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Credit Unions vs Major Banks

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sge760
Contributor

Credit Unions vs Major Banks

As part of my rebuilding process, I want to grow my reputation with different accounts.

 

I currently have a student loan that has never been late, so thats positive for an installment account.

I also have 2 cards with $300 limits.( First Premier Bank and the other is HSBC/Orchard Bank - now owned by Capital One.) I believe these would be considered revolving.

 

Should I open a secured credit card with a major credit card company or my credit union? I understand that having a higher amount of credit shows more responsibility than just dealing with $600 worth of credit. Ive already tried credit limit increases, and it's a no go for now.  

(By the way, my current utilization is only about 2% with each card.)

 

Other than a mortgage, are there any other types of accounts that would help boost my score?

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2 REPLIES 2
marty56
Super Contributor

Re: Credit Unions vs Major Banks

CUs are the way to go.   Better rates, service and no games.   I will never do business with a larger bank again

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 2 of 3
sge760
Contributor

Re: Credit Unions vs Major Banks

Right. I agree credit unions are much more convenient and easier to work with. But does scoring involve factoring different types of lenders? Ive heard I have should have 1 or 2 major bank revolving credit cards, 1 retail card like macys or target, and some others. Are there really magic numbers when it comes to hoq many of each type of account I should acquire?
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