topic Re: Love Our New Credit Union!!! in Credit Cards

Love Our New Credit Union!!!

Anonymous — Thu, 06 May 2010 19:28:47 GMT

Well this is my first post here, but I finally feel like I have enough courage!! I have been reading MyFico for about two years now, and like most others say about this website, wow, what a wealth of information. I cannot believe everything I have learned here. When I first started coming here, my credit scores were in the high 400's and I am proud to say my scores range from 621 Equifax, 686 Transunion and I'm not quite sure what my Experian is. Anyways, just wanted to let you guys all know that we decided to join a credit union about three weeks ago.

We were previously with Wells Fargo, and had been for the last three years or so. For the last 24 months, I have had a secured card with Wells Fargo, because I learned on here that is one of the best ways to build credit without the horrible fees usually associated with banks like First Premier and such. I really liked my credit card with Wells, but I called them about three weeks ago to ask why it wouldn't unsecured after all this time, and they told me it was because of all the new credit card laws. They said that they are not unsecuring any credit cards for now and not until all the dust settles from the new rules and regulations. They told my I could re-apply. I told them that they could close my account and send me my money back. I usually don't make such rash decisions, especially knowing that it could hurt my score by closing the card, but I have to say I felt so liberated!!!! I will not sit around waiting for some "big bank" to tell me when I am good enough!! After all, I went through all the motions like they wanted me to, no late's, always paid on time, never went over my credit limit, etc. I know that Wells Fargo didn't care either way that I closed it, but DW and I could not be happier.

Like I said, we joined a local credit union, and during the process they had to pull a credit report. They pulled transunion (score 686). Since they had already pulled the credit report, I asked them if by chance we qualified for any other products. It turns out we did. They refinanced both of our auto loans, one of which was with Wells Fargo at %17.24, and one that was with Ford Credit that was at %12.99, the new interest rates on both new auto loans is %6.24. They also opened up a new credit card for each of us with $1000 starter limits (unsecured, hip, hip, hooray!!!). And they really did treat us like we were actual people, which both DW and I both loved. I can never see us dealing with the big banks again. Wells Fargo has great customer service, and they are very conservative and all, but just turned out not to be the bank for us. Thanks for listening you guys, I love this website, and will continue learning from it. See ya.

Re: Love Our New Credit Union!!!

Anonymous — Thu, 06 May 2010 23:20:10 GMT

Congrats....

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 00:49:41 GMT

Re: Love Our New Credit Union!!!

StartinOver — Fri, 07 May 2010 01:37:21 GMT

I am so happy for you. That is the kind of story I like to hear. Faithfulness should count for something. I'm thinking of joining a second one. My first one gave me a secured card for as much as I wanted to give them ($1000). It will be secured until end of year.

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 02:00:04 GMT

Congratulations on ending a relationship that no longer made sense. Which credit union did you join?

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 02:33:35 GMT

Congrats on the journey. I do think you would be better off having not cancelled the WF card and just sock drawering it to let it age, provided there is no AF.

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 05:13:35 GMT

Wells Fargo Secured Card AF is $18. Very low for a secured card

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 12:09:39 GMT

West Financial Credit Union.

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 12:29:28 GMT

Yeah, there was an annual fee, small $18 per year, but I have other cards that are older so I hope it does'nt hurt too much. In fact, within the last month I have closed most of my credit accounts, mainly small credit limit accounts because it was just getting to be too much to keep track of. I hated having to try to remember to use a card just so it wouldn't get closed, and I have decided that the credit cards I have now will be sufficient enough for pretty much anything I need to buy. The account I closed were as follows:

Target = $300 CL

Kohls = $400 CL

Kay Jewelers = $1500 CL

Dell = $2000 CL (did not need that temptation constantly lurking, lol especially at %29.99)

Barclays (Apple) = $500 CL

Wells Fargo Secured = $500

These were all opened withing the last two years.

Accounts opened prior to above referenced accounts that I will keep are as follows:

Capital One No Hassles Points Rewards Visa(my main card, I use it like a debit card and PIF every two weeks) = $2000 CL

Capital One No Hassels Cash Back Card Mastercard =$4570 CL

HSBC Direct Rewards =$900 CL, you know what HSBC aleways says "We review your account on a regular bas....LOL

Macy's (new Account) =$1000 CL

JCPenney =$1500 CL

West Financial Credit Union Visa (new account) = $1000 CL

So, I wont be apping for anymore credit anytime soon, I can say that I am happy with what I have. Thanks for the reply, as you can see I like to talk, lol.

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 13:00:57 GMT

By the way guys, just wanted to let you know that andersonm704 and jaden74 are both the same person (me, lol), I am trying to find a way to delete my andersonm704 account.

Re: Love Our New Credit Union!!!

