Here's the story... About a month ago, I took out a $6,500 loan from my CU. I had to put my wife's '99 Malibu up for collateral (it was paid for). I got an 18% rate! That's horrible! So... I call today, ask the guy if there's anything he can do about the rate, says no. I them ask him to pull an updated report because some corrections had been made. (Really, I just put all my negs in dispute on EQ). He says, "Whoah, you've really improved over a month!" We can lower this rate to 6.74%, and if you want, you can take out the rest of the value of the car, which was like $890. The note will still be lower! Here's the kicker. I also have a $1500CL@17.9% Visa with the CU. He said, "I can also see if I can get you a better rate on your Visa." I had just asked a month ago for a better rate and a CL increase. He said "How does 10.9% sound? Oh, and I can do a $500 limit increase if you want." Oh, what a day! Just so anyone who cares knows, this was in Baton Rouge, LA with La Capital Federal Credit Union. http://www.lacapfcu.org The loan underwriter's name was Ray.
Hi NJ It may not apply in this situation but with GM card we are seeing people who get a cc or rate because of having items in dispute and later HH will review and either up rate, lower cl, or cancel account. I don't know how often CUs review credit files but something to be aware of.
I don't think credit unions are inquiry happy like banks. They usually only pull for a reason, like you apply for a loan.
That is definately my experiance. The only thing is, they don't ever offer automatic limit increases. They don't ever jack your rate or slash your limit either though, so it goes both ways...
