Convince me to switch to a CU.

[Revelate]

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@FixMyCredit1992 wrote:

Like I said, they only asked for my ID, but I send the other stuff incase they needed it.

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May not have helped here, but I'd strongly suggest never sending more than they request when dealing with any bureacracy and that includes all lenders.

Not certain what to say other than you didn't manage to clear the potential fraud hurdle with the information you gave them, can't even begin to say why, and that's not something likely to be told to any front-line CSR for any lender (potential abuses abound).

[kalani91]

I recently joined DCU and NFCU and I appreciate their rates/ limits they provide. NFCU approved me my biggest limit by far and my DCU platinum card has lowest APR% by a landslide.. 

[FixMyCredit1992]

I called Alliant after waiting 72 hours. This was the reps exact words...

"Ya, your application was denied, we cannot discuss why over the phone, you will be sent a letter, buh bye now". *click*

This..after being shot down by DCU...has left a very bad taste in my mouth with Credit Unions.

Also, why do Credit Unions feel the need to ruin your score slightly by doing a hard pull. 

I've banked with Wells Fargo, Chase, and now Bank of America. Never once a hard pull, in fact I don't know of ANY bank that hard pulls.

Credit Unions might be right for some people. but I guess not for me, they don't seem to allow just anyone to have an account.

[Tetraptych]

I've belonged to DCU for about three years and overall am pretty happy with them. I've got a branch about 30 minutes away, but I haven't needed to deal with them directly more than once or twice since I've joined. Their mobile desposit is great, though. There's a bit of a probation for deposits at first, but after a while all of my checks are accepted immediately with up to a $5k maximum per check. My wife does a lot of freelance work and I've never had an issue depositing any of her checks.

I'm still doing a credit rebuild and haven't used any of their credit or loan products, but I do hope to get a mortgage through them next year and maybe a car loan a bit after that.

[notfancy]

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@FixMyCredit1992 wrote:

I called Alliant after waiting 72 hours. This was the reps exact words...

"Ya, your application was denied, we cannot discuss why over the phone, you will be sent a letter, buh bye now". *click*

This..after being shot down by DCU...has left a very bad taste in my mouth with Credit Unions.

Also, why do Credit Unions feel the need to ruin your score slightly by doing a hard pull. 

I've banked with Wells Fargo, Chase, and now Bank of America. Never once a hard pull, in fact I don't know of ANY bank that hard pulls.

Credit Unions might be right for some people. but I guess not for me, they don't seem to allow just anyone to have an account.

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Credit Unions are different than banks. In a credit union, you're basically a share holder. You're a "part-owner" in a way, unlike banks where you're just another customer. They are considered Not-For-Profit, so any money they make at the end of the year goes back to the customer/shareholder in some way. There is more to it than that, but that is the simplest explanation. So, obviously, before they let someone come on board, they have to know who and what they are dealing with. Perhaps you should do more research before you apply for anything, even membership to anything, financial or other wise. This might help you.

Beyond that, I have nothing else to add to you, because you refuse to be reasonable or listen to any of the good advice you've received over and over. You are a credit risk, and you prove this more and more all the time. Every one that says no to you leaves a bad taste in your mouth, but yet you keep looking for someone to say yes. It isn't going to happen.

[FixMyCredit1992]

Very few banks hard pull credit for a checking account. Credit card? Yes, but rarely a checking account.

They are not extending credit to me, so they have no reason to run a credit check,

If I turned overdraft protection off, I would be no credit risk what so ever.

If they pull credit on people, they are then being SELECTIVE.

Banks allow just about anyone, unless you are in Chex, and even then, there are banks who have accounts for people in Chex. 

The reason CU's pull credit, is so they don't have to offer any accounts to people with bad credit.

By selecting only people with good credit, these people have a higher chance of getting a loan through them, so they make the CU even more money.

So in the end, it all boils down to greed,. although the "big 4" banks are greedy, they allow nearly anyone to get an account, whereas CU's only allow people who make them THE MOST MONEY an account.

[Revelate]

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@FixMyCredit1992 wrote:

Very few banks hard pull credit for a checking account. Credit card? Yes, but rarely a checking account.

They are not extending credit to me, so they have no reason to run a credit check,

If I turned overdraft protection off, I would be no credit risk what so ever.

If they pull credit on people, they are then being SELECTIVE.

Banks allow just about anyone, unless you are in Chex, and even then, there are banks who have accounts for people in Chex. 

The reason CU's pull credit, is so they don't have to offer any accounts to people with bad credit.

By selecting only people with good credit, these people have a higher chance of getting a loan through them, so they make the CU even more money.

So in the end, it all boils down to greed,. although the "big 4" banks are greedy, they allow nearly anyone to get an account, whereas CU's only allow people who make them THE MOST MONEY an account.

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CU financials are based on the aggregate members' assets.  Not only is a credit check done to verify identity but also to assess whether an individual is a potential deadbeat as members that continually default, aren't likely to be beneficial for the rest of the membership.  FWIW there's many folks on this forum including myself that have gained access to a CU at sub-600 Beacon 5.0, that's not a difficult barrier to get over, and hardly "good" credit.  Banks and CU's both need to make money in order to survive, non-profit doesn't mean they're interested in getting members that don't meet their grade, though like banks have different standards, CU's do too.

You're reading way too much into some stuff, and your experiences aren't matched by many other reports on this forum, but there's something on your report which is tripping you up.  That's intrinsic to you, and I would suggest working on that, rather than railing at companies making a business decision not in your immediate favor.  There's no instant gratification when it comes to credit building, possible exception of getting a derogatory removed.  The letter from Alliant should be pretty explicit, could be something simple, could be complex, but it will say what spooked them, and that's your target for resolving.

Anyway if your bank is working for you, then fantastic!  In my case I do all my primary banking with Chase because they work very well indeed for me, but the majority of my loan products are with CU's as historically they've been a cheaper option for me as I'm nowhere close to gold-plated status.

[RushXTC]

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@FixMyCredit1992 wrote:

I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.

I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.

Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?

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I use DCU and love it, However I would NOT switch to banking with them.

I bank with BoA and it's right around the corner from my house, So yeah... No. I'll save money with DCU and get Personal loans/Auto Loans, But that's about it.

[FixMyCredit1992]

Why don't you recomend banking with them?

[jzamarripa3220]

My CU has popcorn, free for its members every Friday . Which was good enough for me lol. Plus the whole free checkings, savings, and low rates.