How to build history with a Credit Union?

[veracious]

I've seen many posters claim that they are going to deposit  $25--$50.00 with a credit union and build a history.

Is this possible?    My assumption is that a larger savings deposit along with general membership requirements

would be viewed  as "preferable" .

Can a person with "not-so-great"  profiles win approvals with larger deposits?

Or do you have to wait for them to offer you loan products, when and only when,your scores improve?

In other words, the amount of your deposits don't influence their lending decisions?

[veracious]

Any input is welcomed. 

Thanks.

   veracious

[MarineVietVet]

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@veracious wrote:

I've seen many posters claim that they are going to deposit  $25--$50.00 with a credit union and build a history.

Is this possible?    My assumption is that a larger savings deposit along with general membership requirements

would be viewed  as "preferable" .

Can a person with "not-so-great"  profiles win approvals with larger deposits?

Or do you have to wait for them to offer you loan products, when and only when,your scores improve?

In other words, the amount of your deposits don't influence their lending decisions?

---

I think every CU will have different standards. When I joined a local CU about 5 years ago I opened a savings account with $5. Today I believe the balance with interest is about $5.71. I also opened a checking account that I've never used.

Since that time I've gotten 4 car loans and a home equity loan through them. The amount of my deposits doesn't seem to matter to them.

You need to go in and talk to a person and let them know you and see what they can offer you and what they require of you.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[veracious]

Marinevietvet.,

You answered my concerns perfectly. 

Thanks again!

    veracious

[fused]

After the economy tanked in Sept 2008, I moved most of my money to a small CU. I opened checking and savings accounts. I haven't applied for any CCs or loans with them, but they have offered to at wonderful rates. If I need to buy a new vehicle, I'll probably go with my CU.

[MarineVietVet]

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@fused wrote:

After the economy tanked in Sept 2008, I moved most of my money to a small CU. I opened checking and savings accounts. I haven't applied for any CCs or loans with them, but they have offered to at wonderful rates. If I need to buy a new vehicle, I'll probably go with my CU.

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I can attest to that. I know that interest rates have been very low for a long time but when I got a loan in December for a 2000 Chevy S-10 the rate was just over 4%. For a 10 year old vehicle!! That's hard to beat.

[Anonymous]

I was wondering the same thing, how you can build history with a credit union. I just recently joined a credit union about two months ago and opened up a savings account.I deposit $25 into the account each week through direct deposit through my employer. I am wondering when  a good time would be to apply for a line of credit or wait until the send offers through the mail. As you can see, I don't have the strongest FICO scores, but I am definitely looking to improve my scores. I'm not looking to get over my head in debt again. I am currently working on paying some debts that are now with CA. I am new to myFICO and looking for advice. I'm done being irresponsible with my finances. Looking to get things right going forward. Thanks for any advice in advance.

[MarineVietVet]

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@Anonymous wrote:

I was wondering the same thing, how you can build history with a credit union. I just recently joined a credit union about two months ago and opened up a savings account.I deposit $25 into the account each week through direct deposit through my employer. I am wondering when  a good time would be to apply for a line of credit or wait until the send offers through the mail. As you can see, I don't have the strongest FICO scores, but I am definitely looking to improve my scores. I'm not looking to get over my head in debt again. I am currently working on paying some debts that are now with CA. I am new to myFICO and looking for advice. I'm done being irresponsible with my finances. Looking to get things right going forward. Thanks for any advice in advance.

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Welcome to the forums.

One good thing about a local CU is I can walk in any time or call and talk to the same person. If I were you I'd go in and talk with a loan officer and see what that particular CU requires. It won't cost you anything and you will start to build a personal relationship.

Good luck yo you.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[joestay]

For my credit union, I don't feel like I'm just another customer.  They have always treated me well and I have had no problems ever.  The interest rate that I earn from them is awesome compare to the other banks I do business with.  When I was shopping for a loan, I went to them first.

[Anonymous]

Thanks for the welcome. I was actually thinking about going to do that here in the couple of weeks. My work schedule is so hectic right now and I just don't have time to do much of anything but eat, sleep, and pay bills.  I will definitely go and speak with someone face-to-face. I've always thought that a face-to-face relationship is much more better than speaking with someone over the telephone.  Thanks again.