Founders Credit Union South Carolina

Luxeedee · ‎08-26-2021

How is their credit application process? I got a call from them and I wonder what they require to open an account?

Taurus22 · ‎08-26-2021

@Luxeedee Hey! I'm in SC and we have Founders FCU all over the place here. I don't normally dissuade people from CU's but.....I would be wary of this one. (Disclaimer): It could have very well been an isolated experience, but I did not have a good experience with them at all.

I opened an account with them in early 2018, as I had planned to give them my new truck loan because they were advertising (what I thought at the time) were very decent auto loan rates. As I sat in the lobby awaiting my turn to speak with a financial advisor......someone (not sure of their title, but I'll refer to them as a bank representative) asked me what I was there for. I explained to him that I was a member, I was about to buy a new truck, and wanted to discuss a truck loan with Founders. At this point he asked me how long I had been a member (like that should matter?) and I told him 6 months.....to which he replied, I'm sorry but we won't be able to give you any loan as you have not been a member long enough.

So, I fully understand that any FI wants to see relationship, but the fact that this person literally flat refused to sit down and speak with me about anything, held out his hand as if he were ushering me toward the door, then turned to speak with another waiting customer.....I decided at that moment to walk straight to the teller's line and immediately withdrew all of my money and closed all of my accounts with them.

I work as a professional as an operations planner/material planner in the automotive industry and I was made to feel like I street vagrant who had no place being in that building. And as I did mention, it may have been an entirely isolated event and I should have probably pursued it with aggresive recourse, but I simply did not want to be a part of a CU that was represented in that way.

Again, this is not an attempt to dissuade you, but I wanted to share my experience with them as an example. If you do go forward with them, I sincerely wish you the best of luck.

My Wallet

Sock Drawered

On Deck: No Plans Currently

Luxeedee · ‎08-26-2021

@Taurus22 wrote:
@Luxeedee Hey! I'm in SC and we have Founders FCU all over the place here. I don't normally dissuade people from CU's but.....I would be wary of this one. (Disclaimer): It could have very well been an isolated experience, but I did not have a good experience with them at all.

I opened an account with them in early 2018, as I had planned to give them my new truck loan because they were advertising (what I thought at the time) were very decent auto loan rates. As I sat in the lobby awaiting my turn to speak with a financial advisor......someone (not sure of their title, but I'll refer to them as a bank representative) asked me what I was there for. I explained to him that I was a member, I was about to buy a new truck, and wanted to discuss a truck loan with Founders. At this point he asked me how long I had been a member (like that should matter?) and I told him 6 months.....to which he replied, I'm sorry but we won't be able to give you any loan as you have not been a member long enough.

So, I fully understand that any FI wants to see relationship, but the fact that this person literally flat refused to sit down and speak with me about anything, held out his hand as if he were ushering me toward the door, then turned to speak with another waiting customer.....I decided at that moment to walk straight to the teller's line and immediately withdrew all of my money and closed all of my accounts with them.

I work as a professional as an operations planner/material planner in the automotive industry and I was made to feel like I street vagrant who had no place being in that building. And as I did mention, it may have been an entirely isolated event and I should have probably pursued it with aggresive recourse, but I simply did not want to be a part of a CU that was represented in that way.

Again, this is not an attempt to dissuade you, but I wanted to share my experience with them as an example. If you do go forward with them, I sincerely wish you the best of luck.

I'm shooting for a credit card. It's my last app for the year, then I'm content to garden. If they require a long banking relationship, it's not what I had in mind. I already have good CUs for that.

Taurus22 · ‎08-26-2021

@Luxeedee I'm fairly certain, as with almost all CU's, that they will require membership/checking/savings with them in order to open a credit account. You could always park $20 per account to serve the purpose, but I would be surprised if they allowed credit applications without membership.

My Wallet

Sock Drawered

On Deck: No Plans Currently

Guyatthebeach · ‎08-27-2021

Luxeedee,

I've been a member for almost 5 years. I opened a checking account, savings account, and applied for a credit card when starting my membership. I did have provide proof of income. The credit card was approved later the next day. I asked for a CLI a year later and it was approved. I got an auto CLI last spring. I've never had a negative experience with Founders, but I know several people that have. I'm not saying they redline, but it does look like it sometimes times. Take it at face value. Founders does all their underwriting in-house, so you will great a quick decision, and maybe to get a positive result if you have recon after a declined application. For their best rates for car loans and mortgages, you have to have a real FICO score over 760.

