topic Re: Credit Union relationships in General Credit Topics

Credit Union relationships

The-Credit-Disciple — Sun, 22 Mar 2020 18:18:06 GMT

Good morning Fico Fam

It appears that if you build a solid relationship with your credit union they will show you Love as Far as Credit cards and other loans. I have seen on this site approvals for Huge SL especially with PENFED. Is it true to establish relationships with your credit union before you apply? I am new to Penfed and I really want to get the Power Visa card.

Re: Credit Union relationships

Brian_Earl_Spilner — Sun, 22 Mar 2020 18:19:51 GMT

In the case of my main credit union, it doesn't appear to matter. They're only interested in establishing relationships with those with good credit. They wouldn't let me take out a secured loan or credit card when I was starting my rebuild. Despite raising my score almost 200 points since then, they still have no interest in establishing a relationship. I will be phasing them out soon. It's a shame seeing as how they are the largest credit Union in my city and county.

Re: Credit Union relationships

The-Credit-Disciple — Sun, 22 Mar 2020 18:30:11 GMT

I'm hoping PENFED will show me the Love. I built relationships with Cefcu and Golden 1 credit Unions and it's been great with them. My Cefcu Cc CLis 20k. My Golden 1 CC cl is 10k I will ask Golden 1 for an cli in June. I am hoping to apply for the Power rewards Visa from Penfed Late summer. I am already a Penfed member by late summer it will be 6 months

Re: Credit Union relationships

AllZero — Sun, 22 Mar 2020 18:31:43 GMT

@The-Credit-Disciple wrote:
Good morning Fico Fam
It appears that if you build a solid relationship with your credit union they will show you Love as Far as Credit cards and other loans. I have seen on this site approvals for Huge SL especially with PENFED. Is it true to establish relationships with your credit union before you apply? I am new to Penfed and I really want to get the Power Visa card.

If on a clean scorecard, decent income, low DTI. You may have a good chance of approval.

PenFed as well as other credit unions do value length of membership. PenFed appears to have loosened up a bit on starting limits after their CU acquisition. They are still considered conservative so keep that in mind with your new accounts and inquiries.

Re: Credit Union relationships

bettercreditguy1 — Mon, 23 Mar 2020 02:12:50 GMT

I have been a Pen Fed member over fifteen years. They have always gone above and beyond when I have needed anything. They take a little more time for processing, but are always accurate, extremely polite, and helpful in offering you the BEST product for your current situation. I have a credit card which pays 5% per dollar discount on all gasoline purchases plus cash back on other purchases . I have had multiple auto loans and They provide a free EQ Fico Score (formerly Next Gen). In closing, their telephone or other means of support are awesome ,timely, and the CSR Representatives are here in the USA. My rating is 10 of 10! plus some strawberries.

Re: Credit Union relationships

AverageJoesCredit — Mon, 23 Mar 2020 12:27:18 GMT

Building relationships is a myth. If you have money, and generslly a good credit profile, they will often open up for you being a member. Just being a member with a $5 deposit wont gaurentee you anything.

Re: Credit Union relationships

M_Smart007 — Mon, 23 Mar 2020 16:44:28 GMT

@AverageJoesCredit wrote:
Building relationships is a myth. If you have money, and generslly a good credit profile, they will often open up for you being a member. Just being a member with a $5 deposit wont gaurentee you anything.

Not even a "Promise"

Re: Credit Union relationships

Anonymous — Mon, 23 Mar 2020 16:57:00 GMT

@bettercreditguy1 wrote:
I have been a Pen Fed member over fifteen years. They have always gone above and beyond when I have needed anything ...

Color me curious -- what have they done "above & beyond" what a member might reasonably expect from a lender (ie, professional, polite, timely service)?

Re: Credit Union relationships

The-Credit-Disciple — Mon, 23 Mar 2020 16:58:31 GMT

All of the SL I see is mind blowing

Re: Credit Union relationships

Anonymous — Mon, 23 Mar 2020 17:00:54 GMT

@The-Credit-Disciple wrote:
All of the SL I see is mind blowing

Blew my mind -- 2k (after recon).

