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CU Members: Do you belong to multiple Credit Unions? Why?

Aim_High
Senior Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@ComeBackLady wrote:

Hi 🙋‍♀️ CU Members: Do you belong to multiple Credit Unions? Why? What do you like about each, please, if you belong to more than one? 


I currently belong to five credit unions.  (I've added three since I started participating on My Fico.)  Smiley Embarassed  

 

Credit unions can be great, but they aren't all created equal.  At their best, they offer much more attractive APRs than larger banks, both on the interest they pay on savings and/or checking accounts as well as the lower interest on loan products.  Because they are smaller and/or local, they may offer much better and more personal service than a bank, but that depends on the CU.  As for credit cards, as my post above indicated, they can offer cards that are sometimes much superior to the large bank cards but again that may vary.    However, I have found that even when a card may appear to offer similar rewards to large bank cards, the CU version probably has a much lower fee and interest structure.  While if you pay on time and in full, or never use BTs or FTFs, and may say that doesn't matter, my opinion is that always having the lowest fee and interest structure helps insulate me from high charges if something comes up to disrupt my normal habits. 

 

One of my credit unions is employer-based and another is geofenced to my local area.  The others that I've added on My Fico are Navy Federal and PenFed (both in-part to my veteran status as well as their superior products and service,) and AOD FCU for their 3% cash back Visa card. 

 

I don't mind having AOD FCU out-of-state where I can't just walk in to do business, but all the others have branches local to me.  I generally like that.  I wouldn't want to have accounts with many out-of-area credit unions.  Regardless of where you live or where you work, there are probably some good credit union options available to most everyone.  Sometimes, plugging into them just takes a little more awareness or research to realize you had some great local options all along! 



Length of Credit > 35 years; Total Credit Limits > $600K
AoOA > 28 years (Jun 1993); AoYA (Nov 2021)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 11 of 62
Aim_High
Senior Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@M_Smart007 wrote:
  • NFCU (Navy Federal CU)
  • SFFCU (San Francisco Fire CU
  • PFCU (Pentagon Federal CU)
  • SCU (Service CU)
  • SECU (State Employees CU)
  • AODFCU (Anniston Ordnance Depot Federal CU)
  • CWCCU (CommonWealth Central CU)
  • BECU (Boeing Employees CU)
  • ECU (Excite CU)
  • LFCU (Langley Federal CU)

 

I am sure I missed a few!


Only (10)  @M_Smart007!?!  Smiley Surprised

 

Yes, you must have missed a few!  Smiley LOL

 

Remember, these are all your Credit Unions, not the ones you've added in the last year!  Lol Smiley LOL Smiley Wink



Length of Credit > 35 years; Total Credit Limits > $600K
AoOA > 28 years (Jun 1993); AoYA (Nov 2021)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 12 of 62
kittycreditmeow
Frequent Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I am with two credit unions. Navy Federal CU and Penfed CU. I found out about both through this forum. I also have two non credit union accounts at Huntington and a Chime banking account. 

Chime:  was my primary account during my bankruptcy filing. They had no overdraft fee's and it was a self help method of controlling my spending habits. It worked. I'm starting to drift away from Chime now because I want to build a relationship with a credit union so I can get loans later on. 

Huntington: I opened the day after my bankruptcy discharge, I hardly have used the account in the 16 months I've had it. I just keep it open for the heck of it.

 

NFCU & Penfed: I just recently opened an account at each. People seem to really rave about NFCU around this forum. I was able to join because my deceased father served in the Airforce. It was quick 5 minute phone call and they had my accounts up and running. Credit Unions always offer the best rates on personal loans, auto loans and mortgages so it's important for me to build a relationship for my financial goals. Both NFCU and Penfed have a lot to offer and I hear they are very good to their members especially when it comes to credit lines and rebuilding. I split and transfer my entire paycheck into both NFCU and Penfed. I haven't picked a primary yet but eventually one will be my spending account for random purchases and the other will be for bills. I think in the long I will be happy I have both accounts and will get use out of both. 

 

Not sure what I plan to do with the Huntington account and Chime. Probably just leave them open but not put much into them each month. 

Credit Cards, Loans & Store Cards

Bank and Credit Union Memberships


Available Credit - $3,300
Util: 16%. Inquiries: 29
Gardening Until: March 28, 2023
AaOA: 2 Years

Fico 8 Scores Current as of March 2021

Fico 8 Scores Post BK

Bankruptcy Discharged: November 1, 2019
Message 13 of 62
cashorcharge
Senior Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I am only a member of 5....all previously mentioned here.

I had never looked into CU's until I joined MF and my primary need was for credit that wasn't exclusively pulling EX as that had the most INQ's and I wanted to balance them out.  I have only stepped into 1 of them in person so online and phone support has been my go-to and while just like banks, some are good, some not so good...I've found it a great way to build my portfolio without relying on the typical go-to's.

 

Admittedly, I do like reading about others approvals and DP's when they reference ones I haven't heard of or considered joining.  Reading others firsthand experience guided each of my membership decisions.

Message 14 of 62
ComeBackLady
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@CreditPuppy wrote:

Wow, hey ComeBackLady,

 

Well, you know my fav, NFCU.  I also belong to NIHFCU due to my work.  They both belong to the CU network, so I can do walk-in business at my local CU in town.  I have thought about others, but can't really justify it.  I enjoy having my money in different institutions so that I can build several relationships, plus not going over FDIC insurance.


