My credit union has consistently denied me for everything. Usually with an attitude as well. So last night I'm catching up on posts here and notice a couple exclaiming how their Credit Union has been good to them. I decide what the hay, and I apply on line for a credit card. I get a message back saying they could not approve me online and they will contact me tomorrow. Darn!!! Well suprise suprise, I get a phone call today saying they will approve me IF I do a balance transfer on my 3 remaining balances (all low) AND close those cards. They will issue and send the checks along with a letter saying to close the accounts. My limit will be the amount they are paying off (about 2500.00). I said OK. Is that a wierd thing for them to do? Mind you, most of my cards are paid off and these are small balances. I'm actually going to end up with less available credit too. I tried to tell them I would agree to the balance transfer but didn't want to close the accounts. She said I would be denied then.... Anyway, I finally got my foot in the door there
Congratulations on getting the card. Usually balance transfer offers are very explicit that they WON'T close the account, if you want it closed you have to do it. What you might want to try is going to the credit card companies after the BT processes and say something to the effect that you were only trying to transfer off the balance, you didn't really want the card closed. They may just reopen it without further discussions. If they ask, you can say you didn't think the credit union was going to close it. Tell them you were trying to free up that card to buy something. Hopefully the credit union won't keep checking on it. Make sure you keep payments up to the credit union.
I'd rather have the CU account. Once you build a solid history with them, they'll beat almost any CC Company. You'll have to earn you limit increases and what-not. Overall, the CU is a better deal...IMO of course.
Thats what I was thinking too. That is why I went ahead and said yes. She was very insistent about closing the accounts and insisted on sending out the checks and letter herself. I don't know if I dare try to get them to reopen. Maybe I'll see what this does to my score.... Speaking of scores...The last time I applied with them CreditExpert (Experian) was saying my score was 638. I needed a 640 to qualify. I went ahead and applied knowing that the score is often wrong. They ran Experian and it came back around 580!!!! What a difference. Jump to today, my CreditExpert says 648. She ran Experian and it came back 680!!! Finally it worked in my favor. Weird though huh!
I seriously doubt that they would check to see if you actually close them... If they do, just say that they've been closed, but the credit reports haven't updated to reflect their closed status yet.
The whole thing sounds rather fishy to me. How does the credit union benefit by having you close those other accounts? I don't trust the crdeit union rep. She's too eager to get the deal done. I would ask more questions.
After my CU pulled 2 hards and had a "talk" to me about my credit history merely to open a lousey checking account I am not very excited about CUs. With this CU try to dictate terms to the customer I would definately pass. The only thing you are going to gain is a slightly lower interest rate. It is clear this CU sees its job to be a parent figure. If you want the CU looking over your shoulder all the time go for it.
Re: Re: Credit Union finally comes through MANY BANKS DO THE SAME THING...even for savings accounts!!! "HARD" TO SEE IF THEY CAN GIVE YOU AN ACCOUNT!!! But it is still better than INSURANCE COMPANIES PULLING A "HARD" TO SEE HOW YOU DRIVE!!!!!!
Re: Re: Re: Credit Union finally comes through I've opened about 7-10 checking accounts in the past 3 decades. All the banks I've used have pulled Chex Systems or something similiar. Dang CU pulls a hard on both Exp and Eq. If I had known I NEVER would've applied.
Re: Re: Re: Re: Credit Union finally comes through PULLING A "HARD" TO SEE IF THEY CAN GIVE YOU CHECKING/SAVINGS IS A RECENT THING...
Re: Re: Re: Re: Credit Union finally comes through They don't need a "HARD" to give you a checking/savings account... CHEXSYSTEMS is in the business of tracking check writers...THE CRA'S ARE NOT IN THE BUSINESS OF TRACKING CHECK WRITERS!!! CRA'S TRACK LOANS AND CREDIT CARDS...CHECKING ACCOUNTS AND SAVINGS ACCOUNT ARE NOT CREDIT CARDS OR LOANS!!!
