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Chartway Federal Credit Union VISA

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Anonymous
Not applicable

Re: Chartway Federal Credit Union VISA


@Anonymous wrote:

I've been following the conversation, and as full disclosure, I have been a Chartway employee for 5 years. However, I have had a Chartway credit card for 11 years now, and I am currently speaking not as an employee, but as a 13 year Chartway member . My interest  rate has always been fixed at 8.99%.  During the holiday's we get to skip our payment, which is a huge help for holiday shopping. Overall it is a great card, and pretty straight forward with no hidden fees. I hope this helps in the conversation.


I think that information is very useful!

 

I'd also like to ask about how Chartway handles their credit card customers.  If you browse the forums here you'll see how a lot of people ultimately have problems with American Express, Bank of America, Chase (or any other "big" bank) closing their accounts or unexpectedly reducing their credit limits for often really stupid reasons -- like using the cards at certain merchants.  Is that something that could happen with Chartway?

 

Also a lot of people on the forum here are often wondering about what their chances of approval are before applying so as not to burn a precious inquiry on their credit report.  While I don't expect Chartway can give out all their underwriting secrets, it would really help having a general guideline as to what they look for regarding FICO scores, credit utility ratio, average age of accounts, # of new accunts or # of inquiries on their credit report. 

 

A question about Chartway's checking accounts.  I notice some have minimum balance requirements to avoid monthly fees.  When they say minimum balance does that mean only the checking account balance or does that cover balances in other Chartway products such as savings or CDs?

Message 31 of 40
Anonymous
Not applicable

Re: Chartway Federal Credit Union VISA

I'm sorry, but I can't speak to your questions regarding FICO scores, credit utility ratio, average age of accounts, # of new accunts or # of inquiries on their credit report because I do not work in our credit department. I can tell you that I was 18 and a full time student when I was approved for my credit card. As the years have gone by they have increased my credit limit almost annually and I have never had any problems using my card with retailers in the store or online. As for the minimum balance requirements, if you choose a product (checking, CD's, Money market, etc.) that requires you to keep a certain amount to avoid fees, it applies to only "that specific" product. There is no aggregate balance between all of your products. I hope this helps!

Message 32 of 40
Anonymous
Not applicable

Re: Chartway Federal Credit Union VISA


@Anonymous wrote:

I'm sorry, but I can't speak to your questions regarding FICO scores, credit utility ratio, average age of accounts, # of new accunts or # of inquiries on their credit report because I do not work in our credit department. I can tell you that I was 18 and a full time student when I was approved for my credit card. As the years have gone by they have increased my credit limit almost annually and I have never had any problems using my card with retailers in the store or online. As for the minimum balance requirements, if you choose a product (checking, CD's, Money market, etc.) that requires you to keep a certain amount to avoid fees, it applies to only "that specific" product. There is no aggregate balance between all of your products. I hope this helps!


I noticed that the field of membership page states that US Military Personnel are eligible for membership.  Does that mean anybody who is currently active duty military can join or only those stationed in certain places?

Message 33 of 40
Tazman81
Established Contributor

Re: Chartway Federal Credit Union VISA


@Anonymous wrote:

@Anonymous wrote:

I'm sorry, but I can't speak to your questions regarding FICO scores, credit utility ratio, average age of accounts, # of new accunts or # of inquiries on their credit report because I do not work in our credit department. I can tell you that I was 18 and a full time student when I was approved for my credit card. As the years have gone by they have increased my credit limit almost annually and I have never had any problems using my card with retailers in the store or online. As for the minimum balance requirements, if you choose a product (checking, CD's, Money market, etc.) that requires you to keep a certain amount to avoid fees, it applies to only "that specific" product. There is no aggregate balance between all of your products. I hope this helps!


I noticed that the field of membership page states that US Military Personnel are eligible for membership.  Does that mean anybody who is currently active duty military can join or only those stationed in certain places?


I think it was anyone that is active duty.  Chartway used to be a military only credit union (much like Navy Federal Credit Union), but then they opened up more to the public based on certain localities.  For example, if you live, work, or worship in Norfolk, VA then you are permitted to have an account with Chartway.  Also, if you work for a company that has a "partnership" with Chartway, then you can open an account there.  You asked some very good questions above and I appreciate it.  And yes, you are correct that I was able to tell it was an employee making that post because it was basically a copy and paste from their website.  Hopefully there might be some additional insight as to other's experience.  I am actually going to be in the market for a car loan in about 30 days or so, and I will of course come back and post all info here regarding my experience and approval/disapproval from Chartway as I plan to apply with them first.


