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NFCU – 2 quick questions

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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
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Senior 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.












(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated April 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Extent? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 2 of 7
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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
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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
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Senior Contributor

Re: NFCU – 2 quick questions

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












(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated April 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Extent? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 5 of 7
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Valued 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. 

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Message 6 of 7
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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.





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