topic UFCU in Credit Cards

UFCU

Themanwhocan — Wed, 25 Feb 2015 03:37:08 GMT

I started a new thread from the 'Ask a Backoffice Employee Anything'

~Lexie

chwebb1 wrote:

Man-Of-Steel wrote:

Imperfectfuture wrote:

Lol, my sister is in that boat (thinks I'm obsessed with credit, compares me to her ex ). She opted for a higher annual fee to lower the interest rate, because...wait for it...she believes in carrying balances (I do too, when it's 0%, ). When we hook up in Vegas in April, want me to thank her from all of us?

Yes! lol.

I'll never understand why people carry balances on rewards cards. In general, APRs on those are 12.99%+ APR. You can get a non rewards card to carry a balance on at 8%, and I've seen them as low as around 6%. Why would people who carry balances not get one of these to carry balances on instead of paying through the nose on interest?

5.90% https://www.ufcu.org/personal/cards/great-rate

UFCU

chwebb1 — Wed, 25 Feb 2015 03:37:34 GMT

@Themanwhocan wrote:
@chwebb1 wrote:
@Man-Of-Steel wrote:
@Imperfectfuture wrote:

Lol, my sister is in that boat (thinks I'm obsessed with credit, compares me to her ex ). She opted for a higher annual fee to lower the interest rate, because...wait for it...she believes in carrying balances (I do too, when it's 0%, ). When we hook up in Vegas in April, want me to thank her from all of us?
Yes! lol.
I'll never understand why people carry balances on rewards cards. In general, APRs on those are 12.99%+ APR. You can get a non rewards card to carry a balance on at 8%, and I've seen them as low as around 6%. Why would people who carry balances not get one of these to carry balances on instead of paying through the nose on interest?
5.90% https://www.ufcu.org/personal/cards/great-rate

I might look into getting that card when I finally leave the garden. That's a really good rate. Am I missing where they define what FICO scores equal "Excellent", "Good" etc?

UFCU

Anonymous — Wed, 25 Feb 2015 03:37:57 GMT

@chwebb1 wrote:
@Themanwhocan wrote:
@chwebb1 wrote:
@Man-Of-Steel wrote:
@Imperfectfuture wrote:

Lol, my sister is in that boat (thinks I'm obsessed with credit, compares me to her ex ). She opted for a higher annual fee to lower the interest rate, because...wait for it...she believes in carrying balances (I do too, when it's 0%, ). When we hook up in Vegas in April, want me to thank her from all of us?
Yes! lol.
I'll never understand why people carry balances on rewards cards. In general, APRs on those are 12.99%+ APR. You can get a non rewards card to carry a balance on at 8%, and I've seen them as low as around 6%. Why would people who carry balances not get one of these to carry balances on instead of paying through the nose on interest?
5.90% https://www.ufcu.org/personal/cards/great-rate
I might look into getting that card when I finally leave the garden. That's a really good rate. Am I missing where they define what FICO scores equal "Excellent", "Good" etc?

What is odd is that their cash-back card looks really bad! It earns UP to 1%, after $3,000 spend, and the APR for excellent is 13.9% So 8% more APR for the chance to have a 0.25% card!

UFCU

Anonymous — Wed, 25 Feb 2015 03:38:16 GMT

That 5.90% looks excellent but probably requires 760+

UFCU

chwebb1 — Wed, 25 Feb 2015 03:38:36 GMT

@Anonymous wrote:
That 5.90% looks excellent but probably requires 760+

How sure are you about that? I currently have a 765 according to Discover, and a 760 according to Barclaycard. If that's right, I might be seriously tempted.

UFCU

Anonymous — Wed, 25 Feb 2015 03:38:53 GMT

Usually that tends to be the case...

Besides Simmons bank, 760 seems to be the top for best rates.

UFCU

chwebb1 — Wed, 25 Feb 2015 03:39:16 GMT

@Anonymous wrote:
Usually that tends to be the case...

Besides Simmons bank, 760 seems to be the top for best rates.

You are seriously tempting me. I should probably stay in the garden, though.

UFCU

gdale6 — Wed, 25 Feb 2015 03:39:37 GMT

@Anonymous wrote:
That 5.90% looks excellent but probably requires 760+

I would agree with this statement, my local CU credit manager flat out told me 760 is their magic number for the lowest rates available and they Use Fico 04 V2 the mortgage score for all their credit products.

UFCU

midnightmath — Wed, 25 Feb 2015 03:39:54 GMT

UFCU requires 720 on EX for their top rate. I know - I'm a customer with them.

UFCU

chwebb1 — Wed, 25 Feb 2015 03:40:10 GMT

Wow, I'm really tempted now to app for ufcu. I don't know my EX, but my tu is 765, and my eq is 738. It sounds like I'd have a really good chance to get that card at their best rate. The temptation is real right now.

UFCU

score_building — Wed, 25 Feb 2015 03:41:05 GMT

@midnightmath wrote:
UFCU requires 720 on EX for their top rate. I know - I'm a customer with them.

Do you have a cc, are they conservative with approvals, CLs, do they pull EQ?

UFCU

chwebb1 — Wed, 25 Feb 2015 03:41:24 GMT

@score_building wrote:
@midnightmath wrote:
UFCU requires 720 on EX for their top rate. I know - I'm a customer with them.
Do you have a cc, are they conservative with approvals, CLs, do they pull EQ?

I just called the CU, they told me that to get the best rate on their CC, you have to be at a 740 FICO. They pull EX by default, and they may pull EQ. I am staying in the garden until I can get my EQ up to 740, and then I think I'll pounce on that card and membership with the CU.

Re: UFCU

Themanwhocan — Wed, 25 Feb 2015 04:07:34 GMT

@chwebb1 wrote:
@Anonymous wrote:
Usually that tends to be the case...

Besides Simmons bank, 760 seems to be the top for best rates.
You are seriously tempting me. I should probably stay in the garden, though.

Yeah, probably.

Re: UFCU

Ghoshida — Wed, 25 Feb 2015 06:23:52 GMT

Incidentally, one can get the 5.9% card if one is starting their credit journey with this CU.

The cashback version was my first CC in the US. Nobody else would give me credit.

Re: UFCU

Anonymous — Wed, 25 Feb 2015 06:25:05 GMT

@Ghoshida wrote:
Incidentally, one can get the 5.9% card if one is starting their credit journey with this CU.

The cashback version was my first CC in the US. Nobody else would give me credit.

Not nesc at THAT APR though.

Re: UFCU

Ghoshida — Wed, 25 Feb 2015 06:32:42 GMT

@Anonymous wrote:
@Ghoshida wrote:
Incidentally, one can get the 5.9% card if one is starting their credit journey with this CU.

The cashback version was my first CC in the US. Nobody else would give me credit.
Not nesc at THAT APR though.

I don't know how much the rules have changed over the past 3 years; I got the lowest APR rewards card and my friend got the lowest APR "great rate" card i.e. 5.9. Maybe submitting the offer letter from the university helped. We both had no US credit back then; started with a couple thousands in deposit. The cards were unsecured.