Reply
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008
0

Question About Obtaining CC from Credit Unions

[ Edited ]

Many here post about going to a local credit union to have a better chance of obtaining credit cards or loans. Here is my question, I have used the same CU for 30 years. When I was younged I had a CC through them but had to cancel as part of Consumer Credit Counseling repayment plan (fyi...never any late payments card was in good standing. it was part of their process that if they learned a customer was in a program, they had to cancel the cancel card.).

 

Fast forward to today. My credit union sold off their credit card. They no longer manage or maintain and I am not sure who they sold it to. I do have relationships with other credit unions. My question: does it matter if the credit union no longer handles or maintains their credit card product? Are my chances better with a CU that still owns/manages their credit card?


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Question About Obtaining CC from Credit Unions

Rephrase the question please.

Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008
0

Re: Question About Obtaining CC from Credit Unions

Please reply with what you dont understand.   It may be easier since I feel my question (in the second paragraph) was pretty specific. 

 

Note: I am not being snarky.  Some replies just dont read well.


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge
Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Question About Obtaining CC from Credit Unions


PurpleHaze wrote:

My question: does it matter if the credit union no longer handles or maintains their credit card product? Are my chances better with a CU that still owns/manages their credit card?


Each situation is different, but if the CU no longer handles or maintains their credit card, then you may not be actually applying to the CU. The reason some people like CUs is that they feel they may get more individualized treatment, which may give them a better chance at credit. Hard to see how that can happen if the decisions are no longer in the CU's hands.

Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007
0

Re: Question About Obtaining CC from Credit Unions

Are you wanting to get a NEW card with your same CU and you are wondering if since you had bad press with them prior they may not issue you a card?

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

700 Club
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008
0

Re: Question About Obtaining CC from Credit Unions

[ Edited ]

ngerasimatos wrote:

Are you wanting to get a NEW card with your same CU and you are wondering if since you had bad press with them prior they may not issue you a card?


I actually had a card in good standing with them and it also reports as such still (interesting since it has been over 10 years). The only reason the card was cancelled was because I entered into a repaymenr plan on some others cards with consumer credit counseling. They had a rule that even though you have an account in good standing, if you are going thru credit counseling the card had to be closed.

 

Today my preferred CU no longer maintains their credit card internally. They have sold it off.  Lynette's response probably will help understand what I am asking.


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}