cancel
Showing results for 
Search instead for 
Did you mean: 

Helping a sibling establish credit with nfcu

tag
Gmood1
Super Contributor

Re: Helping a sibling establish credit with nfcu


@Remedios wrote:

@Gmood1  Remember, 3 cards and done Smiley LOL


😂

He's only going to have two of his own. With my two he'll have four reporting. 

18 year old kid with $80k in trade-lines reporting is good enough.😆

Message 41 of 64
Anonymous
Not applicable

Re: Helping a sibling establish credit with nfcu


@Gmood1 wrote:
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.

Does this work to help sponsor a sibling if I got into NFCU using Navy League?

Message 42 of 64
Gmood1
Super Contributor

Re: Helping a sibling establish credit with nfcu

You're a member of Navy now. Your family can join Navy Federal through you. It doesn't matter how you joined as long as you are a member.
Message 43 of 64
Gmood1
Super Contributor

Re: Helping a sibling establish credit with nfcu

Nephew went in to Navy Federal and applied. Wait for it...they gave him a $25,000! SL with the best rate on the Go rewards CC. I'm literally speechless!! His mom was amazed as well. Even the person in the bank was surprised!!😲😀😆

They had her to repeat the SL back to them, as they thought it was $2500. lol

 

I was thinking he'd get another $2500 approval. And so was he, boy were we way off!

Now he'll have more like $100k in TCLs reporting across 4 cards. 

 

Kugel your little brother should be good to go, once those AU accounts show up.

Message 44 of 64
kugel
Valued Contributor

Re: Helping a sibling establish credit with nfcu

Wow I am shocked that’s crazy 😝
What is the score he has on TU
and what is the income he he gave them ?
Was it a instant approval?
Message 45 of 64
kugel
Valued Contributor

Re: Helping a sibling establish credit with nfcu

Don’t forget You added him as an authorized user on the 12 years card mine is only three years
But I do think what plays a big factor is if you add a navy card with a big credit line
Message 46 of 64
Gmood1
Super Contributor

Re: Helping a sibling establish credit with nfcu

Maybe, either way. Your bro will come out a head verses going with secured CCs and no history at all.

I always thought my AUs had a impact on their own Navy approvals.
Never dreamed it would be that big of an impact.
Nothing wrong with going the secure route. Clearly if someone can add you as an AU, it's a better route. As long as that account is stable.
Message 47 of 64
kugel
Valued Contributor

Re: Helping a sibling establish credit with nfcu

Agree
It works
Sorry meant to ask
How long ago did u add him ? To the navy
Message 48 of 64
Gmood1
Super Contributor

Re: Helping a sibling establish credit with nfcu

His score is listed in this thread. I'm not totally sure of his income. Probably $28k or something along those lines. The catch is he doesn't have any real bills.
Message 49 of 64
Gmood1
Super Contributor

Re: Helping a sibling establish credit with nfcu

I'll leave him on the two cards as long as he wants to be on them. I don't plan on closing either account.
Message 50 of 64
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.