They like some, hate others. I fall in the latter category.

Re: Credit Union relationships

The-Credit-Disciple — Mon, 23 Mar 2020 17:43:33 GMT

😂

Re: Credit Union relationships

bettercreditguy1 — Wed, 01 Apr 2020 02:23:01 GMT

I needed some money within 24 hrs. I called and asked to do a cash advance on my cc. The CSR said let's see how we can help. A quick review and they suggested a loan, repayment with fixed payments for a few months at a much nicer rate than a cash advance. Paperwork was electronically processed both ways, approved, and the money was wired to my account in about two hours start to finish (in the same business day).

( Yes the loan was secured with property not cash)

Re: Credit Union relationships

babbles — Wed, 01 Apr 2020 14:52:20 GMT

I filed bk back in 1993 (included Navy Federal CU) and waited about five years later, wrote a letter, and told them how sorry I was and explained how I would do better in the future. They started with small loans and worked my way up over the years to where I am now,; paid auto and home loans, and well managed large credit lines. They've been good to me since that dark time but when you cross them, you can forget it for a while it seems.

Re: Credit Union relationships

Anonymous — Fri, 03 Apr 2020 19:58:18 GMT

There are so many differant variables and metrics in what a bank or credit union uses to determine if they like a customer or not.

What you can do if you are interested in getting a particuliar card or loan from an institution is to better your chances.

Whether or not it makes as much differance is not really relivent. As long as you did what you could to put as many variables on your side.

A bank is in the buissiness to make money. A credit union is not a bank. I bank at credit unions. I keep only enough of a deposit at the bank where i work to take care of monthly bills.

My prefered method is to open a savings account with a credit union. Then add a direct deposit. banks and credit unions love to see direct deposits. I then just let my balance increase, while I establish a relationship. After 6 months I can usually get a credit card from the credit union with at least a 10k cl and low apr.

Re: Credit Union relationships

The-Credit-Disciple — Fri, 03 Apr 2020 23:25:03 GMT

That's a genius idea, I immediately opened a checking and savings with PENFED. IM HOPING to get the power rewards Visa in June or July when I apply

Re: Credit Union relationships

AllZero — Sat, 04 Apr 2020 00:15:54 GMT

@The-Credit-Disciple wrote:
That's a genius idea, I immediately opened a checking and savings with PENFED. IM HOPING to get the power rewards Visa in June or July when I apply

Take into consideration the HPs.

Some credit unions allow HP to be good for a certain amount of time.

PenFed will HP for membership and later the CC.

Re: Credit Union relationships

bettercreditguy1 — Sat, 04 Apr 2020 12:03:14 GMT

Pen Fed does Positively grow with You! Their team treats you like a family member, not just a number. Enjoy, grow, and savor your new relationship with them.

Re: Credit Union relationships

The-Credit-Disciple — Sat, 04 Apr 2020 12:39:20 GMT

Thanks

Re: Credit Union relationships

Anonymous — Sat, 04 Apr 2020 13:33:10 GMT

@bettercreditguy1 wrote:
... Their team treats you like a family member ...

Then they must think I'm the red-headed stepchild. Every time I inquire of them they say, "Boy, what'd we tell you last time, huh? Ain't nothin' changed so git -- you heared me, git!"

Family schmamily, I say.

Re: Credit Union relationships

Anonymous — Wed, 08 Apr 2020 12:23:21 GMT

Obviously it’s YMMV, but for my two cents I’ve also had the experience of opening a savings account with a credit union and then six months later being offered a preapproved credit card.

Obviously not every CU is going to do that. Just like banks, credit unions vary in how they evaluate things. For some, the internal score takes into account how long you have been a member. That length of time being greater will help you with some CUs.

With other CUs, it may not matter. That’s why when you plan to do something you need to research the particular FI.