04-04-2013 08:30 PM
04-05-2013 06:08 AM
04-05-2013 11:36 AM
This is great news. I like to hear about success stories when it comes to credit unions. Which credit union are you with?
I am with Chartway Federal Credit Union. Since my CHP7 BK discharge in Jan 2009 they have been extremely helpful. I've gone through all of their financial management classes, spent time speaking with underwriters, created a budget and have been well on my way to credit and financial success.
About 6 months after my bankruptcy, they gave me an unsecured credit card with a $500 limit. 6 months later I requested an increase to $1000. A year after that I got it increased to $4000. And actually just this week I requested an increase to $10,000 and it was approved. I have had numerous auto loans with them since my discharge, even some up to $35k.
So, I have been very fortunate to be a member with them. Now of course like all other institutions, they don't just give away money, but some of the things that I was told helped the underwriters decide I was a safe investment is: (in no order)
1. Pay bills on time
2. Carry a small balance on one card (<1%), no balance on other cards. (not even on their card)
3. I make regular deposits to my savings account (with each paycheck) without withdrawing from Savings.
I thought #3 was very interesting and asked if it would be better if I had a large amount in my savings like $25k or something. She said no, that they look more favorably if you are showing regular consistent deposits into a savings account rather than just having a lump sum just sitting in there. The consistent deposits show that you are likely living within your means and your thought process is "trained" to keep making those "payments" to your savings, thus showing a good payment record.
So, like always, YMMV, but I thought #3 was interesting, and enjoy giving a shout out to my credit union as they truly have taken the time and provided some great tools through the Balance program to educate and make their members more financially savvy.
04-05-2013 11:57 AM
I bank with Community America Credit Union. I have checking, savings, and one of my auto loans with them (the other is through Ally).
Last February, I was able to refinance my original auto loan that I got in 2010 with Santander (at a whopping 17.2% APR) down to a 4.24%.
As a member of this particular credit union, I also get Kansas City T-Bones (Northern League Baseball Club) tickets at a great rate because they play at Community America Ball Park.
04-05-2013 01:52 PM
Nice CL and congrats.
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