12-30-2012 10:22 PM
I am rebuilding and already have Wells Fargo secured as well as capital one and credit one (unsecured). I am looking to join a bank and get an installment loan so I can eventually purchase a home for my family. I just want the best bank/union possible so I can grow and help our economy!
12-30-2012 10:23 PM
The fact of the matter is that there are very well known CU's on this board that are very rebuilder freindly, Im not talking about any CU. If you look through the boards you will find out that most of the rebuilder freiendly institutions are Credit Unions and that is a fact.
Well at least you backed away from "Almost any" to only the ones discussed on this forum. But still not a fact. Many of the major banks have secured and entry level cards for rebuilders. Also many store cards are easy qualification and useful for rebuilders. I think there are less CU's discussed here thank for profit banks.
12-30-2012 10:25 PM
I certaintly agree. Like I said I wasnt trying to offend anyone about my topics on NFCU, PenFed and other military banks. If Im eligible, why does it "piss someone off" if I join? I love the Forums and want to contribute to the people as much as possible considering the difficulty of maintaining good credit in this economy.
12-30-2012 10:27 PM
Wolf Rightcoast is past that stage you need to look at his credit profile. He needs to get into a CU where the underwriting is not as strict
12-30-2012 10:31 PM
I guess I have been off-subject. But anyways, I believe I can join USAA and DCU but just wanted to make sure I wasnt making a bad decision dropping Wells Fargo.
12-30-2012 10:38 PM
No need to close your wellsfargo account, in todays crazy financial world it is wise to have more than one bank. I live in Europe right now and I can tell you banks are here one second gone the next. Im talking huge banks.
12-30-2012 10:42 PM
12-31-2012 05:22 AM
Im not bragging rightcoast just showing what rebuilding your credit will do if you play the game right. I started out with USAA with only a orchard bank card like so many others. I got in with the Credit Unions and they help me rebuild my credit to the point where I got a card from Chase, Discover and Barclays. Getting through the door in the tough part, once you do that you will grow with them. But a credit union was essential for me to do it correctly. With you getting into NFCU a long shot I still recomend DCU as the best alternative for your rebuilding situation. I have no doubt if you go with them in six months you will have a unsecured visa with a 5k limit. Not so Much will Wells Fargo, USAA or Penfed.
Just for instance I will disclose some info about my credit profile and how it relates to USAA and Penfed. Both of these organizations pull equifax for credit cards. Just recently I apped for both cards and was denied both cards with a 697 credit score reasons for denial to many inquires which where only 3 in the past 12 months all from NFCU and one 60 day late that is over two years old on a car loan. So there tough nuts to crack. On the other hand I was just approved by DCU for a 8k visa with the same credit report with 8 inquires and the same info. Just waiting on verification of my ID to proceed with DCU.
+1 I completely agree with dodgeball. Joining DCU would be rightcoast's key to building/rebuilding credit as NFCU was to dodgeball's building/rebuilding. Also, DCU gives free monthly Equifax FICO credit score.
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