Survivor: Credit Union edition!

TXcred · ‎09-30-2024

I am looking to simplify my financial accounts at credit unions a bit and am looking to crowdsource some comparative feedback. I am presently a member of PenFed, Navy Federal, First Tech FCU (who announced today they'll be merging with Digital CU) and InTouch Credit Union (a local Dallas-area CU). With the exception of PenFed, my relationships with these CUs are very simple at the moment: just membership savings and checking accounts at each. At PenFed, I also have a credit card and a personal loan.

I previously used the deposit accounts at each of these CUs during different stages of my life, but hardly use any of them since I have lately been using big banks for my small business for business credit purposes. (If there's a credit union that offers genuinely great low-doc business credit products, I'd be interested - but I haven't found any yet.)

On the horizon: Sometime in the next year, I plan to buy a midsize pickup truck (primarily for business use), and sometime in the next 1-3 years, my wife and I hope to buy our first home. Each of us has excellent (800+) personal credit. I am also interested in borrowing to buy homes for rent sometime in the next few years. I don't anticipate personal loans for any other purposes, and I don't foresee adding any new personal credit cards beyond the ones I already have.

Generally, what's the best way to compare credit unions? Is it more than just the rates they offer?

Specifically for my situation, which (if any) of my credit unions ought to be on the chopping block?

AndySoCal · ‎09-30-2024

@TXcred There several factors in picking a credit union(s) at least for me.

Do you want a credi union that has a branch near where you live or is on line only will work?

In my case if you look at the credit unions I a member most them are on the east coast. I live in California 99 % of what I do is digital. This might not work for someone is getting paid with paper checks for whatever reason. Secondly, is rates both loan an deposit rates. I prefer a credit union that has decent rates both long and short term. Some banks and credit unions have one or two CD terms with a decent rates other rates are very non competitive.

A certain credit union may a product that appeals to you like a rewards credit card. Such was the case for me with State Department FCU and Redstone FCU. I have since expanded the relationship from credit card only. I hope this helps.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC bankcard 797 08/2024 EFX 811 Bankcard v8 811 EFX 806 FIC0 v8 (09/2024)
Discover IT 09/90, 19000, JC Penney 10/2008 4700, US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 20,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000 Bank: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU
Pelican State CU Redstone FCU Hughes FCU, LangleyFCU My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One

SouthJamaica · ‎09-30-2024

@TXcred wrote:
I am looking to simplify my financial accounts at credit unions a bit and am looking to crowdsource some comparative feedback. I am presently a member of PenFed, Navy Federal, First Tech FCU (who announced today they'll be merging with Digital CU) and InTouch Credit Union (a local Dallas-area CU). With the exception of PenFed, my relationships with these CUs are very simple at the moment: just membership savings and checking accounts at each. At PenFed, I also have a credit card and a personal loan.

I previously used the deposit accounts at each of these CUs during different stages of my life, but hardly use any of them since I have lately been using big banks for my small business for business credit purposes. (If there's a credit union that offers genuinely great low-doc business credit products, I'd be interested - but I haven't found any yet.)

On the horizon: Sometime in the next year, I plan to buy a midsize pickup truck (primarily for business use), and sometime in the next 1-3 years, my wife and I hope to buy our first home. Each of us has excellent (800+) personal credit. I am also interested in borrowing to buy homes for rent sometime in the next few years. I don't anticipate personal loans for any other purposes, and I don't foresee adding any new personal credit cards beyond the ones I already have.

Generally, what's the best way to compare credit unions? Is it more than just the rates they offer?
Specifically for my situation, which (if any) of my credit unions ought to be on the chopping block?

I don't think any of them should be on the chopping block.

I don't recommend NFCU for business banking; their business side is a pain to deal with, not like their consumer side.