Just in case anyone needs a little more proof that (most) CUs are awesome:
I was approved today by my small local CU (Pacific NW FCU) for a cc with a $3500 limit (which is all I asked for) at their best apr (9.75%), no BT fees, no cash advance fees, no annual fee. They also offered to refinance my auto loan (which I declined, since I already have a 0% apr).
Prior to this I had nothing but low limit, high apr cards with limits ranging from $500-$800 (except for a Care Credit card with a $2500 limit), all opened within the last 18 months. I always PIF except for the Care Credit card, which currently has a balance of $400 at a 0% promotional rate.
I have two small paid collections and one small unpaid collection from 2006 still on my credit report, and a bunch of late student loan payments from 2006-2007 (and I mean a BUNCH, because each semester’s loan reports as a different account, so multiple lates on multiple accounts). Current FICO scores are EQ 681 and TU 689. I’m assuming they pulled EQ, but I’m not positive.
I really only wanted this card so that I can use it when I travel (hard to reserve hotel rooms with a small limit card), and now I feel like I can sit back and do some gardening and not apply for any more cards until the last of my baddies fall off in a couple more years, by which time all my new accounts will have aged and I should be in pretty good shape. It will also allow me to cancel my only AF card, Capital One, before the AF is assessed in December.
It was definitely a different process from applying online and getting an instant decision (or the dreaded 7-10 day notice). I had to provide references and my application had to be approved by a loan committee. But it’s nice to know that there were real people looking at my credit report instead of a computer, and that they were able to see and appreciate the progress I’ve made over the last few years.
Even during the credit crunch when banks were skyrocketing APRs, my CU Visa went from 7.49 to 8.99 (very reasonable), and my CU just lowered my APR back to 7.99.
Starting Score: 557 (2005)