I will tell you that they do have excellent rates. I only have a Visa with them. I never applied for a car loan with them, so

I don't know how their auto lending procedures go.

I would recommend you proceed at your own risk. If you are looking at other South Carolina based CU with great rates and customer service, look at SAFE and SCSCU. Both have great customer service, excellent rates, and both have in house underwriting for car loans, credit cards and mortgages. I was a member with SAFE until my bankruptcy. SAFE is easier to get car loans and credit with than some other CU's. I have been with SCSCU for almost ten years. They may have older branches, but they make up for it with their service and low rates. My Visa is 8.99% and that's with my bankruptcy still on my CU. My old car loan was at 1.99% and my line of credit is 13.94%(it rarely is used). I will be upfront with you that SCSCU is an extremely conservative CU, but they are an excellent CU.

Hope this helps.

Guyatthebeach

Luxeedee · ‎08-27-2021

@Guyatthebeach wrote:
Luxeedee,

I've been a member for almost 5 years. I opened a checking account, savings account, and applied for a credit card when starting my membership. I did have provide proof of income. The credit card was approved later the next day. I asked for a CLI a year later and it was approved. I got an auto CLI last spring. I've never had a negative experience with Founders, but I know several people that have. I'm not saying they redline, but it does look like it sometimes times. Take it at face value. Founders does all their underwriting in-house, so you will great a quick decision, and maybe to get a positive result if you have recon after a declined application. For their best rates for car loans and mortgages, you have to have a real FICO score over 760.

I will tell you that they do have excellent rates. I only have a Visa with them. I never applied for a car loan with them, so
I don't know how their auto lending procedures go.

I would recommend you proceed at your own risk. If you are looking at other South Carolina based CU with great rates and customer service, look at SAFE and SCSCU. Both have great customer service, excellent rates, and both have in house underwriting for car loans, credit cards and mortgages. I was a member with SAFE until my bankruptcy. SAFE is easier to get car loans and credit with than some other CU's. I have been with SCSCU for almost ten years. They may have older branches, but they make up for it with their service and low rates. My Visa is 8.99% and that's with my bankruptcy still on my CU. My old car loan was at 1.99% and my line of credit is 13.94%(it rarely is used). I will be upfront with you that SCSCU is an extremely conservative CU, but they are an excellent CU.

Hope this helps.

Guyatthebeach

Thanks so much! Can you share what their negative experiences were?

Guyatthebeach · ‎08-27-2021

Basically saying you have not been a member long enough without taking an application, issues with getting mortgages in certain areas, and husbands getting higher credit limits than wifes when make more than husbands and have better credit.

Again, I'm not trying to discourage you, I'm just bringing to light what I heard

Guyatthebeach

Luxeedee · ‎08-28-2021

@Guyatthebeach wrote:
Basically saying you have not been a member long enough without taking an application, issues with getting mortgages in certain areas, and husbands getting higher credit limits than wifes when make more than husbands and have better credit.

Again, I'm not trying to discourage you, I'm just bringing to light what I heard

Guyatthebeach

Holy Mackerel, thay's bad!

Well, I talked to the LO and he declined me since I don't live in an area they service. My credit rating is 715-698 and I only had 4 inquiries on my TU. Oddly I was snap approved for a card and membership by NFCU so...I think it's for the best.

Luxeedee · ‎08-28-2021

@Luxeedee wrote:
@Guyatthebeach wrote:
Luxeedee,
I would recommend you proceed at your own risk. If you are looking at other South Carolina based CU with great rates and customer service, look at SAFE and SCSCU. Both have great customer service, excellent rates, and both have in house underwriting for car loans, credit cards and mortgages. I was a member with SAFE until my bankruptcy. SAFE is easier to get car loans and credit with than some other CU's. I have been with SCSCU for almost ten years. They may have older branches, but they make up for it with their service and low rates. My Visa is 8.99% and that's with my bankruptcy still on my CU. My old car loan was at 1.99% and my line of credit is 13.94%(it rarely is used). I will be upfront with you that SCSCU is an extremely conservative CU, but they are an excellent CU.

Hope this helps.

Guyatthebeach
Thanks so much! Can you share what their negative experiences were?

I looked up SAFE CU and got a credit union out in Folsom CA. What is the acronym SAFE mean? Share the link if that's allowed.

Guyatthebeach · ‎08-28-2021

SAFE stands for Shaw Air Force Employees. You can google SAFE FCU, Sumter, SC and it will show up.

You have to eligible to join. The membership eligibility is pretty clear.

Hope this helps.

Guyatthebeach