topic Re: Local CU Credit Cards in Credit Cards

Local CU Credit Cards

Anonymous — Wed, 21 Mar 2018 19:34:20 GMT

Was down at my local CU the other day and they wanted me to app with their card. Now I'm not applying for anymore until at least early to mid next month, but it's appealing because of the 4.9% introductory rate, with a current max of 13.59% after 12 months.

Any one know what kind of requirements a local CU may have? And is this a card worth considering?

Right now I have a Capitale One Platinum Secured ($200 CLI) reporting 8 months positive (will be 9 w/ a veyr low balance as of the time I will app), a QS One that will not report until the end of April (just got it), and a Credit One Card I haven't even received yet.

But that 4.9% is appealing and I'm going to be moving in June so if I app I would rather app before the move.

Thoughts? Current scores are in my signature but this would be after the first part of next month and there will be a rebound due to a collection that is in dispute and with the low balance I should be over 600 everywhere but possibly transunion.

Re: Local CU Credit Cards

SteelCityPride — Wed, 21 Mar 2018 19:51:26 GMT

I have a local CU visa hard that they offered me when I was getting a loan, same HP - so I said ok. I was only given a $500 SL and it is rarely used and in SD as my lowest CL card. CLI increases are HP and the reward system is terrible.

Re: Local CU Credit Cards

Anonymous — Wed, 21 Mar 2018 19:59:28 GMT

@Anonymouswrote:
Was down at my local CU the other day and they wanted me to app with their card. Now I'm not applying for anymore until at least early to mid next month, but it's appealing because of the 4.9% introductory rate, with a current max of 13.59% after 12 months.

Any one know what kind of requirements a local CU may have? And is this a card worth considering?

Right now I have a Capitale One Platinum Secured ($200 CLI) reporting 8 months positive (will be 9 w/ a veyr low balance as of the time I will app), a QS One that will not report until the end of April (just got it), and a Credit One Card I haven't even received yet.

But that 4.9% is appealing and I'm going to be moving in June so if I app I would rather app before the move.

Thoughts? Current scores are in my signature but this would be after the first part of next month and there will be a rebound due to a collection that is in dispute and with the low balance I should be over 600 everywhere but possibly transunion.

I think that is their best rate for high FICO scores. Is this offer for a secured card? Your FICO scores are very low with baddies, correct?

Re: Local CU Credit Cards

Anonymous — Wed, 21 Mar 2018 19:58:26 GMT

Which reward system is yours? This one is the SCORES rewards which I've seen before (someone else) and it wasn't bad, atlhough it did seem to take a lot of points to get anything nice.

That person though would rack up a $3,000 bill every month and then pay it and that isn't something I would be doing with this card.

@SteelCityPride

Re: Local CU Credit Cards

Anonymous — Wed, 21 Mar 2018 20:08:01 GMT

@Anonymous
I think that is their best rate for high FICO scores. Is this offer for a secured card. Your FICO scores are very low with baddies, correct?

The introductory rate is for everyone per what I was told if approved. Then it variets based on credit between 7.59% to 13.59%.

No, it is not a secured. The only bad item that will be on my reports at the time I apply would be my student loans which are now in rehab and date back 6+ years in default. They do have an impact, but my scores will be a lot higher by the middle of next month when I do apply due to the change. I have 1 other thing left right now, but it isn't valid and it's in dispute and will drop no later than 4/3/18.

I expect, but you never know, to be aroudn the mid 600's as of the middle of next month with everyone except transunion. That's based on actions I am taking that per the simulator will raise me to 610+ on both Experian and Equifax w/ the false collection still impacting my credit.

What I'm doing is dropping my utilization to less than 5%, if not 0% for this month since I've constantly kept it high on the Plantinum card since I didn't grasp that part of it earlier, still learning. Plus there will be an additional payment on that card show up and then that dispute will push out that collection, which dropped all my scores across the board by a minimum of 18 points (that was experian, everyone else was a 25+ point hit).

