topic Re: SDFCU rocks--why I subscribe to long term strategy in Credit Cards

SDFCU rocks--why I subscribe to long term strategy

lhcole77 — Sat, 03 Dec 2016 18:09:23 GMT

I joined SDFCU a few years ago with a long term strategy in mind. Join, open savings and checking and wait for targeted offer for 6.99% APR Visa.

Like clockwork I received a pre approval in the mail one year later. Instant approval @ 6.99% (7.24% now).

And, again, like clockwork, I continue to receive good offers. This time a $6,000 check in the mail that, when cashed, acts as a loan at 6.99% for 36 months, with no HP for the offer. Each year the amount on the loan checks has increased and the APR has decreased.

I share this to say this: long term strategy can definitely pay off. Sometimes I apply for things with the hopes of immediate outcomes. And other times I apply with the idea of being patient for potential future pay offs.

Patience with SDFCU (for me) was key.

Re: SDFCU rocks--why I subscribe to long term strategy

wasCB14 — Sat, 03 Dec 2016 18:28:10 GMT

Is a loan at 6.99% for 36 months really so great? I've seen threads where other people with good credit mention similar offers, and I just don't see the appeal. With 40 TLs and $300k credit, you probably have better offers. You could string together two or three 0% BT offers and pay half as much in interest and fees as you would through SDFCU.

I guess there's some simplicity in having it all done at once, rather than doing two 18-month BTs...but 6.99% is still an expensive way to do it.

Re: SDFCU rocks--why I subscribe to long term strategy

lhcole77 — Sat, 03 Dec 2016 18:55:10 GMT

@wasCB14 wrote:
Is a loan at 6.99% for 36 months really so great? I've seen threads where other people with good credit mention similar offers, and I just don't see the appeal. With 40 TLs and $300k credit, you probably have better offers. You could string together two or three 0% BT offers and pay half as much in interest and fees as you would through SDFCU.

I guess there's some simplicity in having it all done at once, rather than doing two 18-month BTs...but 6.99% is still an expensive way to do it.

A loan at 6.99% APR is beyond great. Sometimes I want to carry a balance via BT offers. Other times I would rather take out a loan to pay down debt.

I am not chained to the idea that the only way to pay down debt is via 0% offers. I have never had an issue paying some interest if it means I am paying down debt faster.

Re: SDFCU rocks--why I subscribe to long term strategy

Gmood1 — Sat, 03 Dec 2016 18:58:23 GMT

So far they do seem like a pretty decent CU. Not quite at the top of my list. But still good for such a small CU. I took them up on the check offer and passed on the pre-approved CC. I figured they'd deny me on the CC being they are so conservative. I didn't realize it was a SP until after the money popped up in the account and no alert. This is very nice!

I immediately paid $4400 of the $4500 back. It's my first personal/ unsecured loan ever.

Now reporting $100 owed on $4500 to all the CBs. I plan to drag it 35 months. It's my long term goal to keep a nice diverse credit mix going. I to have over 40 trade lines reporting.

It will probably be another year before I go for their CC. That's after most my lines are two years or older and a bunch of inqs fall off.

Re: SDFCU rocks--why I subscribe to long term strategy

Guyatthebeach — Sat, 03 Dec 2016 23:16:41 GMT

@lhcole77 wrote:
I joined SDFCU a few years ago with a long term strategy in mind. Join, open savings and checking and wait for targeted offer for 6.99% APR Visa.

@Like clockwork I received a pre approval in the mail one year later. Instant approval @ 6.99% (7.24% now).

And, again, like clockwork, I continue to receive good offers. This time a $6,000 check in the mail that, when cashed, acts as a loan at 6.99% for 36 months, with no HP for the offer. Each year the amount on the loan checks has increased and the APR has decreased.

I share this to say this: long term strategy can definitely pay off. Sometimes I apply for things with the hopes of immediate outcomes. And other times I apply with the idea of being patient for potential future pay offs.

Patience with SDFCU (for me) was key.

lhcole77,

I got the same preapproved check as well. I'm very impressed with SDFCU as I've been a member for 3 years now.

They have been fantastic to me.

Re: SDFCU rocks--why I subscribe to long term strategy

Anonymous — Sun, 04 Dec 2016 13:59:51 GMT

I also received the 6k check and deposited it. My long term goal is that super low interest credit card. I am loving this credit union.

Re: SDFCU rocks--why I subscribe to long term strategy

washpadude — Sun, 04 Dec 2016 15:30:39 GMT

I was going to close my SDFCU account, but I think I'll keep it after reading this and another SDFCU thread. I got a secured card 18 months ago, my first card rebuilding. I have since closed it and only had a dollar sitting in my share account. I just set up a recurring deposit from my NFCU account. SDFCU may come in handy in a year or two when my scores really recover.

