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Opinions on non used Credit Union

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Community Leader
Mega Contributor

Opinions on non used Credit Union

Ok , this topic could be moved to PF if mods so choose but ill post here for greater coverage.

My questions relate to my PSECU accounts. I opened a membership earlier this year , got a checking account and savings, and applied for a credit card but was denied the cc. They sent me my debit card but i never activated it perse.

I was wondering if anyone feels i should keep this account /membership open when im not currently using it . Perhaps for fraud prevention. The thing is i gave them my last 2 years tax records and 2 paystubs and they still denied me a cc so if i couldnt get a cc with that given info, i dont see how that will ever change in future so what is the point mainting this account membership? Does anyone feels it would be better just to eliminate a possible fraud situation or should i keep it open in hopes of maybe eventually being able to get a credit product through them?. Thank you for your time and any questions hopefully i can snswer themSmiley Happy AJC
45 REPLIES 45
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Valued Contributor

Re: Opinions on non used Credit Union

I would keep it open.  Even if you just keep $5 in savings it will stay open forever.  Otherwise $10 in and out of the checking account every couple months keeps that open.   I don't see a downside.

 

Did you go for the Founders card?  They are EQ 2 pullers and seem to sometime just give CL's away.  I am not sure if it is a membership period based thing though.  What was their reasoning on the denial?

 

Wife and I have been members for 10 years but no credit products.  We kept it all open in case when our files improve.


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Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 2 of 46
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Super Contributor

Re: Opinions on non used Credit Union

Always better to have more CUs in the pocket in my mind. 

I would just keep the membership. You never know, they may send you targeted offers for their cards eventually or you may need some other product from them. It's always a hassle opening accounts with CUs, might as well maintain that membership. 




Message 3 of 46
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Community Leader
Mega Contributor

Re: Opinions on non used Credit Union

Thank you @spiritcraft and @Saeren for your replies.

I agree reopening is a pain , Penfed being case in point lol. I was just concerned over potential fraud. No money there, just the required $5 lol.

I did go for the Founders card and I believe the denial was based more off indebtness. Since im no longer applying for credit im hoping in 2 years my credit profile will be stronger with less hps, greater AAoA and hopefully less debt to income. So perhaps my profile will be more appealing then.

I think with Navy, Langley, PF, and PSECU, im covered with CU lol. Who knows maybe i can move to US in future and be more welcomed Smiley Wink. Again thank you for your perspectivesSmiley Happy
Message 4 of 46
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Valued Contributor

Re: Opinions on non used Credit Union

PSECU may come in handy down the road.  It was a HP to join or no?  Plust you get a free EX FICO 02 score.  I am ahppy I never went for their card and credit line twofer back in the day as they may have gotten burned.  Now we have them in our back pocket for the future.


|

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 5 of 46
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Moderator

Re: Opinions on non used Credit Union

I would keep it open. In time, the membership may over ride whatever concerns they might have had at the time you started with them. If nothing good happens, you can reevaluate later. 

It's not just CC lending, they might have different offers in the future that you may have use for. 

Membership truly costs you nothing, so I'd give it some more time 

Message 6 of 46
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Community Leader
Mega Contributor

Re: Opinions on non used Credit Union

Thanks @spiritcraft1 and @Remedios . Good points. Yes i used a hp. For membership. Thanks on the model Spirit. I have finslly got my first two Fico scores, last one being 729. Wondered why it differed so from my Fico 8, 745Smiley Wink.
Message 7 of 46
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Super Contributor

Re: Opinions on non used Credit Union


@AverageJoesCredit wrote:
Ok , this topic could be moved to PF if mods so choose but ill post here for greater coverage.

My questions relate to my PSECU accounts. I opened a membership earlier this year , got a checking account and savings, and applied for a credit card but was denied the cc. They sent me my debit card but i never activated it perse.

I was wondering if anyone feels i should keep this account /membership open when im not currently using it . Perhaps for fraud prevention. The thing is i gave them my last 2 years tax records and 2 paystubs and they still denied me a cc so if i couldnt get a cc with that given info, i dont see how that will ever change in future so what is the point mainting this account membership? Does anyone feels it would be better just to eliminate a possible fraud situation or should i keep it open in hopes of maybe eventually being able to get a credit product through them?. Thank you for your time and any questions hopefully i can snswer themSmiley Happy AJC

It's a good question, and I don't have an easy answer, because I haven't been able to answer it for myself. I've joined some good credit unions, which turned me down for credit.  In some cases I've cancelled my membership, in some cases I've kept the membership open.

 

Intellectually I don't know what the right answer is.

 

But emotionally my feeling is that I should have kept the good ones open; maybe some day down the road I will be able to get some credit with them, and my long standing relationship with them will have been factored into it.

 

Some of the ones I've opened are nothing special, and closing the accounts is no big deal.

 

But I did a lot of research, and found some great credit unions with great customer service and products. My gut feeling is that I should have kept those relationships open, rather than ending them.

 

 

 

 

 


Total revolving limits 653000 (575000 reporting)

Message 8 of 46
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Moderator

Re: Opinions on non used Credit Union

I regret closing some of my CU's as they were the coveted Chex's pulls and not bad ones as well such as alliant and etfcu, first tech (not sure this would of ever been useful).  Cheap to keep the 5 in savings or whatever it might be.  As long as mainenance free meaning no maintenance fee, etc. I say keep it open as lending changes over time along with policies and products, etc...

Message 9 of 46
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Valued Contributor

Re: Opinions on non used Credit Union


@AverageJoesCredit wrote:
Thanks @spiritcraft1 and @Remedios . Good points. Yes i used a hp. For membership. Thanks on the model Spirit. I have finslly got my first two Fico scores, last one being 729. Wondered why it differed so from my Fico 8, 745Smiley Wink.

Yes those Mortgage scores like EX 02 are tough to figure out.  My 02 is 30 points lower than EX 08 while my Wife's EX 02 is 20 points higher than her 08.  Same age of derogs but fewer for an example of what could be causing that difference.  I have more old CO's maybe that is it.


|

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 10 of 46
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