topic Re: Credit Union CC in Credit Cards

Credit Union CC

Anonymous — Thu, 26 Jun 2008 20:43:29 GMT

Anyone know if they're easier to get than "regular" cards? We REALLY need to build our credit and hubby's got low scores (I've got lower, unfortunately): EQ:578, EX:528 ('cause they won't update our accounts!!) TU:600.

We've got lates as recent as a few months ago (on SL, and a car note with the same CU we were thinking about trying for a CC). We've only had a few lates on the car note.

Anyone have any ideas? Our scores should hit the mid-600s (according to the FICO simulator) by mid-next month.

TIA!!!

Re: Credit Union CC

Anonymous — Thu, 26 Jun 2008 21:16:48 GMT

I went threw my CU for a CC when I started rebuilding, was fairly easy .

CS were in 500's they offered me a $300.00 CC at 1.88 % APR for 1 year then 7.88% well I decided to go with a $500.00 CC and after 6 mths they just gave me $5000. with 1.88% again for 1 year and then 6.88%.

Does your CU offer Shared Secured Freeze Loans ? (where they give you a loan of say $2000, they put the $2000 in your savings and Freeze it. the only way you get to use money is after you make payment it releases so much ) If so check into that, my interest was like 3% for 18 mths but I paid it off early.

Message Edited by MT_Bowhunter on 06-26-2008 02:14 PM

Message Edited by MT_Bowhunter on 06-26-2008 02:16 PM

Re: Credit Union CC

Anonymous — Fri, 27 Jun 2008 06:36:35 GMT

Guys, in order to open the Credit Union CC should we open a saving/checking acct 1st with them? or we could just apply the cc right away?? U said u got approved with score on the 500`s?? Is that mean CU CC easier to get than regular bank?? i just need to know some info. regarding credit union hehe

Re: Credit Union CC

Anonymous — Fri, 27 Jun 2008 13:56:09 GMT

kearney wrote:
Guys, in order to open the Credit Union CC should we open a saving/checking acct 1st with them? or we could just apply the cc right away?? U said u got approved with score on the 500`s?? Is that mean CU CC easier to get than regular bank?? i just need to know some info. regarding credit union hehe

All credit unions require that you open a share account in order to join. The minimum deposit to open a share account usually starts at around $5 (although some CUs require as much as $50). Some CUs will allow you to apply for credit products before you join, in which case your approval would be contingent upon joining the CU and opening a share account. Others, though, make you join first before they will process a credit application.

Re: Credit Union CC

Anonymous — Fri, 27 Jun 2008 14:55:11 GMT

@Anonymous wrote:
I went threw my CU for a CC when I started rebuilding, was fairly easy .
CS were in 500's they offered me a $300.00 CC at 1.88 % APR for 1 year then 7.88% well I decided to go with a $500.00 CC and after 6 mths they just gave me $5000. with 1.88% again for 1 year and then 6.88%.
Does your CU offer Shared Secured Freeze Loans ? (where they give you a loan of say $2000, they put the $2000 in your savings and Freeze it. the only way you get to use money is after you make payment it releases so much ) If so check into that, my interest was like 3% for 18 mths but I paid it off early.

Message Edited by MT_Bowhunter on 06-26-2008 02:14 PM

Message Edited by MT_Bowhunter on 06-26-2008 02:16 PM

Oooh, good deal, Bowhunter (recurve or compound? *giggle*)!!

Did you have any recent lates when you applied?

I don't know if our CU offers that kind of loan. TBH, I've n ever heard of it before!! No info on that type of loan is on our CU's website (and trust me, I HAUNT that site!).

We have our main accounts at Wachovia (which I'd love to change). We'd always been a customer of good standing with them (over 15 years) and last year we went through a rough time and we'll say that they completely disregarded our loyalty over the years.

So a few years back, we joined our local CU, meant to switch over the direct deposit and forgot all about it. At the same time as we joined, we took out the car loan. We've been with them for over 4 years (nearly 5). So we're really hoping that they'll have mercy on us and let us open a unsecured low CL CC with them. Plus, if we have a choice, we'd love to get a home loan through them (once we can qualify!).

Re: Credit Union CC

techgirl — Fri, 27 Jun 2008 15:21:08 GMT

It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc. CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

Re: Credit Union CC

Anonymous — Fri, 27 Jun 2008 16:56:55 GMT

@techgirl wrote:
It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc. CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

Unfortunately, we DO have a few lates (about 4 30 day ... we average about 20 days late *groan* on average) on the car note. But we do keep them updated as per when we can make the payment (meaning, we don't just disappear). TBH, we've been focusing on our SL, which is bigger, uglier and more stressful.

We've kind of been paying this way: Paid 25 days late on, say, March's payment, but make April's payment at the same time, so we're flush on April. Make May's payment 20 some days late, but pay June's payment at the same time.

Simply put, the bank's local, so it's one of those "I'll drop it by after errands" and then I totally forget to. Then, I MEAN to go out the next day and deal with it, but life gets in the way and I say "Tomorrow, definitely" ... and repeat. :/

Re: Credit Union CC

Anonymous — Fri, 27 Jun 2008 21:16:39 GMT

Are you scores projected to hit mid-600s from paying down balances? Or are you expecting a baddie to come off your report?

