Credit Card Center Advertiser Disclosure†
06-07-2011 12:04 PM
Not sure if this belongs in this forum but it seemed to be the only place for it. I see credit unions are fairly popular here, are there any recommendations for a good one? I live in Michigan and my university has a CU, but I don't want to join it as my university is horribly inefficient, frequently messes up or loses paperwork, etc...just not the kind of place I want to store my money.
I've heard it's fairly easy to get into the NASA credit union, but also that they pull your credit report when you apply to join? Is that true? I really don't want a new hard inquiry as I have many of them and they're all about to become a year old. Do all credit unions do a hard inquiry?
Any other suggestions? Thanks
06-07-2011 12:28 PM
So your goal is to build up some savings?
Aside from rate shopping, there are a large number of CUs out there that would be great to build a relationship with. I belong to NFCU, Penfed, NASA, and a local one here. When you open a share savings with a CU you'll more than likely to get hit with an inquiry. It's pretty much unavoidable. Some CUs (like NASA) will also check Chexsystems too. Show around for the best rates or investment deals and then see if you qualify for that CU. And ignore your actions from your university. The CU at your university and the school itself are two different entities and one doesn't have anything to do with the other, except for qualifications maybe.
06-10-2011 11:59 PM - edited 06-10-2011 11:59 PM
I don't exactly have many savings to build up, but I have heard great things about credit unions in general and would like to build some history in one for the future.
Does anyone know anything about DCU (Digital Federal Credit Union)? They provide a free monthly FICO score, which is very appealing to me, and I could become eligible by joining one of a few organizations first.
06-13-2011 06:35 PM - edited 06-13-2011 06:36 PM
I'm fairly sure I will apply to DCU or my university's credit union, and I'm wondering about whether I should apply for a credit card at the same time? DCU's app allows that.
The only line of credit I have is Paypal buyer credit, which is not actually Visa or MasterCard. I would like a real credit card to help me build my credit score. I have about 4-5 inquiries on Experian and Equifax that are between 8-10 months old depending on the inquiry. More on TransUnion. This happened to me last year when I was stupid and applied for credit cards without realizing I had a new negative item on my credit report (that has since been taken off.) My credit history is now perfect. I am about to pay off my Paypal buyer credit line to around 5% utilization. I have an auto loan I cosigned on that is going to be 3 years old on the 18th of this month. I am a college student in school full time (including this summer) and have no income other than financial aid.
I REALLY don't want to waste an inquiry with so many on my report! But I do want to join a credit union and have a real credit card reporting to the three bureaus. Do you think it's worth it to apply for a credit union and credit card at the same time? Should I wait until these inquiries become a year old? The first one becomes a year old in September, the last one in mid-November.
06-14-2011 11:13 PM
Personally, I'd look at your local CUs. Go through your yellow pages and calll and ask them questions about opening an acct. At that time, you can also ask if they pull your credit and if so, if it's hard or soft. They're NOT all the same. I just recenlty joined a local CU and they did a SOFT pull, but another local one will only do hard pulls.
I think there's a convenience of having a local branch and getting to know the people. But that's just me.
06-15-2011 01:43 PM
06-18-2011 04:15 PM
I've recently joined 3 CUs, Alliant, PSECU, and SDFCU.
PSECU is a very generous lender, and they provide EX Fico scores monthly, however it seems like it has gotten extremely difficult to join them starting this month. Oh, and they HARD pull EX to join.
Alliant has some excellent online banking, and their rates are great (as long as you make a monthly electronic deposit, the checking account pays 1.1% interest). They are a bit hit and miss as a lender, some people start high, some start at like 1k, but from what I've seen, most people get generous CLI after a reasonable amount of time. They HARD pull EQ to join, also, during the application process you may be preapproved for things like an auto loan or CC, if you Accept them, it's instant approval without an additional pull.
SDFCU I just joined recently, haven't apped for credit yet, probably will hold out at least 6 months. From what I've heard they are a very generous lender and the other nice thing is they only SOFT EQ to join.
The one thing I would definately recommend doing is checking to find out if you qualify for NFCU, they are supposed to be one of, if not THE, most generous lenders there are. I'm dying to find a way in, as are alot of people. You must either be active or retired military, or have a direct relative who is active or retired military. But they are known for giving out generous lines.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.