Helping a sibling establish credit with nfcu

[CreditInspired]

I’m not sure Kugel about the HP it’s been so long since I’ve been a member. But I would think a CC in one’s own name vs. an AU would look better. After all, as an AU, they’re not responsible for the bill. Yep, AU may raise scores but one needs own credit history, IMO.

[kugel]

Ok if he does the secured and it doesn’t get graduated after 6 months can he always go head and apply for a regular cc with nfcu before it’s graduted ? Or nfcu has a rule u need first to wait to get unsecured

[CreditInspired]

Here’s my suggestion. Have him open a savings with maybe like 200-300 and apply for for the NFCU platinum. Ask before applying if it’s not approve, will they use the same HP for the secured CC. I believe in 6 mos if there are no problems, he will graduate and deposit released.

GL

[kugel]

Thanks
If he opens a membership can he give a credit card number to do the first deposit or it needs a checking Acct ?
Also they use same pull of the membership to the cc ?

[Anonymous]

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@kugel wrote:
Thanks
If he opens a membership can he give a credit card number to do the first deposit or it needs a checking Acct ?
Also they use same pull of the membership to the cc ?

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There is no HP for membership, just for CC and yes you can fund the account with a card (I would use a debit card so it’s not a cash advance risk although I just checked my checking statement and they billed it as “NFCU membership fee”). 

[QueenJ]

OP here’s how I helped my brother establish his credit with navy within one year. He had no credit to speak of and when he first applied to navy, he was turned down. We then went into plan B mode and he got credit approved with credit one and cap one. They were low SLs but in the first six months I told me to uiltize them frequently but always PIF since they’re low limits and you don’t want to be carrying balances having low limits. When we reached the end of the six months, he had earned a credit score in the 600s, so I had him then re-apply for a navy CC. He was approved for $500 CR and was pretty bummed but I told him have faith in the process and keep up the good work to NEVER BEING LATE on a payment - no matter what. Not to mention, I re-enforced the fact that navy will take care of you if you do right by them. After another six months go by, he applies for CLI on CR and gets a bump to $800-1000, but he really gets his socks knocked off when applies for the platinum card and get a $15000 SL; he was grinning from ear to ear lol. Yeah, navy is awesome!!! And now, he see that.

[kugel]

Queenj thanks
Wen he was first turned down was it for the membership ? Or just the cc
Do u need credit if applying just for membership?
I add him on 2 good cards with 3 years history so waiting for it to show up and that will hopefully boost a score
The cap 1 he got to start was a secured card ?

[Gmood1]

This is how I've done it for several family members with Navy.
I added each of them to my oldest Navy CC as an AU with no CC issued.
I also had each to join Navy.
SO obtained a $15k plus CC on her first app with a 602 TU.

Step daughter was approved financing for her first auto loan with best rate through Navy a year after adding her to a couple of my CCs as a AU.

Cousin got his first big boy CC $15K SL from Navy with scores just under 600. He is an AU on the same CC as the SO.

Recently added a 18 year old nephew to my oldest Navy CC along with Capital One. Basically gifted him 12 years of perfect payment history. We are waiting for his scores to activate. He should also be good to go when he applies for his first auto loan in 5 months.
Did the same for my oldest daughter.
She also now has a new auto financed through Navy Federal. With the best rate.

The AU adding works. I know this without any doubts, as I've done it multiple times for my family.

[kugel]

Gmood1
How long afte adding was it for the one who got the 15k approval ? And did he have other credit besides the authorized cards?

[Gmood1]

Cousin had only a secured $200 Capital One and a bunch of derogs.
Off the top of my head. Maybe six months after adding him, he was able to get his own CC through them.

Apparently their computer doesn't recognize the AU accounts as AU accounts. It just sees paid and on time accounts. All of them were instant approvals. No going through UW for approval.

Step daughter was brand new to credit. And only had SSL and 3 CCs I had her to grab after her scores generated. With less than 1 year of her own credit history along with AU accounts from me. Her auto loan was an instant approval.
Navy, Discover and USAA approved her for CCs with six months of history generated from the AU accounts I added her to.