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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: secured credit cards


CreditCard101 wrote:

MadModder:

Yeah Credit Union can be hard to join. You can join through your employers, students at local University/College, or through family members. Once you join CU, you have many opportunities. The best connection is through College/University organization. I dont know what else to say if you cant join CU, so good luck.



It varies so much by geography. In our area, they advertise that if you "live, work, attend classes, shop, or worship" in X/Y/Z Counties, you are eligible. Very few are left that require a more specific affinity.

"Joining XXFCU is easier than ever. If you live, work, worship, go to school, or conduct business in the 5 counties surrounding (Our Scruffy Little City), you're eligible. Get started by completing our online application." (You no longer have to be a student or employee of the Big Arnj.)

"Today, XXNL FCU members account for over one billion dollars in assets. This community credit union provides service to businesses and anyone who lives, works, worships, or attends school in the 16 counties of Central East Tennessee. Our members live and work primarily in the Greater SLC area, however we have members living in each of the 50 states as well as dozens of countries around the world." (You no longer have to build atomic bombs to qualify.)

Members should check out the CU situation in their own area. A law was passed several years ago allowing CU's to broaden eligibility, but it appears that CU's have not been able to pull this off everywhere.

* 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
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CreditCard101
Posts: 401
Registered: ‎02-23-2009
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Re: secured credit cards

True, but it's all depend on your geographical area and states law and regulations.
Member
MadModder
Posts: 9
Registered: ‎03-14-2009
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Re: secured credit cards

[ Edited ]

haulingthescoreup wrote:

CreditCard101 wrote:

MadModder:

Yeah Credit Union can be hard to join. You can join through your employers, students at local University/College, or through family members. Once you join CU, you have many opportunities. The best connection is through College/University organization. I dont know what else to say if you cant join CU, so good luck.



It varies so much by geography. In our area, they advertise that if you "live, work, attend classes, shop, or worship" in X/Y/Z Counties, you are eligible. Very few are left that require a more specific affinity.

"Joining XXFCU is easier than ever. If you live, work, worship, go to school, or conduct business in the 5 counties surrounding (Our Scruffy Little City), you're eligible. Get started by completing our online application." (You no longer have to be a student or employee of the Big Arnj.)

"Today, XXNL FCU members account for over one billion dollars in assets. This community credit union provides service to businesses and anyone who lives, works, worships, or attends school in the 16 counties of Central East Tennessee. Our members live and work primarily in the Greater SLC area, however we have members living in each of the 50 states as well as dozens of countries around the world." (You no longer have to build atomic bombs to qualify.)

Members should check out the CU situation in their own area. A law was passed several years ago allowing CU's to broaden eligibility, but it appears that CU's have not been able to pull this off everywhere.


I saw a similar one in Chicago when I said almost an entire city. Too bad I haven't found one like that here in NYC

 

To CreditCard101, I may yet have those affiliations, but I don't currently, and have no close or living relatives who do.

 


score_building wrote:

MadModder wrote:

Thanks. Of the two, I think I'll try BoA. I guess the extra $100 isn't that bad since it's only tied up for half the time of Citi.

 

As I mentioned, I did enquire with CU's, but of the ones hat still exist in NYC, there are none that I could join according to their requirements. I saw some elsewhere that are even open to residents of almost an entire city, but not here unless there is some kind of employment, religious or fraternal connection. :smileysad:


imho, a CU hook up is WAY too valuable and important an affiliation for you to commence to give up that easily, especially in this climate.

 

i live in nyc too.  broaden your search to regional (tri state area) for example there is a well reputed CU known for working with people and v. good cs (like most CUs) called Affinity that you ARE eligible for.  supposedly they have a "golden ticket" secured card offering.  i call it that because there is a rumor that it doesn't require a HP but don't know if that is true in actuality or if it used to be so and has since has changed.

 

you can just call them or app online and tell them you'd like to join the CU.  it will run you like 30 dollars or so to join one of their qualifying orgs in NJ which they can guide you to upon application.  if you app online there is a box to check if you aren't an employee or a member of one of the listed orgs but want to join.  gl.

 

https://www.affinityfcu.org/

Message Edited by score_building on 03-16-2009 01:29 PM

 

Thanks for the info. I'm holding off on BoA for a week or so to see what other info is posted.

