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Credit Union relationships

The-Credit-Disciple
Frequent Contributor

Re: Credit Union relationships

😂

Message 11 of 20
bettercreditguy1
Established Contributor

Re: Credit Union relationships

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)

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 12 of 20
babbles
Established Contributor

Re: Credit Union relationships

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.

Message 13 of 20
N5369087
New Contributor

Re: Credit Union relationships

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.

 

 

 

Ex:724 EQ:739 TU:686
Message 14 of 20
The-Credit-Disciple
Frequent Contributor

Re: Credit Union relationships

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

Message 15 of 20
AllZero
Super Contributor

Re: Credit Union relationships


@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.

Message 16 of 20
bettercreditguy1
Established Contributor

Re: Credit Union relationships

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.

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 17 of 20
The-Credit-Disciple
Frequent Contributor

Re: Credit Union relationships

Thanks

Message 18 of 20
James_A
Valued Contributor

Re: Credit Union relationships


@bettercreditguy1 wrote:

... Their team treats you like a family member ...


Then they must think I'm the red-headed stepchild. Smiley Wink 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!" Smiley LOL

Family schmamily, I say. 

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 19 of 20
Birdman7
Super Contributor

Re: Credit Union relationships

Obviously it’s YMMV, but for my two cents I’ve also had the experience of opening a savings account with a credit union and then six months later being offered a preapproved credit card.

Obviously not every CU is going to do that. Just like banks, credit unions vary in how they evaluate things. For some, the internal score takes into account how long you have been a member. That length of time being greater will help you with some CUs.

With other CUs, it may not matter. That’s why when you plan to do something you need to research the particular FI.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 20 of 20
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