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Credit Unions to Join For Credit Cards & Financial Products

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credit8502020
Established Contributor

Credit Unions to Join For Credit Cards & Financial Products

Hi All, 

 

I'm preparing to join a few more credit unions to build banking relationships in preparation for great personal and business credit, savings and loan products in the future. 

 

I'm considing the following CUs, but would like to know if any one can share updated DPs regarding if they use do a soft/hard pull for membership. Also, I want to make sure whatever they pull they do not use it later for future approvals. My concern is that I don't want to wait to apply if being a member these next 6 months will help with my approvals. However, I also will have more income in the next 6 months and do not want to hinder my chances either because I initially gained membership with a lower income.  

 

  • Alliant
  • First Tech 
  • AOD
  • NIH - I've read that they are great for businesses in the medical field. Has anyone used them in busineses outside of the medical field? 

Thank you in advance for your feedback! 

6 REPLIES 6
Kforce
Valued Contributor

Re: Credit Unions to Join For Credit Cards & Financial Products


Statement 1)   I'm preparing to join a few more credit unions to build banking relationships in preparation for great personal and business credit, savings and loan products in the future. 

(This is my opinion)

 

Just becoming a CU member and putting $10 in a savings account for 6 months does not relate to "build banking relationships".  You would be eligible for the same CC, auto loan, personal loan, etc a day after joining a  CU.  They are going to look at your credit profile, income and debt. Being a member for 6 months is "Nothing".  (Maybe having a mortgage, auto loan and $200,000 in CD's and savings for 10 years.)

 

I would suggest only joining a CU if they have a current CC or other products that you really need at this time.  I would not join a bunch of credit unions thinking I am building a relationship by just having a membership and savings account.

 

Message 2 of 7
BearsCubsOtters
Frequent Contributor

Re: Credit Unions to Join For Credit Cards & Financial Products


@credit8502020 wrote:

Hi All, 

 

I'm preparing to join a few more credit unions to build banking relationships in preparation for great personal and business credit, savings and loan products in the future. 

 

I'm considing the following CUs, but would like to know if any one can share updated DPs regarding if they use do a soft/hard pull for membership. Also, I want to make sure whatever they pull they do not use it later for future approvals. My concern is that I don't want to wait to apply if being a member these next 6 months will help with my approvals. However, I also will have more income in the next 6 months and do not want to hinder my chances either because I initially gained membership with a lower income.  

 

  • Alliant soft pull but they do a hard pull on Chexsystems. Overall, primarily a deposit institution; lending products are ho hum.
  • First Tech 
  • AOD
  • NIH - I've read that they are great for businesses in the medical field. Has anyone used them in busineses outside of the medical field? 

Thank you in advance for your feedback! 


I cannot help you on any but Alliant. See red above. 

Message 3 of 7
DaveInAZ
Senior Contributor

Re: Credit Unions to Join For Credit Cards & Financial Products

Alliant is popular with alot of folks, and AOD has that 3% cashback card, not familiar with First Tech of NIH.

 

I like to get a "financial incentive" for my business, so two CUs I joined in July are GTE Financial and Fairwinds, both located in Florida, I'm in AZ. GTE has a $50 referral bonus and up to $2k in CC funding. The person who referred told me it was a SP to join, but I ended up getting a HP on EQ, my first HP on EQ in a long time. The rep who assisted me in opening my accounts was impressed by my 813 EQ score; I'm not sure what score they used, my EQ Fico8 is only 781, but I didn't argue. He assured me they would use the same HP for any app for credit within 30 days, so I looked around at their credit offering. They had a 'Go To' Visa that had an APR as low as 6.74% with 12 month 0%, so I authorized the rep to app for that for me (to make sure they used the same HP). Approved for $8700 CL at the 6.74%.

 

Fairwinds had $500 in CC funding through PayPal, a $100 bonus for a $200 DD, and an "Emergency Savings" account that pays 2.01% for the first $1k. My payroll DD hits next week, and I have the savings funded with $1k. And I used the PayPal funding on Discover card for 5% cashback on Disco.

Message 4 of 7
credit8502020
Established Contributor

Re: Credit Unions to Join For Credit Cards & Financial Products


@Kforce wrote:

Statement 1)   I'm preparing to join a few more credit unions to build banking relationships in preparation for great personal and business credit, savings and loan products in the future. 

(This is my opinion)

 

Just becoming a CU member and putting $10 in a savings account for 6 months does not relate to "build banking relationships".  You would be eligible for the same CC, auto loan, personal loan, etc a day after joining a  CU.  They are going to look at your credit profile, income and debt. Being a member for 6 months is "Nothing".  (Maybe having a mortgage, auto loan and $200,000 in CD's and savings for 10 years.)

 

I would suggest only joining a CU if they have a current CC or other products that you really need at this time.  I would not join a bunch of credit unions thinking I am building a relationship by just having a membership and savings account.

 


Thank you @Kforce for your reply. I haven't made a determination that I would merely leave a small amount in the accounts or think that I am building a relationship by just having a membership and savings accounts. I'm open to doing more business with the CUs that make the most sense for the larger transactions I am preparing to make. 

Message 5 of 7
credit8502020
Established Contributor

Re: Credit Unions to Join For Credit Cards & Financial Products


@BearsCubsOtters wrote:

@credit8502020 wrote:

Hi All, 

 

I'm preparing to join a few more credit unions to build banking relationships in preparation for great personal and business credit, savings and loan products in the future. 

 

I'm considing the following CUs, but would like to know if any one can share updated DPs regarding if they use do a soft/hard pull for membership. Also, I want to make sure whatever they pull they do not use it later for future approvals. My concern is that I don't want to wait to apply if being a member these next 6 months will help with my approvals. However, I also will have more income in the next 6 months and do not want to hinder my chances either because I initially gained membership with a lower income.  

 

  • Alliant soft pull but they do a hard pull on Chexsystems. Overall, primarily a deposit institution; lending products are ho hum.
  • First Tech 
  • AOD
  • NIH - I've read that they are great for businesses in the medical field. Has anyone used them in busineses outside of the medical field? 

Thank you in advance for your feedback! 


I cannot help you on any but Alliant. See red above. 


@BearsCubsOtters Thank you for sharing your feedback. 

Message 6 of 7
credit8502020
Established Contributor

Re: Credit Unions to Join For Credit Cards & Financial Products


@DaveInAZ wrote:

Alliant is popular with alot of folks, and AOD has that 3% cashback card, not familiar with First Tech of NIH.

 

I like to get a "financial incentive" for my business, so two CUs I joined in July are GTE Financial and Fairwinds, both located in Florida, I'm in AZ. GTE has a $50 referral bonus and up to $2k in CC funding. The person who referred told me it was a SP to join, but I ended up getting a HP on EQ, my first HP on EQ in a long time. The rep who assisted me in opening my accounts was impressed by my 813 EQ score; I'm not sure what score they used, my EQ Fico8 is only 781, but I didn't argue. He assured me they would use the same HP for any app for credit within 30 days, so I looked around at their credit offering. They had a 'Go To' Visa that had an APR as low as 6.74% with 12 month 0%, so I authorized the rep to app for that for me (to make sure they used the same HP). Approved for $8700 CL at the 6.74%.

 

Fairwinds had $500 in CC funding through PayPal, a $100 bonus for a $200 DD, and an "Emergency Savings" account that pays 2.01% for the first $1k. My payroll DD hits next week, and I have the savings funded with $1k. And I used the PayPal funding on Discover card for 5% cashback on Disco.


@DaveInAZ Thank you for your feedback and sharing these details. I appreciate it you providing these specifics. 

Message 7 of 7
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