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Signature Federal Credit Union Visa

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Frequent Contributor

Re: Signature Federal Credit Union Visa

Thanks for the update! I wanted to get the card, too, to give to authorized users because of the low APR but not sure they would like my profile with 2 new cards in the past 6 months! Not to mention all my other cards.... and a high APR and/or low SL would defeat the purpose I have dor it too....
Message 21 of 25
Valued Member

Re: Signature Federal Credit Union Visa

I'm currently a member and have a Home equity loan and there platinum credit card (10k /8.9 apr) 

I applied for the visa signature and was declined because you need to be a member for a certian amount of time to qualify for this card don't remember if they told me 1 year or 2 years but i think it was 2 years (please correct me if i'm wrong).

they are very strict about qualifying for many of there products even the membership application was a hassle with these guys

proof of income will be required for any credit application and it is meticulously reviewed and adjusted according to their understanding of your income... 

online applications get very low priority...(you must call to folllow up or risk your application go pending to infinity...)

 

 

Message 22 of 25
Established Member

Re: Signature Federal Credit Union Visa

I was interested in joining this CU for their 2% card, but your intel makes it a hard pass. In my opinion their standards are way too conservative and it appears they are way more hassle than it's worth.

Message 23 of 25
Frequent Contributor

Re: Signature Federal Credit Union Visa

@heyryan

Any updates on your application? Also, do you mind answering how many credit lines you had opened recently prior to the application, and how far back the representative went when reviewing your credit report?
Message 24 of 25
Established Contributor

Re: Signature Federal Credit Union Visa


@minski wrote:  @heyryan Any updates on your application? Also, do you mind answering how many credit lines you had opened recently prior to the application, and how far back the representative went when reviewing your credit report?

Based on the pace of "progress" previously reported, we're probably lucky if his app is showing "Pending FINAL approval" on the website after waiting for six months!!!  LOL  Smiley LOL

 

I have researched different credit cards I have read about or seen others mention, many from smaller regional banks or credit unions.  I have had some concerns.  All of this discussion just reinforces for me the importance of prompt, professional customer service in selecting financial institutions you are going to deal with regularly.  For all manner of customer service issues, not to mention fraud disputes, I need to know I won't be stressed and inconvenienced trying to work out potential problems.

 

Also, to get most of these cards, you have to open up and maintain deposit accounts.  Some institutions (per state laws) require activity on accounts to keep them open, so you may not be able to just deposit a minimal $5 and forget about it.  Not to mention the posting about sometimes not being able to link external payment accounts from other banks, etc.  Too much hassle!

 

Another big downside to secondary smaller banks and cu's is they have may not have the website interface or smart phone apps available to make your financial management easier.

 

I have NEVER in over 30 years of credit been given a lengthy "third degree" interrogation about why I want a card or what are my intentions.  For me, this would be a HUGE red flag.  That, as well as the unprofessional slow response to phone calls, emails, applications, etc.  Yes, I realize they are small, but still ... This sounds more like applying for a large mortgage than a credit card.

 

I have gotten to the point where when I am looking up these various cards, I not only research the fine print of the card but I also look for online reviews of the financial institution as a whole, in particular customer service complaints. 

 

I've also decided that I'm very leary about dealing with a small, local or regional bank or cu that is not local to my location. 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9.5+ years; AoYA = less than 1 year (Aug 2019)
Total Open Credit Lines Over $400K. Utilization Less Than 1%. Inquiries until May 2020 (TU:1 -- EQ:0 -- EX:5)
*Hover cursor over each card to see name, CL
Message 25 of 25
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