Penfed/NFCU

[Anonymous]

Hey all, I just had a brief question. I'm working on setting some credit goals and was wondering if there were any ways to get my foot in the door with either credit union? While I am not and have not served in the armed forces, many of my family members have served in the past at one point or another, though doubtful I would be able to attain any identification etc as this is 20-30 years ago for most of them. I have read somewhere that one of the CUs allows membership by donations. Is this true? Also I was planning to open a Penfed Checking/savings account as a way to start a relationship, do I need to qualify or be a member of the CU before applying? I noticed it has you apply and I imagine they run some checks to open the account(s). 

Im currently working on rebuilding and my goal is getting in with a Credit Union and getting my foot in the door with AMEX eventually, but I'd like to start on the presence of a relationship with them ahead of time. Any help or guidance would be appreciated. 

[Sandman771]

Penfed will let you join with a donation. NFCU requires a relative to have served or you yourself being a veteran. 

Don't blink on DCU either. I've gotten in there and been pleased. Plus they do soft pull approvals on lots of stuff. 

[GatorsFan84]

Alot of us here got into NFCU through a loophole a few years back but that has since been closed.  Now you will need a family member who served.

Penfed you can get into with donation.  Same for DCU and Alliant.

[Sandman771]

One thing not 100% certain about with Navy, but a lot of the folks who joined through familial ties were using grandparents and that needed documentation. Parents/siblings, I'm not sure about the documentation is as necessary. You could call and find out what you need then shake the family tree. many folks hold on to those DD214s. 

[JStyleszx]

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@GatorsFan84 wrote:

Alot of us here got into NFCU through a loophole a few years back but that has since been closed.  Now you will need a family member who served.

Penfed you can get into with donation.  Same for DCU and Alliant.

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What loophole was this? Im sad i missed on it.. This the only thing on my bucket list 😔

[FinStar]

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@JStyleszx wrote:

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@GatorsFan84 wrote:

Alot of us here got into NFCU through a loophole a few years back but that has since been closed.  Now you will need a family member who served.

Penfed you can get into with donation.  Same for DCU and Alliant.

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What loophole was this? Im sad i missed on it.. This the only thing on my bucket list 😔

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The closed loophole was a membership with Navy League of the U.S.

[Mr_Mojo_Risin]

Both of these CU's are good, especially Navy imo. Navy has been unbelievably generous to me.

I joined PenFed a few months back, it was really an easy process. I didn't have to make a donation like a few others mentioned. I was just required to fund at least $5 in a share savings account. Super easy and quick.

Navy is a little trickier. You can join through the service of an immediate family member ( mom, dad sister, brother, grandparent). I've read on here that living in the same household as a member can qualify you as well.

Others more knowledgeable than I will stop by to help out some more.

Good luck to you!

[Anonymous]

Yeah funny little mention about that Navy League thread, I didn't pay attention to the date and clearly ignored the bold red letters at the top of the thread that it no longer works since 2017, You guys are looking at a new member of the Navy League San Diego Chapter for $55!😂 

Anyways thank you all for the replies and help, I went ahead and joined Penfed for the $5 to open an account! Now I will work on my credit for a while and eventually app for some credit products!!

[brk1971]

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@Mr_Mojo_Risin wrote:

I joined PenFed a few months back, it was really an easy process. I didn't have to make a donation like a few others mentioned. I was just required to fund at least $5 in a share savings account. Super easy and quick.

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Concur. PenFed does not require a donation (hasn't since obtaining a nationwide charter). Like all credit unions, they require you to have at least one 'share' in your share (savings) account, and that is the $5. But it's your $5 on deposit.

[spiritcraft1]

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@Mr_Mojo_Risin wrote:

Both of these CU's are good, especially Navy imo. Navy has been unbelievably generous to me.

I joined PenFed a few months back, it was really an easy process. I didn't have to make a donation like a few others mentioned. I was just required to fund at least $5 in a share savings account. Super easy and quick.

Navy is a little trickier. You can join through the service of an immediate family member ( mom, dad sister, brother, grandparent). I've read on here that living in the same household as a member can qualify you as well.

Others more knowledgeable than I will stop by to help out some more.

Good luck to you!

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I think it extends to siblings, parents, children of members as well.  Same household seems to work as well.