Re: Credit Union CC

Anonymous — Fri, 27 Jun 2008 21:41:45 GMT

I'd put the auto loan on automatic debit so it won't be late any more. We got a $15K CL from our CU, who we have a car loan through.. but we pay our car loan on time every month, and always pay extra. We set it up so half the pmt comes on the 15th and the other half is taken on the 1st... it's easier on our finances to split the payment, and having it pulled automatically means there are never any late or even kinda-late-but-not-FICO-late payments.

Do that for 3 months or so, first. Our scores were high 500's, low 600's, but we had this very positive payment history with the CU to offset low scores.

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 01:25:16 GMT

@Anonymous wrote:

@techgirl wrote:
It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc. CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

Unfortunately, we DO have a few lates (about 4 30 day ... we average about 20 days late *groan* on average) on the car note. But we do keep them updated as per when we can make the payment (meaning, we don't just disappear). TBH, we've been focusing on our SL, which is bigger, uglier and more stressful.

We've kind of been paying this way: Paid 25 days late on, say, March's payment, but make April's payment at the same time, so we're flush on April. Make May's payment 20 some days late, but pay June's payment at the same time.

Simply put, the bank's local, so it's one of those "I'll drop it by after errands" and then I totally forget to. Then, I MEAN to go out the next day and deal with it, but life gets in the way and I say "Tomorrow, definitely" ... and repeat. :/

Unfortunately, in today's credit world, your lackadaisical approach to your current creditor, why would anyone give you a credit card?

If I borrowed $10,000 from you, and I agreed to pay you $250 on the 3rd of each month; however, I busy with my life, and my family's life, I pay you on the 28th day of the month. No big deal. Hell, you gave me $10,000, you probably don't need it that bad....

As time passes, I think I need another $5,000. Uhm, Wonderin gave me $10,000, what would another $5,000 matter?

Were this the case for me, I would hope no one would give me ANY form of credit until the time I became responsible and paid my bills on time.

25 day lates may not show up on your credit report but it does show up on the internal accounting records of the creditors.

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 01:51:58 GMT

Yep, I admit it. As a result of a stroke I had about a year ago, I've had issues keeping up with things (mainly, remembering things and focusing). That's why, in a nutshell, hubby's taken things over (other than research, since I can hit the "save" or "print to pdf" button on good stuff). And I might as well admit that hubby only really recently realized there was a problem. He has/had enough stress in his life in the past two years (his father dying, blowing out his knee and dealing with WC, my stroke and having to take care of me, his having to have surgery for his knee and cancer, etc) that I did my best to hide it from him when he was actually home from travel.

And while I'm at it, I'll make a point to remember to say that last I checked, most people here are trying to rebuild their credit (which often involves getting new credit and building a better file).

I didn't really think that 4 lates spread over a year after paying on time and more than needed on a car loan for over 4 years due to a medical issue made me so much worse than anyone else here.

Anywho, thanks for your opinion! And I'll say "opinion" since it didn't really address the question I had asked which was "is it easier to get a CU CC" ...

Message Edited by Wonderin on 06-27-2008 08:51 PM

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 01:54:12 GMT

@Anonymous wrote:
Are you scores projected to hit mid-600s from paying down balances? Or are you expecting a baddie to come off your report?

Our other accounts in good standing will have us (per FICO sim) at roughly 650-670 by August/September.

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 03:59:57 GMT

@Anonymous wrote:
Yep, I admit it. As a result of a stroke I had about a year ago, I've had issues keeping up with things (mainly, remembering things and focusing). That's why, in a nutshell, hubby's taken things over (other than research, since I can hit the "save" or "print to pdf" button on good stuff). And I might as well admit that hubby only really recently realized there was a problem. He has/had enough stress in his life in the past two years (his father dying, blowing out his knee and dealing with WC, my stroke and having to take care of me, his having to have surgery for his knee and cancer, etc) that I did my best to hide it from him when he was actually home from travel.

And while I'm at it, I'll make a point to remember to say that last I checked, most people here are trying to rebuild their credit (which often involves getting new credit and building a better file).

I didn't really think that 4 lates spread over a year after paying on time and more than needed on a car loan for over 4 years due to a medical issue made me so much worse than anyone else here.

Anywho, thanks for your opinion! And I'll say "opinion" since it didn't really address the question I had asked which was "is it easier to get a CU CC" ...

Message Edited by Wonderin on 06-27-2008 08:51 PM

Well smarta$$, we all have our problems. I had cancer - I paid my bills. I had 3 family members die within 4 weeks of each other - I paid my bills. I work 70 hour weeks, take care of my parents, take care of my family and i still - I pay my bills.

We all have tragedy in our lives and we all have responsibilities. I would suggest you re-read your original post - and your "if it gets paid, it gets paid attitude.

Stop blaming others and tend to business!

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 04:08:35 GMT

........ and to answer you credit seeking answer - no, it is not "easier" to get a credit card from a CU than any other legitimate source.

