Reply
Established Contributor
cobaltnv
Posts: 640
Registered: ‎09-02-2008
0

Re: what CC should apply for?

I don't want to thread jack, but I will make one comment. There have been a lot of posters on here falling all over themselves suggesting credit unions for everything. I understand that many of you think that credit unions can do no wrong and that they are somehow immune to the current financial crisis. For the most part I understand where you are coming from and agree that credit unions are generally in better shape than the big banks right now. However, credit unions are having problems (google credit union trouble). It is entirely possible that much of this financial crisis will hit credit unions soon--they are not infallible! 

Just my 2 cents.

Cheers 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

Helpful Threads
Frequently Requested Threads
Understanding your Fico Score
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: what CC should apply for?

[ Edited ]

That's absolutely correct. My local CU was on the brink of failure and forced to merge with another CU. At one point in the 80's they were the 7th largest CU in the country. When I first started my rebuilding they gave me an auto loan at a decent rate and without too much hoop jumping. Would I take that loan today? No, but I am in a different place. Have I sent anybody from this board there? No! Are they going to disappear? NO!! - it is a merger.

 

In general, however, CU's are far more stable that money center banks. And they are going to give you way better service. Not even close on that count. The bank with the best service, hands down, was Wachovia. They screwed up bigtime and are now fading into the twilight. What a shame.

Message Edited by creditwherecreditisdue on 08-08-2009 02:55 AM
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: what CC should apply for?

OP here is the point. You are asking which big bank to go with. Fine I wanted cards with the big banks too. I have accounts now with big banks Chase and Citi. I also have CC's with 2 of the largest credit unions in the world Penfed and NFCU. Anyone can join Penfed. The point I was trying to make about getting a decent credit limit with a big bank is that you had better use a decent portion of their limit or you will eventually lose it. You can't use them for placeholders anymore. As for credit unions failing well Penfed and NFCU are not goint to fail maybe some small ones will but not them. Go with Citi OP but don't expect much from them going forward if you don't use the card.
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: what CC should apply for?

Hi Lexa! :smileyhappy:

 

I've been researching your question regarding major banks this morning-- it's an interesting one. Are there any major bank players left who meet your criteria of being financially secure enough to offer large credit lines, and content enough to let the line just sit with little use? In vain I searched... :smileysad:

 

But, as I said, it IS an interesting question. And, it sounds as if you may have asked because you have a very specific (but unrevealed) need/desire exclusive to a major bank. So, in the spirit of being friendly, supportive and respectful, of your question, I wanted to offer a major bank alternative that will not run contrary to your desire to direct the conversation away from credit unions.

 

Have you considered a secured card with the major bank of your choice? Contrary to popular belief, secured cards don't have a negative impact on your FICO score, even if they report as "secured". They carry the same weight as any other major bank card. The benefits of going fully secured are that a) You can have whatever credit line you deem appropriate up to the maximum offered by the bank for that product, and b) You're CLD proof, the line being secured with your own deposit. The only way to lower the credit limit, is to return your deposit (a move that a bank would have no motivation to pursue as long as your account is in good standing). The major drawback is that you may have a significant amount of money tied up for some time, and some banks don't pay interest on your deposit account.  


Lexa wrote:
Ok, I UNDERSTANT what you are trying to tell me about CU, and let me repeat myself, I'm asking you about BIG BANKS, not about CU. Thank you. Please, if you can't advice a good one, don't advice anything thank you again. I did not mean to be rude, I'm just looking for the answer to my question.

 

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: what CC should apply for?


LilMirth wrote:

Hi Lexa! :smileyhappy:

 

I've been researching your question regarding major banks this morning-- it's an interesting one. Are there any major bank players left who meet your criteria of being financially secure enough to offer large credit lines, and content enough to let the line just sit with little use? In vain I searched... :smileysad:

 

But, as I said, it IS an interesting question. And, it sounds as if you may have asked because you have a very specific (but unrevealed) need/desire exclusive to a major bank. So, in the spirit of being friendly, supportive and respectful, of your question, I wanted to offer a major bank alternative that will not run contrary to your desire to direct the conversation away from credit unions.

