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Does adding a Ped Fed AU user help them get an account any easier?

QCS123
Established Contributor

Does adding a Ped Fed AU user help them get an account any easier?

My son is 21 and still in college.  He is wondering if I add him as an AU on my Pen Fed CC would this help him get an account/loan down the road?  I was able to join originally because my Niece was in the military.  I think he is most interested in car loans vs. CC, but we are wondering about both.  We are thinking he can be added as AU and then just not use the card much or just small amounts here and there....




Message 1 of 11
10 REPLIES 10
imaximous
Valued Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?


@QCS123wrote:

My son is 21 and still in college.  He is wondering if I add him as an AU on my Pen Fed CC would this help him get an account/loan down the road?  I was able to join originally because my Niece was in the military.  I think he is most interested in car loans vs. CC, but we are wondering about both.  We are thinking he can be added as AU and then just not use the card much or just small amounts here and there....


I'm not sure if being an AU carries any weight with PenFed or other credit unions. With banks, it means pretty much nothing because the primary account holder is responsible for all charges. It only helps in building credit history with the bureaus, but the bank itself couldn't care less.

 

There's an option with PenFed to add a joint owner, though. In that case, both members have equal rights and responsibilities. That'd definitely build a history with PenFed because he'd have an actual account in his name. But, I don't know if that's something you'd consider.

 

Message 2 of 11
Gmood1
Super Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?

He can join Penfed on his own. Just need to make a donation. The online application will walk him through everything.
AUs on Penfed accounts aren't reported to the CBs.
Message 3 of 11
QCS123
Established Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?

Ok, now I feel dumb, your answers got a, "Duh" so obvious comment from me.  I must be off or something, those answers were incredibly obvious!  Thanks for taking the time to answer anyway! Very appreciated!




Message 4 of 11
imaximous
Valued Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?


@Gmood1wrote:
He can join Penfed on his own. Just need to make a donation. The online application will walk him through everything.
AUs on Penfed accounts aren't reported to the CBs.

Not to contradict your comment, but PenFed AUs do get reported to CBs. I added my wife as an AU and her report shows the PenFed account. It says AU in the description too.

Message 5 of 11
Gmood1
Super Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?


@imaximouswrote:

@Gmood1wrote:
He can join Penfed on his own. Just need to make a donation. The online application will walk him through everything.
AUs on Penfed accounts aren't reported to the CBs.

Not to contradict your comment, but PenFed AUs do get reported to CBs. I added my wife as an AU and her report shows the PenFed account. It says AU in the description too.


You'd be the first person I've seen report this. Maybe they changed the rules? My brother is an AU on one of my Penfed cards. It never showed up on his reports in the two years since adding him.

Message 6 of 11
Anonymous
Not applicable

Re: Does adding a Ped Fed AU user help them get an account any easier?


@Gmood1wrote:

@imaximouswrote:

@Gmood1wrote:
He can join Penfed on his own. Just need to make a donation. The online application will walk him through everything.
AUs on Penfed accounts aren't reported to the CBs.

Not to contradict your comment, but PenFed AUs do get reported to CBs. I added my wife as an AU and her report shows the PenFed account. It says AU in the description too.


You'd be the first person I've seen report this. Maybe they changed the rules? My brother is an AU on one of my Penfed cards. It never showed up on his reports in the two years since adding him.


My g/f is an AU on my PenFed Pronise and it has reported on her reports for 3 years

Message 7 of 11
Gmoney144
Regular Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?

I was added to my wife’s at the time she applied for her CC.   I was approved and was reported to   the all CRAs within 2 months




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Message 8 of 11
Gmood1
Super Contributor

Re: Does adding a Ped Fed AU user help them get an account any easier?

Glad they reported for some of you guys. lol
Funny, they were the only one that didn't report for my brother. Capitol One, Discover and American Express all showed on his reports. He ended up grabbing a CC along with an auto loan at the same time from Penfed.
Message 9 of 11
Loquat
Moderator Emeritus

Re: Does adding a Ped Fed AU user help them get an account any easier?


@Gmood1wrote:
He can join Penfed on his own. Just need to make a donation. The online application will walk him through everything.
AUs on Penfed accounts aren't reported to the CBs.

I don't know if they didn't in the past but they certainly do now.  I have an AU on my PenFed card and it is alive and well on their report...back dating to the date that I actually open the card. 

Message 10 of 11
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