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 34 of 40
Tazman81
Established Contributor

Re: Chartway Federal Credit Union VISA

*** UPDATE ***

okay, update regarding my application.  I applied for $1,000 VISA card, and $15,500 auto loan.  I was denied.  They pulled equifax and per myfico was 655.  The rep told me that they pulled an equifax beacon score and it was 603.  So, I am not clear on how the 2 scores were so different, but guessing it was probably auto enhanced.  Even though I was denied, I feel like I had a good experience.  The underwriter left comments on my file.  They said they look for at least 2 full solid years after chapter 7 discharge with good payment histories.  My discharge was January 2009.  So I was denied based on "limited history after my bankruptcy".  So, I was told to keep doing what I am doing, continue paying everything on time every single month.  So, I am going to try again in either February or March 2011 and see where that goes as my bankruptcy will then be 2 years old.  So, even though I was denied, I felt like I still got some decent information out of it.  If anyone has questions, feel free to ask and I will try to answer them as best I can regarding my experience.


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 35 of 40
Anonymous
Not applicable

Re: Chartway Federal Credit Union VISA


@Tazman81 wrote:

*** UPDATE ***

okay, update regarding my application.  I applied for $1,000 VISA card, and $15,500 auto loan.  I was denied.  They pulled equifax and per myfico was 655.  The rep told me that they pulled an equifax beacon score and it was 603.  So, I am not clear on how the 2 scores were so different, but guessing it was probably auto enhanced.  Even though I was denied, I feel like I had a good experience.  The underwriter left comments on my file.  They said they look for at least 2 full solid years after chapter 7 discharge with good payment histories.  My discharge was January 2009.  So I was denied based on "limited history after my bankruptcy".  So, I was told to keep doing what I am doing, continue paying everything on time every single month.  So, I am going to try again in either February or March 2011 and see where that goes as my bankruptcy will then be 2 years old.  So, even though I was denied, I felt like I still got some decent information out of it.  If anyone has questions, feel free to ask and I will try to answer them as best I can regarding my experience.


Sorry to hear they declined.

 

Still, I am impressed that they actually took the time to not only give you the FICO score they used, but also a reasonable, intelligent reason for their action.  I wish all creditors would do that. 

Message 36 of 40
Tazman81
Established Contributor

Re: Chartway Federal Credit Union VISA

***  UPDATE  ***

 

Okay, so I have another update.  I wrote into Chartway to plead my case as to why they should provide me with at least a credit card.  I explained the things that got me to the point of having to file bankruptcy, how things are different now, and also explained how much I have learned about finances from sites like this, and through the "balance" program that they offer.  I provided them with my little certificates, and explained that I would like the opportunity to build that credit relationship with Chartway.  Well, their minimum credit limit is $250, but she went ahead and gave me a $500 credit limit.  She said that normally they do not like to provide credit until a discharged bankruptcy is over 2 years old, but based on the information I've provided her she can go ahead and give me a $500 credit limit.

 

She even told me to give them a call back after my bankruptcy discharge is over 2 years old (March 2011) and they will take a look at how I've handeled my credit card account with them, and if all looks good, then she doesn't see why they would not be able to give me a decent credit limit increase.  She was talking about some of the new credit card laws and having to verify that you have the ability to repay what you are borrowing.  Based on what I learned from the Balance program, it can be beneficial to have multiple accounts with 1 institution.  I already have my checking account with them and my direct deposit going to Chartway.  I explained that I was actually in the process of having my other asset accounts such as my Roth IRA and my savings from Wells Fargo transferred to Chartway.  I had filled out the paperwork about a week ago, but the process takes 2-3 weeks.  So, she said that was good because with having to validate that you have the ability to pay, if you have assets with an institution, it can assist positively in the decision to provide credit.

