Just received a pre-qualified offer in the mail from Local Credit Union....

[jbrickbm]

I just want to hear what anyone think about cards through local credit unions, the offer is for a rate as low as 8% apr, free balance transfers. When I called the credit union and asked more questions they said that the apr stars at 8%, and could also be 10 or 12%. The only bureau that they check is Transunion. My utilization is about 20% and no late or missed payments. I have only one baddie which is an old collection account from 2008 that has been paid in full. My current credit cards are: orchardbank: $300, cap1 plat mastercard 750, cap1 cashrewards mastercard $500, Bestbuy(cap1) $7 Both the capital ones and the orchard bank have AFs So my question is should i apply or wait for my credit to improve a little more to apply for an amex blue? To me it seems like a good card to have in my wallet in case an emergency were to come up.

[Anonymous]

I would say, get your util down to 10% or lower and app for the CU credit card. CU's are a great way to get a good limit on a card, and once armed with that, you'll be able to focus on getting your AFs waived or closing those accounts. Search for posts about e-mailing the CapOne EO, a lot of people have had success dropping their fee, getting a better card, and increasing their CL.

[crunching_numbers]

Credit unions are a great opportunity to build credit. They tend to be liberal with CL's and have good APR's.  They might turn out to be your biggest CL.

[09Lexie]

I agree with crunching_numbers. Keep in mind pre-qualified is not a guarantee but based on your post your paid CA shouldn't be a reason for denial.

[jbrickbm]

Do you guys also agree I should wait till my utilization is under 10% will that get me my biggest initial credit limit? 

[Anonymous]

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@jbrickbm wrote:

Do you guys also agree I should wait till my utilization is under 10% will that get me my biggest initial credit limit? 

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Keep in mind, if you're waiting till it drops under 10% you need to make sure it reports to the agencies as under 10% as well.

[Anonymous]

My CU card has helped me a lot with little emergencies, especially since the APR is so low that when I need to carry a balance, my interest isn't too bad. I say it's worth you getting, if you are interested.

[09Lexie]

a lower util will raise your CS and probably increase your chance of approval and more favorable terms.

[Anonymous]

i got a good offer from my CU, "up to 6000" limit and an apr 10.something, offer was good for like 3 months but i was intent on gardening-i broke out since us bank was deleting the online app for cash+ and they aren't in my state

[a3quit4s]

My CU gave me my highest CL (at the time) and still holds the best interest rate at 11.99 of all my cards. I also got a pre approval from them (had a car loan)