topic Re: Best Credit Unions for Mother and Son in Credit Card Applications

Best Credit Unions for Mother and Son

Anonymous — Wed, 08 Mar 2017 16:42:58 GMT

Hello, this is my first post here.

I am suggesting to my mother after reading these forums for many hours, that we both look at opening with 2 or 3 credit unions. We have never tried them before, just the normal large banks and credit cards. Her FICO is in the mid to high 700's, mine is in the process of being rebuilt and in the high 500's/low 600's at the moment and climbing.

I currently have 2 Visa cards and 1 discover, Chase Freedom CL 5k, Chase United Mileage CL 8k and Discover cashback CL 8,300k...high UTIL at the moment and working to bring them down

She has 1 visa with a 5k limit. She could do much better of course, but had not bothered to try.

She would be seeking higher limit credit cards and I would be seeking a bank account checking/savings to start...perhaps a credit card, but might wait a bit until my scores improve. I would need auto loans and perhaps mortgage in the upcoming 12 to 24 months.

Based upon my reading, it looks like the ideal might be we both apply to Navy Federal and perhaps PenFed?

Is this the right move? Or are there even better Credit Union options to consider for her or us both? I am NOT seeking joint banking or credit accounts with her, but the smartest way to go beyond the traditional big banks, get better options, lower rates, higher FICO, etc.

'Please let me know your thoughts. This is really a fantastic forum and helping so many people.

Re: Best Credit Unions for Mother and Son

Anonymous — Wed, 08 Mar 2017 17:58:11 GMT

Both PenFed and NFCU would be awesome to join. Both have very good rates for just about anything you may need from a bank, and both are good to work with.

Re: Best Credit Unions for Mother and Son

Anonymous — Wed, 08 Mar 2017 18:02:35 GMT

I would go with NFCU and Penfed, then you can apply with both for auto loans/mortgages and go with whoever gives the best rate. But NFCU is hands down going to give you a higher credit limit on credit cards.

Re: Best Credit Unions for Mother and Son

AverageJoesCredit — Wed, 08 Mar 2017 18:28:58 GMT

Wow, for your scores being where they are and in rebuild, the 3 cards you have have great limits and are really good cards. Well done. I agree, Navy and Penfed are great CU's and you cant go wrong with them

Re: Best Credit Unions for Mother and Son

Anonymous — Wed, 08 Mar 2017 18:32:13 GMT

Thanks, those cards were since 2005. I have 25 years history and have not applied for credit since 2005, so once my scores are back up, it will be time to readjust things.

Re: Best Credit Unions for Mother and Son

Aduke1122 — Wed, 08 Mar 2017 19:55:43 GMT

Whats holding your scores down OP.?

Re: Best Credit Unions for Mother and Son

Anonymous — Wed, 08 Mar 2017 20:01:58 GMT

Out of the country for many years and lost track of 2 student loans.....which I think triggered Citi after 21 years to close down my 18k card without warning during a periodic account review.....will never forgive Citi for this as they had always been paid on time, even though I carried a balance...The student loans have been brought current (Navient) but the Citi has been written off and stinking up my Fico, along with the student loans. If only there were a way to get them removed. Everything else is great, other than that

Re: Best Credit Unions for Mother and Son

Aduke1122 — Wed, 08 Mar 2017 20:06:13 GMT

So you ending up not paying CitI the balance? Are you in default with Student loan? There is a Rehab program for those in default, once you complete it , you get a clean start on your credit report. That is what I did and all my lates and everything was wiped away . As far as Citi goes , you could try to settle the debt and Good will the lates and all that . Guess it depends on how much you owe them.

Re: Best Credit Unions for Mother and Son

Anonymous — Wed, 08 Mar 2017 20:13:18 GMT

The loans were recently brought out of default by paying about 3,300 in interest charges for the many years it did not get paid on. Once paid, they took it out of default to current status. However, I was never given any option of rehab or clean start as far as the credit report goes. I called Navient, spoke to a supervisor and she suggested I write them a letter, but offered no other hope. I only owe about 4,000 usd more on it. The other thing is that during delinquency it was showing 48 months past due, then I became current just this cycle and it shows 65 months past due!! I am doing the right thing and getting jerked around and more damaged. What can be done?

Re: Best Credit Unions for Mother and Son

Aduke1122 — Wed, 08 Mar 2017 20:22:07 GMT

They should have offered you a chance to do the Rehabilitation Program given that you have never done it before , it's a once in a lifetime of the loans type of thing , when mine went to default , I was owing about 4500 and hadn't paid in over a year due to my Mom passing . Anyways the collection company when I finally was able to take care of it offered the Rehab program right away . With my income I only had to pay 20 dollars a mth for 9 solid momths ,once that was done my Rehab was final , it then took another 60 days or so to get reassigned to a new Lender (Navient) and then all of my credit reports were updated with no lates or any marks of default at all , I had tons of 180+ days late bf this whole Rehab took place . You should have most definitely been offered that program and not have been made to pay that 3k plus dollars to bring it current . I would contact the Dept of Education and see if there is anything they can do about it now . Express your disappointment and anger that you were never given this choice and had you been offered it you would have taken it to clean up your credit .

Re: Best Credit Unions for Mother and Son

Aduke1122 — Wed, 08 Mar 2017 20:23:57 GMT

The thing is they have to offer you this or they will offer you to pay xxxx amount to get out of default , but you should have had a choice in it .

Re: Best Credit Unions for Mother and Son

Blackswizz750 — Wed, 08 Mar 2017 21:00:16 GMT

When mine went into default. was offered the same program, I paid XX amount for 9 monits and my loans were restored and I was sent an official document staing my credit reports should reflect current status. Plus I was able to use forbearnace again if needed. I will look at my document and see if a few morte of my lates during 2013-2015 can be wiped.