Having more than 1 CU?

[Anonymous]

Hello All,

This could be a very dumb question. I see a lot of people on here that belong to more than 1 credit union. Is this a good thing? Does one need to belong to more than 1 and if so what are the benefits? I just joined a credit union last week after doing some research on here I knew nothing about them. They have been amazing so far and got me approved for an auto loan no one else would approve so I am more than happy with my current CU. I am just wondering what would be the benefits of belonging to more than one.

[RobertEG]

Another alternate source should you need it.

CUs dont usually report the basic account itself, only credit you establish under the account.  So I dont see any scoring impact by having alternate banking sources.

[Anonymous]

---

@Anonymous wrote:

Hello All,

This could be a very dumb question. I see a lot of people on here that belong to more than 1 credit union. Is this a good thing? Does one need to belong to more than 1 and if so what are the benefits? I just joined a credit union last week after doing some research on here I knew nothing about them. They have been amazing so far and got me approved for an auto loan no one else would approve so I am more than happy with my current CU. I am just wondering what would be the benefits of belonging to more than one.

---

Unlike most banks, cu value relationships so you might get funding from them if you might not otherwise. Also cu tend to return their profits in different ways. Some via great terms on accounts or low interest on loan products or good banking products or generous lender or high interest on savings. I belong to several. Penfed because great loan products. Local cu with amazing free checking and foreign ATM rebates and great no fee, low interest visa. Another because their saving rates are good. I remember you posted before that you were looking for one. What cu did you end up joining?

[Anonymous]

I joined Consumers Credit Union last week. They got me approved for the auto loan I was needing. I also have a checking and share savings account with them. They have been great. I am very happy that I joined!

[marty56]

Possible benefit for loan or CC card since some CUs tie rates to # of products you have with them.  As long as there is no fees associated or depoist requirements with membership, it won't hurt so no worries.