Is it true FICO "knows" a CU CC?

[Anonymous]

Peanuts as in 7-10 points? For those of us creeping out of the top 500's, low 600's, those peanuts can send us spiraling into a three-day-long brownies & doritos-fueled depression!

[Anonymous]

LOL. You folks are funny. Guess this is another good reason to play the game with my B of A secured card, huh?

[Anonymous]

I don't necessarily expect FICO to be fair: after all, it was created to help lenders assess risk, not be fair.

But I am puzzled by the bias against CUs. I'm scratching my head as to why CU members with credit cards would be more risky than, say, Wells Fargo customers with credit cards.

Anyone have a clue? Are CUs seen as being laxer in their standards?

[ShinyGirl]

Oh well, I guess my really nice limits NFCU just gave me won't help as much as I thought. But it'll darn sure help, nonetheless.

[haulingthescoreup]

OK, people, I'm truly feeling awful now. Yes, you get more points for the big boy bank cards than for credit union cards, but it really is a relatively few points. And while we're scrambling for every point we can get, we might want to think that hey, maybe the higher credit line that we can get from a CU, and therefore better util, more than balances out any score loss from the mix type.

It just annoys me because it's so dang illogical.

[ShinyGirl]

Don't feel bad, unless you thought up the jacked algorithm for this computation. THEN you should feel really bad! LOL

Otherwise, just know that you were releasing the information. It won't change my attitude at.all! I have my regular sub-prime, soon to be retired cards, my step up and my cusp of prime cards...and now! the lovely, high cl, respected CU cards which will assist GREATLY with utilization and just look beautiful on my reports.

I fret NOT one bit. I rejoice instead, for it didn't have to be this way. Everyday is greatness, everyday is progress.

[Anonymous]

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@haulingthescoreup wrote:
OK, people, I'm truly feeling awful now. Yes, you get more points for the big boy bank cards than for credit union cards, but it really is a relatively few points. And while we're scrambling for every point we can get, we might want to think that hey, maybe the higher credit line that we can get from a CU, and therefore better util, more than balances out any score loss from the mix type.

It just annoys me because it's so dang illogical.

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You have USAA CCs...how can you feel bad? They are number the #1 CCC and provide the number #1 CC according to Consumer Reports and many others! I know at least 20 people that would sell you 20 FICO points for those cards and to join USAA, lol...seriously! There are some forums out their with 100+ posts on strategizing how to get in...count yourself one of the few, one of the proud!

[Anonymous]

If you had a choice to belong to either penfed or USAA, which would you pick?

[Anonymous]

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ivyalmighty wrote:

, those peanuts can send us spiraling into a three-day-long brownies & doritos-fueled depression!

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But at least you would have some tasty eating, even if the food was not very good for you.

[haulingthescoreup]

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@Anonymous wrote:
If you had a choice to belong to either penfed or USAA, which would you pick?

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USAA, because they've got it all. Well, mostly--they don't have a rewards card particularly, other than the first-year offers that then drop back to a point per dollar. That's why I joined PenFed.

The USAA website is umpty times better than PenFed's--I can see pending charges, and most pending payments, although this is oddly challenging when I pay a USAA card from a USAA account.

And it's possible that with time, I'll find more goodies with PenFed. But they have a lot of catching up to do: I have 28 years with USAA, checking, savings, MMA, Roth IRA, MC, AmEx, and HELOC. And we really are going to switch car insurance and possibly home-owners to them, now that DH's bogus medical collection is getting ready to go away. (That will improve our rates.) DH and DS are members, and DD#1 and DD#2 are members with checking, savings, and CC's. Haven't found anything for the cat, yet, but it's probably out there somewhere.

And I really love the esprit de corps of USAA, with its mission of serving the military and former military, even though the closest I have come is being an Army brat and a VA employee. Their motto: We know what it means to serve.