SDFCU rocks--why I subscribe to long term strategy

[lhcole77]

I joined SDFCU a few years ago with a long term strategy in mind. Join, open savings and checking and wait for targeted offer for 6.99% APR Visa.

Like clockwork I received a pre approval in the mail one year later. Instant approval @ 6.99% (7.24% now).

And, again, like clockwork, I continue to receive good offers. This time a $6,000 check in the mail that, when cashed, acts as a loan at 6.99% for 36 months, with no HP for the offer. Each year the amount on the loan checks has increased and the APR has decreased.

I share this to say this: long term strategy can definitely pay off. Sometimes I apply for things with the hopes of immediate outcomes. And other times I apply with the idea of being patient for potential future pay offs.

Patience with SDFCU (for me) was key.

[wasCB14]

Is a loan at 6.99% for 36 months really so great? I've seen threads where other people with good credit mention similar offers, and I just don't see the appeal. With 40 TLs and $300k credit, you probably have better offers. You could string together two or three 0% BT offers and pay half as much in interest and fees as you would through SDFCU.

I guess there's some simplicity in having it all done at once, rather than doing two 18-month BTs...but 6.99% is still an expensive way to do it.

[lhcole77]

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@wasCB14 wrote:

Is a loan at 6.99% for 36 months really so great? I've seen threads where other people with good credit mention similar offers, and I just don't see the appeal. With 40 TLs and $300k credit, you probably have better offers. You could string together two or three 0% BT offers and pay half as much in interest and fees as you would through SDFCU.

I guess there's some simplicity in having it all done at once, rather than doing two 18-month BTs...but 6.99% is still an expensive way to do it.

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A loan at 6.99% APR is beyond great. Sometimes I want to carry a balance via BT offers. Other times I would rather take out a loan to pay down debt.

I am not chained to the idea that the only way to pay down debt is via 0% offers. I have never had an issue paying some interest if it means I am paying down debt faster.

[Gmood1]

So far they do seem like a pretty decent CU. Not quite at the top of my list. But still good for such a small CU. I took them up on the check offer and passed on the pre-approved CC. I figured they'd deny me on the CC being they are so conservative. I didn't realize it was a SP until after the money popped up in the account and no alert. This is very nice! 

I immediately paid $4400 of the $4500 back. It's my first personal/ unsecured loan ever.

Now reporting $100 owed on $4500 to all the CBs. I plan to drag it 35 months. It's my long term goal to keep a nice diverse credit mix going. I to have over 40 trade lines reporting. 

It will probably be another year before I go for their CC. That's after most my lines are two years or older and a bunch of inqs fall off.

[Guyatthebeach]

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@lhcole77 wrote:

I joined SDFCU a few years ago with a long term strategy in mind. Join, open savings and checking and wait for targeted offer for 6.99% APR Visa.

@Like clockwork I received a pre approval in the mail one year later. Instant approval @ 6.99% (7.24% now).

And, again, like clockwork, I continue to receive good offers. This time a $6,000 check in the mail that, when cashed, acts as a loan at 6.99% for 36 months, with no HP for the offer. Each year the amount on the loan checks has increased and the APR has decreased.

I share this to say this: long term strategy can definitely pay off. Sometimes I apply for things with the hopes of immediate outcomes. And other times I apply with the idea of being patient for potential future pay offs.

Patience with SDFCU (for me) was key.

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lhcole77,

I got the same preapproved check as well. I'm very impressed with SDFCU as I've been a member for 3 years now.

They have been fantastic to me.

[Anonymous]

I also received the 6k check and deposited it. My long term goal is that super low interest credit card. I am loving this credit union.

[washpadude]

I was going to close my SDFCU account, but I think I'll keep it after reading this and another SDFCU thread. I got a secured card 18 months ago, my first card rebuilding. I have since closed it and only had a dollar sitting in my share account. I just set up a recurring deposit from my NFCU account. SDFCU may come in handy in a year or two when my scores really recover.

[SouthJamaica]

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@lhcole77 wrote:

I joined SDFCU a few years ago with a long term strategy in mind. Join, open savings and checking and wait for targeted offer for 6.99% APR Visa.

@Like clockwork I received a pre approval in the mail one year later. Instant approval @ 6.99% (7.24% now).

And, again, like clockwork, I continue to receive good offers. This time a $6,000 check in the mail that, when cashed, acts as a loan at 6.99% for 36 months, with no HP for the offer. Each year the amount on the loan checks has increased and the APR has decreased.

I share this to say this: long term strategy can definitely pay off. Sometimes I apply for things with the hopes of immediate outcomes. And other times I apply with the idea of being patient for potential future pay offs.

Patience with SDFCU (for me) was key.

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Thanks for the informative post

[baller4life]

My SDFCU thread below. Very happy with them:

http://ficoforums.myfico.com/t5/Personal-Finance/SDFCU-Person-Loan-Check/m-p/4796221#U4796221

[lhcole77]

Glad to hear others are having a positive experience as well. 

@washpadude--good thinking! SDFCU does frequent SP ARs so I would not be surprised if an offer comes your way at some point.