 

Have you considered a secured card with the major bank of your choice? Contrary to popular belief, secured cards don't have a negative impact on your FICO score, even if they report as "secured". They carry the same weight as any other major bank card. The benefits of going fully secured are that a) You can have whatever credit line you deem appropriate up to the maximum offered by the bank for that product, and b) You're CLD proof, the line being secured with your own deposit. The only way to lower the credit limit, is to return your deposit (a move that a bank would have no motivation to pursue as long as your account is in good standing). The major drawback is that you may have a significant amount of money tied up for some time, and some banks don't pay interest on your deposit account.  


Lexa wrote:
Ok, I UNDERSTANT what you are trying to tell me about CU, and let me repeat myself, I'm asking you about BIG BANKS, not about CU. Thank you. Please, if you can't advice a good one, don't advice anything thank you again. I did not mean to be rude, I'm just looking for the answer to my question.

 


LilMirth, a great suggestion for OP in this economic climate! :smileyhappy: 

 

And a good job of dragging this thread back on track. :smileywink:

 

Just a reminder to all:

 

NOT helpful (nor friendly, nor supportive, nor respectful) are:

- posting unasked-for, self-important opinions that contribute nothing productive to a thread

- TJ'ing a thread to indulge in petty wars of words

 

 

LilMirth has brought things back onto OP's current topic; let's all please keep them there.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: what CC should apply for?


Lexa wrote:
Ok, I have excellent credit and sme good cards already, looking to apply for a couple more. I'm looking for something with good initial CL, the cards that will grow with me and will not cut my line for not using them often. Any suggestions?

NFCU

PenFed CU

Alliant CU

Addison Avenue FCU

PSECU

UFCU

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: what CC should apply for?


txjohn wrote:

Lexa wrote:
Ok, I have excellent credit and sme good cards already, looking to apply for a couple more. I'm looking for something with good initial CL, the cards that will grow with me and will not cut my line for not using them often. Any suggestions?

NFCU

PenFed CU

Alliant CU

Addison Avenue FCU

PSECU

UFCU


Errrrmm...txjohn, OP had asked in a subsequent post about major banks, and the current topic of this thread is the banks (please see above). 

 

Do you have any suggestions in that regard?

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Frequent Contributor
illtakecreditforthat
Posts: 320
Registered: ‎05-03-2009
0

Re: what CC should apply for?


Scamp wrote:

txjohn wrote:

Lexa wrote:
Ok, I have excellent credit and sme good cards already, looking to apply for a couple more. I'm looking for something with good initial CL, the cards that will grow with me and will not cut my line for not using them often. Any suggestions?

NFCU

PenFed CU

Alliant CU

Addison Avenue FCU

PSECU

UFCU


Errrrmm...txjohn, OP had asked in a subsequent post about major banks, and the current topic of this thread is the banks (please see above). 

 

Do you have any suggestions in that regard?


IMO, txjohn is not off topic.  OP asked about obtaining a cc from a major bank with high CL, that will grow, and not be affected by non-use.  The consensus of responses was that non-use of a major bank cc could have adverse consequences.  txjohn, along with many other posters, have shown positive, alternative solutions to OPs initial request. Given the thoughtful responses, OP can now make an informed decision.

I want PATIENCE...and I want it NOW
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: what CC should apply for?


Scamp wrote:

txjohn wrote:

Lexa wrote:
Ok, I have excellent credit and sme good cards already, looking to apply for a couple more. I'm looking for something with good initial CL, the cards that will grow with me and will not cut my line for not using them often. Any suggestions?

NFCU

PenFed CU

Alliant CU

Addison Avenue FCU

PSECU

UFCU


Errrrmm...txjohn, OP had asked in a subsequent post about major banks, and the current topic of this thread is the banks (please see above). 

 

Do you have any suggestions in that regard?


I replied to the OP, not subsequent posts, based upon my experience to the points I highlighted in OP.

 

A thread is designated by it's OP.  All subsequent posts are new topic, off topic, TJ, responses, anecdotal info, opinions, etc.

 

The OP clearly designated this thread:

 

1.  SUBJECT:  "what CC should I apply for""

2.  Criteria:  "I have excellent credit......<want> good initial cl......that will grow......not subject to aa....."

 

I believe my post was relevant and within the scope.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Frequent Contributor
illtakecreditforthat
Posts: 320
Registered: ‎05-03-2009
0

Re: what CC should apply for?

+1

 

The fact that this thread has been viewed almost 400 times is indicative of members' interest in the topic.  

I want PATIENCE...and I want it NOW

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}