 

I'll give Affinity a call later today. A couple of things in the meantime, though:

 

Forgive my ignorance, but what are you referring to as an HP? Also, not knowing what that is, what other benefits are there for me to join, when the fee to join one of their member groups ($30?) is about equal to the annual fees the bank-based secured cards require? I mean, aside from sticking it to the banks. :smileywink: That being a decent reason, I have seen evidence of a lot of CUs going under. Also, specific to what I'm reading on that site (despite lots of membergroups), most of the member organizations are businesses. What type of organization were you referring to as one I would have to join in order to apply with them? Fair Issac?

 

If there were one with such a vast member list based in NYC, I suppose there could be someone I could befriend to refer me.

Message Edited by MadModder on 03-17-2009 04:34 AM
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moondog7324
Posts: 488
Registered: ‎04-09-2008
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Re: secured credit cards

Do you have a brother, sister, father in or formerly in the Military? NFCU is a wonderful CU and have been very good to me. My father got me in when I was a teenager- My account had been closed for almost 15 years- but somehow I was still in the system.  I started with a 546 Fico EQ  and 601 TU.

Through NFCU I got a 750 secured Visa- bumped it to $1000 when I got more $$. I've parlayed that card into a Auto refinance (which I may biweekly payments- great option- if you take time to understand it) and a 5000 personal LOC.  Since i got my card I've paid in full everymonth- never paid a penny in interest-

Around Christmas I got a pre-approval from Chase Platinum for a $4500 card.

9 monthsfrom starting with the secured card my scores are Fico EQ= 641 and TU=671. My card hasn't even hit the year mark.I am hoping by July 2009 to be over 700. My secured card will be over a year and my Christmas spree- (Chase and Kays) will reach the 6 month mark. I've set a goal of NO inquiries in 2009- unless its for a mortgage. 

I owe alot of my success to NFCU allowing me to open a secured card, and the advice I've gotten here. The hardest part is patience= there is alot of temptation to open new lines of credit- but at some time you hit a point of diminishing returns where your AAoA is screwed up and you get too many inquiries.

 

Member
MadModder
Posts: 9
Registered: ‎03-14-2009
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Re: secured credit cards

I actually hit upon NCFU early on. Like I said earlier, I explored most CUs, and I don't have any applicable affiliations either personally, though family or via friends. That includes the military.

 

Now I did call Affinity, and they are sending me some literature. As it turns out, they have some ecological organizations listed, one having a $5 membership fee to join, so that's my way in. (Glad it wasn't $30)

 

However, a nearby BoA branch is offering $100 for opening a new savings/checking account. That's a nice incentive, and tying a BoA card to an in-house account would make payments easier than doing billpay from another banks checking.

 

Would it be inadvisable to try for both?

Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008

Re: secured credit cards

[ Edited ]

i am glad you followed up and got the information sent to you as well as some good news about the qualifying orgs/ fees. careful with boa banking they can supposedly be pretty shady in this arena.  if fees are sometimes a deal breaker for you -reports of boa posting overdraft fees on pending transactions has become an all too common complaint. they also charge a high foreign ATM fee compared to other banks.  i personally wouldn't bank with boa and have them snooping into every transaction and possibly using that info to reign in my cc's limits, change rates, etc. unless i could impress them with big bucks, thanks but no thanks, really

 

i do still love their cc's up until now.  however, other banks offer cash incentives too and CU is often one of the best banking options which can help you build a relationship.  i would do some research and read up on customer reviews b4 jumping into an acct with boa.  in any event, you can pay most conveniently directly at the boa website regardless of who you bank with.

 

i recently shut down my wamu acct since i wasn't interested in banking with chase and opened up a USAA checking and savings.  they are touted as a top banking institution at bankrate.com and in recent years their cc has consistently ranked v. highly:

 

http://www.fool.com/personal-finance/credit/2007/09/19/top-credit-cards.aspx 

 

they've again opened up eligibilty to non military for some of their banking and cc you may want to have a look.  even though card terms have changed a bit recently, they remain a fiercely competitive option in both banking and cc arenas imo.






Message Edited by score_building on 03-19-2009 10:07 PM
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)

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