Credit Union CC

[Anonymous]

Anyone know if they're easier to get than "regular" cards? We REALLY need to build our credit and hubby's got low scores (I've got lower, unfortunately): EQ:578, EX:528 ('cause they won't update our accounts!!) TU:600.

We've got lates as recent as a few months ago (on SL, and a car note with the same CU we were thinking about trying for a CC). We've only had a few lates on the car note.

Anyone have any ideas? Our scores should hit the mid-600s (according to the FICO simulator) by mid-next month.

TIA!!!

[Anonymous]

I went threw my CU for a CC when I started rebuilding, was fairly easy .

CS were in 500's they offered me a $300.00 CC at 1.88 % APR for 1 year then 7.88% well I decided to go with a $500.00 CC and after 6 mths they just gave me $5000. with 1.88% again for 1 year and then 6.88%.

Does your CU offer Shared Secured Freeze Loans ? (where they give you a loan of say $2000, they put the $2000 in your savings and Freeze it. the only way you get to use money is after you make payment it releases so much ) If so check into that, my interest was like 3% for 18 mths but I paid it off early.

Message Edited by MT_Bowhunter on 06-26-2008 02:14 PM

Message Edited by MT_Bowhunter on 06-26-2008 02:16 PM

[Anonymous]

Guys, in order to open the Credit Union CC should we open a saving/checking acct 1st with them? or we could just apply the cc right away?? U said u got approved with score on the 500`s?? Is that mean CU CC easier to get than regular bank?? i just need to know some info. regarding credit union hehe

[Anonymous]

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kearney wrote:
Guys, in order to open the Credit Union CC should we open a saving/checking acct 1st with them? or we could just apply the cc right away?? U said u got approved with score on the 500`s?? Is that mean CU CC easier to get than regular bank?? i just need to know some info. regarding credit union hehe

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All credit unions require that you open a share account in order to join.  The minimum deposit to open a share account usually starts at around $5 (although some CUs require as much as $50).  Some CUs will allow you to apply for credit products before you join, in which case your approval would be contingent upon joining the CU and opening a share account.  Others, though, make you join first before they will process a credit application.

[Anonymous]

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@Anonymous wrote:

I went threw my CU for a CC when I started rebuilding, was fairly easy .

CS were in 500's they offered me a $300.00 CC at 1.88 % APR for 1 year then 7.88% well I decided to go with a $500.00 CC and after 6 mths they just gave me $5000. with 1.88% again for 1 year and then 6.88%.

Does your CU offer Shared Secured Freeze Loans ? (where they give you a loan of say $2000, they put the $2000 in your savings and Freeze it. the only way you get to use money is after you make payment it releases so much ) If so check into that, my interest was like 3% for 18 mths but I paid it off early.

Message Edited by MT_Bowhunter on 06-26-2008 02:14 PM

Message Edited by MT_Bowhunter on 06-26-2008 02:16 PM

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Oooh, good deal, Bowhunter (recurve or compound? *giggle*)!!

Did you have any recent lates when you applied?

I don't know if our CU offers that kind of loan. TBH, I've n ever heard of it before!! No info on that type of loan is on our CU's website (and trust me, I HAUNT that site!).

We have our main accounts at Wachovia (which I'd love to change). We'd always been a customer of good standing with them (over 15 years) and last year we went through a rough time and we'll say that they completely disregarded our loyalty over the years.

So a few years back, we joined our local CU, meant to switch over the direct deposit and forgot all about it. At the same time as we joined, we took out the car loan. We've been with them for over 4 years (nearly 5). So we're really hoping that they'll have mercy on us and let us open a unsecured low CL CC with them. Plus, if we have a choice, we'd love to get a home loan through them (once we can qualify!).

[techgirl]

It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc.  CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

[Anonymous]

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@techgirl wrote:

It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc.  CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

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Unfortunately, we DO have a few lates (about 4 30 day ... we average about 20 days late *groan* on average) on the car note. But we do keep them updated as per when we can make the payment (meaning, we don't just disappear). TBH, we've been focusing on our SL, which is bigger, uglier and more stressful.

We've kind of been paying this way: Paid 25 days late on, say, March's payment, but make April's payment at the same time, so we're flush on April. Make May's payment 20 some days late, but pay June's payment at the same time.

Simply put, the bank's local, so it's one of those "I'll drop it by after errands" and then I totally forget to. Then, I MEAN to go out the next day and deal with it, but life gets in the way and I say "Tomorrow, definitely" ... and repeat. :/

[Anonymous]

Are you scores projected to hit mid-600s from paying down balances? Or are you expecting a baddie to come off your report?

[Anonymous]

I'd put the auto loan on automatic debit so it won't be late any more. We got a $15K CL from our CU, who we have a car loan through.. but we pay our car loan on time every month, and always pay extra. We set it up so half the pmt comes on the 15th and the other half is taken on the 1st... it's easier on our finances to split the payment, and having it pulled automatically means there are never any late or even kinda-late-but-not-FICO-late payments.

Do that for 3 months or so, first. Our scores were high 500's, low 600's, but we had this very positive payment history with the CU to offset low scores.

[Anonymous]

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@Anonymous wrote:

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@techgirl wrote:

It sounds like you would have a good chance especially since you opened a car loan with them and have been good about paying with no lates, etc. CU cards were the first cards I had after having baddies with other CC when I was younger. Its worth a shot - how many inquiries have you had on your report lately?

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Unfortunately, we DO have a few lates (about 4 30 day ... we average about 20 days late *groan* on average) on the car note. But we do keep them updated as per when we can make the payment (meaning, we don't just disappear). TBH, we've been focusing on our SL, which is bigger, uglier and more stressful.

We've kind of been paying this way: Paid 25 days late on, say, March's payment, but make April's payment at the same time, so we're flush on April. Make May's payment 20 some days late, but pay June's payment at the same time.

Simply put, the bank's local, so it's one of those "I'll drop it by after errands" and then I totally forget to. Then, I MEAN to go out the next day and deal with it, but life gets in the way and I say "Tomorrow, definitely" ... and repeat. :/

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Unfortunately, in today's credit world, your lackadaisical approach to your current creditor, why would anyone give you a credit card?

If I borrowed $10,000 from you, and I agreed to pay you $250 on the 3rd of each month; however, I busy with my life, and my family's life, I pay you on the 28th day of the month. No big deal. Hell, you gave me $10,000, you probably don't need it that bad....

As time passes, I think I need another $5,000. Uhm, Wonderin gave me $10,000, what would another $5,000 matter?

Were this the case for me, I would hope no one would give me ANY form of credit until the time I became responsible and paid my bills on time.

25 day lates may not show up on your credit report but it does show up on the internal accounting records of the creditors.