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Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011
0

Re: Credit Union Vs. Big Bank

I personally think CU are over rated. I am all about the money, saving money and making money. I have no loyalty to either though. I make thousands of dollars every year off of major bank credit cards/sign up bonuses. Until CU start showing the money I will stick with banks. Except for Alliant for the fast ACH and deposit rates I would not even be a member at a credit union.
Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
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iMacDrew
Posts: 350
Registered: ‎07-13-2012
0

Re: Credit Union Vs. Big Bank

I find that credit unions are a tad better.. for one the interest rates are lower on credit cards and loans. And they give better interest on Checking and Savings accounts. granted not all people carry a balance on their CCs but there in the event of an emergency im gonna go to my NFCU card because its the lowest APR cc I have. Its just something good to have imo.

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
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Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
0

Re: Credit Union Vs. Big Bank

I've been with both Banks and CUs.  I currently have nothing but CU memberships now.  Again, as with credit cards, it's a matter of personal taste or need.  I found banking with BOA for example, the customer service to be sub-par and I felt more like a number then a customer.  Took for ever to get things done and the service wasn't personalized.  My CUs on the other hand have been nothing short of a friendly relationship.  I get the same opportunities for banking products that I desire at lower rates and no bank out there can match consistently the loan products at unbeatable APRs that I get with my CUs.  I carry both types of cards, CU MC/VISA and Big Bank Products.  They both have their purposes in my wallet.  When looking for a bank/CU... measure your taste in the desired relationship you want then decide.  Smaller CUs definitely can't offer some of the services of the larger banks or provide some of the perks for those with huge wallets. If you are strictly looking for a CC type relationship, then a CU might not be a good fit for you either. 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Credit Union Vs. Big Bank


LS2982 wrote:

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


:smileyhappy:

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Re: Credit Union Vs. Big Bank

I love my credit union.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Regular Contributor
dude11
Posts: 237
Registered: ‎06-07-2011
0

Re: Credit Union Vs. Big Bank

[ Edited ]

In my case one particular credit union in my local area has been working in my favor. I was able to get an unsecured loan which I never thought I would be able to get at the moment because of my credit history. Prosper.com couldn't even give me a loan. Not only that, but I decided to get a credit card from my credit union as well since they have fixed interest APRs on ther CCs which are lower than most big bank credit cards out there. I was also approved for the CC and they have given me the highest credit limit card as of right now.

 

Couldn't be more happier with this credit union than any other big bank. Now if you have excellent credit then I'm sure the CCs that are offered by most credit unions might not be as good as CCs from big banks. So all depends on your overall profile I guess.

Established Member
puckguy23
Posts: 20
Registered: ‎07-19-2011
0

Re: Credit Union Vs. Big Bank

It depends on the credit union you're looking for. I sit on the Board of Directors of a small credit union and we believe in helping people reach their financial goals and get back on their feet if they're faced with financial challenges. You'll pay higher interest rates sometimes, but you'll get a financial institution to take a chance on you and work with you, especially at a smaller institution. Are credit unions always going to offer the flashiest credit card products and nifty rewards? Probably not, but if that's what you're after, take your business to Chase. What credit unions can offer is a level of service and the personal touch you won't find at banks. If you want that, a credit union is the way to go.


Starting Score: 507 EX
Current Score: 701 TU/694EQ/654EX(FAKO)
Goal Score: 720 across the board


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Established Member
creditnoob
Posts: 27
Registered: ‎01-07-2012
0

Re: Credit Union Vs. Big Bank

I don't think credit unions are for everyone, but I personally love mine.

 

My husband and I joined our credit union 10 years ago when we needed a checking account. The only reason we went with the credit union at the time was that they offered completely free checking and savings accounts with no minimum balance required.

 

For the next 7 or so years we didn't have any credit, no credit cards, home loans, car loans, nothing. We didn't know anything about credit and we were scared of having any debt, so we just saved regularly and made all of our purchases cash.

 

 

About 3 years ago we realized that it was silly to avoid credit and that we would eventually need credit. So we decided to buy a new car and take out our first auto loan. We went to a dealership with 10k cash as a down payment and selected a $20000 car. Figured we would have no problems getting financed with such a large down payment.

 

The dealership said they would defiantly find us financing and let us take the car home with us that night and we were to go back the next day to sign the rest of the paperwork and find out about the financing. We got a call the next day and were told that the loan rate would be 24% and that they needed another 3.5k down.

We were so upset by this but decided that if this was what we had to do to get some credit then we would just do it.

