Contributor
Poorboi
Posts: 82
Registered: ‎06-02-2012
Joining to different credit unions?

‎10-11-2012 07:15 PM

I'm a member of my job credit union , is it a good idea to join another one ? Will it help me at all

(389 Views)
 
Moderator
Moderator
llecs
Posts: 31,424
Registered: ‎08-04-2007
Re: Joining to different credit unions?

‎10-11-2012 07:23 PM

I'd expect another inquiry. Aside from that, IMO, it doesn't hurt to join more than one. Just keep an eye on any fees.

(384 Views)
 
lashaun3
New Member
lashaun3
Posts: 8
Registered: ‎08-19-2012
Re: Joining to different credit unions?

‎10-11-2012 08:52 PM

I just joined my 2nd credit union. The 1st Credit Union I have been a member of for about 5 years. They are very conservative with lending, etc. So I decided to join another as more of an experiment. I joined and applied for a personal loan on the same day last week, they approved me. Then today, they approved me for a credit card. So it depends on your individual needs, if you're looking for checking/savings, loans/credit, investments/insurance, etc. it may be beneficial to join two.

(359 Views)
 
Contributor
TheConductor
Posts: 227
Registered: ‎07-24-2012
Re: Joining to different credit unions?

‎10-12-2012 07:42 AM

There can definitely be advantages to having two.

 

Credit unions that are more conservative in their lending practices may be able to pay higher dividends on savings, money market, etc.

 

Meanwhile, those same credit unions may be harder to get a loan from. Whereas a CU that pays out lower amounts may be more liberal in extending to you the credit you need.

 

Horses for courses, as the saying goes.

Starting: EQ 626 (myFICO 7/22/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12) Current: EQ 665 (myFICO 2/13/12), EX 690 (CreditSesame FAKO 1/6/13) , TU 681 (WalMart 2/4/13) Goal: 700+ x3
My Wallet: Amex Zync NPSL (hidden limit > 10k), Barclaycard Apple V $2000, Walmart (Store) $900, BoA Cash Rewards V $500, CreditOne Platinum V $600, Best Buy Rewards MC $500, Chase Freedom V $400
Dream Wallet: Amex BCP, Citi Dividend Platinum V , Chase Freedom MC, Chase Sapphire Preferred V, BoA Privileges Cash Rewards VS, UPromise MC, US Bank Cash+ VS, Amex ZYNC, Amex SPG, Amex Platinum, Andrews FCU Global V
(315 Views)
 
Established Contributor
chasmith
Posts: 1,016
Registered: ‎05-26-2010
Re: Joining to different credit unions?

‎10-13-2012 05:25 AM

I learned from experience in the financial crisis that having everything in one or two financial institutions can hurt you when one decides to change course.  There's also the risk of mergers etc. causing a negative turn.

 

I choose to belong to two CUs (NFCU and my job CU) and USAA (more like a CU than a bank).

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012 Gardening since 10/6/2012

Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 4/2/2011 EQ 682 1/14/2011 TU 665
Current Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Goal Score: EQ 700 TU 700
Take the FICO Fitness Challenge
(278 Views)