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Hello All,
I currently have Wachovia as my primary Bank (Checking & Savings and Car Loan). I'm looking into a joining a Credit Union. I'm researching local CU's but I feel they may be better CU's out there. I do all of my banking online. A local CU is not critical.
My question is: I'm looking for a all-in-one package. I want to have a secured CC and start a credit builder loan and start a financial relationship with a CU that I'll keep for a very long time.
I'm coming up short on my search. Most do Shared secure loans but no Secured CC...etc etc.
I had my eye on NASA CU, they do have Shared-secured loan.
Is a shared secured loan essentially the same as a "credit builder loan"?
Any help will be appreciated
Thank You
You might contact a local CU and ask them about the program. You may have one in your area that can do what you need, then you have a local branch.
To answer your OP question: Credit Builder loans are share or savings secured loans, except that they loan you the money to put into savings (kind of an advance). If you have money to put in savings, go that route. If not, then go the builder route.
The builder plan gets you in the habit of paying your bills and saving money. Once the builder loan is paid off, just keep making those payments into savings like you did before....but now you aren't paying any interest, just collecting it on your savings balance and letting it compound over time. This gives you emergency funds....a down payment later for home or auto, etc.
Hi Busta,
I just started a secured cc at the Christian Communities Credit Union, (CCCU), They were extremely nice and helpful. You can start it for as low as $500. They have a FIXED rate of 10.9% and there is NO annual fee. After a year they will unsecure it. If you wish to visit their site, it is MYCCCU.com. Good luck.
Establishing a saving account and adding savings (even if small) on a regular basis will help. Having a history of memberhip will help. If you can direct deposit paycheck, this will help.
If you are building credit, talk to them about credit builder or secured loan and then pay off in 4 to 6 months. Secured loans generally are low APR so you won't pay much interest. And having established savings, deposits and a loan will later put you in a better position for other unsecured credit, especially if you are working hard on repairing and improving CR and FICO.
Thanks TXjohn for your great replies.
I have decided to open accounts with a local credit union and NASA CU. I will find out who of the two are worth keeping in the long run. Does this sound like a good idea? I read that other members had several CU' accounts, I assuming this is not a problem.