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Credit Union Vs. Big Bank

I have two credit unions membership and I think that having a bank account a a big bank, Wells Fargo, PNC is a lot better then a credit union. I have at both credit union limited membership because my credit score is not over 700 FICO, that make me mad because to upgrade they will need to pull my credit again and their is no gradate that I will get upgrade after 6 mouth of good standing with them. I can go to any other bank and get a regular bank account and not have restriction on them. Has any one else had this happen to them?

Walmart / SYNCB - 1,000/12,000 | JCP MasterCard / SYNCB - 5,500 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 12,000 | Wells Fargo - 300 | AMEX Hilton HHonours - 2,000 | PenFed Platinum Rewards Visa Signature - 30,000 | PenFed Travel Rewards AMEX - 10,000 | PenFed PLOC - 5,000 | PenFed Thrifty Credit - 500 | Discover IT - 8,800 | Wyndham / Barclays - 2,500 | Citi Simplicity - 3,800 | Amazon.com Visa Signature - 5,000 | Chase Freedom Visa Signature - $6,200.
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Re: Credit Union Vs. Big Bank


corymcd88 wrote:

I have two credit unions membership and I think that having a bank account a a big bank, Wells Fargo, PNC is a lot better then a credit union. I have at both credit union limited membership because my credit score is not over 700 FICO, that make me mad because to upgrade they will need to pull my credit again and their is no gradate that I will get upgrade after 6 mouth of good standing with them. I can go to any other bank and get a regular bank account and not have restriction on them. Has any one else had this happen to them?


I really think it depends on where you are on the credit spectrum. People with pristine credit tend to get fat offers from the big banks, whereas those who are on the fringe tend to either be shut out (BK/Judgment usually the kiss of death with most prime lenders) or approved with very small CLs.

 

Credit unions, on the other hand, will often give much better opening lines and terms and conditions for those in the 600-700 range and/or those with blemishes on their record. Just take a look at NFCU. They give people in the low 600s $10,000+ CLs with favorable APRs...and when it comes to local CUs, mine (3 Rivers FCU) gave me a CL and APR that beats what some prime lenders are giving what they deem to be "qualified" applicants.

 

This is all YMMV, but in general I believe it really depends on your particular credit profile and the types of credit unions you have access to.

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Valued Contributor
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Re: Credit Union Vs. Big Bank


CreditCrusader wrote:

corymcd88 wrote:

I have two credit unions membership and I think that having a bank account a a big bank, Wells Fargo, PNC is a lot better then a credit union. I have at both credit union limited membership because my credit score is not over 700 FICO, that make me mad because to upgrade they will need to pull my credit again and their is no gradate that I will get upgrade after 6 mouth of good standing with them. I can go to any other bank and get a regular bank account and not have restriction on them. Has any one else had this happen to them?


I really think it depends on where you are on the credit spectrum. People with pristine credit tend to get fat offers from the big banks, whereas those who are on the fringe tend to either be shut out (BK/Judgment usually the kiss of death with most prime lenders) or approved with very small CLs.

 

Credit unions, on the other hand, will often give much better opening lines and terms and conditions for those in the 600-700 range and/or those with blemishes on their record. Just take a look at NFCU. They give people in the low 600s $10,000+ CLs with favorable APRs...and when it comes to local CUs, mine (3 Rivers FCU) gave me a CL and APR that beats what some prime lenders are giving what they deem to be "qualified" applicants.

 

This is all YMMV, but in general I believe it really depends on your particular credit profile and the types of credit unions you have access to.


My credit scores are in the 693 range, that is what has me mad.
Walmart / SYNCB - 1,000/12,000 | JCP MasterCard / SYNCB - 5,500 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 12,000 | Wells Fargo - 300 | AMEX Hilton HHonours - 2,000 | PenFed Platinum Rewards Visa Signature - 30,000 | PenFed Travel Rewards AMEX - 10,000 | PenFed PLOC - 5,000 | PenFed Thrifty Credit - 500 | Discover IT - 8,800 | Wyndham / Barclays - 2,500 | Citi Simplicity - 3,800 | Amazon.com Visa Signature - 5,000 | Chase Freedom Visa Signature - $6,200.
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Re: Credit Union Vs. Big Bank

[ Edited ]

corymcd88 wrote:

 PNC is a lot better then a credit union.


 

I never knew they would restrict membership because of scores. What I do not like about Credit Unions most is that most insist on doing a hard pull just to join. I did join one that only did a soft, but the other two required hard. No bank I have opened an account with has ever done a hard pull and it has probably been over fifteen banks. In my opinion PNC is the best bank ever. They even still have free checking accounts which is something a lot of other banks no longer offer. They also have a great cashback card. I would just leave the Credit Unions you have alone if they want to do another credit check. I do not see how one's score determines their checking account elegibility. You are lending the bank money, not the other way around.

 

 


CreditCrusader wrote:

 Credit unions, on the other hand, will often give much better opening lines and terms and conditions for those in the 600-700 range and/or those with blemishes on their record. Just take a look at NFCU. They give people in the low 600s $10,000+ CLs with favorable APRs...and when it comes to local CUs, mine (3 Rivers FCU) gave me a CL and APR that beats what some prime lenders are giving what they deem to be "qualified" applicants.


This seems to be true but they usually have awful rewards. Personally I would take a high rate if it means better rewards. It's great though for people that just want a low rate.

 


corymcd88 wrote:


My credit scores are in the 693 range, that is what has me mad.


That is not really that low is it?

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Re: Credit Union Vs. Big Bank


navigatethis12 wrote:

corymcd88 wrote:

 PNC is a lot better then a credit union.


