SDFCU - Credit Requirements and Info... CATCH?

[Creditaddict]

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@zyzzus wrote:

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@tray wrote:

I joined SDFCU a couple of months ago, and to tell you NO HARD PULL to join like other credit unions.  Also this cu has a chip and pin on the cc not chip and signature with a very low rate starting rate               

also if you want on their site you can get a chip and pin debit card but with this it is from a third party source.  Also for secured cc and loans there is no credit checks another big benefit....

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okay you have my interest.

I want to reach out to someone there to confirm this

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I just in under 3 minutes and funded the account and printed out the signature card and have a member number.

I dont' think I can create an online account and log in yet but I can update you on credit pull but you would be able to talk to someone before I would get an update from my watcher since the holiday.  But joining was super easy and you verify yourself with credit report stuff but they tell you that is like normal verification, not a HP.

[kampfer09]

When you go to the application process there a section that would tell you if there going to pull a CR. just go and fill in the app and see.

[Revelate]

The card doesn't unsecure; however, everything else is spot on.

It's a terrifically versitile secured product; my own credit report has moved outside secured territory and I got up to the application stage in January, but I'm tempted post mortgage (if I still have any cash reserves at that point) to simply open one up as a rainy day card.  Also when my USAA secured loan finishes up in another 18ish months, may repeat the trick with SDFCU depending on their term length and APR.

I'm scratching my head as to how long it's going to be around, because it's qualities really put it ahead of everything other than BOFA (rewards, graduates) and NFCU (for somewhat obvious reasons)... and if no FTF is a requirement, it's better than the Cap One option if one can hit the minimum deposit.  Definite sleeper card, but easy top 5 for anyone, and most likely top 2 for many people secured wise.  

[LS2982]

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@kampfer09 wrote:
All credit union report any loan to all the CB. I know because I use to work for one. I have schoolfirst cu and they report my CC to all three.

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I understand from your CU you worked for but that does not mean every CU reports to all 3 bureaus. They could only report to 1 or 2. 

[zyzzus]

Bump.

No HP to join?

[myjourney]

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@zyzzus wrote:

Bump.

No HP to join?

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From what I have read no

[RetiredinNY]

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@zyzzus wrote:

Bump.

No HP to join?

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I joined SDFCU in February 2013 and opened a secured VISA.

NO hard pull and the card does NOT report as secured.

[Creditaddict]

Not sure what it means yet but I have an account at Citizens First Bank and I signed in this morning and had to get a text message code to sign in, I have it saved in my cell (The 5 digit that shows as phone number when it texts me)  Then I went and logged in to my new SDFCU account thinking I would go open secured card today since my new account opened and I got all paperwork this past week etc. and have to do the text security code thing and beep beep it comes through and it's showing me citizens first bank... I was like huh, went into contacts to double check I didn't add this number wrong and nope, it's the same.

Citizens First is kind of small though and they don't even underwrite their own credit card so not sure what they have in common with SDFCU opening accounts with no HP and this fab rate secured card, etc.?

thoughts?

[zyzzus]

This had me interested so I reached out to them. Here is my response.

Hello:

We are excited about your interest in State Department Federal Credit Union! To qualify for our lowest qualifying rates we typically look for a credit score of 720 and higher. We also compare your outstanding debt in relation to your income along with credit history. These factors collectively determine approval. We utilize Experian credit agency when reviewing credit. When applying for our credit products, a hard credit pull is done which usually can affect the score by a couple of points. However, a hard credit pull is not used to open up membership or an account with us.

If you have any additional questions, please let us know. Thank you for the opportunity to serve you!

Sincerely,

Lending Solutions
State Department Federal Credit Union

[lhcole77]

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@zyzzus wrote:

This had me interested so I reached out to them. Here is my response.

Hello:

We are excited about your interest in State Department Federal Credit Union! To qualify for our lowest qualifying rates we typically look for a credit score of 720 and higher. We also compare your outstanding debt in relation to your income along with credit history. These factors collectively determine approval. We utilize Experian credit agency when reviewing credit. When applying for our credit products, a hard credit pull is done which usually can affect the score by a couple of points. However, a hard credit pull is not used to open up membership or an account with us.

If you have any additional questions, please let us know. Thank you for the opportunity to serve you!

Sincerely,

Lending Solutions
State Department Federal Credit Union

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THANKS for posing this. SDFCU has recently sparked my interest. This is very informative!