My receptionist at work was just approved for a personal loan of $5000 from the credit union. I thought about joining the credit union but thought different of it. But considering that they gave this 20 year old girl with NO credit at all a personal loan after only banking there 3 months is pretty "unbelievable". LOL. She constantly gets turned down for credit cards and was turned down for a car loan b/c of NO credit. Congrats to her though.
I've come to learn that it DOES depend upon the credit union, BUT IF you've got a good one (lots of members, been around forever, etc.) they will jump through hoops for you, if you get brave enough to ask. My sis's CU sucks rocks; she has some late pays, but no charge offs/collections... indeed, her report probably shows a paid off mortgage (her and ex hubby sold their place before the divorce), but her CU is sooooo sh*tty, they only gave her a ATM with $40/day withdrawl, no car loan (even with a paid off car on her CR). Same CU for an ex beau; he had a discharged BK13. My CU on the other hand, when I joined with SERIOUS deliquencies (repo, collections out the a**) gave me a checking/ATM card with a $500/day withdrawl limit. After 2.5 years of banking with them, I went with my hat in my hand (and the same crummy CR) and got a secured computer loan for $1800. I've learned to go TALK to them, and explain (with documentation if possible) explain explain. We'll see how far this gets me in another month when I go to beg for a Visa (this will be after 6 on time payments on that secured loan). Deb @ Mich St
It has been my experience that credit unions are GREAT for lending money. My friend's sister who has 2 b.s. cards (CCB and FCNB) and a Mervyns card that are MAXED OUT got a personal loan from the CU (we bank at the same one) for $4k. She works full time and makes good money. I couldn't believe it. Sometime next year I plan on doing the same just to build up a stronger credit portfolio.
If you know anyone that is connected to an airline credit union..go for it...they usually remain in business long after the airline has collapsed....Eastern Credit Union is still around and look at how long they've been gone! I am with Delta myself (through my mom) and they are great.
