cancel
Showing results for 
Search instead for 
Did you mean: 

SDFCU rocks--why I subscribe to long term strategy

lhcole77
Valued Contributor

SDFCU rocks--why I subscribe to long term strategy

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.

Message 1 of 35
34 REPLIES 34
wasCB14
Super Contributor

Re: SDFCU rocks--why I subscribe to long term strategy

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.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 2 of 35
lhcole77
Valued Contributor

Re: SDFCU rocks--why I subscribe to long term strategy


@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.


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.

Message 3 of 35
Gmood1
Community Leader
Super Contributor

Re: SDFCU rocks--why I subscribe to long term strategy

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.

 

 



My most prized tradeline.
Message 4 of 35
Guyatthebeach
Valued Contributor

Re: SDFCU rocks--why I subscribe to long term strategy


@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.


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.

Message 5 of 35
Musiclover
Super Contributor

Re: SDFCU rocks--why I subscribe to long term strategy

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.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 6 of 35
washpadude
Regular Contributor

Re: SDFCU rocks--why I subscribe to long term strategy

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.

BK CH7 Discharged 03/2015
FICO8 EQ-657 TU-657 EX-665
Revolving credit lines 125k.
Message 7 of 35
SouthJamaica
Super Contributor

Re: SDFCU rocks--why I subscribe to long term strategy


@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.


Thanks for the informative post Smiley Happy

Message 8 of 35
baller4life
Super Contributor

Re: SDFCU rocks--why I subscribe to long term strategy

Message 9 of 35
lhcole77
Valued Contributor

Re: SDFCU rocks--why I subscribe to long term strategy

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

 

@

Message 10 of 35
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.