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CU reporting to all 3 CRAs?

Discussion in 'Credit Talk' started by ShyGuy, Mar 6, 2001.

  1. Mar 6, 2001 #1
    ShyGuy

    ShyGuy Well-Known Member

    Just talked to one of my credit unions, and the rep said they don't pull a credit report for secured Visa cards and fully secured loans. (The thought of pulling a report for a fully-secured loan seemed to baffle him.) But I plan to get this confirmed by a manager before I apply.

    The only thing that bothers me is that when I asked about if the card or loan would be reported to the CRAs, the rep responded, "We report to TransUnion, and they share it with the other bureaus?"

    Does anything like this really happen? I definitely want any loan or credit card to report to all three CRAs. Boy, the rate is good, though -- 11.20 and no annual fee.
     
  3. Mar 6, 2001 #2
    Marie

    Marie Well-Known Member

    which cu?

    I'm just learning of the magic of borrowing from CUs. My brother, who's Beacon is well above 720, is saving 2 full points on his new car loan by going to my Dad's Federal Credit Union... and my brother gets the best rates out there now and still he's saving a bundle by going to the CU. So much for buying down the Mazda rate ! :) Ha.
     
  4. Mar 6, 2001 #3
    Jim

    Jim Well-Known Member

    Re: which cu?

    Hi shyguy!!

    I applied for an unsecured visa card and a share secured installment loan last May. I got them both immediately. The credit union ran my credit on Experian on the spot. That is how I saw my now distant 639 FICO score.

    I was warned that the card and loan would only show up on Experian. I had no reason not to believe this. I was quite happy to discover that both accounts show on all 3 CRA's.

    I paid a 2% real interest rate on the installment loan as the loan rate was 2 % above the interest paid on the pledged credit union shares. Why is your secured loan over 11% if I understood correctly?
     
  5. Mar 6, 2001 #4
    Marie

    Marie Well-Known Member

    Jim

    Now distant 639? Meaning it's gotten better? or declined since the new accounts?
     
  6. Mar 7, 2001 #5
    ShyGuy

    ShyGuy Well-Known Member

    Re: Jim

    I'm not sure on the loan rate. The secured Visa is prime + 2.7, so it's now 11.2 percent -- same as the classic Visa. The best Visa is gold at 9.95. The MasterCards are higher; I don't know why.

    PS -- Called my old CU that was reporting chargeoff instead of included in BK. The rep apologized, blamed a computer error and promised it's been fixed.
     
  7. Mar 7, 2001 #6
    Jim

    Jim Well-Known Member

    Re: Jim

    Shyguy: I misread your post. 11.2% on the credit card is great. I got 13.9% on my 2 credit union cards.
     

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