credit union question

[SLo_MKIII]

i was told by joining a credit union that it would help build my credit, how does that work? pls explain thanks

[Julio]

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]

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]

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]

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]

hmm... thanks for the advice i might give them a call tomorrow

[BB6dohcvtec]

interest on car loans are better and you get higher interest rates on cds.

[Evil Goat]

interest on car loans are better and you get higher interest rates on cds.

exactly, at most CU's anyway