topic Re: Bank Account vs Credit Union Account in General Credit Topics

Bank Account vs Credit Union Account

Anonymous — Tue, 22 Jul 2008 22:12:52 GMT

I know this may be a dumb question but I'm just curious. If I close my wachovia checking and savings and switch everything to my local credit union. Is that look upon negatively by the credit world? I only ask because it appears that they are better in every way possible.

Message Edited by credit4me on 07-22-2008 06:12 PM

Re: Bank Account vs Credit Union Account

fused — Tue, 22 Jul 2008 22:49:07 GMT

Nothing about credit cards here, so I'm moving this post to the General Credit Issues forum.

Re: Bank Account vs Credit Union Account

Anonymous — Wed, 23 Jul 2008 19:24:09 GMT

I've been wondering exactly the same thing, even have the same bank. I've had Wachovia since they were First Union. I think I have this idea (probably inherited from my parents) that a bigger bank would be better, so I feel a little funny going with a smaller cu. I'll just tag along here and see what you find out!

Re: Bank Account vs Credit Union Account

haulingthescoreup — Thu, 24 Jul 2008 01:28:48 GMT

Your checking and savings accounts do not appear on your credit reports, as they are not credit. So there is no reason that anyone would even know where you bank, other than if you set up drafts or something.

I bank with USAA, and the joint account is with a local credit union. Never any negative feedback.

Having checking or savings at a particular bank might help you get a card, etc. from that particular bank; otherwise, there should be no effect.

Re: Bank Account vs Credit Union Account

Anonymous — Thu, 24 Jul 2008 03:23:33 GMT

@haulingthescoreup wrote:
Your checking and savings accounts do not appear on your credit reports, as they are not credit. So there is no reason that anyone would even know where you bank, other than if you set up drafts or something.

I bank with USAA, and the joint account is with a local credit union. Never any negative feedback.

Having checking or savings at a particular bank might help you get a card, etc. from that particular bank; otherwise, there should be no effect.

Precisely. I would just add that, if you go for a mortgage and some car loans, the creditor probably will ask for bank statements, and there might be just a little "snob appeal" in having an account at a major bank rather than a local credit union. Maybe.

But from a FICO scoring perspective, Haulingthescoreup is entirely correct: it's six one way, half a dozen the other.