Credit Unions and the Human toucht

[MidnightVoice]

A short story/possible suggestion:

A  year or so after coming out of credit rehab I decided to apply for a CC, and chose one that would give me air miles.  I was rejected, and confused, so I went to a financial counselor.  One thing he suggested was going to a local credit union for a secured loan (to look good on the credit report) and a card, as this would normally involve talking to a real person and explaining your situation.  He said his other clients were often successful using this route.

Result – I got the card.  15 months later I applied for (and got) the same CC from Chase that I had previously been denied because of poor credit.  I think having the Credit Union card and using it responsibly was part of the reason.

Just passing this on

[Anonymous]

Good advice.  Plus credit unions usually have no-fee checking accounts and good rates on auto loans.

[Anonymous]

Good advice!  And anytime you can get in touch with a human, you're better off.  Most credit applications give you a response that computer generated with a "Yes" or "No", so you're just a number to the computer.  Anytime I needed assistance finding a loan or needed help with a CC interest rate or whatever, the human/representative was always the way to go.

[Anonymous]

I could not get any credit at all, and I desperately needed to refinance my debt (it was about 15k at a minimum of 22%). My wife joined a large credit union and got a $5000 visa (her FICO is around 700). I decided to join also, and got a $5000 personal loan (14.9%) and a $2500 visa (16.9%). I've been able to knock the APR down 10 points on the $5k i moved over to the personal loan, and I am able to have a bit of breathing room with the new visa.

Credit unions are great places for those rebuilding credit.

[Anonymous]

the university i graduated from have a credit union. My credit is bad but im looking to rebuild...do you think i have a chance to get any kind of help from my credit union with scores of 578(TU)...573(EX)...609(EQ)???

[Tuscani]

yep.. credit unions rock

[MidnightVoice]

Irvin - go talk to them and be hoonest and see what is what.

Better than a computer 

[fused]

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MidnightVoice wrote:

A short story/possible suggestion:

A  year or so after coming out of credit rehab I decided to apply for a CC, and chose one that would give me air miles.  I was rejected, and confused, so I went to a financial counselor.  One thing he suggested was going to a local credit union for a secured loan (to look good on the credit report) and a card, as this would normally involve talking to a real person and explaining your situation.  He said his other clients were often successful using this route.

Result – I got the card.  15 months later I applied for (and got) the same CC from Chase that I had previously been denied because of poor credit.  I think having the Credit Union card and using it responsibly was part of the reason.

Just passing this on

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I thank you for this post!  Most people do not think to do what you did. Great job!  On another thread I made the same recommendation except it was a person's bank not a credit union.  Same smell though.  What people might find (not always though) is your credit union or bank might be willing to extend you some credit based on your GOOD history with them.  It sure beats having to get a subprime card with high fees and APR.