Credit Union was Amazing...Forget the Bank

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shawna33

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Credit Union was Amazing...Forget the Bank
« on: May 25, 2013, 11:34:17 AM »
hey everyone

I am soon to be discharged in my bankruptcy and I have started planning how to rebuild my credit, beginning with a secured credit card this summer.  I had heard rumours and read a few posts about CUETS offering a secured credit card, but there was nothing on their web page.

So, I made an appointment with the Teacher's Credit Union (no, you don't have to be a teacher, that is just their name) and the woman who sat with me was amazing!  I told her the whole story and she listened, and told me that they can help.  She called to reconfirm but, yes, I can get a secured MasterCard with them.  I give them the deposit which is put into a term deposit for 2 years (Just like all the others) and i get a MasterCard with a limit for that same amount. 

I personally really liked how I could go in and speak with someone, and how I have a building to which I can visit to make payments, check my account, etc.

Basically, they want to help and are willing to help in the future.  I am now planning on opening RRSPs with them this year.

I know there are the cards with Capital One, People's Trust and Home Trust but I really appreciate having a place I can go to if I need to.

Anyway, just thought I would pass on the info...drop into your local credit union and see if they can help if you want more info.

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Mortgagebrkr

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Re: Credit Union was Amazing...Forget the Bank
« Reply #1 on: May 25, 2013, 04:18:44 PM »
Congrats Shawna33 !

Credit unions are people friendly and I have dealt with a few of them in the mortgage business.  They do take time to listen and try to understand your needs.

There are other credit unions like Meridian Credit Union and First Ontario Credit Union.  Well done !

Victor

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smithy123

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Re: Credit Union was Amazing...Forget the Bank
« Reply #2 on: August 14, 2013, 12:32:29 PM »
I always expected CU's to be better than the big banks but a recent experience has soured me. Before any financial difficulties and with a positive credit score (I was actually approved at a different "big" bank) I applied to my local credit union trying to "support local" etc.

I tried to get a personal consolidation loan.  Key word being personal.  THe lady I dealt with insisted in the one and only conversation that I am only "allowed" to do a joint loan since I am married and that is the only way they will consider the loan.  I emailed them (and bank manager) trying to explain that I am looking to do a personal loan and not use my jointly held house as collatoral and they just ignored / didnt get back. 

Funny, they didnt even check my credit before dismissing me as a customer... great business development practices there.

I am now a sworn convert of the non-conventional big banks - ING, PC Financial - ones who can actually give a bit of competition to the big gougers out there.  Small town credit unions can stay that way becuase I certainly won't be considering using one of them again.

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Stewart

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Re: Credit Union was Amazing...Forget the Bank
« Reply #3 on: August 14, 2013, 01:16:44 PM »
smithy123;

You mention that you had one single solitary conversation with one representative from one credit union. I understand your frustration, but don't you think it's a tad over-reaching to paint every staff member of every credit union with the same brush?

There are a lot of variables we don't know about your situation, the specifics of the loan request you were making, etc. Also, when you indicate they'd wanted you to sign a joint loan, unless they specifically stated that you must use your house as collateral there is no reason to believe it was to be secured against it. "single" or "joint" loans do not in any way imply "secured" loan - they're two different topics of lending altogether.

For the record, BTW, there are issues with the likes of PC and ING Direct as well. Particularly if you need to access a large amount of your money quickly, especially in the form of a draft or money order.

Every business has its strengths and weaknesses, and every business will occasionally have a customer service representative who makes mistakes, miscommunicates or misunderstands a situation. That doesn't mean the entire organization or all others like it are bad, it simply means you had a poor experience.

n.b. yes, I work in retail. Even with a 99.5% customer satisfaction rating, we still have a few dozen people each and every year that have bad experiences. It's inevietable and anyone who says differently is either lying or doesn't understand how the real world works. You just can't please all of the people all of the time. However that doesn't take away from the thousands of satisfied customers we've served throughout the year.

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shawna33

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Re: Credit Union was Amazing...Forget the Bank
« Reply #4 on: August 20, 2013, 08:01:02 PM »
that is a shame, smithy....

since posting, i have 2 secured credit cards, i pay no fees on them--Home Trust Visa and Teacher's Credit Union Mastercard and because the bank representative knows my story and knows my future plans, to help my credit rating and with my RRSP contributions, I was able to get a $1000 personal loan (that was put into a secured term deposit and will be put into my RRSP next year).   

So, for me, my local credit union has really helped out and is willing to work with me, especially knowing my future goals/plans.


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Stewart

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Re: Credit Union was Amazing...Forget the Bank
« Reply #5 on: August 20, 2013, 08:10:48 PM »
that is a shame, smithy....

since posting, i have 2 secured credit cards, i pay no fees on them--Home Trust Visa and Teacher's Credit Union Mastercard and because the bank representative knows my story and knows my future plans, to help my credit rating and with my RRSP contributions, I was able to get a $1000 personal loan (that was put into a secured term deposit and will be put into my RRSP next year).  

So, for me, my local credit union has really helped out and is willing to work with me, especially knowing my future goals/plans.

Shawna33;

It sounds as if you're well on your way. Now that you've got 3 distinct pieces of credit, focus on keeping the loan paid on time every time (do keep it open for 12 months) and pay those credit cards down to $0 every pay day to avoid interest charges.

Going forward, you can skip further loans as that will just incur additional interest charges you don't need. Once you've got 2 years under your belt with the credit cards, you can safely apply for a loan for a product you need, providing your payments are in line and you have some down payment to make it a smart choice. In other words, don't simply get loans for the sake of building your credit - you've got that covered. Now focus only on the things you need going forward (eg; when you're ready for a car, get that loan. Or if you need a major RRSP top-up to maximize your tax refund or reduce/eliminate any taxes owing, take another RRSP loan).

Remember that banks and credit unions, regardless of how friendly they are, still get paid when you take on additional loan products so it's always in their best interest to get you to keep taking new loans. There comes a point where you're really not gaining any more from it and it's only lining their pockets.

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cober6711

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Re: Credit Union was Amazing...Forget the Bank
« Reply #6 on: April 14, 2015, 12:11:57 AM »
This is an old thread, but definitely worth commenting on...

It is important to note that not all CU's are BK-friendly.  Each one has their own policies, and it is probably a good idea to ask for specifics BEFORE they conduct a credit check on you to avoid surprises!

A BK-friendly one in Toronto is MemberOne on Front St.  They are a very tiny CU, but I love these guys!  The limited hours and single branch location may be a turn-off to some, but Irina has been extremely helpful over the years and I would definitely recommend seeing her!  Yes, they do the aforementioned secured cards through CUETS.  You need 110% of the limit (ie $550 for a $500 card).

One to AVOID is Desjardins.  They might give you a credit card (one of their own) after 3 years of being discharged (assuming you've rebuilt well), but they won't give you a bank account for 7 years after.  Strange policy.

I would also not recommend DUCA.  Very nasty!

Kawartha told me they want at least 2 years discharged and then it "might" be a yes.

Apparently, the Teacher's CU is now TANDIA.  I'm not sure if they are still BK friendly, but they might be.

I'm also not sure about Meridian or Alterna, but I'm looking at Meridian

 

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