Credit Union are great. I belong to a local Credit Union where I live. A couple years ago, when I half way started working on my credit, my car broke down. I knew my credit was still in very bad shape, and instead of going to my credit union for the auto loan (I was scared), I went to one of those buy here pay here, garunteed approval places. You know, the ones where your paying more in interest the entire loan than you are on the car. Well, after a year of making ridiculous payments, on time, every month, most of the time early, I decided to try my credit union for a refi on the loan. I went in, expecting a denial, as since I was making such high payments on my car, I had nothing to put towards old debts on my credit.
To my surprise (shock is a better word) I was approved. The rep helping me said "Yeah, your credit isn't in the best shape, but if you had come to us first, given you have great history here, we could have approved you." I was floored. And, of course, kicking myself. My monthly payment to my car was cut in half, and my interest was 3/4 less than what it had been.
Fast forward a year from then, the extra money from what I had left over of the old car payment going towards old debts and savings.I decided to try for CCs with my credit union just this past weekend. I apped for 2 secured credit cards with them, (again, fear taking hold went secured instead of unsecured to rebuild), instant approval for 1 limit of 2,000 and 1 with a limit of 1,000. They told me after a year, as long as I always paid on time and kept good history, instant unsecured on those 2 cards.
So I love credit unions. If you keep good history with them, they will bend over backwards for you, and will help alot with offering advise on rebuilding your credit. Next step for me, is next year, I'm app'ing for a mortgage with them.
Good Luck to you, and if you can get into a credit union, I would say why are you even hesitating? lol.
Starting Score: 560
