open at minimum a savings account and/or checking depending on the credit union you apply for.
@Anonymous wrote:Sometimes their verification processes can be a lot to deal with as well so it's important to research any CU thoroughly before throwing your hat in the app ring (4).
4. Call/ reach out to the Credit Union you're interested in applying for so you're aware of the requirements and qualification for membership. Sometimes it's as simple as living in a particular city, working in a particular industry, or living with a current member.
@Anonymous wrote:B) Many CUs are Chex sensitive (5) and many HP for membership as well so spacing apps out is worthwhile.
C) If Chex is a consideration, you can absolutely end up with too many DDA inquiries causing you problems. That's why you should space your apps.
5. Expect to have a hard pull for credit and CHEX Systems pull when you apply. Because they're smaller institutions they tend to be more conservative. That being said, at the two Credit Unions I have joined the credit score they pulled for me at open was able to be used for consumer loans within the first 30 days (real estate loans excluded) - I made out without having to have 2 hard pulls, but other Credit Unions will pull more than once. Also, feel free to ask which reports they pull!
@Anonymous wrote:D) CUs really want to be your source for everything so many of them tend to value their members that do more than apply for credit(6). In fact many CUs may decline you for credit if you apply right away but then approve you 6 months after opening up and using a checking account, for example. The smaller ones seem to be more sensitive to people who join just to try to get credit.
6. In my experience, Credit Unions want to be your primary financial institution and tend to "reward" those who are loyal - then again, what business doesn't like a little bit of loyalty?
Thank you for your insights as well @anitax, it is beyond helpful to many of us here to hear your insights and perspectives, especially as a member and employee of a CU.
I have raved in previous posts about NAVY, and how I feel so privileged to be a member, primarily because of how their CSRs treat you when you call, no matter the hour, day or night. It absolutely fosters a different type of relationship when the customer feels valued, and the big banks could take a teeny-weeny page from NAVY's book, even if just from a customer service perspective.
I am happy to give my Savings business to NAVY and recently got checks from them (free by the way) for the one to two checks, that I write, on occasion, every blue moon, (my doggie's Rabies tag, for example).
I am going to do my research, on local and nation CUs, as @Saeren, @AllZero and you have suggested and see if I can add another CU to my portfolio, I want to work on a HYS account or a CD next.
Thanks again for taking the time to reply, your 0.02 is worth it's weight in gold!