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New Contributor
KimberH
Posts: 65
Registered: ‎08-20-2009

Re: Which Credit Unions are the most generous at granting credit cards and loans?

this is in reference of NFCU
"Well, here's another nice mess you've gotten me into" Ollie
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Which Credit Unions are the most generous at granting credit cards and loans?


KimberH wrote:

 "I'm looking for Credit Unions that grant generous amount for loans, high credit limits credit cards, easiest to qualify for VS stricter criteria"

 

I really take a little issue with this...

 

The reason - or the supposed reason - of why higher credit limits are granted, are because their members (or related members) served in the military.

 

My DH served AF for years.

 

Some people on this forum only care what THEY can get out of it...do not care what the actual members went thru to earn the same.

 

But I will say straight up, if you have no connection to the military and are doing it simply to get a credit line, do not.

 

Sorry. That is my feeling on this subject.


 

I think your comment is pretty far off base. Did you ever stop and think for just a minute that perhaps the deposits qualifed members who have not served in the military bring to NFCU and USAA make it possible to extend the higher credit limits to those who are currently serving in the military? Both of these organization have membership requirements which are enforced. If they didn't want the business of "non-military" members they would have never broadened their FOM.
Established Member
partsworks
Posts: 35
Registered: ‎01-25-2008

Re: Which Credit Unions are the most generous at granting credit cards and loans?

Stay away from Penfed. The will give you a large CL only to take it away later.
Regular Contributor
Nonaii
Posts: 246
Registered: ‎06-02-2008

Re: Which Credit Unions are the most generous at granting credit cards and loans?


connect4 wrote:

I'm looking for Credit Unions that grant generous amount for loans, high credit limits credit cards, easiest to qualify for VS stricter criteria.

 

Ex: Grants generous amount for loans, high credit limits credit cards, lenient criteria VS strict/conservative.

 

I also just started a business this year and so I can only provide pay stubs (no 1040's / W2's yet), are there Credit Unions that will work with me and still grant me credit cards + loans with pay stubs / no docs? I have a great credit score and my history shows I can pay on time etc.
 

I am hearing a lot of good things with Alliant CU, Navy Federal CU, USAA CU (Although I am not sure how generous NAVY and USAA are for non-military members..)

 

 

Any others out there?  

 


 

 

Hi  Connect4.  Are you the same poster as Fatwallet's Connectthedot?

 

I feel low.  I went to a lot of time to write the response I did over at Fatwallet regarding this near exact same post, on the exact same morning.  :smileysad:   Oh well.  That's life. :smileyhappy:


 

Contributor
wajj
Posts: 79
Registered: ‎10-09-2008

Re: Which Credit Unions are the most generous at granting credit cards and loans?

Nonaii, don't feel low.  That FW post was a great one as far as I am concerned.  Considering the OP put the same question out here, at FW, and at CB (not sure if it is anywhere else), he needed to be told exactly what you told him.

 

OP, you really aren't providing enough information here;  What CL are you looking for?  Some might consider $5K generous (I know I did 6 months ago) while others are looking at $50K or why bother.  As far lienent criteria goes, are you asking them to overlook late payments or other negatives in your CR or just to give you allowances for the fact that you just started a new business?

 

From my personal experience -- Alliant CU won't give you much above a $5K to $10K CL on a CC (and less on a LOC) to start.  I got $5K with no docs but an extensive phone call 6 months ago and then a $2K LOC a couple of months ago (I asked for $5K).  NFCU gave me a $17K CL immediately upon joining a month ago with no documentation but when I went for a $10K LOC they required paystubs, two calls (not one :smileyhappy: ) to my employer and 2 weeks consideration before they granted it.  USAA gave me a $15K CL when I apped for their card but it was at 18% and they closed it 2 weeks later since I was non-military and apparently, at this time, non-military members are not supposed to be eligible to apply for credit products.  All of this was done with a documentable income of $75K.

 

Other credit unions to consider (although they can be harder to join), PSECU and United FCU have both been very good to me and have the benefits of good customer service.

