I love reading great information on this board. Can someone please explain how Credit Unions work? I always see people recommending them on this site. Are they better than your bank, and can anybody use them?
Starting Score: TU 477 EQ 533 BK 1/27/2012
A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 9,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $100,000.
What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans--but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.
I love Crediy Unions 
Thank you, I guess at the different credit unions you have to have some sort of affiliation to use them?
Yes comet, you have to join a CU. You then become a share holder. It normally requires putting a deposit down(purchasing a share in the CU).
Some may appear to be closed to the public, but in recent years the requirement for joining a CU have been relaxed considerably. Now, almost anyone can join, but there are requirements. Meaning you might have to join an affiliated group.
Historically CU's have been very lenient in granting loans, and cc's. It's a great place to start a savings account. Many of our forum regulars are CU members, and they love it.
Hope that answers some of your questions.
Some may appear to be closed to the public, but in recent years the requirement for joining a CU have been relaxed considerably. Now, almost anyone can join, but there are requirements. Meaning you might have to join an affiliated group.
Historically CU's have been very lenient in granting loans, and cc's. It's a great place to start a savings account. Many of our forum regulars are CU members, and they love it.
Hope that answers some of your questions.