 

So we went by our credit union to get another $3500 for the downpayment and we chatted with the teller about the situation. The teller told us that we really needed to speak with the branch manager and sent us right into her office. We explained everything to her and she pulled a credit report on us and filled out a loan application for us. She emailed it to the loan people and then called them personally. She explained to them that we had had our account with them for over 7 years and it was in perfect standing, never bounced a check or went over any limits and that we didn't have bad credit we just didn't have any credit. She said that she thought we deserved to be given a chance.

They approved the loan with our original 10K down and only 6.24% interest. They saved us thousands of dollars on that loan. And helped us start to build our credit history.

 

There are a few negatives to belonging to my small credit union. There is no cool iphone app, the online banking is decent but doesn't have as many features as some of the big bank sites, there are no cash back or rewards on the debit card, their credit cards have terrible rewards, etc.

 

But there are a lot of positives also. Everyone there knows my name, all of my accounts are free, visa debit is free, no minimum balance or other requirements, low interest rate loans, generous limits on credit cards, etc.

 

I never use the credit card from my bank because I get much better rewards on my other cards but I still think keeping my credit union account is worth it. 

I am considering opening a checking account with chase this year but I have no plans on closing my CU account. 

  

EQ 1/21/12 - 672 (FICO purchased from equifax.com)
TU 1/5/12 - 704 (FICO from walmart)
EX 1/21/12 - 715 (FAKO from experian.com)

EX FAKO from Credit Sesame 1/3/12 - 707
TU FAKO from Credit Karma 1/21/12 - 667

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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Credit Union Vs. Big Bank


creditnoob wrote:

I don't think credit unions are for everyone, but I personally love mine.

 

My husband and I joined our credit union 10 years ago when we needed a checking account. The only reason we went with the credit union at the time was that they offered completely free checking and savings accounts with no minimum balance required.

 

For the next 7 or so years we didn't have any credit, no credit cards, home loans, car loans, nothing. We didn't know anything about credit and we were scared of having any debt, so we just saved regularly and made all of our purchases cash.

 

 

About 3 years ago we realized that it was silly to avoid credit and that we would eventually need credit. So we decided to buy a new car and take out our first auto loan. We went to a dealership with 10k cash as a down payment and selected a $20000 car. Figured we would have no problems getting financed with such a large down payment.

 

The dealership said they would defiantly find us financing and let us take the car home with us that night and we were to go back the next day to sign the rest of the paperwork and find out about the financing. We got a call the next day and were told that the loan rate would be 24% and that they needed another 3.5k down.

We were so upset by this but decided that if this was what we had to do to get some credit then we would just do it.

 

So we went by our credit union to get another $3500 for the downpayment and we chatted with the teller about the situation. The teller told us that we really needed to speak with the branch manager and sent us right into her office. We explained everything to her and she pulled a credit report on us and filled out a loan application for us. She emailed it to the loan people and then called them personally. She explained to them that we had had our account with them for over 7 years and it was in perfect standing, never bounced a check or went over any limits and that we didn't have bad credit we just didn't have any credit. She said that she thought we deserved to be given a chance.

They approved the loan with our original 10K down and only 6.24% interest. They saved us thousands of dollars on that loan. And helped us start to build our credit history.

 

There are a few negatives to belonging to my small credit union. There is no cool iphone app, the online banking is decent but doesn't have as many features as some of the big bank sites, there are no cash back or rewards on the debit card, their credit cards have terrible rewards, etc.

 

But there are a lot of positives also. Everyone there knows my name, all of my accounts are free, visa debit is free, no minimum balance or other requirements, low interest rate loans, generous limits on credit cards, etc.

 

I never use the credit card from my bank because I get much better rewards on my other cards but I still think keeping my credit union account is worth it. 

I am considering opening a checking account with chase this year but I have no plans on closing my CU account. 

  


Thats just downright insane! They did my DW like that 24% APR on a 13K loan. I got the car in my name and refi'd it with PSECU for 2.49% APR.

 

I can almost guarantee you it was Santander who came back with the 24% offer. They should be shut down.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Re: Credit Union Vs. Big Bank

I love my credit union.  Besides NavyFed, Coke has been amazing.  Now is Coke the credit union with the rewards and the fancy flashy cards?  No.  but I have a secured credit card at 18% APR, no annual fee, no monthly fee, no balance transfer fee, no cash advance fee.  That is better than many big banks in my situation.  I can NOT complain.  And in two years, as long as I have no lates, the card will drop to 9.99%APR and no fees of any kind.  Even a GOOD Chase credit card has interest rates HIGHER than what I pay now.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)

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