topic Re: SDFCU....thoughts? Experiences? in Personal Finance

SDFCU....thoughts? Experiences?

hpotterfan77 — Wed, 13 May 2020 11:09:43 GMT

Good morning all. I recently opened a savings account with SDFCU and am thinking of moving more money there. Who has experience with them and what has that been like? Are they good? How generous are they with their credit lines, ei: credit cards and auto loans? Any feedback would be appreciated.

Re: SDFCU....thoughts? Experiences?

Gmood1 — Wed, 13 May 2020 13:02:59 GMT

I'm in process of closing my accounts with SDFCU.

When I joined several years ago.

They seemed pretty good on certain aspects.

They are VERY conservative. I could not get a CC with them 4 years ago.

But they do or did send out SP personal loan checks once or twice a year.

I had a Savings account with them for 4 plus years.

Decided to open a checking a few weeks ago.

The money I funded the account with vaporized!!

For more than a solid week I called and got all sorts of answers.

No one one could tell me where my money was.

So I filed a complaint with the NCUA and with my CC issuer in order to get my money back.

The money showed up more than a week later. I haven't heard anything from SDFCU.

I submitted a request to close my accounts last Friday. Guess what, I haven't heard anything from SDFCU.

They have a 3rd party call center taking all the communications for them now.

A year ago, I would have recommended them. Unfortunately I can no longer do that. Customer service has went down the drain!

DCU is a better operation. Just don't try calling them.😂

Over the years, the one's I've encountered that I'd recommend to my family and friends are.

Penfed

Navy Fed

DCU

Redstone FCU

AOD FCU

Langley FCU

Navy Fed , DCU, Redstone and Langley seem the easiest on rebuilders.

Re: SDFCU....thoughts? Experiences?

hpotterfan77 — Wed, 13 May 2020 16:34:59 GMT

Thank you for the tip. I will reconsider moving more money then and check out the other CU's.

Re: SDFCU....thoughts? Experiences?

frugal47374 — Thu, 14 May 2020 00:16:49 GMT

I've had a credit card with them for 9 years. Over the years, without any requests by me, credit limit has been increased from $5500 to $19000.

I've never had any trouble with them keeping track of my money correctly.

They do seem a little limited in computer support. A lot of interactions required paper being exchanged (or online signatures) which most credit cards don't require. They won't let me change the due date on my credit card.

They do offer 0% checks up to my credit limit every year. In the past it was for 6 months. The most recent was 12 months. I'll keep them for that reason alone.

I'm self-employed so I couldn't get their latest 2% reward card without sending 2 years of tax returns with all schedules. Too much work for me.

Re: SDFCU....thoughts? Experiences?

Anonymous — Thu, 14 May 2020 01:02:38 GMT

Paging @calyx!

Re: SDFCU....thoughts? Experiences?

EverForward — Thu, 14 May 2020 01:09:42 GMT

@frugal47374 thanks for the DP on the self-employed requirements... I don't see that much so appreciate this info. Not that I don't have them, extensive paper chase just makes me cringe a bit.

Re: SDFCU....thoughts? Experiences?

calyx — Thu, 14 May 2020 17:23:58 GMT

I joined last year with a savings account and got a credit card with them after a few months.
Their website isn't the greatest, but uses the same software as my "home" CU, so I'm used to it, and every interaction I've had with them has been really easy and friendly. I've mostly communicated with them through email (they sent me a survey about opening an account, and that snowballed).

Getting a credit card with them was a bit annoying, but since I had researched what others had been through, it was easy (I already had scans of my ID and paystubs ready to upload with my application).

They are slow, they are conservative, but if I end up moving to the DC area (always a possibility due to my job), I would probably use them for my regular banking. Ilove my current home CU, but they're geo-locked, and though I wouldn't lose accounts, I'd be restricted on what I could do, plus that whole 'service' thing.

Their rates aren't the greatest, but neither is Home-CU, I just keep enough there to do my regular finances and savings stay in higher yield accounts.

Re: SDFCU....thoughts? Experiences?

Guyatthebeach — Fri, 15 May 2020 01:26:28 GMT

hpotterfan77,

I've been a member for years. I have a checking, savings, credit card, and a CD there. My Visa with them is 8.99% and it's my lowest APR. I've never had a problem and I do get the preapproved loans all the time. When I applied for my Visa, I had to send in my pay stubs. It was initially declined and I had to recon with a written letter. It was approved and I never had to provide POI again.

I also know people that have had major problems with them. They are extremely conservative and you will need to decide if their products are worth the effort you will have to put in it.

Guyatthebeach

Re: SDFCU....thoughts? Experiences?

Red1Blue — Sat, 16 May 2020 18:30:35 GMT

I never had any problem with SDFCU. I have a secured credit card with SDFCU which is about 5 months old. Every month I am adding more money to the savings deposit and get increase in credit limt. I understand it would become unsecure after 12 months of good history and also we can have a secured credit account with credit limit of upto $100K with them backed by savings deposit.

