Relationship with Credit Unions

[Anonymous]

A lot of times you hear people speak of developing a relationship with a credit union. Which sometimes includes just using one of their products for a period of time. Or even using them for your banking needs.  I've wondered whether or not relationships actually make any difference when it comes to credit unions? For example. If i become a member of ABC credit union and get approved for a credit card. 12 months later after 12 months of timely payments, are they more likely to approve me for another product such as another card or auto loan or personal loan etc due to our "relationship"? or could you just as easily been approved by simply being a member..thx for any opinions or clarification

[Anonymous]

Great question!

[Anonymous]

I believe that relationship matters but I think profile matters even more. Relationship would point to the fact that you are using one or however many of thier products and that you are in good standing with them. Relationship plus profile would mean the previous plus you are not only in good standing with the particular CU but with every other relationship which to me means a lot more.....

[SouthJamaica]

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@Anonymous wrote:

A lot of times you hear people speak of developing a relationship with a credit union. Which sometimes includes just using one of their products for a period of time. Or even using them for your banking needs.  I've wondered whether or not relationships actually make any difference when it comes to credit unions? For example. If i become a member of ABC credit union and get approved for a credit card. 12 months later after 12 months of timely payments, are they more likely to approve me for another product such as another card or auto loan or personal loan etc due to our "relationship"? or could you just as easily been approved by simply being a member..thx for any opinions or clarification

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Compared to what?

All financial institutions are primarily concerned with self preservation.

But as between banks and credit unions, my impression is that credit unions are a bit more likely to value their relationship with you and to take it into account in the decisionmaking process.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

A lot of times you hear people speak of developing a relationship with a credit union. Which sometimes includes just using one of their products for a period of time. Or even using them for your banking needs.  I've wondered whether or not relationships actually make any difference when it comes to credit unions? For example. If i become a member of ABC credit union and get approved for a credit card. 12 months later after 12 months of timely payments, are they more likely to approve me for another product such as another card or auto loan or personal loan etc due to our "relationship"? or could you just as easily been approved by simply being a member..thx for any opinions or clarification

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Compared to what?

All financial institutions are primarily concerned with self preservation.

But as between banks and credit unions, my impression is that credit unions are a bit more likely to value their relationship with you and to take it into account in the decisionmaking process.

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I'm counting on that when I come out of the garden in the fall to try for a Visa with Penfed. I've had a share account with Penfed since my high-school days, nearly 40 years (!) ago now, and have had several loans (car, home equity) with them previously, none of which have ever experienced any problems, and currently have a used-car loan which will reach its 6th payment mark in mid-September. Coupled with my EQ NextGen score which Penfed uses and which is just about the highest score I currently have, and the fact that my profile will have had another 5- 6 months of aging and payment history on all accounts by then, I have reason to feel reasonably optimistic though I'm prepared for the possibility of going through recon if the computer should turn me down on first pass (fortunately, Penfed is known for being very good on recons); I may even avoid the online process completely by going to my local branch to apply in person.