cancel
Showing results for 
Search instead for 
Did you mean: 

should I get a credit union bank account?

tag
purplestaples
Member

should I get a credit union bank account?

My fico score is 645. I have 3 secured cards as of now. One capital one for $200 limit I have had it for 1 year. Last month I got credit one and first premier bank. I also got approved for a capital one unsecured just got it yesterday limit is $300. So thats my only history ever with credit cards. One year the longest. I really want to fix my credit to build it, so that in a year I can get a major card with at least 5k limit on it. Someone told me I should open a bank acct with the credit union. There is one near my house. Its called mid atlantic federal credit union. So should I? Right now I have bank of America. Do I completely close bank of America and switch?
Message 1 of 8
7 REPLIES 7
guiness56
Epic Contributor

Re: should I get a credit union bank account?

CU are good to do business with,  They generally will give credit where a bank won't.

 

I would just open an account with them and see how things go.  If you like it then transfer your account from the bank.  If you don't, keep your bank account.

Message 2 of 8
purplestaples
Member

Re: should I get a credit union bank account?

Should I close my secured credit card accounts? The first premier bank I just got last month. I paid $175 annual fee. And the credit one I just got last month I paid $75 annual fee. Someone told me I am messing up big time for getting those. But I thought, thats how I establish history and build. Im so confused.
Message 3 of 8
guiness56
Epic Contributor

Re: should I get a credit union bank account?

By messing up I believe they mean the cards are horrid as far as fees and such.

 

I used them both to rebuild because it was all I could get.  Once I no longer needed them I closed both of them well before the next AF was due.

 

I would not close them now.  Let them age until the AF is due again.  If you can get something before that time, close them.

Message 4 of 8
purplestaples
Member

Re: should I get a credit union bank account?

Well I just got a capital one un secured zero interest this month. I haven't used it yet but it only has a $300 limit.
Message 5 of 8
teamgray
Contributor

Re: should I get a credit union bank account?


@carmen6505 wrote:
Well I just got a capital one un secured zero interest this month. I haven't used it yet but it only has a $300 limit.

GOOD LUCK ON YOUR JOURNEY!!! AND HANG IN THERE!! BY NEXT SUMMER YOUR CREDIT SCORES WILL LOOK LOVELY!!!!


Starting Score: 612 EQ 6-1-2013
Current Score: 12-26-13 656 EQ(FICO) 608 TU(FAKO) 632(FICO) EX
Goal Score: 700 FICO on all three by 7/1

"The Struggle is real"
Take the myFICO Fitness Challenge



Message 6 of 8
purplestaples
Member

Re: should I get a credit union bank account?

Thanks! I signed up for the free trial of myFico site. Thats why I am on here now. Are you a member? Do you recommend I sign up?
Message 7 of 8
teamgray
Contributor

Re: should I get a credit union bank account?


@carmen6505 wrote:
Thanks! I signed up for the free trial of myFico site. Thats why I am on here now. Are you a member? Do you recommend I sign up?

I DO CARMEN!!! IT IS A WEALTH OF INFORMATION ON THESE BOARDS...THERE IS NO WAY THAT YOU CANT SUCCEED HERE.....JUST REMEMBER TO LEAN ON THE SENIOR MODERATORS HERE, GUINESS AND DA BEARS...THEY HAVE A WEALTH OF INFO THAT WILL HELP YOU

 

ALWAYS REACH OUT IF YOU HAVE A QUESTION...IT DEFINETELY WILL BE ANSWERS BY THE PEOPLE HERE.....THEY ARE FAMILY, AND WE ALL WANT TO SEE YOU IN A BETTER CREDIT SITUATION, SOOOOOOO...ASK AWAY


Starting Score: 612 EQ 6-1-2013
Current Score: 12-26-13 656 EQ(FICO) 608 TU(FAKO) 632(FICO) EX
Goal Score: 700 FICO on all three by 7/1

"The Struggle is real"
Take the myFICO Fitness Challenge



Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.