 

If you want to lay out more details you will get more help.  Otherwise, you can do what I do and spend a lot of time lurking and reading what others get when they apply -- there are long Alliant and PenFed threads here if you search for them that lay out in detail what people received from those CUs and their scores when they received it.  There are probably others as well if you look.

 

Good luck.

Established Contributor
mt2va
Posts: 530
Registered: ‎03-20-2009

Re: Which Credit Unions are the most generous at granting credit cards and loans?

[ Edited ]

I want to clarify my previous post which was apparently misunderstood as I was answering a question that I apparently misunderstood.  I personally am not in the military (nor are most on this board that joined NFCU), but my dad is retired Air Force so I simply asked him to join so I could join. 

 

I was only trying to add that I personally was not in the military myself nor were a lot of people on this board who have posted great success with NFCU & the high CL they've received.  A number have reported CL far higher than any they had previously. 

 

I was not in any way implying that people should try to join fraudulently.  In fact my post specified if you were eligible for NFCU then I think they are a good choice as they tend to overlook past credit mistakes and give high CL. 

 

Obviously there are a lot of people on here with family members in the military as that is how they were able to join.  My comments strictly related to the fact that I myself as well as a lot of people on this board themselves did not serve in the military. 

Message Edited by mt2va on 10-24-2009 07:01 AM


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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Which Credit Unions are the most generous at granting credit cards and loans?


partsworks wrote:
Stay away from Penfed. The will give you a large CL only to take it away later.

Well, hello again!

Actually, this is quite uncommon. It does happen to a few, though.

As in everything, especially in the world of credit, YMMV.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Nonaii
Posts: 246
Registered: ‎06-02-2008

Re: Which Credit Unions are the most generous at granting credit cards and loans?


creditwherecreditisdue wrote:

KimberH wrote:

 "I'm looking for Credit Unions that grant generous amount for loans, high credit limits credit cards, easiest to qualify for VS stricter criteria"

 

I really take a little issue with this...

 

The reason - or the supposed reason - of why higher credit limits are granted, are because their members (or related members) served in the military.

 

My DH served AF for years.

 

Some people on this forum only care what THEY can get out of it...do not care what the actual members went thru to earn the same.

 

But I will say straight up, if you have no connection to the military and are doing it simply to get a credit line, do not.

 

Sorry. That is my feeling on this subject.


 

I think your comment is pretty far off base. Did you ever stop and think for just a minute that perhaps the deposits qualifed members who have not served in the military bring to NFCU and USAA make it possible to extend the higher credit limits to those who are currently serving in the military? Both of these organization have membership requirements which are enforced. If they didn't want the business of "non-military" members they would have never broadened their FOM.

 

 

Hi, Credit.  KimberH is right, though, about people seeking to commit a form of fraud by faking a military connection that doesn't really exist, and jumping in to take advantage of 'great deals' without considering the sacrifices made by those for whom the 'great deals' were originally intended.  I looked at KimberH's being appalled as a moral reaction, a gut reaction, not a 'just business' reaction.  The enlisted deserve those great deals even more than the commissioned, as a 'thank you' for being willing to make the ultimate sacrifice, and putting up with worse conditions than the commissioned -- in my opinion.

 

I have no positive printable opinion of DOD contractors.

 

But anyway, it's like lying about joining the PTA in order to join Alliant.  So what if Alliant won't check, you'll know that you lied.  Is one comfortable with that lie?  why lie in the first place?  again, moral issue, ethical issue...... not a just business issue.

 

Or, to reach a little ways back....... the moral question presented so awkwardly in 'Soul Man'.  There are consequences.  Should 'what's best for me' truly always take precedent?

 

Thank you for giving another perspective on the issue, though.

Valued Member
connect4
Posts: 25
Registered: ‎10-20-2009

Re: Which Credit Unions are the most generous at granting credit cards and loans?

[ Edited ]

Wow lots of responses, thank you for all your responses, feedback and information. They are very helpful.