Excellent point about the FDIC Insurance! As we grow our total financial prowess. TY. 

 

Yes, I have used the CU Share Branch network where I literally belonged to a CU based in another state from when I lived there and could do my financial transactions locally at another CU. However for some set up, I really love to have my CU have a branch within driving distance. 

And yes, #weheartNFCU 💖💖💖

#gonavy 

 

 

 

 

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


Bank and Credit Union Memberships:

Take the myFICO Fitness Challenge

Message 15 of 62
ComeBackLady
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@sarge12 wrote:

@ComeBackLady wrote:

Hi 🙋‍♀️ CU Members: Do you belong to multiple Credit Unions? Why? What do you like about each, please, if you belong to more than one? 

Back in the day when locations mattered, I joined the CU which as an employee benefit. My favorite for location was the one with a branch in our office. That was a sweet feature. 🤩


For folks like me who use the search feature, yes, I put in both CU and Credit Unions in the title to be more findable later... And this was the closest but not it thread which some of you might find relevant for your needs:

 

https://ficoforums.myfico.com/t5/Personal-Finance/How-many-banking-institutions-do-you-belong-to/m-p...

 


I belong to three credit unions, Michelin Tire FCU, because I worked there for 35 years. Vital FCU, which used to be the Credit Union my Sister had at her job as a nurse. It used to carry the Hospital name. I later joined Langley FCU, because they provide a free Equifax Fico 08 score. I love credit unions for everything except credit card rewards.


Lol. Yesssss. CU's are great on low rates and CLI's... each has their own special perks, I always look at Member Rewards Programs and such. Noooooot so much on CC Rewards... 🤣😂😁😇 Thank you for chiming in. I appreciate it. And while I adore NFCU, it's great hearing from folks using other CU's and being happy delighted. 🙏🏻 NFCU offers the FICO 8 report free to members, too. (That was for others much later who might be new to all this about CU's so they can glean this in one place. 🙏🏻🤗) 

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


Bank and Credit Union Memberships:

Take the myFICO Fitness Challenge

Message 16 of 62
ComeBackLady
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@Revelate wrote:

Something like 6 currently but I don't do a lot with most of them.  Mostly been for niche products so I'm hesitant to give most a serious review.

 

Generally speaking having a local CU is a good thing, and then any that you've established as their product offerings change over time.  The only one that I've really had over any extended period of time is DCU (20 years now off and on from when I got in through my employer) and they've been good to me on a number of fronts especially around loans and my HELOC is still through them.  I don't ask for much from my FIs other than just competence and DCU has been that in my experience... admittedly a lot of people on this forum seem to ask for a lot more than I do and have had different recent experiences so figure out which bucket you fit into before blindly taking any recommendation on good CUs to join.

 

Penfed, Alliant, Logix, First Tech, Unify, AOD, I'm probably forgetting one or two TBH.  The only one I flatly refuse to do business with is Logix as they failed my competence test.

 


Awesome. Exactly why I asked here. Because we can all gush about maybe a larger CU. But it's about What Do I Want, Use, Need. Both now, and as our needs change, we can hop over here to this thread and remember, hey, now that I need to buy a new car, which was that CU which offered a Car Buyers Program...? 

Could you please elaborate more here a tad about your Competency Test and Logix failed it for you? 🙏🏻 I'd love to hear it. TY! 

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


Bank and Credit Union Memberships:

Take the myFICO Fitness Challenge

Message 17 of 62
Anonymous
Not applicable

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I belong to SSFCU, NFCU, Alliant, DCU, AOD, Langley, and Service CU. 

As to why? Why not? I have credit cards with SSFCU, NFCU, DCU, and AOD. DCU and Service CU have high interest savings accounts. I could drop Langley and Alliant but I keep them open for options. 

Message 18 of 62
BearsCubsOtters
Frequent Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I've been a member of credit unions before it was cool-but then it has been said Utah is one of the most credit union-savvy states in the US. 2 of the top 20 are located in Utah-bested only by Virginia and California and both are much larger in terms of population. 

 

I am glad MyFico has taught others to join credit unions. 

 

As others have said, it is a good idea to be a member of a few credit unions. Credit unions typically offer higher interest rates on savings and lower interest rates on loans. No 1 credit union seems to do everything perfectly though; PenFed has awesome auto loan rates and a 2% cash back Visa but Navy offers a lower APR platinum card etc. So, it is a good idea to have a few credit unions in your back pocket to shop from for a particular product. 

 

And frankly, sometimes banks do better than credit unions. Point being is that you should not blindly bank with just 1 financial institution as it pays to shop around. 

Message 19 of 62
Mr_Mojo_Risin
Senior Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I was a member of only one CU before today (NFCU). Now I'm up to two after joining Penfed today.

I learned of NFCU after joining myFICO and it has been an amazing experience with them. From CC's to an auto loan with an excellent rate (2.29). I'm hoping my experience with Penfed will be as good or come close.

NFCU More Rewards 28K CL
AODFCU Visa Signature 5K CL
Citi Custom Cash 6K
NFCU Cash Rewards 8K
Discover IT 2K
Cap 1 600
NFCU auto loan
Message 20 of 62
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