Got LOC Overdraft - After BK!

Jim,

That is my experience as well. My credit union gave me a loc that is linked to overdraft, or I can use it. My bank never would. The loc reports on all credit reports so right now that is a bad thing for score points but is a good tradline not being used so in time it will be a good thing.

John

 

Don't you have to belong to a group of "this or that" to join one??

I moved to another state and no longer can say "my mom works for the state" and join one.

Wish there were easier ways to get in sometimes.

 

I had to join MADD so I could join a credit union. Worst credit union in the world. They want to run a credit check for a debit card?? I closed the checking but kept the savings.

 

Try USA Federal Credit Union.....a national credit union, linked to many employers and organizations. I have had good luck with them as a secondary bank acct.


http://www.usafcu.org/


Shawn

 

I found out today that I have no overdraft protection either! I thought I was good up to $1k but I called today to check and was told different. To top it off, my CU only offers 3 kinds of overdraft:

1. From your savings
2. From your CU Visa or MC
3. From your home equity LOC

Well, I can't do 1 because I pulled all but $100 (have to keep $100 in there at all times) out when I opened up my Fidelity brokerage account. I was tired of my money earning 1.5% interest when Fidelity is paying 5.26%. Can't do 2 because I don't have their Visa or MC. Can't do 3 cause I don't own a home. So my only hope is 2. The rep stated that when I go down there Wed to sign my auto refinance papers, they should be able to tell me if I can have a Visa or MC based on the report they pulled for my loan. She stated that no new report would be needed but who knows considering they pulled my report THREE TIMES for the auto loan! Needless to say I'll be disputing 2 of them off! At any rate...I will request that they give me a card w/ a $1k limit. I won't even use it.....I just want it in place for the overdraft protection just to be on the safe side. I usually keep a decent amount of *reserve* money in my checking account but you never can be too safe....cause stuff happens.

 

You would be surprised at how many CU's you may actually be eligible to join based on where you live. Many CU's will allow membership to people that live in the community they serve. I found out that I actually can join 7 CU's based on where I live and I am also eligible to join one through my employer even though that CU is out of state.

Go to www.cuna.org. Click on consumer information and CU locator. If the CU does not have an active link on that page do a search for it on the web. More than likely you will find a website for the CU that way. Go to the website and check on the membership qualifications (whether it's by employer, being a member of an organization, or the if you qualify by being a member of the community). Once you know which credit union's you can join, you can further research them and see which fits your needs. It is well worth the time it takes to do the research.

 

Jim:

Thanks for the kind words. I respect success as well, that's why I try to post valuable information on this board. I owe it to help others as they have helped me in my credit nightmare.

I am already preparing my letter to the loan officer just in case. Thanks for the tip! ;-) I don't even care about the Visa or MC really and would go another route if there was one. I just need the overdraft protection. Now that my AA Gold account is reporting, that might be a plus in my favor. A LOC is not an option for me either.

It appears as though you and I have had great luck with the credit union. When I called to speak with the loan officer's assistant regarding my application, I explained everything to her about my situation. She guided me on how to speed up my application approval (by faxing over pay stub, insurance card, car registration, and statement from current lender). I then said the magic phrase, "As you can see, I've have not had any delinquencies in almost 4 years....I have paid my current lender on-time more than the minimum. I would MUCH rather give you guys an opportunity to make money on me than them. I also would like a chance to establish a relationship with you other than regular banking." Guess they bought it. I hope they buy more of the dog and pony show I'm about to put on come Wednesday! ;-)

And as far as Ford Credit is concerned...me having to wait 7 years for their bogus claims to fall off of my reports is peanuts compared to what they have gone through over the past few years. I consider us even now. At least I can say Ford with out being sick. You know what hurt the most? My grandfather worked for Ford and the UAW (Milpitas, CA and Detroit, MI) for 50 years? He's a bigtimer over there and I thought that knowing my grandfather's status (he might as well be Henry Ford himself), they would at least be willing to HEAR ME OUT! Guess not.....I didn't have the heart to tell pops that they screwed me. My uncle currently works for Ford and can buy cars on the A plan. He asked me if I needed a car, I politely declined.....although a Cobra Mustang would of been nice! LOL! My dad also put in some years at the old Ford Plant in Milpitas, CA. I remember having to wake up in the middle of the night to go w/ my mom to take him to work. Ford has been a part of my family since 1948? or so. So you see how deep my pain runs. I guess my mileage did vary. But others had success with them which makes me proud. No one is perfect.

Best Regards,
MP$40