K, I dont' know how to quote posts, so I will just do this manually:

Nonaii, yes I did get your response on FW. Thank you sharing your thoughts

 

 

Mt2va, Haulingthescoreup

Yes, I strongly agree that if one wants to join, they do so legitimately. Theres a lot of occasions where "on paper" the rules are A, B, C, D, but in actual practice its only A, and D. Ex. I've taken countless classes, where the professor's syllabus would say A, B, C is prohibited. But in actuality, its not the students partaking in the prohibited activity, the professors allow it. 

When mt2va said that a lot of people here join, I looked into joining NFCU and read experiences of some joining with access codes, joining with special circumstances (without technically being eligible). So I inquiried if  it was acceptable and common for sharing access codes to join not only with members but also if it was *perfectly okay with NFCU. Obviously, it is not.

 

 

Wajj,

thank you for your response.  More information on myself: Credit Scores from CCT EXP 768 EQ 780 TU 775, No installment loans. 6 revoling lines + 3 authorized user revolving lines. I am trying to apply for credit cards and a loan/s. Also I have only 1 inquiry on Equifax.   No late pays or anything negative on my credit report. However Experian has 6 inquiries. Transunion has 5 for now. Only form of income verification is pay stub since no 1040 until next year.

And what CLs am I looking for? 10K-20K preferably, through credit cards, loans and lines of credit. Credit Unions and Small Community Banks are easier to work with so why I inquired solely on Credit Unions. I think the hardest part for me, as a new business owner (I just graduated last year), is income verification with pay stubs // or no documentation, and finding Credit Unions / Banks that are willing to work with me and my situation.

 

 

Message Edited by connect4 on 10-25-2009 11:54 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Which Credit Unions are the most generous at granting credit cards and loans?


Nonaii wrote:

creditwherecreditisdue wrote:

KimberH wrote:

 "I'm looking for Credit Unions that grant generous amount for loans, high credit limits credit cards, easiest to qualify for VS stricter criteria"

 

I really take a little issue with this...

 

The reason - or the supposed reason - of why higher credit limits are granted, are because their members (or related members) served in the military.

 

My DH served AF for years.

 

Some people on this forum only care what THEY can get out of it...do not care what the actual members went thru to earn the same.

 

But I will say straight up, if you have no connection to the military and are doing it simply to get a credit line, do not.

 

Sorry. That is my feeling on this subject.


 

I think your comment is pretty far off base. Did you ever stop and think for just a minute that perhaps the deposits qualifed members who have not served in the military bring to NFCU and USAA make it possible to extend the higher credit limits to those who are currently serving in the military? Both of these organization have membership requirements which are enforced. If they didn't want the business of "non-military" members they would have never broadened their FOM.

 

 

Hi, Credit.  KimberH is right, though, about people seeking to commit a form of fraud by faking a military connection that doesn't really exist, and jumping in to take advantage of 'great deals' without considering the sacrifices made by those for whom the 'great deals' were originally intended.  I looked at KimberH's being appalled as a moral reaction, a gut reaction, not a 'just business' reaction.  The enlisted deserve those great deals even more than the commissioned, as a 'thank you' for being willing to make the ultimate sacrifice, and putting up with worse conditions than the commissioned -- in my opinion.

 

I have no positive printable opinion of DOD contractors.

 

But anyway, it's like lying about joining the PTA in order to join Alliant.  So what if Alliant won't check, you'll know that you lied.  Is one comfortable with that lie?  why lie in the first place?  again, moral issue, ethical issue...... not a just business issue.

 

Or, to reach a little ways back....... the moral question presented so awkwardly in 'Soul Man'.  There are consequences.  Should 'what's best for me' truly always take precedent?

 

Thank you for giving another perspective on the issue, though.


1) KimberH made no statement relative to "people seeking to commit a form of fraud by faking a military connection that doesn't really exist".

 

2) Did you read the multiple posts in this thread, including my own, urging prospective members not to pursue membership fraudulently?

 

3) Did you read this: " If they (NFCU, USAA, et.al.) didn't want the business of "non-military" members they would have never broadened their FOM." in my earlier post?

 

You're either qualified for membership or your not. If you are qualified there is absolutely no reason whatsoever not to join and app for credit. Doing so actually supports the institution and the cause!


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