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NFCU Membership Approval

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NFCU Membership Approval

So today I learned here that deceased grandparents make one eligible for NFCU. I called and was approved on the phone/received my ID.

I'm not really in the market for a credit card right now. I have cash back match with Discover until next January, so I have 10% for categories /2% for all else.

Mostly I'm in the market for a CU that will potentially work with me on a car loan next January for a reliable used vehicle. I have checking and savings with Alliant - both higher yield than NFCU.

So for now I'm not really in need of anything, but I would like to be working towards building a relationship with them. Should I just transfer $25 weekly to that savings account? I really don't want to move more from Alliant since the rates are better there.

I really would love to refi my private student loans after the car is handled. I have an okayish rate (especially in light of my 1 yr old bk) with Commonbond at 6.25 (which us way better than the 12+% Navient was bleeding me for). The bigger issue is my mom is the cosigner and I really want to release her, but CB requires 3 years of payments to do this and by then the loan will be paid off. Basically I'm on a mission for a CU that will look past the BK and see how far I've come and help me out. I never missed my loan payments and I've always paid extra. So I'm just trying to find the right place or just wait out the remaining 3 or so years at the rate I'm going and pay them off.

I've reached out to their student loan department to see if they'd work with me, or what they need to see from me before they would do so. Any insight as to what they like to see would be helpful. I'm not opposed to throwing some money at NFCU slowly in a steady fashion.





Message 1 of 33
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Moderator

Re: NFCU Membership Approval

Honestly, they won't care too much about you moving money in weekly/monthly or not. If you aren't looking for products right now just sit on it and wait until you need to apply. You can then move everything over when you do want to apply for a car loan with them. They are excellent. I absolutely love NFCU. It's the best banking decision I've ever made.
Message 2 of 33
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Super Contributor

Re: NFCU Membership Approval

@recoveringfrombk7, Congratulations and welcome to The Navy FamilySmiley Happy

Message 3 of 33
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Frequent Contributor

Re: NFCU Membership Approval

Welcome to the navy family.

12/18/19






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Message 4 of 33
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Senior Contributor

Re: NFCU Membership Approval

Congratulations on your membership!
Message 5 of 33
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Valued Contributor

Re: NFCU Membership Approval

Welcome aboard to the Navy family!

 

As others have said, they probably won't care about savings balances, though if you want to build up some balance with them you can open their EasyStart certificate -- 12 months, $50 minimum, 3.50% APY -- which allows additional deposits at any time.


TU FICO 8: 741 (7/19) — Ex FICO 8: 739 (7/19) — Opinions are my own and not the views of my employer
Message 6 of 33
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Re: NFCU Membership Approval

I've actually gone through everything today and determined I should move my checking/DD and savings over from Alliant. I still have joint savings at Alliant, so my foot is in the door there, but my big needs are a car loan in 12 months and the ability to refi my student loans.

Navy has internal scoring, correct? Should I app a credit card to help with that? It would pay a single recurring monthly charge and otherwise sit in my SD (I have 10%/2% with Discover for the year).

Who do they pull? My inquiries with EX are high, hence my garden status, but I want to plant the seeds for a great relationship with them to aim for the car and student loans sometime Dec-Feb.

Thanks!





Message 7 of 33
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Senior Contributor

Re: NFCU Membership Approval


@recoveringfrombk7 wrote:
I've actually gone through everything today and determined I should move my checking/DD and savings over from Alliant. I still have joint savings at Alliant, so my foot is in the door there, but my big needs are a car loan in 12 months and the ability to refi my student loans.

Navy has internal scoring, correct? Should I app a credit card to help with that? It would pay a single recurring monthly charge and otherwise sit in my SD (I have 10%/2% with Discover for the year).

Who do they pull? My inquiries with EX are high, hence my garden status, but I want to plant the seeds for a great relationship with them to aim for the car and student loans sometime Dec-Feb.

Thanks!

Yes, Navy has internal scoring. I don't know if obtaining a CC does or does not help with internal score. TU hard pull for CC products. EQ hard pull for loan, IIRC. They may switch it up. They have great CCs. They are on the 1.99% BT promo right now. If you're interested in their sign up bonus $, it should reappear after March 2.

 

Have you considered joining other credit unions too? Seeing that your EQ is higher than the other bureaus.

 

DCU - Will soft pull EQ5 for membership. They offer auto and student loans. They have CC products, which they may offer SP pre-qual at membership sign up, depending on creditworthiness. Their CC products might pale in comparison to other lenders.

 

PenFed - Same as above with auto, student loans. Hard Pull EQ9 for membership. Expect more hard pulls for any credit/loan products. They may be more conservative.

Message 8 of 33
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Re: NFCU Membership Approval

I really don't want to join more CUs at this point.  I'm already not looking forward to balancing two of them.  I'd like to just go all in with NFCU if it seems like loan-wise they'll at least give me a fair eval at 2 years post bk.






Message 9 of 33
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Senior Contributor

Re: NFCU Membership Approval


@recoveringfrombk7 wrote:

I really don't want to join more CUs at this point.  I'm already not looking forward to balancing two of them.  I'd like to just go all in with NFCU if it seems like loan-wise they'll at least give me a fair eval at 2 years post bk.


Noted. More than likely Navy will pull EQ for the loans. As stated above, they have been known to switch it up. As long as you have decent income, low DTI then you should be okay. Length of membership goes a long way with Navy. When the time is right for you to apply for your loans, then it should work in your favor.

Message 10 of 33
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