SDFCU rocks--why I subscribe to long term strategy

[SouthJamaica]

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@peghede wrote:

Don't stay away, run away and never look back.

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[Anonymous]

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@baller4life wrote:
+1. Only share savings. I had $5 in it. 😃

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+1+1. Only share savings. I just added $100 to the $25 there already.

[Anonymous]

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@SouthJamaica wrote:

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@baller4life wrote:

My SDFCU thread below. Very happy with them:

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

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Inspired by OP I went and applied for membership.

They actually turned me down because I didn't satisfy their "identification" score, and said I have to come into a branch personally to join.

I think I"ll pass.

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So sorry that happened to you, SJ!

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@baller4life wrote:

My SDFCU thread below. Very happy with them:

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

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Inspired by OP I went and applied for membership.

They actually turned me down because I didn't satisfy their "identification" score, and said I have to come into a branch personally to join.

I think I"ll pass.

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So sorry that happened to you, SJ!

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Thanks Musiclover. Better for that to happen upfront, than for something worse to happen once I'm actually in a banking relationship with them.

[Anonymous]

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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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So you'd be paying arounf $1,000 or more in iterests on a $6k loan over 3 years? That's way too much in my opinion!!! I can get the same $6k off of my Barclays or Discover for 18 months for either 1% or 2%.... I'll always choose the cheaper loans any time any day.... 

[Aahz]

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@lhcole77 wrote:

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.

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I'm sorry, but these statements don't make sense to me and seem contradictory.

Paying 6.99% instead of 0% is the very definition of paying down debt slower, not faster.  It's costing you more money to service the same amount of debt.

[lhcole77]

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@Anonymous wrote:

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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.

---

So you'd be paying arounf $1,000 or more in iterests on a $6k loan over 3 years? That's way too much in my opinion!!! I can get the same $6k off of my Barclays or Discover for 18 months for either 1% or 2%.... I'll always choose the cheaper loans any time any day.... 

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Interest would be $668.47

To each his own

[stellar]

That low interest credit card sounds good. 

But be careful, they seem to have a lot of fees in general.  Including a $10 account closing fee for inactivity after 1 year.

[lhcole77]

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@Aahz wrote:

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@lhcole77 wrote:

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.

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I'm sorry, but these statements don't make sense to me and seem contradictory.

Paying 6.99% instead of 0% is the very definition of paying down debt slower, not faster.  It's costing you more money to service the same amount of debt.

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No need to be sorry. Just do the math.

When I carry BTs I do it on cards that only require 1% payment of total balance per month. And guess what--that is what I usually pay (plus a few dollars more).

When you do the math for that payment strategy and factor in cost of BT fees over time I wind up paying more in the long run.

A $6000 loan at 6.99% APR paid off in 3 years will cost me $668 in interest.

$6000 paid off using BTs  with 3% fees and only paying 1% per month would cost well over $1,000 in fees and would take over 18 years to pay off. This is due to having to transfer unpaid balance at the end of the promo period. This would happen at least 10 times over the course of an initial $6000 start.

I am not encouraging others to only pay 1% of total balance on their BTs. It's what I do and what works for me. I have had zero problems.

So I come back to my original point: 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.

[Anonymous]

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@lhcole77 wrote:

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@Aahz wrote:

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@lhcole77 wrote:

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.

---

I'm sorry, but these statements don't make sense to me and seem contradictory.

Paying 6.99% instead of 0% is the very definition of paying down debt slower, not faster.  It's costing you more money to service the same amount of debt.

---

No need to be sorry. Just do the math.

When I carry BTs I do it on cards that only require 1% payment of total balance per month. And guess what--that is what I usually pay (plus a few dollars more).

When you do the math for that payment strategy and factor in cost of BT fees over time I wind up paying more in the long run.

A $6000 loan at 6.99% APR paid off in 3 years will cost me $668 in interest.

$6000 paid off using BTs  with 3% fees and only paying 1% per month would cost well over $1,000 in fees and would take over 18 years to pay off. This is due to having to transfer unpaid balance at the end of the promo period. This would happen at least 10 times over the course of an initial $6000 start.

I am not encouraging others to only pay 1% of total balance on their BTs. It's what I do and what works for me. I have had zero problems.

So I come back to my original point: 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.

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My friend you're doing it all wrong. I remember how agitated I was when I got a loan of $16,000 for my car and it was going to cost me total of $1,000 in 3 years!! made sure to pay off that loan as soon as possible. I couldn't sleep at night with the thought that I am paying a bank $670 on only $6,000 loan!!! To each his own.

I never take any balance transfer offers above 2% in fee and has to be minimum 18 months to pay it off. Personally, I'll never take any loan with more than 4% interest rate