Local CU Credit Cards

[Anonymous]

Was down at my local CU the other day and they wanted me to  app with their card. Now I'm not applying for anymore until at least early to mid next month, but it's appealing because of the 4.9% introductory rate, with a current max of 13.59% after 12 months.

Any one know what kind of requirements a local CU may have?  And is this a card worth considering?  

Right now I have a Capitale One Platinum Secured ($200 CLI) reporting 8 months positive (will be 9 w/ a veyr low balance as of the time I will app), a QS One that will not report until the end of April (just got it), and a Credit One Card I haven't even received yet.

But that 4.9% is appealing and I'm going to be moving in June so if I app I would rather app before the move.

Thoughts?  Current scores are in my signature but this would be after the first part of next month and there will be a rebound due to a collection that is in dispute and with the low balance I should be over 600 everywhere but possibly transunion.

[SteelCityPride]

I have a local CU visa hard that they offered me when I was getting a loan, same HP - so I said ok. I was only given a $500 SL and it is rarely used and in SD as my lowest CL card. CLI increases are HP and the reward system is terrible.

[Anonymous]

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@Anonymouswrote:

Was down at my local CU the other day and they wanted me to  app with their card. Now I'm not applying for anymore until at least early to mid next month, but it's appealing because of the 4.9% introductory rate, with a current max of 13.59% after 12 months.

Any one know what kind of requirements a local CU may have?  And is this a card worth considering?  

Right now I have a Capitale One Platinum Secured ($200 CLI) reporting 8 months positive (will be 9 w/ a veyr low balance as of the time I will app), a QS One that will not report until the end of April (just got it), and a Credit One Card I haven't even received yet.

But that 4.9% is appealing and I'm going to be moving in June so if I app I would rather app before the move.

Thoughts?  Current scores are in my signature but this would be after the first part of next month and there will be a rebound due to a collection that is in dispute and with the low balance I should be over 600 everywhere but possibly transunion.

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I think that is their best rate for high FICO scores. Is this offer for a secured card? Your FICO scores are very low with baddies, correct?

[Anonymous]

Which reward system is yours?  This one is the SCORES rewards which I've seen before (someone else) and it wasn't bad, atlhough it did seem to take a lot of points to get anything nice.

That person though would rack up a $3,000 bill every month and then pay it and that isn't something I would be doing with this card.

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@SteelCityPride

[Anonymous]

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@Anonymous

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I think that is their best rate for high FICO scores. Is this offer for a secured card. Your FICO scores are very low with baddies, correct?

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The introductory rate is for everyone per what I was told if approved.  Then it variets based on credit between 7.59% to 13.59%.

No, it is not a secured.  The only bad item that will be on my reports at the time I apply would be my student loans which are now in rehab and date back 6+ years in default.  They do have an impact, but my scores will be a lot higher by the middle of next month when I do apply due to the change.  I have 1 other thing left right now, but it isn't valid and it's in dispute and will drop no later than 4/3/18.  

I expect, but you never know, to be aroudn the mid 600's as of the middle of next month with everyone except transunion.  That's based on actions I am taking that per the simulator will raise me to 610+ on both Experian and Equifax w/ the false collection still impacting my credit.  

What I'm doing is dropping my utilization to less than 5%, if not 0% for this month since I've constantly kept it high on the Plantinum card since I didn't grasp that part of it earlier, still learning.  Plus there will be an additional payment on that card show up and then that dispute will push out that collection, which dropped all my scores across the board by a minimum of 18 points (that was experian, everyone else was a 25+ point hit).  

I'm not looking for a new card, although I would like to have a decent one I could age w/ the Credit One or use instead of the Credit One and just leave the credit one open doing nothing due to there fees.  But I don't need it.  

The APR though is appealing which is why I asked, but I was originally intending to wait and try to get a Discover IT card after I was sure I was over 650 with the 0% APR for 18 months.

[Anonymous]

Got it. Thanks for your reply.

I would suggest not to pay your cards to ZERO. That in itself can drop your scores. Keep a very small balance that reports. 

[SteelCityPride]

Yeah I think its Scorecard or something and yes need a ton of points for anything. I've never done the math yet but seems like it would take very heavy use to get anything useful. Good luck

[Anonymous]

Wait until next month. That is still two months before you expect to move. Who holds the paper for your CU? Mine was Wells Fargo.

[SarahJo]

The simulator is rubbish in my experience, but who knows as YMMV...I would be very careful how much stock I put in its crystal ball.

[MakingProgress]

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@Anonymouswrote:

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@Anonymous

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What I'm doing is dropping my utilization to less than 5%, if not 0% for this month since I've constantly kept it high on the Plantinum card since I didn't grasp that part of it earlier, still learning.  Plus there will be an additional payment on that card show up and then that dispute will push out that collection, which dropped all my scores across the board by a minimum of 18 points (that was experian, everyone else was a 25+ point hit).  

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Don't just assume that collection will drop off because you disputed it.   If only it were that easy.  Your dispute could be denied.  Even if there is not question in your mind that the collection should not be on your report that dosen't mean the creditor will agree.    Count on it being gone once you see it's no longer on your report and not before.