Applying for 2-3 CU savings and checking

[4yearsin]

I want to open 2-3 Cu checking and savings

To build a relationship early for when i need to apply for auto loan

or get a CC from them down the road.

I just want to make sure, If i don't apply for credit products

it wont result in a HP, im fine with Chexsystem or SP.

THE CU im thinking of opening

is AOD, PENFED, and BECU

Do these CU require POI or tax returns when applying for CREDIT?

since my househould income wont match tax returns.

Also is there any better CU for high CL and low rates without

doc's and tax returns needed.

[Rogue46]

I know Penfed doesn't require any of that you just have to deposit $5 in their savings account and your good. I don't recall for certain if there was a hard pull, I don't believe so but you might want to wait for someone else to chime in on that.

I'm not familiar with the other two

[SouthJamaica]

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@4yearsin wrote:

I want to open 2-3 Cu checking and savings

To build a relationship early for when i need to apply for auto loan

or get a CC from them down the road.

I just want to make sure, If i don't apply for credit products

it wont result in a HP, im fine with Chexsystem or SP.

THE CU im thinking of opening

is AOD, PENFED, and BECU

Do these CU require POI or tax returns when applying for CREDIT?

since my househould income wont match tax returns.

Also is there any better CU for high CL and low rates without

doc's and tax returns needed.

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My most recent information is that AOD is a HP with EQ for membership, BECU is a SP for membership, and PenFed is a SP for membership.

I would assume that anyone to whom you apply for credit may ask you to substantiate income.

[Hex]

AOD will require POI for any credit products. PenFed asked for POI for my first credit card with them and my car loan. I'm unfamiliar with. BECU. 

[coldfusion]

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@Hex wrote:

AOD will require POI for any credit products. PenFed asked for POI for my first credit card with them and my car loan. I'm unfamiliar with. BECU. 

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BECU requires POI.

[1GaDawg85]

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@4yearsin wrote:

I want to open 2-3 Cu checking and savings

To build a relationship early for when i need to apply for auto loan

or get a CC from them down the road.

I just want to make sure, If i don't apply for credit products

it wont result in a HP, im fine with Chexsystem or SP.

THE CU im thinking of opening

is AOD, PENFED, and BECU

Do these CU require POI or tax returns when applying for CREDIT?

since my househould income wont match tax returns.

Also is there any better CU for high CL and low rates without

doc's and tax returns needed.

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All of the ones you listed require POI. Not many will approve without them as CU's don't have the same resources as a major bank (unless your Navy Fed)

[AndySoCal]

@4yearsin  I would check the possible to see what their loan rates are at this point in time. Knowing the current direction of rates they will be higher possibly when you apply. The AOD gives you information about the type terms ( Number of months) etc.  This would give you an idea of what to expect loan wise. I would also check the deposit rates because all credit unions do nort pay the same rate. Some credit unions and banks savings rates are pathetic in my opinion.  If it were me I would only open up a savings account not checking. A checking account can be used to see how well you manage your money which my or not be a factor in the approval process. Wells Fargo does use the checking account information there are post(s) on this on the forum. There are no posts on credit unions doing this that does not mean they do not. If you open a checking account I would make the primary checking account you use. These are just suggestions.

[4yearsin]

I didn't realize most CU require tax returns.

Do they want tax returns like amex going back 2 years

or do they just want last 2 paystubs like auto loans?

My SO and my income are on separate returns,

even tho there both used for all household and cc expenses.

So according to CC apps, My annual household income would be 140k+

But since there not on joint tax report it would only show around 60-75k

Also I do freelance work, which means income could be

after 8-12 weeks of around 10-15k+ which i would have paid my LLC

to build my business and hopefully expand it one day.

Am i wrong putting my household income of 140K+?

If i don't, It might seem like I'm living beyond my means.

(which is far from the case)

And even if I just put what comes thru my business

and w-2, I feel being partly Self-Employed/freelance work

would cause other issues? DTI too high? CL's being low due to stated income?

I feel there has to be CU's other than NFCU? that don't require POI

I do agree tho, I should only open saving accounts

with CU and not checking accounts.

I am gonna have joint tax returns for next year,  To make sure

mortgage app has no issues, when looking for a house

to buy together next year.

But I still want to build a few CU realtionships

in the mean time, other than just major banks.

Is there any resources out there that shows

list of all CU's and DP on them.

Do CU savings account cause a HP? or just chexsystem?