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.

 

 

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


Total revolving limits 653000 (575000 reporting) FICO 8: EQ 721 TU 747 EX 715

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.