Dammed if we do - Dammed if we don't

[creditwherecreditisdue]

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@Anonymous wrote:

There is a lot to be said about credit unions.  True service gets lost in the shuffle of the large conglomerates and global corporations.  While I understand their never dying need to expand in order to pay returns and dividends to shareholders, I don't necessarily want to be in the path of that "progress" and get run over.

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Expansion is not necessary to pay returns and dividends to shareholders. It is necessary for an bloated inefficient organization to deceive all that their earnings are growing when they actually aren't. At this point the trend of M&A in the banking arena has surpassed common business sense and is now being directed by the federal government to insure the soundness of our banking system. The players have become too large to fail. Pity someone didn't think of this long ago before all these business combinations were permitted. After all these banks could have grown the old fashioned way - by provided a better product at lower cost than their competition.

Message Edited by creditwherecreditisdue on 07-15-2009 03:32 PM

[YoungEntrepeneur]

I recommend everyone freezing their reports and not applying for any credit unless it's with a CU. That's what I did and I expect to see a good outcome.

[Imhotrodcrazy]

txjohn wrote:

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There is a lot to be said about credit unions.  True service gets lost in the shuffle of the large conglomerates and global corporations.  While I understand their never dying need to expand in order to pay returns and dividends to shareholders, I don't necessarily want to be in the path of that "progress" and get run over.

I have made major moves toward credit unions, having joined several.  I'm not yet using a local (except that NFCU has a branch in my area), but will if I find the right one.

I love NFCU the best, so far, for "credit" even though their deposit rates are not as good as most others.  I also like Alliant.  PenFed is good.  I joined PSECU (strictly for the EX FICO they provide members) so I don't have any real practical experience with them.  And lastly, I joined Addison Avenue because they appear to be truly in the credit business as well.

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I have a CCCU in about 2 miles of my home.  I started there in March of this year.  They are great people, very nice and friendly when I go in.  I now have 4 accounts with them, and I feel that I already have a good business relationship with them in this short period.  I would not even  think of going back to my old banks, Chase and USbank. 

[wmarat]

I agree with you. Banks make me sick. And there are no good banks and bad banks. They are all the same - greedy b*stards.

Needless to say, but the consumers are not lifeline of banking system. Good people from Washington DC are. So, basically banks couldn't care less about consumers and their business.

I like credit unions. They are not so technologically developed as banks, they are slow, they do not have instant approvals, but still have some kind human touch. You are not entirely depend on computer's decision.

At the same time, CU is financial institution and I do not buy this owened by members, non profit cr*p. CU exists to make money, which is OK, but proceed cautiously.

[Anonymous]

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txjohn wrote: I have made major moves toward credit unions, having joined several.  blockquote>

During my brief time here I've seen CU's are popular here. But how much does all the joining cost ya all

[haulingthescoreup]

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ExcellCR wrote:

During my brief time here I've seen CU's are popular here. But how much does all the joining cost ya all

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5 bucks, typically. That's generally the minimum amount to open a share (deposit) account. If you don't qualify for membership by residence or employment, you might need to join an organization, and that might involve dues.

For instance, the way that many people qualify for PenFed is by joining the National Military Families Association, a support group for (duh) military families --send a kid to camp, etc. I think it was $25 for one year's dues, and after that, you don't have to pay again.

Now they've added the American Red Cross as another qualifying group --no idea what the dues might be there. Once you qualify for membership, you join PenFed by opening a share (savings) account for $5, and off you go.

I made back the $25 NMFA family in the first two months at PenFed via the 5% gas cashbacks.

And just to randomly toss out there for anyone else reading, because people still don't get this, you don't have to be connected in any way whatsoever to the Pentagon, the military, or the federal government to qualify for PenFed membership. Just go via the affinity groups. This is one area where PenFed is much different from Navy FCU or USAA.

[bigtim]

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@haulingthescoreup wrote:

With time, persistence, and enough spare cash to get any debt down, those mid-500's will be a distant memory. It wasn't that long ago that I stared at a 590 EQ FICO [...]

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I think you're a fibber - I bet you've had a 720+ FICO since the first day you were issued a SS# - FICO just likes you like that... All kidding aside, good advice and some inspiring encouragement to all...

[haulingthescoreup]

Ah, but it's so true:



btw, for anyone who doubts the impact of a brand-spankin' new 30 late, that's what this was. I had pulled an EQ before starting Scorewatch, so the starting point doesn't show. The first low was from when DH opened a new BT card with 90% util, and somehow BofA put me on it as AU. When I got off, I went to 642. Then came the late:

Your FICO® score decreased to 590 on May 14, 2007.

And in the fine tradition of Score Watch, the alert reason was incorrect. It said it was because I had a new account. * rolls eyes *

[creditwherecreditisdue]

Great chart!

Can't wait until my current rearrangements settle in and my EQ FICO goes back over 720.

EQ FICO (Current) = 699

EQ FICO (Peak) = 722.

All of this drop is due to: 1) allowing one more CC to report a balance and 2) allowing utilization to increase from < 9% to 11%. Adding adding two more revolving TL's and $13.45K of available CL's on zero hard inquiries should fix up the util. Now just a little waiting for the newness to wear off.

ed. Since I posted this I have pulled my TU FICO from transunioncs. Not withstanding 1) and 2) above that score holds firm at 731. This could be a scoring bucket thing since TU managed to lose a bunch of my lates in the WaMu -> Chase conversion. What a shame. [NOT!]

Message Edited by creditwherecreditisdue on 07-17-2009 07:13 PM

[Imhotrodcrazy]

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@wmarat wrote:

I like credit unions. They are not so technologically developed as banks, they are slow, they do not have instant approvals, but still have some kind human touch. You are not entirely depend on computer's decision.

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Today, I went into my cu to make a savings deposit, and was approached by a gentleman who asked, are you new to this cu?  I responded yes, and he said welcome, and introduced himself by name and said he was the president.  I was impressed since this has never happened to me at a regular bank.  After I made out my deposit slip I got in a very short  line of two people, the other person being the president of the cu.  I asked him, ( kidding ),  don't you have your own special line to put your deposits in?  He laughed and said no, and remarked  to me that they even check his ID, we both laughed.  My point is, this is the kind of people I want to do business with.