topic Re: Joining several Credit Unions... In what order should I apply for their credit cards? in Credit Cards

Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Mon, 09 Nov 2009 05:47:50 GMT

Hearing great things about these CU’s and I know some are more inquiry sensitive than others:

Patelco (EX)
Addison (EX)
Alliant (EQ)
Affinity (EX)
+ Possibly Justice (EQ), CCCU (EQ), Digital (EQ)

Credit scores around 770

I have 3 inquiries on each CRA:

In which order should I apply for them for best approval results?

I also have 20K balance out of 100K available credit so let me know if I should cross any CU on the list because of moderate level of debt (20%)...

Message Edited by LetGetCC on 11-08-2009 09:47 PM

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

RobertEG — Mon, 09 Nov 2009 08:56:36 GMT

What are you trying to gain by adding multiple CUs to your credit portfolio?

If your FICO is around 770 now, why show a flurry of application?

I would pick one, and go with that, if they offer things you like. But it is not a FICO positive.

Joining a CU does not improve your credit score. Each will involve a new inq. Deposits with them are invisible to FICO.

Maybe I am missing something in your plan?

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

marty56 — Mon, 09 Nov 2009 12:41:27 GMT

At this point, unless your have a specific need for a new CC, I would also wait for the INQ smoke to clear. What is your specific goal in getting a new CC? IMHO 20k of CC debt is a large amount despite what your total CL is. In the past I was deined credit for having too much CC debt and altough all my cards were also maxed out then, these days who knows.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Mon, 09 Nov 2009 17:20:35 GMT

@RobertEG wrote:
What are you trying to gain by adding multiple CUs to your credit portfolio?
If your FICO is around 770 now, why show a flurry of application?
I would pick one, and go with that, if they offer things you like. But it is not a FICO positive.
Joining a CU does not improve your credit score. Each will involve a new inq. Deposits with them are invisible to FICO.
Maybe I am missing something in your plan?

Well I've been hearing great things about CU's and I want 4-5 strong CU cards since I don't have any yet. I want to have a strong CU credit portfolio in 2 years and using inquiries right now would be an investment. I've been reading reviews on many CUs and I came up with that list of 4-5. I could still use some advice as to CUs to apply for first and last...

Message Edited by LetGetCC on 11-09-2009 09:20 AM

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Imhotrodcrazy — Mon, 09 Nov 2009 18:57:24 GMT

@Anonymous wrote:
+ Possibly Justice (EQ), CCCU (EQ), Digital (EQ)

I have checking, savings and a cc with CCCU. I am in Calif and they pulled EX on me. Just wanted to pass this bit of info on to you. Good luck in your search.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

DI — Mon, 09 Nov 2009 19:14:56 GMT

Are there any benefits joining multiple CU's?

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Mon, 09 Nov 2009 19:44:33 GMT

@DI wrote:
Are there any benefits joining multiple CU's?

Yes there are always benefits to having multiple CU's. Its about diversification and not putting all your eggs in 1 basket...

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Mon, 09 Nov 2009 19:49:32 GMT

@Imhotrodcrazy wrote:
@Anonymous wrote:
+ Possibly Justice (EQ), CCCU (EQ), Digital (EQ)

I have checking, savings and a cc with CCCU. I am in Calif and they pulled EX on me. Just wanted to pass this bit of info on to you. Good luck in your search.

Thanks for sharing that! didn't know they pulled EX also

Message Edited by LetGetCC on 11-09-2009 11:49 AM

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

mt2va — Mon, 09 Nov 2009 20:12:26 GMT

There's a big thread on here about Alliant what people's scores were, derogs, etc at the time they apped.

If your elibible I highly recommend NFCU & they won't care about inquiries or what order you do what in.

Also with your score you may have good luck with Penfed.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 01:44:51 GMT

Of the credit unions you mentioned, I only have Alliant. When I applied with them I had 5 or 6 inquiries and it wasn't a problem. I know that Andrews FCU isn't on your list but I applied for $10,000 a couple of months ago with a boat load of inquiries on Experian and got instant approval. I only see the one inquiry from them, so it must have been a soft to join.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 02:04:19 GMT

@Anonymous wrote:
Of the credit unions you mentioned, I only have Alliant. When I applied with them I had 5 or 6 inquiries and it wasn't a problem. I know that Andrews FCU isn't on your list but I applied for $10,000 a couple of months ago with a boat load of inquiries on Experian and got instant approval. I only see the one inquiry from them, so it must have been a soft to join.

Hey thanks for the info! It helps alot, I'll look into joining Andrews also, can I ask how many inquiries did you have when you applied for Andrews and what was your Credit Score?

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 02:08:35 GMT

Probably had 15 inquiries at the time and score around 750. I'm not sure of the score since it is Experian but it should have been in that area according to the score I get from PSECU which is supposed to be some form of Fico score and it is in line with my TU and EQ scores. I have more inquiries on EX but I'm not sure that my score has dropped a lot with all of them.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 02:14:37 GMT

@Anonymous wrote:
Probably had 15 inquiries at the time and score around 750. I'm not sure of the score since it is Experian but it should have been in that area according to the score I get from PSECU which is supposed to be some form of Fico score and it is in line with my TU and EQ scores. I have more inquiries on EX but I'm not sure that my score has dropped a lot with all of them.

Wow they are pretty easy going with Inquiries, so I might try them last?

By the way I wanted to join PSECU and it would be on the list, but I'm not sure if I'm eligible.... Can anyone join? (I didn't find any of my schools on their eligibiltiy list...)