 

So, I just wanted to give everyone an update on my experience.  Like I said, even though I was denied previously, I still thought it was a good experience because they gave me a valid reason as to why, and with that reason, I was able to provide them with other information (beyond the scopes of my credit report) that gave me a more favorable outcome.  So, stay tunned because I plan to refinance my car with Chartway next year (after the bankruptcy is 2 years old) and I will let everyone know how that goes.  I will also keep you updated on any CLIs from Chartway!  Even though I was denied before, they had an A+ in my book, but now it's an A++.  Smiley Very Happy


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 37 of 40
Anonymous
Not applicable

Re: Chartway Federal Credit Union VISA


@Tazman81 wrote:

***  UPDATE  ***

 

Okay, so I have another update.  I wrote into Chartway to plead my case as to why they should provide me with at least a credit card.  I explained the things that got me to the point of having to file bankruptcy, how things are different now, and also explained how much I have learned about finances from sites like this, and through the "balance" program that they offer.  I provided them with my little certificates, and explained that I would like the opportunity to build that credit relationship with Chartway.  Well, their minimum credit limit is $250, but she went ahead and gave me a $500 credit limit.  She said that normally they do not like to provide credit until a discharged bankruptcy is over 2 years old, but based on the information I've provided her she can go ahead and give me a $500 credit limit.

 

She even told me to give them a call back after my bankruptcy discharge is over 2 years old (March 2011) and they will take a look at how I've handeled my credit card account with them, and if all looks good, then she doesn't see why they would not be able to give me a decent credit limit increase.  She was talking about some of the new credit card laws and having to verify that you have the ability to repay what you are borrowing.  Based on what I learned from the Balance program, it can be beneficial to have multiple accounts with 1 institution.  I already have my checking account with them and my direct deposit going to Chartway.  I explained that I was actually in the process of having my other asset accounts such as my Roth IRA and my savings from Wells Fargo transferred to Chartway.  I had filled out the paperwork about a week ago, but the process takes 2-3 weeks.  So, she said that was good because with having to validate that you have the ability to pay, if you have assets with an institution, it can assist positively in the decision to provide credit.

 

So, I just wanted to give everyone an update on my experience.  Like I said, even though I was denied previously, I still thought it was a good experience because they gave me a valid reason as to why, and with that reason, I was able to provide them with other information (beyond the scopes of my credit report) that gave me a more favorable outcome.  So, stay tunned because I plan to refinance my car with Chartway next year (after the bankruptcy is 2 years old) and I will let everyone know how that goes.  I will also keep you updated on any CLIs from Chartway!  Even though I was denied before, they had an A+ in my book, but now it's an A++.  Smiley Very Happy


Wonderful, Taze!  Wonderful!!!

 

It looks like Chartway may just be the last of a dying breed -- financial institutions that have brains and really give a darned about their members.

 

 

Message 38 of 40
Tazman81
Established Contributor

Re: Chartway Federal Credit Union VISA

** UPDATE **

Okay, I have another update.  So since I got my card, I've been averaging about $1500 a month threw the card.  Of course with a $500 limit, this was a bit difficult as I practically was making payments at the same time I was doing charges.  I am wanting my Chartway card to be the preferred credit card that I use, so I went ahead and did this.  Well, I decided that I would apply for a credit limit increase based on the amount I was putting threw the card each month.  Now of course realizing that I still have about 4 months to go until my bankruptcy is 2 years old, I went and and applied.  I asked for a $1500 limit and they approved it.  :-)   YAY for Chartway!  I guess I will continue singing their praise as I've always had good experience with them.  So, my Capital One cards served their purposes and will be in the sock drawer.  Chartway is growing with me.  I will let you guys know how the refinance goes in March or April 2011 when I do that.  :-)

 

CHARTWAY ROCKS!


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 39 of 40
Anonymous
Not applicable

Re: Chartway Federal Credit Union VISA

 


@Tazman81 wrote:

** UPDATE **

Okay, I have another update.  So since I got my card, I've been averaging about $1500 a month threw the card.  Of course with a $500 limit, this was a bit difficult as I practically was making payments at the same time I was doing charges.  I am wanting my Chartway card to be the preferred credit card that I use, so I went ahead and did this.  Well, I decided that I would apply for a credit limit increase based on the amount I was putting threw the card each month.  Now of course realizing that I still have about 4 months to go until my bankruptcy is 2 years old, I went and and applied.  I asked for a $1500 limit and they approved it.  :-)   YAY for Chartway!  I guess I will continue singing their praise as I've always had good experience with them.  So, my Capital One cards served their purposes and will be in the sock drawer.  Chartway is growing with me.  I will let you guys know how the refinance goes in March or April 2011 when I do that.  :-)

 

CHARTWAY ROCKS!


Fantastic!

 

Message 40 of 40
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