Credit Union benefits.

Discussion in 'Credit Talk' started by Jim, Jan 22, 2001.

  1. Jim

    Jim Well-Known Member

    I want to increase my tradelines from 7 to 10. As some of you know, I just got turned down for Chevron and Juniper credit cards apparently due to my 2 year old BK.

    I already have received credit cards from 2 credit unions that I have belonged to for 20 years. The credit cards are 13.9% each. This sure beats Capital One at 20.5% or Providian at 23.9%.

    Therefore I went looking on the internet for more credit unions to join here in Southern CA where I live. I located 2 and just E-mailed applications to join. I will establish a business relationship with them and obtain credit from them at the earliest opportunity.

    All that was required to join them is that I live in Orange county ( I do ) or have been a student here ( I was long ago ) or teach ( I do ).

    Now I have been educated one more time about credit. Why did I apply to Chevron or Juniper? They don't know me.

    My prediction is that I will soon have more credit at a prime rate when my new memberships are activated.

    It's just an idea but I think seeking out a credit union to join has merit.
  2. S.D.

    S.D. Guest

    I just opened a savings thru my father's credit union (in FL). They offer a credit card w/ 11.9%. My savings is joint w/ my father, since he is living in Orlando, and I am in S.F. How long do you have to be with the CU before they will approve you for credit? Also, since my acct is joint at the moment, will they check my father's credit even though I'm the only one using that acct?

    P.S. Applying jointly was my best option to getting into the credit union. Now that I have Direct Deposit, I will no longer need to send money to my father to deposit into my savings.
  3. confused

    confused Guest

    I have been a member of a credit union since 1984. At last, I finally was approved for a visa with a $300h limit on January 2. I have aspired for this 13.9 vs 23.9 visa for many years and I treat it with kid gloves. Hope that helps. I was joint with my Mom when I joined all those years ago and because we live in SF and she worked for the company, that's how I got in. But they used to be so strict that if you had bad credit, you couldn't qualify for an atm card. Isn't that absurd?
  4. Jim

    Jim Well-Known Member

    Good questions.

    Each credit union is unique. I always had excellent credit until 1998. I am 42 years old.

    When I was 19, I received a credit card and new car loan from a credit union I still belong to.

    So the answers to your questions need to be directed to your C.U.

    I have always found the credit unions to be much more responsive to people's needs since they are non profit.

    In my case, and at my age I intend to open a good sized savings account and work with the credit union to a visa card and line of credit. talking face to face at the C.U. is much more effective than dealing with a remote credit scoring company like Chevron.
  5. Cadillac408

    Cadillac408 Well-Known Member

    I have belonged with them since 10/97. Great bank! Had no problems getting Visa check card or ATM card. You can view your account on-line and it updates almost immediately (i.e. I go to the branch and make a deposit either via ATM or in side and when I return back to work and log on, the transaction is THERE). The only thing that bothered me was the fact that I applied for the secured Visa? card w/ $500 deposit and was DENIED!!!!! I called and stated that I was trying to rebuild my credit, etc. and they basically weren't trying to hear that. I was really upset at the fact that they basically had the money (had like $5k in my savings and all they had to do was put a hold on $500 of it like they did the $100 you need to keep in your account at all times) all they had to do was issue a card and they didn't! They know my whole financial history and a petty $500 card shouldn't of been a problem? Oh well.....I need to investigate what report the pulled. Maybe it was due to the judgment? Maybe that's my plan C? See if they will issue me a secured card now? I have gotten the judgment removed from TU but not Experian (never was on Equifax). I'll wait for my updated reports from Junum's disputes first. Then go from there....
  6. Cadillac408

    Cadillac408 Well-Known Member


    FYI....They do check Chexsystems but I went down and got an account right before I was reported.
  7. newcomer2

    newcomer2 Guest

    hi jim
    which credit union is that , since i live in orange county as well and do they have any special advantages?
  8. Jim

    Jim Well-Known Member

    Glad you mentioned chex.

    I think most or all C.U.'s check on that now.
  9. Jim

    Jim Well-Known Member

    Orange county credit union

    and orange County teachers credit union. You'll find them on the net
  10. John S

    John S Guest

    But they used to be so strict that if you had bad credit, you couldn't qualify for an atm card. Isn't that absurd?

    Actually, no.

    My credit union requires that you be approved for $1K overdraft protection on your checking account before you are given a debit card. Reason being is that you could, essentially, overdraw your checking account by using your ATM/Debit card (you could write a check, then use the ATM/Debit card to charge purchases BEFORE the check clears). Visa (or Mastercard) gets paid by the bank, even if you have no $$ in your account. They require the overdraft protection to protect their own butts.

    Makes sense to me.
  11. Jake

    Jake Guest

    RE: https://www.commonwealthcu

    You may have just saved me an inquiry, disappointment and embarassment. I bank with two CU's. I want to increase my tradelines with a secured card from at least one of them. I have about $1500 in one and I was going to apply for $1000 secured. One account is pre Chapter 7 and the other is post. On the application I filled out for membership on the post chat 7 account they asked if you ever filed BK. I lied. I'm afraid to apply there. But the other I was thinking about. Maybe I should call them up and ask "theoretically with my situation" should I apply. What do you think. I got nothing negative in the past 48 months.
  12. Cadillac408

    Cadillac408 Well-Known Member

    RE: https://www.commonwealthcu

    I would definately do that first! No need to go blowin off inquiries for nothing! I wish I would of done that to begin with but I didn't. I didn't know it was POSSIBLE to be turned down for a SECURED CARD!!!!!
  13. Cadillac408

    Cadillac408 Well-Known Member

    I have overdrawn my account by a little over $1k before (rent check posted right before direct deposit went through) and they did not return my check! I was amazed! What would happen is my rent check would clear at midnight and then that morning sometime my direct deposit would come through. They alway manage to charge that $17 fee though! :-( What's even funnier is I guess their policy is when a check comes through and you don't have sufficient funds in your checking account, they pull money out of your savings to cover. Well, when the $1100 rent check came through, they pulled $7 (all the money I had available in my saving account) out of savings and put it in checking. Why bother? I was still over $1k short! I was cracking up....

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