Re: SDFCU rocks--why I subscribe to long term strategy

SouthJamaica — Sun, 04 Dec 2016 15:52:06 GMT

@lhcole77 wrote:
I joined SDFCU a few years ago with a long term strategy in mind. Join, open savings and checking and wait for targeted offer for 6.99% APR Visa.

@Like clockwork I received a pre approval in the mail one year later. Instant approval @ 6.99% (7.24% now).

And, again, like clockwork, I continue to receive good offers. This time a $6,000 check in the mail that, when cashed, acts as a loan at 6.99% for 36 months, with no HP for the offer. Each year the amount on the loan checks has increased and the APR has decreased.

I share this to say this: long term strategy can definitely pay off. Sometimes I apply for things with the hopes of immediate outcomes. And other times I apply with the idea of being patient for potential future pay offs.

Patience with SDFCU (for me) was key.

Thanks for the informative post

Re: SDFCU rocks--why I subscribe to long term strategy

baller4life — Sun, 04 Dec 2016 16:13:50 GMT

My SDFCU thread below. Very happy with them:

http://ficoforums.myfico.com/t5/Personal-Finance/SDFCU-Person-Loan-Check/m-p/4796221#U4796221

Re: SDFCU rocks--why I subscribe to long term strategy

lhcole77 — Mon, 05 Dec 2016 16:29:34 GMT

Glad to hear others are having a positive experience as well.

@washpadude--good thinking! SDFCU does frequent SP ARs so I would not be surprised if an offer comes your way at some point.

Re: SDFCU rocks--why I subscribe to long term strategy

SouthJamaica — Mon, 05 Dec 2016 17:22:26 GMT

@baller4life wrote:
My SDFCU thread below. Very happy with them:

http://ficoforums.myfico.com/t5/Personal-Finance/SDFCU-Person-Loan-Check/m-p/4796221#U4796221

Inspired by OP I went and applied for membership.

They actually turned me down because I didn't satisfy their "identification" score, and said I have to come into a branch personally to join.

I think I"ll pass.

Re: SDFCU rocks--why I subscribe to long term strategy

arizonahd — Mon, 05 Dec 2016 17:52:59 GMT

I am thinking about joining, that sounds like a great deal.

So, do you have to have the checking/savings account with them to get the offer? WF currently owns my soul in that department.

Re: SDFCU rocks--why I subscribe to long term strategy

Gmood1 — Mon, 05 Dec 2016 22:03:57 GMT

@arizonahd wrote:
I am thinking about joining, that sounds like a great deal.

So, do you have to have the checking/savings account with them to get the offer? WF currently owns my soul in that department.

You need a shared savings account. I only had a $1 in it for the last year. lol

Re: SDFCU rocks--why I subscribe to long term strategy

baller4life — Mon, 05 Dec 2016 22:14:39 GMT

+1. Only share savings. I had $5 in it. 😃

Re: SDFCU rocks--why I subscribe to long term strategy

Namaste7 — Tue, 06 Dec 2016 03:23:10 GMT

@baller4life wrote:
+1. Only share savings. I had $5 in it. 😃

I am another one who did not make a large initial deposit. I had reservations about joining SD knowing the CU is highly, conservative. Fortunately, I've really grown to like them. I'm considering stashing a few more dollars to enhance the relationship and, like OP, I'm seeking a long-term relationship.

Re: SDFCU rocks--why I subscribe to long term strategy

Anonymous — Tue, 06 Dec 2016 03:58:38 GMT

Congrats! 36 months unsecured at 6.99% is certainly nothing to balk at. With a little effort someone could get 10-15+% in return so there you go. Take the check, and go look into lending robot.

Re: SDFCU rocks--why I subscribe to long term strategy

peghede — Tue, 06 Dec 2016 04:10:23 GMT

@ SouthJamaica, same thing for me back in june this year. this cu fail.lol

Re: SDFCU rocks--why I subscribe to long term strategy

Anonymous — Tue, 06 Dec 2016 14:33:17 GMT

@Anonymous wrote:
Congrats! 36 months unsecured at 6.99% is certainly nothing to balk at. With a little effort someone could get 10-15+% in return so there you go. Take the check, and go look into lending robot.

But presumably not without some risk as otherwise for-profit institutions wouldn't have loans at less than this.

Re: SDFCU rocks--why I subscribe to long term strategy

SouthJamaica — Tue, 06 Dec 2016 14:35:57 GMT

@peghede wrote:
@ SouthJamaica, same thing for me back in june this year. this cu fail.lol

Better not to get involved with people that dumb. The way I look at it, if an organization is that stupid, it will come back to bite you someday if you get in deeper with them. I just take something like that as a warning from above.... stay away

Re: SDFCU rocks--why I subscribe to long term strategy

peghede — Tue, 06 Dec 2016 15:28:53 GMT

Don't stay away, run away and never look back.