topic Re: Finally joining a credit union in SmorgasBoard

Finally joining a credit union

Snook_on_the_Line — Mon, 22 Apr 2024 18:16:16 GMT

So my thoughts about credit unions before reading up on them on these forums was that they were for people that couldn't get in with the big banks.

Now that I know better I've decided to join one and start building a relationship with them.

I filled out the application and uploaded my DL and SS card last night for a Penfed high yield online savings account. They informed me I'd be getting an email in three to five days with instructions on how to fund my account.

I'm going to transfer $100 from my Wells Fargo savings account as an initial deposit.
My plan is to set up a recurring biweekly deposit of $100 and wait a few months for them to send me a pre approval for (hopefully) a Power Cash Rewards Visa Signature card.

my ex and tu ficos are both under 700 with a collection

but my Eq fico8 is a pretty healthy 760 with no baddies.

it is my understanding from reading up on here that Penfed hard pulls only from Equifax in Florida for new credit card accounts.
Does that mean they won't soft pull from the other CRAs.

Re: Finally joining a credit union

Horseshoez — Mon, 22 Apr 2024 18:30:31 GMT

@Snook_on_the_Line, I did more or less as you are doing now; I joined PenFed, put $100 in a savings account (only a soft pull for joining and opening the savings account), and let it sit there for a few months; I did not do direct deposit. I then applied for a Platnium Rewards card and was instantly approved with a $6,000 starting limit; this application was via a single EX hard pull, no soft pulls anywhere else.

Re: Finally joining a credit union

Snook_on_the_Line — Mon, 22 Apr 2024 18:41:32 GMT

@Horseshoez ,

that would be the ideal scenario for me.
do you mind sharing DPs from your approval

score, uti, x/24 inq and new accounts and AAoAs would be helpful for comparison

Re: Finally joining a credit union

Horseshoez — Mon, 22 Apr 2024 19:03:13 GMT

@Snook_on_the_Line wrote:
@Horseshoez ,
that would be the ideal scenario for me.
do you mind sharing DPs from your approval
score, uti, x/24 inq and new accounts and AAoAs would be helpful for comparison

At the time I was roughly a year since my Chapter 13 had been discharged; my credit reports looked something like this:

FICO 8 scores (EQ/EX/TU): 663/653/691
FICO 9 scores (EQ/EX/TU): 696/685/729
Utilization: < 1%
Inquiries:
- 18/24
- 18/12
- 4/6
New accounts: 2
AAoA: 6 months

Re: Finally joining a credit union

Snook_on_the_Line — Mon, 22 Apr 2024 19:08:25 GMT

@Horseshoez ,

thanks for the data points

I see that card in your signature

how's that card working out for you today?

has it grown with you?

Any auto soft pull CLIs?

Re: Finally joining a credit union

Horseshoez — Mon, 22 Apr 2024 19:19:21 GMT

@Snook_on_the_Line wrote:
@Horseshoez ,
thanks for the data points

I see that card in your signature
how's that card working out for you today?
has it grown with you?
Any auto soft pull CLIs?

The card is decent, but at this point it spends most of its time in the proverbial sock drawer. It got heavy usage for a couple of years before I found out PenFed does not do any soft pull/auto-CLIs; you need to request a CLI and it is always a hard-pull. I felt any pulls would be better applied to other cards, hence the two Chase cards in my Signature.

Re: Finally joining a credit union

FlaDude — Tue, 23 Apr 2024 02:13:51 GMT

@Snook_on_the_Line wrote:
So my thoughts about credit unions before reading up on them on these forums was that they were for people that couldn't get in with the big banks.

Glad you found more about CUs. My reason for banking with a CU is that they don't try as hard to nickel and dime you with fees as the banks do.