 

I never knew they would restrict membership because of scores. What I do not like about Credit Unions most is that most insist on doing a hard pull just to join. I did join one that only did a soft, but the other two required hard. No bank I have opened an account with has ever done a hard pull and it has probably been over fifteen banks. In my opinion PNC is the best bank ever. They even still have free checking accounts which is something a lot of other banks no longer offer. They also have a great cashback card. I would just leave the Credit Unions you have alone if they want to do another credit check. I do not see how one's score determines their checking account elegibility. You are lending the bank money, not the other way around.

 

 


CreditCrusader wrote:

 Credit unions, on the other hand, will often give much better opening lines and terms and conditions for those in the 600-700 range and/or those with blemishes on their record. Just take a look at NFCU. They give people in the low 600s $10,000+ CLs with favorable APRs...and when it comes to local CUs, mine (3 Rivers FCU) gave me a CL and APR that beats what some prime lenders are giving what they deem to be "qualified" applicants.


This seems to be true but they usually have awful rewards. Personally I would take a high rate if it means better rewards. It's great though for people that just want a low rate.

 


corymcd88 wrote:


My credit scores are in the 693 range, that is what has me mad.


That is not really that low is it?


That is the way i feel about credit unions, they seam to be no good and i get thing that are better at a big bank. PNC, USAA, Wells Fargo are some very good banks. Even Bank Of America credit card 123 cash back is a very good card.
Walmart / SYNCB - 1,000/12,000 | JCP MasterCard / SYNCB - 5,500 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 12,000 | Wells Fargo - 300 | AMEX Hilton HHonours - 2,000 | PenFed Platinum Rewards Visa Signature - 30,000 | PenFed Travel Rewards AMEX - 10,000 | PenFed PLOC - 5,000 | PenFed Thrifty Credit - 500 | Discover IT - 8,800 | Wyndham / Barclays - 2,500 | Citi Simplicity - 3,800 | Amazon.com Visa Signature - 5,000 | Chase Freedom Visa Signature - $6,200.
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Re: Credit Union Vs. Big Bank

Haven't went in on PSECU yet but I imagine a very nice line will come my way next year!




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Re: Credit Union Vs. Big Bank

I've never seen any CU ever offer the kinds of sign up bonuses and rewards programs such as the ones from Amex, Chase, or even Citi.  I've read so many great things about CUs, but have never seen anything compelling from them--the only exception being the PenFed cards.  Even for PenFed, the reward points earned aren't as valuable as the ones from Amex or Chase.

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Re: Credit Union Vs. Big Bank


corymcd88 wrote:


That is the way i feel about credit unions, they seam to be no good and i get thing that are better at a big bank. PNC, USAA, Wells Fargo are some very good banks. Even Bank Of America credit card 123 cash back is a very good card.


Most of the reviews I see for Credit Unions usually have people praising that they are on first name basis with the employees and customer service is excellent. Alliant is great for transfers though because it is next day all the time. People at PNC do not know my name and I am fine with that. As long as they deposit the cheque into the right account that is all I need. Their customer service is also stellar. Chase is also great with customer service. Citi is kind of 50/50. The 123 card is kind of bad in my opinion though. The cap is so low and there are other cards that give those bonuses with no caps. Bank of America is also very rude most of the time.

 


Open123 wrote:

I've never seen any CU ever offer the kinds of sign up bonuses and rewards programs such as the ones from Amex, Chase, or even Citi.  I've read so many great things about CUs, but have never seen anything compelling from them--the only exception being the PenFed cards.  Even for PenFed, the reward points earned aren't as valuable as the ones from Amex or Chase.


I really wonder where Chase gets the money for these things. They even give some of the bonuses after the first purchase. The only product I know unions offer that most banks do not is the Rewards Checking Account. Now that most savings accounts are one percent or lower they are a great alternative.

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Re: Credit Union Vs. Big Bank

I'd just like to piggy-back a question on this topic.  When applying for higher limit cards (say, greater than $10,000) which institution is more apt to grant such a request, a credit union, a regional bank or a major bank.  I know a lot comes down to UL and payment history, but I'm in the market for a new card and wanted to see which provider I could sign up with would give me the best option.  I am aware that at this point, I wouldn't qualify, but would like to establish a relationship with a lender at which point I could get there at some point.

 

Thanks, look forward to your comments.

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Re: Credit Union Vs. Big Bank

I am not going to say either doesn't have its pros and/or cons but look at it this way:  A bank is for profit, where as the credit union is non-profit (for service)

 

Credit Unions, because of their status as for service, tend to be more forgiving about past challenges and USUALLY won't balance chase you because of a minor financial hiccup.  Big banks usually have a certain clout or prestige.  They can offer more rewards because they generate bigger profits, but they have less loyalty.  You own a share in the credit union.  IF YOU are good to them, they are good to you.  If they even smell that you are experiencing financial difficulty, they will balance chase you in a second.  CUs offer lower rates and better rates on savings accounts because of their non-profit status.  Banks tend to have more assets, and thus can extend higher limit loans, but are unforgiving about past debt and can blacklist you.

 

I tend to look at it like name brand vs. store brand.  What things does it matter?  What things do not?  Me for example, I can live with store brand pasta, but MUST have Pantene conditioner. 

 

I'd rather pay 10% APR at a CU than 20% APR at a bank with rewards.

 

FYI: I am surprised you are having such difficulty.  Unless you have ChexSystems or Early Warnings entries, they are easy to qualify for.  If those two are giving you grief, try like Hope Credit Union or Andrews FCU.  You may have to join some non-profit, but then you get membership.  Bigger credit unions tend to get more bank-like.

 

 

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