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Regular Contributor
localuser
Posts: 140
Registered: ‎09-07-2012
0

Re: Starting my journey

Maybe at the start of 2015, I can dump some money into a second Money Market account.  Currently our accounts look like this

Me
Checking Account and Money Market account (this draws no interest, it was an account I started in '03 becuase of my job then offered it)

401K account

Wife
Checking Account

Joint
Money Market Account < This is where all of our savings are

Cap1Secured $500 | Chase Slate $700 | Amazon Store $3000 | Discover IT $5000 | Lowe's $5000 | AmEx BCE $13500
January 2014 (myFICOs): Equifax 675 ^ TransUnion 661 Experian 723 ^
Goal: Never miss a payment | Last App: 11/21/2013
Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: Starting my journey

It's fine to transfer funds from one account to another, just as long as there is a paper trail (bank statements, copies of cancelled checks if you wrote the check to transfer it, etc.).

Regular Contributor
localuser
Posts: 140
Registered: ‎09-07-2012
0

Re: Starting my journey

So is there any benefit of getting in with a credit union?

Cap1Secured $500 | Chase Slate $700 | Amazon Store $3000 | Discover IT $5000 | Lowe's $5000 | AmEx BCE $13500
January 2014 (myFICOs): Equifax 675 ^ TransUnion 661 Experian 723 ^
Goal: Never miss a payment | Last App: 11/21/2013
Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: Starting my journey

Some credit unions offer low/no down payment options, and many of them service their own loans.  Service can be hit or miss (just like any mortgage lender out there).  I'd compare at least 3-4 different places, one of which would be a credit union, and see who you like the best.

Regular Contributor
J_G
Posts: 184
Registered: ‎07-12-2013
0

Re: Starting my journey

Credit Unions have lots of extra Percs. Better interest on $ in the Bank. Lower interest rates on loans versus ragular bank. Lower overdraft fees Ets. There are many advantages to being part of a Credit Union. For instance my CU Boeing Employment Credit was offering the best interest rates on boat loans awhile back. They are not for profit so you save. They are also more likely to give you a bigger better personal loan then any ragular bank in town! Good Luck

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669
Regular Contributor
localuser
Posts: 140
Registered: ‎09-07-2012
0

Re: Starting my journey

I checked around my local CU's, and none had an interest rate even close to what I'm getting for the amount of money in my savings.  I looked at a few online banks, and will talk it over with my wife.  I really appreciate all the input but, I'll  probably continue what I've been doing, and try to add a second savings ASAP and come back in two years.  Maybe less if I'm lucky :smileywink:

Cap1Secured $500 | Chase Slate $700 | Amazon Store $3000 | Discover IT $5000 | Lowe's $5000 | AmEx BCE $13500
January 2014 (myFICOs): Equifax 675 ^ TransUnion 661 Experian 723 ^
Goal: Never miss a payment | Last App: 11/21/2013

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