I'm not looking for a new card, although I would like to have a decent one I could age w/ the Credit One or use instead of the Credit One and just leave the credit one open doing nothing due to there fees. But I don't need it.

The APR though is appealing which is why I asked, but I was originally intending to wait and try to get a Discover IT card after I was sure I was over 650 with the 0% APR for 18 months.

Re: Local CU Credit Cards

Anonymous — Wed, 21 Mar 2018 20:17:16 GMT

Got it. Thanks for your reply.

I would suggest not to pay your cards to ZERO. That in itself can drop your scores. Keep a very small balance that reports.

Re: Local CU Credit Cards

SteelCityPride — Thu, 22 Mar 2018 12:14:44 GMT

Yeah I think its Scorecard or something and yes need a ton of points for anything. I've never done the math yet but seems like it would take very heavy use to get anything useful. Good luck

Re: Local CU Credit Cards

Anonymous — Thu, 22 Mar 2018 12:34:37 GMT

Wait until next month. That is still two months before you expect to move. Who holds the paper for your CU? Mine was Wells Fargo.

Re: Local CU Credit Cards

SarahJo — Thu, 22 Mar 2018 14:38:21 GMT

The simulator is rubbish in my experience, but who knows as YMMV...I would be very careful how much stock I put in its crystal ball.

Re: Local CU Credit Cards

MakingProgress — Thu, 22 Mar 2018 15:34:41 GMT

@Anonymouswrote:
@Anonymous

What I'm doing is dropping my utilization to less than 5%, if not 0% for this month since I've constantly kept it high on the Plantinum card since I didn't grasp that part of it earlier, still learning. Plus there will be an additional payment on that card show up and then that dispute will push out that collection, which dropped all my scores across the board by a minimum of 18 points (that was experian, everyone else was a 25+ point hit).

Don't just assume that collection will drop off because you disputed it. If only it were that easy. Your dispute could be denied. Even if there is not question in your mind that the collection should not be on your report that dosen't mean the creditor will agree. Count on it being gone once you see it's no longer on your report and not before.

Re: Local CU Credit Cards

Anonymous — Thu, 22 Mar 2018 20:48:03 GMT

I have good reason to believe they can not prove their side of this in regards to legal responsilibty for the debt.

But I didn't base most of my thoughts on that being off. I based most of it on actions I am taking next week and things that haven't reported yet.

@MakingProgresswrote:
@Anonymouswrote:
@Anonymous

What I'm doing is dropping my utilization to less than 5%, if not 0% for this month since I've constantly kept it high on the Plantinum card since I didn't grasp that part of it earlier, still learning. Plus there will be an additional payment on that card show up and then that dispute will push out that collection, which dropped all my scores across the board by a minimum of 18 points (that was experian, everyone else was a 25+ point hit).

Don't just assume that collection will drop off because you disputed it. If only it were that easy. Your dispute could be denied. Even if there is not question in your mind that the collection should not be on your report that dosen't mean the creditor will agree. Count on it being gone once you see it's no longer on your report and not before.

Re: Local CU Credit Cards

Anonymous — Thu, 22 Mar 2018 20:49:31 GMT

@Anonymouswrote:
Wait until next month. That is still two months before you expect to move. Who holds the paper for your CU? Mine was Wells Fargo.

I was wondering that as well, but haven't figured it out. It's CapEd Credit Union in Idaho. I wanted to know as well.

Re: Local CU Credit Cards

Anonymous — Thu, 22 Mar 2018 20:51:53 GMT

@SarahJowrote:
The simulator is rubbish in my experience, but who knows as YMMV...I would be very careful how much stock I put in its crystal ball.

I want to see how it does. Not many talk about it that I could find. The few that do say it's +- 2 to 10 points depending on which pperson, but what actually transpired between the simulator and what happened may be two different things. And things change sometimes unexpectedly so simulators are not perfect.

