Credit Unions

[Jarnog]

I was wondering if it is advantageous to build or try and build a relationship with more than one bank/credit union.  I see a lot of posters here who say they have a CC or account with Chase, BoA, Citi, NFCU, DCU, PenFed and so forth.  And a lot of you guys and gals have relationships with multiples of these banks/cus.  Right now I just am part of NFCU and want to build a solid relationship with them, but I am wondering if I am "missing out" by not joining another...say DCU (just as an example). 

Navy has been very good to me, especially since my scores are not great, 567 EQ ScoreWatch as of 4/2014.  I have secured nRewards $600, they just refi'd my car from a horrendeous 22+% rate down to 16% (I know not good but WAY better than I had), and they just gave me a cashRewards for $3000.  My wife has had similar success with them (goRewards $4000, with a 574 score at the time, Jan 2014). 

I want to build with them, but again don't want to miss out on every option available. 

Advice, experiences and so forth are greatly appreciated.

[user5387]

I'd cultivate relationships with several (I currently have accounts with four CUs).

Here are two good resources:

http://www.depositaccounts.com/blog/the-big-list-of-credit-unions-open-to-anyone.html

http://www.creditcardconnection.org

[Jarnog]

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@user5387 wrote:

I'd cultivate relationships with several (I currently have accounts with four CUs).

Here are two good resources:

http://www.depositaccounts.com/blog/the-big-list-of-credit-unions-open-to-anyone.html

http://www.creditcardconnection.org

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Any ones anyone would/could recommend?  Again, already with NFCU

[BigBS]

I have 3 that I have a relationship with:  NFCU, PenFed and LMCU (a little off the beaten path). 

[user5387]

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@Jarnog wrote:

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@user5387 wrote:

I'd cultivate relationships with several (I currently have accounts with four CUs).

Here are two good resources:

http://www.depositaccounts.com/blog/the-big-list-of-credit-unions-open-to-anyone.html

http://www.creditcardconnection.org

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Any ones anyone would/could recommend?  Again, already with NFCU

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Really depends on what you're after.

For example, I really like Alliant Credit Union for banking, but not so much for credit products.

My favorite for CCs is PSECU, but it's now restricted to Pennsylvania residents.  My second choice in this area would probably be DCU.

I'd suggest spending some time looking at the web pages of a lot of CUs, to get an idea of what they offer.

[Jarnog]

The main thing I am looking for is growth in a good way, possibility.  Something that won't be stymied or plateau'd.   Also, this may be jumping the gun a bit, but a possible/hopeful loan for consolidating debt.  NFCU declined me, and it has been suggested that I look into other CU's for the possibility of getting that loan.  Again, scores are bad, if not horrible, but I am willing to take what I can get LOL. 

And I am not just looking to join one because the will give me a loan.  I am in it for the long haul, preferably, and wouldn't be the proverbial "one and done".

[bigblue7722]

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@Jarnog wrote:

The main thing I am looking for is growth in a good way, possibility.  Something that won't be stymied or plateau'd.   Also, this may be jumping the gun a bit, but a possible/hopeful loan for consolidating debt.  NFCU declined me, and it has been suggested that I look into other CU's for the possibility of getting that loan.  Again, scores are bad, if not horrible, but I am willing to take what I can get LOL. 

And I am not just looking to join one because the will give me a loan.  I am in it for the long haul, preferably, and wouldn't be the proverbial "one and done".

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Shop around for local CU. The big ones are great but unless you have a location close to you its hard to get the CU experiance. 

[Jarnog]

I will do what others have suggested and shop around locally first. 

Is there a benefit, so to speak to joining or having multiple relationships with various CU's or banks?

Does it just boil down to, "if one won't help, another might, and I up my chances because I bank/save/whatever with XXX"?

Thanks again for all the advice.

[user5387]

The way I approach this is to have in mind certain things that I'm looking for in a CU.

For example, I'm self-employed, with variable income, and because of this, like to have access to what I call "financing type" CCs.  These are CCs with no fees and low APRs for purchases, balance transfers, and cash advances.

There are lots of CUs that offer this type of CC, and this area is usually the first thing I look at when evaluating a CU.

[youdontkillmoney]

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@Jarnog wrote:

I was wondering if it is advantageous to build or try and build a relationship with more than one bank/credit union.  I see a lot of posters here who say they have a CC or account with Chase, BoA, Citi, NFCU, DCU, PenFed and so forth.  And a lot of you guys and gals have relationships with multiples of these banks/cus.  Right now I just am part of NFCU and want to build a solid relationship with them, but I am wondering if I am "missing out" by not joining another...say DCU (just as an example). 

Navy has been very good to me, especially since my scores are not great, 567 EQ ScoreWatch as of 4/2014.  I have secured nRewards $600, they just refi'd my car from a horrendeous 22+% rate down to 16% (I know not good but WAY better than I had), and they just gave me a cashRewards for $3000.  My wife has had similar success with them (goRewards $4000, with a 574 score at the time, Jan 2014). 

I want to build with them, but again don't want to miss out on every option available. 

Advice, experiences and so forth are greatly appreciated.

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^^^^

I recommend credit unions as options; I don't use them as my main bank since their branches are few and far between. But they offer very competitive rates so maintaining a relationship with them is a good thing, besides their minimum balance os often low so low cost, i.e., $5 for a savings and often no min. balance for checking.

I have been a member of  local one here in my city since 1998 or so and just joined PenFed a couple weeks ago,why two? Two is one and one is none as the saying goes.