Credit Card Center Advertiser Disclosure

Reply
Regular Contributor
Posts: 134
Registered: ‎02-18-2012
0 Kudos

University of Michigan CU aka UMCU

Has anybody dealt with them before? Opened an account last month and told me I should apply for there platinum card which only comes in at 8.99% APR. Took the hit, requested proof of income and was approved for 3k. I tried to recon at approval but they said they needed some payment history, so I maxed out the card twice in two weeks and called back, was approved for 5k with no additional HP.

Just want to know of anyone else has dealt with them and what you thought of them.

I want to apply for a personal loan to pay for some unexpected taxes on a property that I didn't know I owned and it's about 10k. I wanted to do it within 30 days of the card so they use the same pull.

Any feedback would be great!

Thanks
Frequent Contributor
Posts: 390
Registered: ‎03-24-2013
0 Kudos

Re: University of Michigan CU aka UMCU

I just joined them for my auto loan. They were a great experience in regards to applying for them. A loan officer emailed me back and forth during the process in a very prompt manner.  Process overall was very smooth. I've only been a member for about 2 weeks though so I can't provide much more insight then my loan application was fast, smooth and I was very happy with it overall.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Regular Contributor
Posts: 134
Registered: ‎02-18-2012
0 Kudos

Re: University of Michigan CU aka UMCU

Good to hear! It felt like they were holding my hand the whole way through it. It took only a day to get a answer back but it was painless!

Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
0 Kudos

Re: University of Michigan CU aka UMCU

I have them, I love them. They're my front runner for my refi. I've had them for years and years. I love that if you overdraw checking accidentally, they charge you $2 and transfer it from savings. One thing I found out recently about the credit cards is that you can do balance transfers with no fee - so 8.99% interest on a balance transfer, but no 3% to transfer it. Also, they have 2 credit cards. one of them is the 8.99% with no rewards, the other is the 11.99% with cashback rewards. The mortgages are handled by MemberFirst, but you can see a UMCU loan officer. 

 

When I applied for a car loan through them, they offered me a higher rate than the dealership did. But I got a TU score out of them, and then I asked for a CLI which they just used the HP from the car loan for. They'll do that within a month of the pull, so any time you have them pull your report, check on the CLI for the credit card, too. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 134
Registered: ‎02-18-2012
0 Kudos

Re: University of Michigan CU aka UMCU

Good to know! I decided to go for the lower interest card because I was recently approved for the Barclays Arrival WMC @ 5k and didn't want to app twice with Barclays for the Ring.

So far so good. I think I may apply for the line of credit instead of the personal loan. I plan on paying it off in a couple of months vs 12 or 24 months and if I'm going to take a hot on my AAoA then might as well get something I can use long term and help with over all UTL.
Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
0 Kudos

Re: University of Michigan CU aka UMCU

What is the loan for? 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 134
Registered: ‎02-18-2012
0 Kudos

Re: University of Michigan CU aka UMCU

My uncle gave me some farm land up north and said I can have it as long as I pay the taxes on it. I officially own it but I want to take care of the taxes ASAP. There are already tenants that rent it out and pay lump sum every January. I would rather not use my savings only because if I find a home I would like to be able to negotiate in cash versus mortgage.
Valued Contributor
Posts: 2,487
Registered: ‎02-18-2010
0 Kudos

Re: University of Michigan CU aka UMCU

Oh yeah, you said that earlier in the thread! 

 

Some people like to take loans out to build their credit, which I think is crazy when you already have a credit card. You'd probably lose more points opening up a loan you don't need than you'd get by diversifying your types of credit!

 

Anyway. Around here, taxes are overdue March 1st, I believe. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 134
Registered: ‎02-18-2012
0 Kudos

Re: University of Michigan CU aka UMCU

Ya I used to be that guy, I just wanted to rebuild ASAP! But after getting denied so much I learned from my mistakes. I have great limits but my APR is still higher than I would like it to be. I recently started closing my rebuilders and secured cards and keeping the cards that have decent limits and that are willing to grow with me. I usually PIF or ~75% but I always say what if I needed to finance something over a couple months?

Taxes are already 2 years past due. So the interest is being charged daily I think and I don't want it to effect me in anyway.
Regular Contributor
Posts: 134
Registered: ‎02-18-2012
0 Kudos

Re: University of Michigan CU aka UMCU

@ Mauve does your CC report? My last statement had a small balance of 50 but nothing is reporting on all three of my reports. Do you remember how long it took for yours to start reporting?

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.