Re: Re: Credit Union finally comes through Most employers pull credit before they hire you...so what's the big deal with a CU... They aren't "dictating" anything. They made an offer with some conditions. Accept or decline...simple as that. No...you also establish a relationship with a business institution that will give you more "options" than any bank or CC company. And...a lower interest rate a good thing... Yeah right. They offered an account to someone. In the offer, they ask you to dump the competition. They want to give you an account, but also want the benefits of your business. Why give you a checking account when your CC payments are going to the competiton...They want the revenue from the loans...not give it away to the competitor. Haha. I never heard that before. I guarantee you...once the original poster makes payments and "actively" use the credit, they'll gladly increase it. I don't know where you've been, but a CU is 1000 times better than any crap CC company...hands down.
Re: Re: Re: Re: Credit Union finally comes through WARNING...if you are "THINKING" about trading banks...get the "NEW" account(s) BEFORE closing the old one!!! TRY A CASH ONLY DEPOSIT!!! $500+ If you company has DIRECT DEPOSIT with the bank you are going to use...MENTION IT!!! "IF" you have so-so good credit ask up-front about inquires... I WOULD EVEN ASK IF YOU HAD 842 F.I.C.O....BECAUSE INQUIRES SHOULD HAVE NOTHING TO DO WITH INSURANCE OR SAVINGS OR CHECKING!!!
Re: Re: Re: Re: Credit Union finally comes through Our CREDIT UNION has NO CREDIT CARDS...so I don't care...we only use it for savings...
Re: Re: Re: Re: Credit Union finally comes through This Credit Union has also come across as a very stern & strict parent. She flat out said they wanted me to close the other credit cards because they didn't trust me me with that high of an amount of available credit due to my almost 7 year old b/k. That is one reason I have always had a love/hate relationship. I would LOVE to have access to all the benefits of my credit union, but they HATE me. Even with that disrespect, I'm glad to be in. I do not have a checking account with them. I have been with BofA forever and would never change over to them. I do have a very small savings account with them.
Re: Re: Re: Credit Union finally comes through I beg to differ on this point. SOME employers pull credit, but most do not. I have had a good number of jobs in my life (including relatively highly paid jobs) and never has an employer or potential employer pulled my credit. They have done other background checks, but never credit checks. That being said, I am fully aware that there are some employers who do. But saying most do is just wrong.
Re: Re: Re: Credit Union finally comes through There are several problems with the credit union dictating that you close your accounts. First, that means that they are the only credit card you have. Believe it or not, one of my credit unions was the first to "dump" me when I started having problems. Fortunately, they let me pay if off at the usual terms. They don't have to. Suppose some day they pull your credit report, see something they don't like (it doesn't even have to be true) and they close your account and demand immediate payment in full of the unpaid balance. They have a right to do this. Now, let's say that this is just after you've lost your job and need to have some credit available. You're up the proverbial creek without a paddle. Also, in my experience, credit unions aren't making the bt offers and lower APRs like a lot of banks are. They have captive audiences in many cases and don't have to be competitive. In fact, I'm starting to look at refinance options for my mortgage again, and the credit union has one of the worst deals I've seen--up to have a percent higher and one point!! There are lower interest, no point loans available. Their credit cards and personal line of credit accounts are also no longer competitive. I'd be very careful putting all my eggs in one basket. I'd still ask to reopen any closed accounts, just for insurance.
Re: Re: Re: Credit Union finally comes through You make some very good points!!!! I am going to see about reopening these accounts afterwards. The good thing is that I do have other cards but these were my highest limit ones. I'll still have a few thousand of available credit on other cards. I can totally see this Credit Union checking my credit and closing or lowering my limits on a whim. I'm not sure why I so badly want to be accepted by them. Hopefully I will make it work to my benefit. I'm going to be very very careful.