BungalowMo — Fri, 07 May 2010 13:28:29 GMT

@Anonymous wrote:
By the way guys, just wanted to let you know that andersonm704 and jaden74 are both the same person (me, lol), I am trying to find a way to delete my andersonm704 account.

Send a PM to any of the Mods, or to "FICO Barry" & I'm sure Barry can assist you. He is "Da Man" here on this board!

Great post here too....I don't blame you for closing some of those smaller limit cards....2, 3 & 500 especially. You've moved on to the next phase of your rebuilding process. Higher limits beget higher limits.

Good Job on those Auto re-fi's too!!!!!

Re: Love Our New Credit Union!!!

Anonymous — Fri, 07 May 2010 14:08:47 GMT

Thanks for the advice. I sent Barry a message and will just wait to see what he has to say. I do feel alot better about not having so many credit cards. For a while, I was just happy to be getting approvals at all, so I kept applying, but a couple of months ago I was at Wells Fargo talking to a banker and going over my credit reports, and the banker told me that low limit cards actually dont help your credit, and may cause harm because potential creditors will look at the low limits and think, if nobody else trusts this guy with high limits, why should we? She actually advised me to start closing them one at a time at about one every 6 months. Sorry to report, I don't have that kind of patience, lol. I waited a couple weeks, and then just decided to close all the low limits (and Dell) at once. Most of them have reported to my Equifax and TU now, and my scores have not changed....yet. Hopefully, if my scores do drop, it wont be for too long.

As for the auto refi's, that saves us $147 a month, so I am pretty stoked about that! But what makes me feel really good is the fact that somebody trusted us, and rewarded us (low interest rates) for working so hard (no lates or baddies since BK in 2005). Talk to you later.

Re: Love Our New Credit Union!!!

BungalowMo — Fri, 07 May 2010 14:36:07 GMT

Your story is just another perfect example of why Credit Unions are so great. They give you the chance that the big banks are afraid of! Trust from them is rwearded with loyalty from us. And a happy loyal customer cannot be bought! They are earned.

Re: Love Our New Credit Union!!!

happy0510 — Fri, 07 May 2010 17:29:43 GMT

Omg...I am sooo happy for you!!

I love my credit union as well!!! (Alliant)

I chased Chase out of my life for good!!

Soooooo glad they are in the past!!!! See ya!!!

Re: Love Our New Credit Union!!!

OptimalFICO — Wed, 12 May 2010 02:06:46 GMT

I don't understand with your other credit cards why you needed a new credit card, I would have gone for CLIs on existing cards, but I don't have all the facts and that's for you to decide. Interesting info about closures of small limits accounts etc. though.

And I love credit unions too!

Re: Love Our New Credit Union!!!

joestay — Wed, 12 May 2010 02:35:56 GMT

I love credit union too. They are great!!!

Re: Love Our New Credit Union!!!

RammaCredit — Fri, 10 Dec 2010 04:25:10 GMT

Credit unions are the way to go! From What I have been seeing they pull Experian or Trans union...The two companies that seem to yield the highest scores. I love my Credit Union too. Michigan Schools and Government!

Re: Love Our New Credit Union!!!

haulingthescoreup — Fri, 10 Dec 2010 16:31:08 GMT

The upper Midwest is TU territory, that's for sure. Oddly, so is Rhode Island.

Many, many other CU's (probably most) pull Equifax.

I'm with you on CU's. I'll never understand why people get rebuilder cards from abusive banks without first trying at a local CU. Sure, you might wind up having to go with Applied or whomever, but it's always worth a try to go via a CU. The whole point of CU's is consumers banding together to issue credit to one another.

Re: Love Our New Credit Union!!!

halos24 — Fri, 10 Dec 2010 16:40:14 GMT

Congrats!! About 3 years ago when I really had scores in the 500's my husband helped me get a Plat Visa with our CU and was granted a $2k limit. I have not tried to ask for more since I finally got my scores up but they truly are great!!! Our CU is a local one here in S. Cal for my husbands job and what they do and points they offer for both the Visa and our Check card when used as a VISA is priceless with no fees. Even better is they have maintained our CU Visa at 8% and not raised it. For my scores then and now that is not bad compared to other banks.

Again CONGRATS!

Re: Love Our New Credit Union!!!

Tazman81 — Fri, 10 Dec 2010 17:27:56 GMT

I am with Chartway Federal Credit Union. They are fantastic (as you can probably tell by some of my other posts). 100% of the time, they have pulled Equifax, and I think they may always pull an auto enhanced score because the score I get from them is always different then the one I have on myFICO (even when pulled on the same day). Even though Chartway is starting to sprout out all over the country, the main branch is in Virginia Beach, VA and I am pretty sure that is where all of their underwriters are, so it will probably always pull Equifax. That CA seems to be pretty popular around here. But then of course, it could be because if you are an employee at Equifax, then you are eligible to join Chartway.