Re: SDFCU....thoughts? Experiences?

Anonymous — Sun, 17 May 2020 03:00:42 GMT

In regards to an email with their bank manager I had

Thank you for your email. We do a hard pull on your credit. We use Experian. If you apply for a loan product, the lending department will also do a hard pull through Experian. We do run Chexsystems. You do not have to wait to apply for a loan product once you have an approved SDFCU account. For lending your credit pull is good for 30 days. The lending department can provide you with more detailed and accurate information on their process. You can reach them at 703 706-5116 or at clspecialists@sdfcu.org. I am forwarding your email to them so that they can handle your lending questions accurately since lending is their area expertise.

The credit reports are good for 30 days. We can use the same credit report as long as it is in that time frame. We offer a Moneyline of credit for overdraft protection and for any personal purpose use you may have. The minimum credit limit amount is $500 and the maximum is $30,000. Our rates for moneylines are as low as 11.75%. All of our rates are based on your credit score with Experian. It takes 24-48 hours to get a decision from a loan officer and the approvals are good for 30 days. We do not have any pre-payment penalties if you pay off your loan early."

Re: SDFCU....thoughts? Experiences?

nosup4u — Sun, 17 May 2020 13:38:29 GMT

@Red1Blue wrote:
I never had any problem with SDFCU. I have a secured credit card with SDFCU which is about 5 months old. Every month I am adding more money to the savings deposit and get increase in credit limt. I understand it would become unsecure after 12 months of good history and also we can have a secured credit account with credit limit of upto $100K with them backed by savings deposit.

Concorduser

I have had a secured card with SDFCU for almost two years now and unless they changed things that card will never graduate to an unsecured card I've called and talked to several loan officers about this doing secured loans and such just fyi let me know if you find out something different

Re: SDFCU....thoughts? Experiences?

Red1Blue — Sun, 17 May 2020 13:48:52 GMT

@nosup4u wrote:

Concorduser
I have had a secured card with SDFCU for almost two years now and unless they changed things that card will never graduate to an unsecured card I've called and talked to several loan officers about this doing secured loans and such just fyi let me know if you find out something different

Hi @nosup4u, they might have changed their policy. If you look on their website now in the secured card section there is a disclosure it states card will become unsecure after 12 months. Here is the link for it. https://www.sdfcu.org/savings-secured-credit-card

I have to call them on Monday. I had the card for about 5 months so far and I am planning on increasing the credit limit on the account by adding more deposit. I want to make sure they do not pull hard inq on my report when I add more funds to the savings account and get CLI. I believe for secured cards they do not pull hard. But I want to confirm tomorrow.

Re: SDFCU....thoughts? Experiences?

nosup4u — Sun, 17 May 2020 13:54:09 GMT

@Red1Blue wrote:
@nosup4u wrote:

Concorduser
I have had a secured card with SDFCU for almost two years now and unless they changed things that card will never graduate to an unsecured card I've called and talked to several loan officers about this doing secured loans and such just fyi let me know if you find out something different
Hi @nosup4u, they might have changed their policy. If you look on their website now in the secured card section there is a disclosure it states card will become unsecure after 12 months. Here is the link for it. https://www.sdfcu.org/savings-secured-credit-card
I have to call them on Monday. I had the card for about 5 months so far and I am planning on increasing the credit limit on the account by adding more deposit. I want to make sure they do not pull hard inq on my report when I add more funds to the savings account and get CLI. I believe for secured cards they do not pull hard. But I want to confirm tomorrow.

Yes i see that also I checked their website out after reading your email I have had my card for 2.5 years with no graduation so I too will be calling them on Monday to see about getting this card unsecured it was on my cancellation list in the next 6 months as there is just no need to keep this card if it will never graduate. Maybe due to the Rona they have eased their policies will be interested in what they tell me

Re: SDFCU....thoughts? Experiences?

nosup4u — Sun, 17 May 2020 13:56:10 GMT

@Red1Blue wrote:
@nosup4u wrote:

Concorduser
I have had a secured card with SDFCU for almost two years now and unless they changed things that card will never graduate to an unsecured card I've called and talked to several loan officers about this doing secured loans and such just fyi let me know if you find out something different
Hi @nosup4u, they might have changed their policy. If you look on their website now in the secured card section there is a disclosure it states card will become unsecure after 12 months. Here is the link for it. https://www.sdfcu.org/savings-secured-credit-card
I have to call them on Monday. I had the card for about 5 months so far and I am planning on increasing the credit limit on the account by adding more deposit. I want to make sure they do not pull hard inq on my report when I add more funds to the savings account and get CLI. I believe for secured cards they do not pull hard. But I want to confirm tomorrow.

Also I think they do a soft pull on CR with additional deposits or no pull at all I can't remember but I know for sure its not a hard made several additional deposits on this card

Re: SDFCU....thoughts? Experiences?

