benefits of joining the top three credit unions?

[Anonymous]

I am about to get my feet wet on the credit union craze but want to make sure I pick the one that meets my needs.  Seems like everyone is crazy about NFCU, PSECU, PenFed.

What I would like to know, without scrubbing old posts, is the top benefits for each:

Ease of joining in regards to credit reports and scores:

Cost and maintenance of joining:

Perks of joining the particular credit union (what are they so special for):

I know Navy gives amazing credit limits and Psecu gives Experian scores, but I don't know comprehensively what each gives....any help would be appreciated.  Thanks.

[DI]

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@Anonymous wrote:

I am about to get my feet wet on the credit union craze but want to make sure I pick the one that meets my needs.  Seems like everyone is crazy about NFCU, PSECU, PenFed.

What I would like to know, without scrubbing old posts, is the top benefits for each:

Ease of joining in regards to credit reports and scores:

Cost and maintenance of joining:

Perks of joining the particular credit union (what are they so special for):

I know Navy gives amazing credit limits and Psecu gives Experian scores, but I don't know comprehensively what each gives....any help would be appreciated.  Thanks.

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That pretty much sums it up the reason why people join, plus 5% cashback on gas from PenFed.    Nothing else is special about them.  The reps are doing their jobs and being nice to members is part of it.  Other than those small perks, they're no different than any other CU. 

[bichonmom]

You might also want to look into joining a local CU in your area. I joined one recently because they were willing to work with me to rebuild my credit and issued me a CC (with a low limit).

Another CU talked about a lot on the forum is Alliant. I haven't joined yet because they do a hard pull on EQ just to join. But if you search here under "Alliant" you can find some threads that talk about their benefits. They seem to be relatively lenient and offer large CLs from what I've read.

[konabill]

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@Anonymous wrote:

I am about to get my feet wet on the credit union craze but want to make sure I pick the one that meets my needs.  Seems like everyone is crazy about NFCU, PSECU, PenFed.

What I would like to know, without scrubbing old posts, is the top benefits for each:

Ease of joining in regards to credit reports and scores:

Cost and maintenance of joining:

Perks of joining the particular credit union (what are they so special for):

I know Navy gives amazing credit limits and Psecu gives Experian scores, but I don't know comprehensively what each gives....any help would be appreciated.  Thanks.

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@           Are you eligable for Navy?  If so Look @ USAA FSB ( not a credit union )   I have USAA and PENFED. Both gave nice starting limits and I also have a second CC with USAA.    USAA offers alot more than just CCs and Banking.  PENFED has access to USAAs  brokerage etc.      Both have a check@home service which is really nice........Scan the check/money order and never leave the house. I use this feature alot and will never wait in line again to deposit checks.      Both were very easy to join ( if you are military)    

      Maybe it would help if we knew exactly what you wanted from a CU so we could help you better.     ANY of these would be good choices vs traditional banks IMO.  Also explore their websites......alot of good information is available there.     

[Jazzzy]

We joined PenFed, and it has been a good experience for us.

We both joined by opening $5 savings accounts. They pulled EQ for each of us at that time. We got the cash back VISA right away. We like it because the 5% cash back on gas and 1% for everything else are credited to the card each month. We don't have to do anything to get it. That's nice.

From there we did a car loan. It's at 3.99%. The car loan was a bit over 90 days after we joined, but they didn't pull new reports for us. They used the reports they'd gotten 3+ months earlier. (I believe they now have an offer out for 2.49% new or used car loans.)

We've now been with PenFed almost 2 years. The automatic approvals are nice. Right now my husband has a preapproval on his account for a new or used vehicle up to $35,000. It's an offer we're not going to use, but it was nice that the preapproval simply popped up one day. We didn't apply for it.

Our latest transaction was to have our 18-year-old daughter join. She will be attending college and we felt it was important to have her get some credit in her name. She will be a full-time student with little income, so my husband is joint with her. She now has a PenFed VISA and we hope it will be the start of a good banking relationship for her. She is an AU on 3 of our credit cards, but this will be her first solo flight.

Overall, PenFed has been a good experience for our family.

[Anonymous]

Thanks for the replies.

I have USAA Amex at 12k & 10.9%.  I have preapprovals showing for a 50k auto loan at 3.54% and a 3k personal loan at 12%.  I love USAA, in fact I just adjusted my auto & renters insurance with them today....450 a year is good for auto

I wanted the CU info as I am looking for one that gives good limits and pre-approvals (like USAA does).  I was looking at PSECU for the 20/20 combo to help my utilization today but it looks like they have closed the loop holes for out of state residents.

Penfed will likely be my second choice...I just have to research to see what the credit score requirements are.

EQ: 763  TU:747

[score_building]

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@Anonymous wrote:

Thanks for the replies.

I have USAA Amex at 12k & 10.9%.  I have preapprovals showing for a 50k auto loan at 3.54% and a 3k personal loan at 12%.  I love USAA, in fact I just adjusted my auto & renters insurance with them today....450 a year is good for auto

I wanted the CU info as I am looking for one that gives good limits and pre-approvals (like USAA does).  I was looking at PSECU for the 20/20 combo to help my utilization today but it looks like they have closed the loop holes for out of state residents.

Penfed will likely be my second choice...I just have to research to see what the credit score requirements are.

EQ: 763  TU:747

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So far PSECU appears to still be open via The Art Association of Harrisburg membership, if interested don't delay.

If the EQ score listed is a current FICO app shouldn't be problematic based on EQ FICO alone...other considerations, like too many [EQ] inq or new accts, 'pyramiding' can be problematic since Pen Fed seems to have a rep for being 'credit sticklers', even 'picky.'  It can really pay to brush up on balances or refine profile prior to app.

[tntexans72]

I just joined PenFed. Looking to purchased a home 2yrs down the road and I want to build a relationship with PenFed, rather than going with other lenders when it comes to a mortgage. My 1st CU !!

[wmarat]

Penfed - outstanding credit products (credit cards, autoloans, morgages), outstanding CS.

Navy - generous initial credit lines, outstanding BT promos and loans rates.

PSECU - nothing special, no outstanding products, but free EXP FICO.

[score_building]

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wmarat wrote:

Penfed - outstanding credit products (credit cards, autoloans, morgages), outstanding CS.

Navy - generous initial credit lines, outstanding BT promos and loans rates.

PSECU - nothing special, no outstanding products, but free EXP FICO.

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The 20/20 (PSLV) seems to be a somewhat unique, moderately priced (non rewards) dual product

that can be particularly well suited for those looking for a UTI boost while paying down balances or wanting a 1st or additional 5 figure card, at a reliable CU for eg.  

The free EX FICO is not easily found from any other banks or CU.  IME the level of customer service also makes them somewhat distinguishable from other top CU.  

If not mistaken they have twice lowered an existing low rate BT (eg 3.99 to 2.99) incl for old BTs in the past year. Once a BT is completed and if a better promo rate BT is offered later, they auto reduce the rate.