cancel
Showing results for 
Search instead for 
Did you mean: 

Credit Union relationships

The-Credit-Disciple
Frequent Contributor

Credit Union relationships

Good morning Fico Fam

It appears that if you build a solid relationship with your credit union they will show you Love as Far as Credit cards and other loans. I have seen on this site approvals for Huge SL especially with PENFED. Is it true to establish relationships with your credit union before you apply?  I am new to Penfed and I really want to get the Power Visa card. 

Message 1 of 20
19 REPLIES 19
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Credit Union relationships

In the case of my main credit union, it doesn't appear to matter. They're only interested in establishing relationships with those with good credit. They wouldn't let me take out a secured loan or credit card when I was starting my rebuild. Despite raising my score almost 200 points since then, they still have no interest in establishing a relationship. I will be phasing them out soon. It's a shame seeing as how they are the largest credit Union in my city and county.







Message 2 of 20
The-Credit-Disciple
Frequent Contributor

Re: Credit Union relationships

I'm hoping PENFED will show me the Love. I built relationships with Cefcu and Golden 1 credit Unions and it's been great with them. My Cefcu Cc CLis 20k. My Golden 1 CC cl is 10k I will ask Golden 1 for an cli in June. I am hoping to apply for the Power rewards Visa from Penfed Late summer. I am already a Penfed member by late summer it will be 6 months

Message 3 of 20
AllZero
Super Contributor

Re: Credit Union relationships


@The-Credit-Disciple wrote:

Good morning Fico Fam

It appears that if you build a solid relationship with your credit union they will show you Love as Far as Credit cards and other loans. I have seen on this site approvals for Huge SL especially with PENFED. Is it true to establish relationships with your credit union before you apply?  I am new to Penfed and I really want to get the Power Visa card. 


If on a clean scorecard, decent income, low DTI. You may have a good chance of approval.

 

PenFed as well as other credit unions do value length of membership. PenFed appears to have loosened up a bit on starting limits after their CU acquisition. They are still considered conservative so keep that in mind with your new accounts and inquiries.

Message 4 of 20
bettercreditguy1
Established Contributor

Re: Credit Union relationships

  • I have been a Pen Fed member over fifteen years. They have always  gone above and beyond when I have needed anything. They   take a little more time for processing, but are always accurate,  extremely polite,  and helpful in offering you the BEST product for your current situation. I have a credit card which pays 5% per dollar discount on all gasoline purchases plus cash back on other purchases . I have had multiple auto loans and They provide  a free EQ Fico Score (formerly Next Gen). In closing, their telephone or other means of support are awesome ,timely, and the CSR Representatives are here in the USA. My rating is 10 of 10! plus some strawberries.
Updated scores 12/7/2020 TU 849, EQ 821, Ex 829(all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 5 of 20
AverageJoesCredit
Community Leader
Mega Contributor

Re: Credit Union relationships

Building relationships  is a myth. If you have money, and generslly a good credit profile, they will often open up for you being a member. Just being a member with a $5 deposit wont gaurentee  you anything. 

Message 6 of 20
M_Smart007
Epic Contributor

Re: Credit Union relationships


@AverageJoesCredit wrote:

Building relationships  is a myth. If you have money, and generslly a good credit profile, they will often open up for you being a member. Just being a member with a $5 deposit wont gaurentee  you anything. 


Not even a "Promise"Smiley Sad

 

popcorn eating emoticon.gif
Message 7 of 20
James_A
Valued Contributor

Re: Credit Union relationships


@bettercreditguy1 wrote:
  • I have been a Pen Fed member over fifteen years. They have always  gone above and beyond when I have needed anything ... 

Color me curious -- what have they done "above & beyond" what a member might reasonably expect from a lender (ie, professional, polite, timely service)? 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2020): FICO 08 EXP: 747; TU: 762; EQ: 782
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 8 of 20
The-Credit-Disciple
Frequent Contributor

Re: Credit Union relationships

All of the SL I see is mind blowing

Message 9 of 20
James_A
Valued Contributor

Re: Credit Union relationships


@The-Credit-Disciple wrote:

All of the SL I see is mind blowing


Blew my mind -- 2k (after recon). Man LOL

 

They like some, hate others. I fall in the latter category. Smiley Wink

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2020): FICO 08 EXP: 747; TU: 762; EQ: 782
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 10 of 20
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.