Credit Union vs. Bank?

[JAYKE 0]

So, I'm trying to consolidate my credit cards to one smallish personal loan, now that chase has upped my interest rate from 7% to 30% for no reason (never late, etc.). I have heard a lot of good things about credit unions, as far as better rates, ease of applying. I was just wondering what people's experience is with them? DO they approve all their "members" for loans?

Also, would they approve my PR husband without a credit history to speak of, or am I better off applying? I know traditional credit cards/banks wouldn't approve him, but what about the credit union?

Thanks!!

[iceyspots 0]

I know a lot of people who swear by credit unions.. I heard bigger banks tend to shaft you...

[Fandango 1,440]

I JUST read an article about this in a mag, about which are the best ways to loan money, and the article said a personal bank loan was one of the WORST ways to go.

Heading out to dinner soon, so will get the article & get back to you tomorrow...I'll type the whole bit out if there's anything of particular interest.

[one...two...tree 2,762]

Credit unions are owned solely by its members therefore its purpose and motivation is to serve its members to the best of its abilities. I remember several years back, the banks were trying to actually pass a law to make credit unions illegal - ha! So much for free market capitalism.

Edited July 22, 2006 by Steven_and_Jinky

[vartan 0]

now that chase has upped my interest rate from 7% to 30% for no reason (never late, etc.).

Did ya call 'em and ask them to lower it..? Worth a try .. I just called one of my credit cards and they lowered my interest rate.. A TON!

Also I at the time had a high credit score (hahaha wish it stayed that way) but I went to a big branch and asked for a loan and they said NO WAY!.. I went to my credit union and they approved me for double what I was asking.. Credit Unions tend to be nicer , offer better rates, but not as wide spread and not as convenient.

Edited July 22, 2006 by vartan

[Baileyj96 0]

I've used a Credit Union for years now. Never had a problem with them. They have free checking if you have your paycheck direct deposited into your account. Free online banking and bill pay. They have their own credit card and normally it is easier to get a loan though them. Some will actually offer you a lower intrest rate if you do an automatic monthly payment. Just as banks are all different, so are credit unions so stop in and have a chat with the one your interested in. Do some research before you decide.

Good luck,

Baileyj96

[rebeccajo 14]

My credit union is willing to put my husband on a mortgage even though he doesn't have his greencard yet.

It's an adjustable rate mortgage, but that's all they offer in-house. So they aren't gouging because he's not a USC. And their closing costs are actually less than most local big banks.

[MaryandMian 1]

Credit unions have free checking, free atm's or most will allow you to get your surcharge back if you use regular banking if one of their branches are not nearby. Free bill paying for most companies, free checks, and free visa debit cards. Most only require that you open a savings account with a certain amount of funds around 25.00 and it must not go below this limit.

[Widge 0]

just a thought ....... instead of taking out a new loan why not take a new credit card where they offer 0% interest on transferred amounts for up to 18 months much cheaper and if the total is not repaid by then then you do it all again with another new card (works well if you don't use the card for additional stuff and if your credit is good then you should have no problems getting a card this is what hubby did and its working out greattttttt)