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I needed some money within 24 hrs. I called and asked to do a cash advance on my cc. The CSR said let's see how we can help. A quick review and they suggested a loan, repayment with fixed payments for a few months at a much nicer rate than a cash advance. Paperwork was electronically processed both ways, approved, and the money was wired to my account in about two hours start to finish (in the same business day).
( Yes the loan was secured with property not cash)
I filed bk back in 1993 (included Navy Federal CU) and waited about five years later, wrote a letter, and told them how sorry I was and explained how I would do better in the future. They started with small loans and worked my way up over the years to where I am now,; paid auto and home loans, and well managed large credit lines. They've been good to me since that dark time but when you cross them, you can forget it for a while it seems.
There are so many differant variables and metrics in what a bank or credit union uses to determine if they like a customer or not.
What you can do if you are interested in getting a particuliar card or loan from an institution is to better your chances.
Whether or not it makes as much differance is not really relivent. As long as you did what you could to put as many variables on your side.
A bank is in the buissiness to make money. A credit union is not a bank. I bank at credit unions. I keep only enough of a deposit at the bank where i work to take care of monthly bills.
My prefered method is to open a savings account with a credit union. Then add a direct deposit. banks and credit unions love to see direct deposits. I then just let my balance increase, while I establish a relationship. After 6 months I can usually get a credit card from the credit union with at least a 10k cl and low apr.
That's a genius idea, I immediately opened a checking and savings with PENFED. IM HOPING to get the power rewards Visa in June or July when I apply
@The-Credit-Disciple wrote:That's a genius idea, I immediately opened a checking and savings with PENFED. IM HOPING to get the power rewards Visa in June or July when I apply
Take into consideration the HPs.
Some credit unions allow HP to be good for a certain amount of time.
PenFed will HP for membership and later the CC.
Pen Fed does Positively grow with You! Their team treats you like a family member, not just a number. Enjoy, grow, and savor your new relationship with them.
Thanks
@bettercreditguy1 wrote:... Their team treats you like a family member ...
Then they must think I'm the red-headed stepchild. Every time I inquire of them they say, "Boy, what'd we tell you last time, huh? Ain't nothin' changed so git -- you heared me, git!"
Family schmamily, I say.