Credit Union Help!!!

[Anonymous]

Hello,

I am new here and this is my first post so I hope I am in the right place. I have been researching credit unions here lately and I need some help! I am currently trying to build my credit, I am also working on getting an auto loan. I have read a lot of good things about credit unions. My problem is I live in a rural area in WV and we have 3 credit unions here, none of which I can join due to they are job based credit unions. It is looking as though I will not be able to join a local CU. What will be the best CU for me to join? Granted my job does not offer direct deposit so I won't be able to have my pay deposited into my CU but I am thinking of doing a saving account with a CU. Any help on my issue would be great! Thanks in advanced!

[llecs]

Welcome!

If none are local, then expand out into your state. You don't need to live near a branch to be a member. Now ideally it comes in handy because you can put on your help-me-out-with-a-loan face in front of a LO, but I personally belong to a couple of CUs I've never even set foot in. In fact, I don't know of any local branches. There are some websites out there that do list CUs by state, with links to their respective websites. I'd start looking within WV for anything you might feel comfortable with.

If nothing is standing out, then expand out. Think of service organizations or memberships to organizations you/did belong to. Sometimes they'll link up to or mention a CU. If you went to college, sometimes there are local CUs to there you can join. If in the military, or were in the military, you have quite a few options local to your last duty, or past assignments. Finally, look in here for CU suggestions. For example, in the Auto Loan board there's a thread for past approvals. Look in there for CU mentions and you can always apply there if eligible.

[Anonymous]

There are some really good "national" credit unions.  Find out if your local credit unions participate in shared branch.  If so, then any other credit union that participates in shared branch will allow you to go to your local ones for deposits etc.  What area do you live in?

As for which credit union, can you please give us some more details on what you are looking for in credit union:

For example:

1) Banking replacement

2) Generous lender (ie bad credit)

3) Good rates

etc.

No credit unions have all those features.  Credit unions tend to return their "profits" to their members in different ways.  Some have great lending rates, some have great savings interest rates, etc.  For example, my local credit union basically has okay lending rates but amazing basic products.  Checking account with no fees and no minimums and pays a little interest, but gives unlimited ATM fee refunds (ie. use any atm for free).  PenFed has good credit card products but their lending rates are among the lowest (ie. 1.5% on auto loan).

[Anonymous]

I live in Mercer county WV. I have been calling around to some local and state CUs today with no luck. I am looking for a CU that will work with clients on loans who have had past credit issues and are looking to rebuild credit. I am also looking to start a share saving account as well. The biggest reason for a CU is an auto loan so that is what I am concerned about the most. Thanks for your reply!

[Anonymous]

Kay,

What do your FICO scores look like right now?  I know of several CUs that will work with people with past credit issues.  So if you give me an idea what your credit score and profile looks like, I can give you some suggestions.  When I say credit profile, I mean what are the baddies and when.

[Anonymous]

The dealer I have been working with said they averaged my score and it was 579. My Trans-Union is 626 and my beacon score is 606. I am 25 currently and when I was 18 to about 20 I had some credit cards that went to collection. There are 5 or 6 things showing badly on my credit report all of them totaling less than 6000. Since then I have not really applied for anything I took some time to mature. Within the past year I have applied for credit cards I have been approved for a Kays card and a Capital One card which I currently have small balances on that I am paying on monthly. I do have a few good things showing on my credit as well. I had some personal loans that were paid in full and never late, I also had a truck financed when I was around 20 that was paid on for about 6 months then I paid it off. That is about all that is showing on my credit currently.

[Anonymous]

Are the collection accounts paid off or not?

As for credit unions, I hear Eli Lilly Federal Credit Union is credit rebuilding friendly.  They don't offer credit cards right now, but will in near future.  They do have loans and LOCs.  They participate in shared branch so if your local CUs do to, you can bank there.

In your situation, you need to get more revolving accounts started so go for LOC.  As a FYI, you really should have been working on getting more positive trade lines on your credit as only half of rebuilding credit is waiting or correctly negative credit.  Your negatives should be falling off soon so get on the positive trade lines.  Contact Eli Lilly.  Think about saving some money to get a nice secured card as well.

[Anonymous]

Thanks for your help! It has been confusing. Like I said it has just been here recently that have felt comfortable with the start to rebuild my credit. I am just starting out and the few things I have tried have not been easy. The bad things showing on my credit have not been paid as of now. There are a couple of things that I am disputing currently because there are somethings showing on there that aren't mine or companies I have never had service through. As for the rest I am in the process of talking to a credit counselor to find the best way to pay the debts off. Thanks for all your help!

[Anonymous]

Kay, be very careful about old debt. If you are in wv, I believe credit card debt statue of limitations is 5 years (look it up) which means they can't use legal means (ie suing) to collect it. Your debt is mostly or all time barred debt or out of statue of limitations. However if you make any payment or maybe even acknowledge the debt, it can reset the statue of limitations. Personally, I would not pay or acknowledge any time barred debt. Additionally, you are coming up on 7 years that they can report on this debt. Why wake up sleeping dogs. Just make sure they go off your report when they should. Save your money for secured cards to build positive history so when old debt falls off, your score will really shoot up

[Anonymous]

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@Anonymous wrote:
Kay, be very careful about old debt.

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Yes!  Be aware that regardless if your old baddies are paid or not, FICO® counts them the same.  In other words, you are NOT rewarded by FICO® for paying off your old debt.  Certainly, "you" will feel better having those old burdens paid off but, there is no benefit FICO®wise.