I was asking more because I do expect be 650 area w/ Experian and Equifax at least by June, although that late I may be looking at other options.

And if 650 is where I need to be than honestly I would probably rather try to get a Discover Card.

Re: Local CU Credit Cards

Anonymous — Fri, 23 Mar 2018 02:39:37 GMT

I want to point out that each CU have different guidelines with regards to their approval process. Some folks with a lower credit score might need to do an interview with the Credit Union before being approved for the card. Others review your income very carefully and only do their CLs based on your actual income level.

My CU is willing to approve those with poor credit, but they would need to see proof of income and you seeing improvement on your credit report. My CU has four credit cards you can apply for, three of them are rewards that are lackluster (as expected since they are a local CU), and one that is only good due to the really low APR currently at 9.15% (which beats my other cards by far). That's the card I have since I love a really low APR card, plus the $16.5k limit is nice.

Re: Local CU Credit Cards

SarahJo — Fri, 23 Mar 2018 13:07:22 GMT

@Anonymouswrote:
@SarahJowrote:
The simulator is rubbish in my experience, but who knows as YMMV...I would be very careful how much stock I put in its crystal ball.
I want to see how it does. Not many talk about it that I could find. The few that do say it's +- 2 to 10 points depending on which pperson, but what actually transpired between the simulator and what happened may be two different things. And things change sometimes unexpectedly so simulators are not perfect.

I was asking more because I do expect be 650 area w/ Experian and Equifax at least by June, although that late I may be looking at other options.

And if 650 is where I need to be than honestly I would probably rather try to get a Discover Card.

I did a little experiment on my own based on it's paying everything on time projector...it was no where close. Good luck!

Re: Local CU Credit Cards

Anonymous — Sun, 25 Mar 2018 03:40:25 GMT

Since I last responded I actually talked to my CU about it. I could potentially qualify now because of my CapOne Platinum, but with the QS One on my report I would qualify.

They pull the Experian Bank Fico and they are looking for a 600 or higher and will start as low as $300, same as the QS One. But I guess since this is a CU card they cause a good boost to most members that obtain the card when they still have low credit.

I've decided to hold off until at least may before I consider any more apps, etc... and go gardening. I have 3 decent cards right now and all 3 may not report fully until May and I'm best off to hold off on anything until then because other changes are taking palce as well.

Thanks for the input and advice.

Re: Local CU Credit Cards

Creditplz — Sun, 25 Mar 2018 03:54:32 GMT

I got a local CU card a few days ago, $15,000 limit, no rewards but 8.14% interest rate...

Re: Local CU Credit Cards

Anonymous — Sun, 25 Mar 2018 04:59:58 GMT

What were scores though? Probably higher than mine.

And I have already designed to garden, so I won't be applying but I would be curious what scores were at as I haven't ruled it out in the future.

Re: Local CU Credit Cards

Anonymous — Sun, 25 Mar 2018 06:29:00 GMT

I have a local CU CC And they gave me a 5k limit no rewards but it sure does come in handy with a 2.5% apr also it helps my uti a lot.

Re: Local CU Credit Cards

Anonymous — Sun, 25 Mar 2018 19:04:40 GMT

A local CU can be beneficial, but they don't start paying off until the mid 600's or higher. When I apped for a Visa with my CU, I still had a low end Score. I didn't get the lowest rate, though I did get the SL I asked for, $8K @ 9.9%. Recently had to use a HP to get it up to $10K, but she said I still didn't qualify for the 6.9 APR yet. So a little more witing. lol

You would likely benefit more from a "Bigger" Bank CC at this point in time. etc. the Cap1you have, nurture it until you can qualify for another card with higher limit. The promo 4.9% isn't any good with a low SL that cannot be utilized. It's tuff to build credit fast with 200-500 limits, just have to have a little paitience is all. I know, been there twice.