Red1Blue — Sun, 17 May 2020 14:02:53 GMT

@nosup4u wrote:
Also I think they do a soft pull on CR with additional deposits or no pull at all I can't remember but I know for sure its not a hard made several additional deposits on this card

Good luck in getting your card unsecured. Not sure if their policy change has any thing to do with Corona. I opened my account in November 2019 and it is their policy at that time. However, there was a hard inq in November 2019 the month I joing the CU and also opened the secured card. Not sure why the pulled hard. I want to check with them and avoid hard inqs on my credit report due to the cli.

Re: SDFCU....thoughts? Experiences?

Gmood1 — Tue, 19 May 2020 09:03:16 GMT

Update on my missing funds. Received an email/ apology from SDFCU via NCUA. Almost a month later they finally acknowledged the system did infact error and store the funds elsewhere. Account still open, even though I requested it closed almost two weeks ago.

Good luck OP which ever way you go.

Re: SDFCU....thoughts? Experiences?

nosup4u — Tue, 19 May 2020 12:48:53 GMT

@Red1Blue wrote:
@nosup4u wrote:
Also I think they do a soft pull on CR with additional deposits or no pull at all I can't remember but I know for sure its not a hard made several additional deposits on this card
Good luck in getting your card unsecured. Not sure if their policy change has any thing to do with Corona. I opened my account in November 2019 and it is their policy at that time. However, there was a hard inq in November 2019 the month I joing the CU and also opened the secured card. Not sure why the pulled hard. I want to check with them and avoid hard inqs on my credit report due to the cli.

Thanks I called yesterday and spoke with a nice rep who agreed with me that there really shouldn't be a reason why my card has not been unsecured no late payments no returned payments( yada yada )yet she said every month they get a list of people whos card will graduate and how my name has not made that list she couldn't tell me. She did say my utilization was a little high but I told her that every 60 to 90 day I make large payments on this account often so then I ask to talk with a supervisor and she told me that what I should do is email them and have a manual review of the card so I did that asking for graduation, cli, and security funds returned I'll probably strike out on all with them but we will see

Re: SDFCU....thoughts? Experiences?

MrT_521 — Tue, 19 May 2020 16:59:18 GMT

@calyx wrote:
I joined last year with a savings account and got a credit card with them after a few months.
<snip>
Getting a credit card with them was a bit annoying, but since I had researched what others had been through, it was easy (I already had scans of my ID and paystubs ready to upload with my application).

I just got a credit card with them. To do this I joined and opened the obligatory savings account. It wasn't nearly as simple as getting a credit card from Chase or Capital One, and I had quite the experience! It was my first time dealing with a credit union, so I was not quite prepared for what was coming. The process was also complicated by the fact that I am an expat, and I work for an NGO.

My goal was the credit card. I need someting PIN priority, and the SDFCU Premium Cash Back+ seemed to me to be the best one. After about a month, five or six phone calls, denials the first round, and a lot of documents, I was able to successfully get the credit card.

Re: SDFCU....thoughts? Experiences?

creditfan — Sat, 23 May 2020 01:40:41 GMT

@MrT_521 wrote:
@calyx wrote:
I joined last year with a savings account and got a credit card with them after a few months.
<snip>
Getting a credit card with them was a bit annoying, but since I had researched what others had been through, it was easy (I already had scans of my ID and paystubs ready to upload with my application).
I just got a credit card with them. To do this I joined and opened the obligatory savings account. It wasn't nearly as simple as getting a credit card from Chase or Capital One, and I had quite the experience! It was my first time dealing with a credit union, so I was not quite prepared for what was coming. The process was also complicated by the fact that I am an expat, and I work for an NGO.

My goal was the credit card. I need someting PIN priority, and the SDFCU Premium Cash Back+ seemed to me to be the best one. After about a month, five or six phone calls, denials the first round, and a lot of documents, I was able to successfully get the credit card.

here is another one if you curious https://www.rbfcu.org/loans/credit-cards

there only 2 cards I know of have no AF, no FTF, chip + pin priority, and 2% for everything are SDFCU & RBFCU

Re: SDFCU....thoughts? Experiences?

Namaste7 — Sat, 23 May 2020 17:58:10 GMT

I have a solid relationship with SDFCU. It takes some work but it pays off in the end. Over the years, I acquired the Platinum card and auto-CLI, preapproved loan, Premium Cashback card, and the MoneyLine. I had only one horrible interaction with a representative. I voiced my concerns about the experience and SDFCU leadership went above and beyond to rectify the issue. It was their response that actually made me feel more comfortable increasing my business with them.

I would only recommend a local credit union, like SDFCU, with the following guidelines:

You live near or do business in the service area. While they are not geo-fenced, I think having a local foot print yields better results.
If you are interested in credit products:
- You cannot be an Egyptian
- Your DTI should be low
- Higher income is better and should always be verifiable
- Higher FICO 2 scores are better 725-740+
- If you are on an annual app spree, make them your first application
- Be okay with HPs for everything (really everything)

SDFCU is not for everybody. If you fall within the parameters above, SDFCU can be a great long-term partner.