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Penfed/NFCU

MakeMeGreatAgain
Contributor

Penfed/NFCU

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. 

Message 1 of 23
22 REPLIES 22
Sandman771
Valued Contributor

Re: Penfed/NFCU

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. 

Starting Score: EQ497/TU496/EX 499
Currently: EQ611 TU637 EX 599


in the garden since 6/16/2021
Message 2 of 23
GatorsFan84
New Contributor

Re: Penfed/NFCU

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.

                  

     
Message 3 of 23
Sandman771
Valued Contributor

Re: Penfed/NFCU

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. 

Starting Score: EQ497/TU496/EX 499
Currently: EQ611 TU637 EX 599


in the garden since 6/16/2021
Message 4 of 23
JStyleszx
Established Member

Re: Penfed/NFCU


@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.


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

Message 5 of 23
FinStar
Moderator

Re: Penfed/NFCU


@JStyleszx wrote:

@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.


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


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

Message 6 of 23
Mr_Mojo_Risin
Senior Contributor

Re: Penfed/NFCU

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!

 

NFCU More Rewards 28K CL
AODFCU Visa Signature 5K CL
Citi Custom Cash 4.5K
NFCU Cash Rewards 8K
Discover IT 2K
Cap 1 600
NFCU auto loan
Message 7 of 23
MakeMeGreatAgain
Contributor

Re: Penfed/NFCU

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!!

Message 8 of 23
brk1971
Regular Contributor

Re: Penfed/NFCU


@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.

 

 


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.

Fico8 = EQ 787, TU 789, EX 766 (7/23/2021), util = 3.6% ish
INQ in 12 mo = EQ 8, TU 9, EX 10 (most are mortgage within two combining periods)

Cards =
NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k
Amex: Delta Reserve $50k
Citi: DC WE MC $28.8k
Discover: It $19.5k
Barclays: Juniper $15.25k
USAA: PCR VS $15k, RA $5k
UMB: SR VS $15k
PenFed: Path VS $15k
Synchrony: Lowes’s store $25k
BB&T: Bright $10.5k, Bright $6.5k
Cap1: Venture1 Plat MC $10.3k, Kohls store $3k
Comenity: MyCash MC $12.5k
Wells Fargo: Plat $7.5k
TD Bank: Target MC $6k (Reports as retail card despite now being MC)
BoA: CCR VS $17k
Message 9 of 23
spiritcraft1
Valued Contributor

Re: Penfed/NFCU


@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!

 


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


| Biz | AU

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL | AMEX Blue Cash and Plus Cards
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