NFCU – 2 quick questions

[Anonymous]

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!

[Anonymous]

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.

[Anonymous]

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...

[babbles]

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.

[Anonymous]

There is no reason a joint account would not work that I can think of.

[Anonymous]

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@Anonymous 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?

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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. 

[Anonymous]

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@Anonymous 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!

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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.