topic Re: BEST Creit Union to join for credit card application in Credit Card Applications

BEST Creit Union to join for credit card application

Anonymous — Thu, 04 May 2017 14:58:26 GMT

Looking to get a new card and want to try a credit union and not sure which one.

I have a 800+ score and cards with all the major banks already.

Do I have to open a checking or saving account in order to apply for a credit card?

Thanks for reading and any comments would be greatly appreciated

Re: BEST Creit Union to join for credit card application

Anonymous — Thu, 04 May 2017 15:18:44 GMT

Official Credit Unions Guide

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

@Anonymous wrote:
Looking to get a new card and want to try a credit union and not sure which one.

I have a 800+ score and cards with all the major banks already.

Do I have to open a checking or saving account in order to apply for a credit card?

Thanks for reading and any comments would be greatly appreciated

This is a great Thread which was created to share with others Credit Unions used by MyFico members, and their experiences & opinions.

Best Wishes!!!

Re: BEST Creit Union to join for credit card application

Gmood1 — Thu, 04 May 2017 15:22:22 GMT

@Anonymous wrote:
Looking to get a new card and want to try a credit union and not sure which one.

I have a 800+ score and cards with all the major banks already.

Do I have to open a checking or saving account in order to apply for a credit card?

Thanks for reading and any comments would be greatly appreciated

Are you only interested in CC's or other aspects as well ? Such as dividend rates on account balances?

Re: BEST Creit Union to join for credit card application

Anonymous — Thu, 04 May 2017 15:49:41 GMT

@Anonymous wrote:
Looking to get a new card and want to try a credit union and not sure which one.

I have a 800+ score and cards with all the major banks already.

Do I have to open a checking or saving account in order to apply for a credit card?

Thanks for reading and any comments would be greatly appreciated

Credit unions require a savings account because that's your share of the credit union. They call it a shared savings account. Usually only members can apply for a credit card, so a savings account is required. It depends on the credit union, but they usually don't require you to have a checking account. For general spend, the Penfed power cash rewards and the Navyfed cash rewards cards are very popular around here. If you want something specific, you'll need to provide more details.

Re: BEST Creit Union to join for credit card application

Anonymous — Thu, 04 May 2017 16:30:48 GMT

@Anonymous wrote:
Looking to get a new card and want to try a credit union and not sure which one.

I have a 800+ score and cards with all the major banks already.

Do I have to open a checking or saving account in order to apply for a credit card?

Thanks for reading and any comments would be greatly appreciated

The savings account, often called the "share account" because, as said elsewhere, it represents your "share" of the credit union's assets (think of the credit union as being, in some ways, a joint enterprise of a large number of individuals pooling their money for their mutual financial benefit) is the basic account of any credit union, and mandatory in order to participate as a member of said CU. Generally, the amount required to open a share account is quite small - only $5 for many CU's - but as with any savings account, it earns money through dividends so it's to your advantage to keep depositing funds regularly. Checking accounts are optional and the requirements vary by CU.

Every CU will have different membership requirements, often based on geographical or professional factors, but many CU's are more liberal in their stipulations for membership than you might think; for instance, Navy Federal Credit Union, in which membership is technically limited to Department of Defense personnel and their families, is very well-known for welcoming "civilian" members who join it via the Navy League, specifically the San Diego chapter (there's extensive discussion of how to do it here and elsewhere), and other credit unions welcome new members who make donations to some charitable organization related to the credit union's professional affiliation. (In this and other cases, you do need to provide proof of your membership or donation when you apply to join the CU.) Some CU's will require a brief waiting period after joining before you can apply for a credit card; Navy Federal, for example, has a one-week waiting period.

Do check the guide linked previously; with your score, you should have no trouble finding a good CU and getting approved for at least one of their credit cards. And it's not just CC's, either; CU's are excellent places to apply for other types of loans - auto, mortgage, personal, debt consolidation, etc.

Re: BEST Creit Union to join for credit card application

Anonymous — Thu, 04 May 2017 23:52:51 GMT

penfed - easy application process for both membership and credit card . required $5 donation for membership. they pull from EQ and use same report for both membership and credit card process. There is no waiting period for credit card. with your score most likely instant approval with nice SL

Re: BEST Creit Union to join for credit card application

Anonymous — Fri, 05 May 2017 00:11:11 GMT

Many good ones out there. I belong to four. If I could only recommend one it would be PenFed with your scores.

Re: BEST Creit Union to join for credit card application

SouthJamaica — Fri, 05 May 2017 03:05:07 GMT

@Anonymous wrote:
Looking to get a new card and want to try a credit union and not sure which one.

I have a 800+ score and cards with all the major banks already.

Do I have to open a checking or saving account in order to apply for a credit card?

Thanks for reading and any comments would be greatly appreciated

Yes they require a savings account.

I'm glad I started going for credit unions. I'm happy with the ones I joined.

Some have limiting geographical or other affinity requirements, others do not.

Among those I can recommend which are pretty much open to all are:

Hanscom CU

Affinity FCU

Navy FCU

Pentagon FCU

Alliant CU

Langley FCU

Re: BEST Creit Union to join for credit card application

grillandwinemaster — Sat, 06 May 2017 22:57:34 GMT

Navy Rocks!

Re: BEST Creit Union to join for credit card application

DaveInAZ — Sat, 06 May 2017 23:57:16 GMT

@Anonymous wrote:
penfed - easy application process for both membership and credit card . required $5 donation for membership. they pull from EQ and use same report for both membership and credit card process. There is no waiting period for credit card. with your score most likely instant approval with nice SL

Just an FYI, membership in the Navy League, any chapter, qualifies you for membership at Penfed. So folks who alredy joined the Navy League San Diego for membership at Navy Federal can use that to join Penfed..