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NFCU – 2 quick questions

creditgenie88
New Visitor

NFCU – 2 quick questions

1. If you add a "joint owner," and then take out a secured loan, will it appear on both of your credit reports?

 

2. I am a member and am considering sponsoring my legitimate roommate for membership. I've heard the NFCU is very suspicious about these scenarios and prone to abrupt account closures. What should I expect when I sponsor them – how do they validate? Any advice for how to avoid issues? 

 

Thanks!

Message 1 of 7
6 REPLIES 6
Birdman7
Super Contributor

Re: NFCU – 2 quick questions

Welcome Creditgenie88, I can address the first question. Whether or not it will show up on both reports depends on whether they are joint on the loan. Being a joint account owner on your checking or savings account is irrelevant to the totally separate issue of a loan.

If they are joint on the loan they will appear as joint on the credit report.

Sorry, another member will have to help you with question two.
-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 2 of 7
creditgenie88
New Visitor

Re: NFCU – 2 quick questions

Birdman - thanks so much! And thanks for the welcome!

 

Are there any confirmed reports of the NFCU Secure loan working as a joint? I've scoured the forms and not been able to find a single data point.  Sure seems easier than opening two loans...

Message 3 of 7
babbles
Established Contributor

Re: NFCU – 2 quick questions

I know they take on all active duty and veterans if your roommate fits into those catergories or even  family members of a member I  beleive.

Message 4 of 7
Birdman7
Super Contributor

Re: NFCU – 2 quick questions

There is no reason a joint account would not work that I can think of.
-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 5 of 7
James_A
Senior Contributor

Re: NFCU – 2 quick questions


@creditgenie88 wrote:

... I am a member and am considering sponsoring my legitimate roommate for membership. I've heard the NFCU is very suspicious about these scenarios and prone to abrupt account closures. What should I expect when I sponsor them – how do they validate?


I would provide documentation in branch when opening the account, even if they do not request it. A signed lease, a utilities bill, etc., establishing roommate "lives" at your address legally. I'd also keep copies for my file. An ounce of prevention ... and all that. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board


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Message 6 of 7
MaizeandBlue
Senior Contributor

Re: NFCU – 2 quick questions


@creditgenie88 wrote:

1. If you add a "joint owner," and then take out a secured loan, will it appear on both of your credit reports?

 

2. I am a member and am considering sponsoring my legitimate roommate for membership. I've heard the NFCU is very suspicious about these scenarios and prone to abrupt account closures. What should I expect when I sponsor them – how do they validate? Any advice for how to avoid issues? 

 

Thanks!


Regarding question #2, NFCU provides guidance on eligibility.  For a roommate to be eligible they have to share the same address and make an economic contribution to the household i.e. pay a utility bill. So if you provide NFCU with a copy of a lease/rental agreement showing that you both signed and a joint bank account from which household expenses are paid, or a utility bill in the roommate's name you will be fine.





Message 7 of 7
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