View Full Version : credit union question
SLo_MKIII
07-15-2007, 07:03 PM
i was told by joining a credit union that it would help build my credit, how does that work? pls explain thanks:D
Julio
07-15-2007, 07:10 PM
Well.. if you just open a regular savings or checking account.. "More" then likely they will not report to the credit bureau.
If you open some sort of credit card or loan with them.. Then yes.
Julio
07-15-2007, 07:12 PM
just open up a secure credit card.. Thats almost a garantee that you will get it..
When you try to open "Non secure" credit cards and not get approved , it keeps adding inquiry's to your credit. which is not a good thing.
With a Secure, you make a deposit in which becomes your credit and some even match what you deposit, which is usually a $250 deposit or something.. they report every month, aslong as you use the right company.
SLo_MKIII
07-15-2007, 07:19 PM
is it usually easier to get loans through credit unions? i have no credit at all and i have been with the company for 2.5 yrs if that helps any
Julio
07-15-2007, 07:21 PM
Is usually easier and better rates also, depends on loan.
I am not in a credit union myself due to lack of locations... But I heard they are better on certain loans and rates.
SLo_MKIII
07-15-2007, 07:23 PM
hmm... thanks for the advice i might give them a call tomorrow
BB6dohcvtec
07-15-2007, 07:24 PM
interest on car loans are better and you get higher interest rates on cds.
Evil Goat
07-15-2007, 08:03 PM
interest on car loans are better and you get higher interest rates on cds.
exactly, at most CU's anyway
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