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 04:18:02 GMT

@Anonymous wrote:

Well smarta$$, we all have our problems. I had cancer - I paid my bills. I had 3 family members die within 4 weeks of each other - I paid my bills. I work 70 hour weeks, take care of my parents, take care of my family and i still - I pay my bills.

We all have tragedy in our lives and we all have responsibilities. I would suggest you re-read your original post - and your "if it gets paid, it gets paid attitude.

Stop blaming others and tend to business!

First off, nowhere in my post did I "blame others" for our situation. If I am mistaken, please cite where I did. Otherwise, please learn to read for comprehension.

Second of all, I would aver that if anyone were smartarse in this thread, it was you, Bub. The tone you took wasn't exactly civil, unless everyone else in your household dons a snide tone of voice as rote?

And I notice that you didn't address my point (perhaps you were a bit too pre-occupied with passing judgment?):

How exactly is my situation so deserving of a judgmental, asinine, holier-than-thou response? I'm not here looking to put one past the system. I don't dispute accurate info on my reports, I don't give attitude. If I have advice to give (I know quite a bit about legal issues), I give it without judging the "asker."

Is it that difficult of a matter for you to do the same? Or if I wander into a thread on, say, bankruptcy, will I read posts by you berating the poster for "blaming others," too? Or being irresponsible?

Unfortunately, I think so.

Re: Credit Union CC

MsKiwi — Sat, 28 Jun 2008 04:18:40 GMT

@Anonymous wrote:

@techgirl wrote:
It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc. CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

Unfortunately, we DO have a few lates (about 4 30 day ... we average about 20 days late *groan* on average) on the car note. But we do keep them updated as per when we can make the payment (meaning, we don't just disappear). TBH, we've been focusing on our SL, which is bigger, uglier and more stressful.

We've kind of been paying this way: Paid 25 days late on, say, March's payment, but make April's payment at the same time, so we're flush on April. Make May's payment 20 some days late, but pay June's payment at the same time.

Simply put, the bank's local, so it's one of those "I'll drop it by after errands" and then I totally forget to. Then, I MEAN to go out the next day and deal with it, but life gets in the way and I say "Tomorrow, definitely" ... and repeat. :/

I think due to the fact you have had some lates on your car loan, the cu isn't going to want to issue you a cc until you have a clean record with them. Why not have the cu directly withdraw the payment from your account so you don't miss? Although your lates do not show up on FICO the cu is fully aware of them. IF you are repairing your credit you need to get a bit more organized so that you don't have lates. Use a calander, write yourself notes (post it's are my best friend sometimes) , or set yourself up with emails alerts but you can't afford to be late.

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 04:19:34 GMT

@Anonymous wrote:
........ and to answer you credit seeking answer - no, it is not "easier" to get a credit card from a CU than any other legitimate source.

Thanks, but no thanks for your "answer." The price paid for the answer far exceeds the value.

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 04:25:29 GMT

Thank you, MsKiwi!

Yes, I know you're right. We weren't planning on applying for a CC with them soon or anything. We do know that we need to get back on track with our credit (and with our car loan with them!) before we actually try applying anywhere!

I just figured that they might be a safer bet in the future (rather than applying with the "Big Boys" who seem to deny apps if you have lates even over two years old!). The last thing we want or need is to hit hubby's score further with needless inquiries!

I think what I was after the most is ... possibilities. Right now, even though our scores should rise sharply soon (mainly, we found a few cases of incorrect debts on our CRs and should have them off soon), we just want a bit of reassurance that all will work out. :/

Again, thank you!!

Re: Credit Union CC

MsKiwi — Sat, 28 Jun 2008 04:46:56 GMT

Wonderin wrote:
Thank you, MsKiwi!

Yes, I know you're right. We weren't planning on applying for a CC with them soon or anything. We do know that we need to get back on track with our credit (and with our car loan with them!) before we actually try applying anywhere!

I just figured that they might be a safer bet in the future (rather than applying with the "Big Boys" who seem to deny apps if you have lates even over two years old!). The last thing we want or need is to hit hubby's score further with needless inquiries!

I think what I was after the most is ... possibilities. Right now, even though our scores should rise sharply soon (mainly, we found a few cases of incorrect debts on our CRs and should have them off soon), we just want a bit of reassurance that all will work out. :/

Again, thank you!!

If I remember correctly my ex had nothing but luck with his cu but he had been with them forever. keep doing the next right thing and it all tends to fall in place. I just wish it would fall into place faster. Patience is not my strong suit. <sigh>

Re: Credit Union CC

Anonymous — Sat, 28 Jun 2008 04:52:13 GMT

@MsKiwi wrote:
If I remember correctly my ex had nothing but luck with his cu but he had been with them forever. keep doing the next right thing and it all tends to fall in place. I just wish it would fall into place faster. Patience is not my strong suit.

Nor mine, MsKiwi!! I don't know what FEELS like it takes longer: screwing up our credit or fixing it!!! o_O

Thank you for being such a sweetie!! And so encouraging!!

{{{{{{Hugs!!}}}}}