CU ?

[irishchk23]

I noticed that quite a few people join more than one credit union in order to rebuild credit.  I am looking into this myself, more specifically BK friendly CU's.  I was just wondering when joining all these CU's do you have to specifically open a certain account, ie checking or savings?  If joining  mostly for the credit cards, do most people actually put money in say the checking or savings?  I know banks probably have different rules but I am just trying to figure out how people open more than one.

[Anonymous]

Most CUs offer all services that a bank does. BUT you have to join where you do not with a bank.

I am moving you to the credit card thread as they can give you more info. about the CU names and what it needed.

[Anonymous]

If you qualify, NFCU is known to be pretty friendly to those with previous credit troubles, myself included.

I know I've seen posts about approvals with BK.

[irishchk23]

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FretlessMayhem wrote:
If you qualify, NFCU is known to be pretty friendly to those with previous credit troubles, myself included.

I know I've seen posts about approvals with BK.

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Thanks Fretless, luckily my brother joined the Army Reserves this year and is coming home in about a week so I will be asking him to join NFCU so I can, thanks to the info on this board or I wouldn't have known about it.  I do know that you have to join a CU and am eligible for a couple others in my area.  I guess what I'm trying to ask is do most people open say a checking account at 2 or 3 CU's and actually use them all, or just open the checking account not actually using it in order to join the CU and apply for a cc or loan?  I already have two checking and savings accounts (one being ING) and don't need another and really don't want to be putting money in all different bank accounts right now, so I was just curious what others do.  But CU's seem to be the only place that I might get a cc at the moment as I included most of the Prime cards in BK.  Thanks for the response. 

[Anonymous]

To join a CU you have to open what is known as a share account.  This is a deposit that represents your ownership in the CU, since each CU is collectively owned by its members.  Normally, the share account functions as a savings account.

The CU I belong to has a $5 minimum share deposit to join, which is pretty typical, although I have seen local CUs with $50 minimums.  The only checking I have is with my bank.  I only use my CU share account to maintain membership since the APY is not as good as the savings at my bank.

Message Edited by cheddar on 08-11-2008 12:08 PM

[Anonymous]

NFCU simply requires a $5 deposit in a savings account for membership. I started out this route but ended up liking NFCU so much I made them my primary checking/savings.

[irishchk23]

Okay, makes sense, thanks for the info.  I was just checking out NASAFCU and did see $5 Shared Savings now that you mention it.  Hopefully I will be moving soon and if/when that happens I will need to change banks anyways since I have a small town bank now and will mostly likely switch to NFCU from what I've read.