I'm not sure whether it matters if my credit isn't very good or not? Working with the company I'm currently employed at, I'm able to join a particular credit union for free. Will there be an advantage or should I stay with my current bank?
2007-05-10 06:34:03 · 4 answers · asked by T S 1 in Business & Finance ➔ Personal Finance
A credit union doesn't have anything to do with whether or not your personal credit is very good. One way to improve your credit is to join the credit union, and as soon as you can, take out a signature loan, or very small loan - pay it back quickly, then borrow again. Several times of this will greatly improve your credit rating.
The biggest advantage of a credit union is they don't hit you with the big fees like banks; you get to know them and they get to know you. I'm still a member of the credit union I joined 25 years ago. Faces and names have changed, but the personal service is as great as it ever was and when I walk in the door, they call me by name. THAT'S the biggest benefit, to me.
2007-05-10 06:47:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There's nothing wrong with joining a credit union and having an account at a bank as well. You do get preferred rates on banking products (loans, interest accounts, etc) but also it's another way to provide yourself options to grow financially
2007-05-10 08:17:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Usually credit unions have better rates for loans and for investments (like CDs) than banks. You might want to research these and compare the credit union rates to your current bank's and see if you want to switch.
2007-05-10 06:42:14 · answer #3 · answered by Lepke 7 · 1⤊ 0⤋
Credit Union share their profit with you rather than the shareholders. So usually credit unions have better rates than banks.
2007-05-10 06:42:48 · answer #4 · answered by Nelson_DeVon 7 · 1⤊ 0⤋