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Frequent Contributor
Posts: 333
Registered: ‎07-14-2012
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Re: Conflicted with CU

Matt

 

do you have the 1k you can tie up for a year? if so get the SSL then deposit the cash back in your savings, set it to autopay the minimum

 

then go find a better credit union to join, take out a card there at a greater limit if possible. If that happens go back to your bank and play lets make a deal. Either wave that fee/upgrade my credit line or I will move to the other CU that likes me better.

 

It will affect the age of your accounts but your options are limited with that silly rule change.

 

Oh yeah, ask if having a 1K cd satisfies their requirement, who knows it might.

Starting Score: EQ 628 | TU 643 | EXP 618
Fico 8 12/22/16: EQ 658 | TU 682 | EXP 721
Next Goal:        700's across the board
Credit Karma:   EQ 554 | TU 551
CK 12/22/2016: EQ 637 | TU 637
New Contributor
Posts: 89
Registered: ‎01-04-2017
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Re: Conflicted with CU

I belong to 4 CUs and none of them have a minimum balance greater than $5 that I park in a savings account. Are there any other CUs in your area? Might take some HP for memberships but it may be time to start shopping around. And of course don't forget about Navy, PenFend, Alliant, etc that many are familiar with on these forums. I can see that after 3-6 months at Navy Federal you could have a credit card that is at 7K or higher. Heck, you may be one that winds up with a 24K starting limit off the bat!

Valued Contributor
Posts: 1,664
Registered: ‎08-02-2016
0

Re: Conflicted with CU

Elktech - I think it's either an error or the CU is having financial issues. Because I emailed their CFO about it and he replied that it is to "induce" people to open more accounts and/or park more money with them. Which doesn't seem right at all.

The thing is I don't want to lose the available credit, and I don't want a new HP. Those are my 2 concerns. I plan on having a HP over the summer with Discover but that's about it on top of my 6-7 HP's in the last 12 months.
Valued Contributor
Posts: 1,664
Registered: ‎08-02-2016
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Re: Conflicted with CU

Nolamike - The CD would satisfy it but I don't have 1k extra to tie up in a CD at the moment. With a SSL you really put no money in which is why I thought it might be an option.

Lol lets make a deal
Valued Contributor
Posts: 1,374
Registered: ‎09-28-2014
0

Re: Conflicted with CU


Matt4200 wrote:
Nolamike - The CD would satisfy it but I don't have 1k extra to tie up in a CD at the moment. With a SSL you really put no money in which is why I thought it might be an option.

Lol lets make a deal

Matt - IN your first post you said you used to carry a balance on the card. Does it make sense for you to charge at least $1k on the card per month, let it report so it waives the fee, and then pay in full by the due date and avoid any interest charge?


FICO Scores: TU 720, EQ 688, EX 688
Valued Contributor
Posts: 1,664
Registered: ‎08-02-2016
0

Re: Conflicted with CU

Dave - What happened was they gave me a BT offer no BT Fees and No interest for a year, similar to Slate. So I transferred all my balances to that card with no fees or interest which is why I carried a balance.

At this point like Slate the card has no points or use other than for BT's, but I'm sure there's interest now as it was only an intro offer. I don't spend 1k monthly on any of my personal credit cards so I couldn't justify doing that at all. And even if I did carrying the balance would get me charged interest. I think that option is definitely out.
Established Contributor
Posts: 502
Registered: ‎01-18-2017
0

Re: Conflicted with CU

Logix is a joke. Ever since they changed their name from Lockheed FCU to Logix they seem to have beocme worse. I would ditch them. If you live in CA you should look into Golden 1 CU, Unify Financial CU and Premier America CU. You could also look into PenFed.

 

Its pathetic when a CU starts acting like a bank. 



Valued Contributor
Posts: 1,664
Registered: ‎08-02-2016
0

Re: Conflicted with CU

CO - I got in right when they changed their name from Lockheed. They were great, the people were nice the policies were great and since then it seems like they've slowly been going downhill.

Honestly I don't really want a new TL it'll lower my AAOA and I'd need a HP to get it. Already planning on applying for a business card with Chase and a personal with Discover that's 2 HP's and one new TL reporting. That's why I'm so conflicted
Established Contributor
Posts: 502
Registered: ‎01-18-2017
0

Re: Conflicted with CU


Matt4200 wrote:
CO - I got in right when they changed their name from Lockheed. They were great, the people were nice the policies were great and since then it seems like they've slowly been going downhill.

Honestly I don't really want a new TL it'll lower my AAOA and I'd need a HP to get it. Already planning on applying for a business card with Chase and a personal with Discover that's 2 HP's and one new TL reporting. That's why I'm so conflicted

It remains one of the most tragic credit union name changes of all time. And that stupid robot they use....smh.

 

I totally get not wanting a new trade line; however, when the credit union starts acting like this you have to wonder, "what next?" And if they want to hold your $1,000 hostage or get you into debt to avoid a fee I really think its time to move on. I am not sure of your age, but you have a whole lot of credit ahead of you in life=mortgages, car loans and new credit cards await. All will lower AAoA. But, time heals all. Three new TLs will impact AAoA now, but in a few years it has a way of averaging out. But you have to do what is right for you. 



Established Contributor
Posts: 510
Registered: ‎01-15-2017

Re: Conflicted with CU

Some credit unions are pure greedy. We were very excited several years ago when the cu across the street from the office started on line deposits.   The catch you have to have a Fico score of 750 before you can do on line deposits.   We are probably going car loan shopping in the fall but if the 750 is required for deposits what does a car loan require 800?   I think we will going Penfed next month. 

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