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How many is too many -- CU accounts

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Crisis
Established Contributor

How many is too many -- CU accounts

I'm just wondering if there's a magic number for Credit Unions?  I can see advantages to several, and I'd like to join them, but is it outside the realm of normalcy to do so?  How many Credit Unions do you belong to?

In the garden until debt is paid off and scores are up!
Message 1 of 5
4 REPLIES 4
llecs
Moderator Emeritus

Re: How many is too many -- CU accounts

At my peak I belonged to 4 CUs (guess I still belong to them even though I only actively use one). To the topic question, there was an actualy discussion within these very forums and backed up by a former FICO Admin that your FICO can take a hit if you focus entirely on CU credit accounts. I imagine the ding is minor but it was an interesting discussion. 

Message 2 of 5
BigBS
Senior Contributor

Re: How many is too many -- CU accounts

Belong to 3 myself (LMCU, NFCU, and PenFed).  Can't think of anymore that I need or want to join.

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

Message 3 of 5
DaveSignal
Valued Contributor

Re: How many is too many -- CU accounts

I joined NFCU for a credit card.  Although I no longer carry this card in my wallet, it helps my utilization with the high limit and I use it every once in awhile for the 0% Balance Transfers that are offered so often.

 

I joined SDFCU for the EMV chip + PIN card.  I used to use this much more frequently, but my BoA chip + sig card earns more points and works most places.  The SDFCU does have a super low interest rate though at 6.99%, so if I ever needed to carry a balance and NFCU wasn't offering 0%, this is the card I would use.  That hasn't happened yet though.

 

I joined PSECU for the free EX04 FICO scores.  I have had the account for about 2 years with only small amounts in a checking and savings acount.  I move $5 between accounts every now and then to show activity.  The FICO scores are great!

 

I joined Service Credit Union accidentally when I thought they had a true EMV chip + PIN card.  They don't, but I still have $5 there in share savings.

 

I joined PenFed a few years ago when I wanted a Platinum Rewards card.  I decided against applying after all and since then the rewards have been nerfed.  So I just keep $5 here to maintain membership in case they offer something that I like in the future.

 

Most of these credit unions do HP credit checks for membership and it doesn't hurt me to leave $5 in an account to maintain membership, so even if I don't need anything from them right now, I will keep my membership in case I later need something.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 4 of 5
Revelate
Moderator Emeritus

Re: How many is too many -- CU accounts

Generally speaking, there's a difference between CU membershp and CU accounts which report.

 

I can't think of any reason for anyone with a clean sheet to only have CU accounts unless they have some righteous anger towards the banks; however, generally speaking very few CU's offer credit card rewards in anywhere close to diversity or absolute value that the mainline financial institutions do.

 

Where CU's shine is for competitive loan products: financing a house or a car or other things (personal loan if needed) it's useful to have a few in your arsenal.

 

My own case I'm a member of DCU, Logix, Penfed, SDFCU; however, I only currently have two credit accounts between them; however, the relationships have already been of use in a sweet refinance of my old WFDS auto loan, and I'll at least talk to 2 of them in addition to Chase and maybe BOFA on a mortgage sooner or later.

 

Simply put it's always good to have options.




        
Message 5 of 5
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