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 03:32:33 GMT

I am not aware of any associations you can join to become eligible for PSECU membership. My oldest son joined when he lived in Harrisburg and it made me eligible since he is a member. Andrews is easy since you can join the American Consumer Council and I believe it is free. Membership in the ACC also makes you eligible to join NASA FCU which I did but haven't applied for any credit products with them.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

wmarat — Tue, 10 Nov 2009 03:50:43 GMT

I have Alliant, Affinity, Addison and Andrews. Alliant is a crap.

I enjoy Affinity and Addison.

Andrews is very strange. Thay did not hasitate to approve 20K card, with bunch of inqs and new accounts, but refused to approve 5K LOC, offered 1K, I refused. They are crazy about security.

CS is more bank like than CU like. I proceed with them very cautiously.

Now, Patelco. I have read that Patelco of 2009 is not Patelco of 2006. They lost a lot of money on California morgage meltdown and become very not generous with CL's and CLI's. I took them off my list.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 14:22:41 GMT

Without comment on number of CU's or accounts, be sure to research out who is most sensitive to new accounts and inquiries. App the sensitive CU's first, such as PenFed who hates new accounts and inquires.

NFCU and PSECU are less sensitive to inquiries and new accounts and will rely more on overall credit and income. USAA didn't seem to mind many new accounts for DW and I, but we have been members for a long time with insurance products which also influences their decisions.

I don't have info on many of the CU's you mentioned, but here is the best order of my CU's:

PenFed (very sensitive to new inquiries and accounts, pulls EQ, hard on membership)

Alliant (sensitive, but not as much as PenFed, pulls EQ, hard on membership)

Addison (willing to work with a few inquiries if income and credit inline....will require income docs, pulls EX, hard on membership)
NFCU (one of the best CU's for CL's, working with less than perfect credit, pulls EQ, soft on memberhsip)

PSECU (provides EX Fico, and pretty easy qualification on credit, but membership tough, pulls EX, hard on membership)

USAA (if you can join for full membership, this is a great FSB and insurance company)

PenFed rates are not good except for BT's, but they have good Gas & Grocery rewards. Alliant is easy to work with, but their online services are bad. Addison has great rates (5.24) and good CL's. Anyone can join through Financial Fitness Org. NFCU is easy to qualify (credit not membership) has competitve rates and great CL's with no fees for anything. PSECU provides EX Fico and has great CL's and easy to qualify (again for credit no membership). USAA provided great CL's and competitive rates, but membership is not open to all.

Message Edited by txjohn on 11-10-2009 06:22 AM

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 16:38:13 GMT

@Anonymous wrote:
I am not aware of any associations you can join to become eligible for PSECU membership. My oldest son joined when he lived in Harrisburg and it made me eligible since he is a member. Andrews is easy since you can join the American Consumer Council and I believe it is free. Membership in the ACC also makes you eligible to join NASA FCU which I did but haven't applied for any credit products with them.

Thanks for that hemi961, I went to their website and their eligibility function is hard to use. They don't have a comprehensive list of all their qualifying organization.

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 16:40:19 GMT

@wmarat wrote:
I have Alliant, Affinity, Addison and Andrews. Alliant is a crap.

I enjoy Affinity and Addison.

Andrews is very strange. Thay did not hasitate to approve 20K card, with bunch of inqs and new accounts, but refused to approve 5K LOC, offered 1K, I refused. They are crazy about security.

CS is more bank like than CU like. I proceed with them very cautiously.

Now, Patelco. I have read that Patelco of 2009 is not Patelco of 2006. They lost a lot of money on California morgage meltdown and become very not generous with CL's and CLI's. I took them off my list.

Thank you for sharing your experiences Wmarat

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 16:44:56 GMT

@Anonymous wrote:
Without comment on number of CU's or accounts, be sure to research out who is most sensitive to new accounts and inquiries. App the sensitive CU's first, such as PenFed who hates new accounts and inquires.

NFCU and PSECU are less sensitive to inquiries and new accounts and will rely more on overall credit and income. USAA didn't seem to mind many new accounts for DW and I, but we have been members for a long time with insurance products which also influences their decisions.

I don't have info on many of the CU's you mentioned, but here is the best order of my CU's:

PenFed   (very sensitive to new inquiries and accounts, pulls EQ, hard on membership)
Alliant   (sensitive, but not as much as PenFed, pulls EQ, hard on membership)
Addison (willing to work with a few inquiries if income and credit inline....will require income docs, pulls EX, hard on membership)
NFCU   (one of the best CU's for CL's, working with less than perfect credit, pulls EQ, soft on memberhsip)
PSECU   (provides EX Fico, and pretty easy qualification on credit, but membership tough, pulls EX, hard on membership)
USAA     (if you can join for full membership, this is a great FSB and insurance company)

PenFed rates are not good except for BT's, but they have good Gas & Grocery rewards. Alliant is easy to work with, but their online services are bad. Addison has great rates (5.24) and good CL's. Anyone can join through Financial Fitness Org. NFCU is easy to qualify (credit not membership) has competitve rates and great CL's with no fees for anything. PSECU provides EX Fico and has great CL's and easy to qualify (again for credit no membership). USAA provided great CL's and competitive rates, but membership is not open to all.

Message Edited by txjohn on 11-10-2009 06:22 AM

Great summary TxJohn! It is very helpful

Re: Joining several Credit Unions... In what order should I apply for their credit cards?

Anonymous — Tue, 10 Nov 2009 21:38:43 GMT

hemi961 wrote:
I only see the one inquiry from them, so it must have been a soft to join.

Or, like many CUs, they probably used the inq from your app to join on your CC app. Unless there was a couple months in between your join date and app for the CC?