Credit Union Credit Card Rates Based om FICO Scores
Author: chrys
Posted: Sat Mar 03, 2007 12:58 pm
Post subject: Credit Unions Now Using FICO Scores to Reevaluate CC Rates
For some of you this may be old news but it was an eye opener for me. For a very long time my credit union had very favorable rates for their credit cards. I just noticed recently in a monthly statement that my rate had increased from 9.9% to 11.9% which is still decent but at the high end of all my credit cards.
I called and they explained that now every six months they pull FICO scores and that my FICO score dipped below 700 last October so the rate was increased for six months. I only began tracking my FICO in Dec 2006 and it was above 700 and in fact now it's 745.
Recently, I "restructured" my debt portfolio putting some on business cards and redistributed the debt so the util rate across all active non-business cards was under 30%. I increased some of my credit limits so the overall util rate was also under 30%. (All things I learned from this group.)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chazmanian
Posted: Sat Mar 03, 2007 1:17 pm
Post subject:
Quote:
I only began tracking my FICO in Dec 2006 and it was above 700 and in fact now it's 745.
What service are you using to track your score Chrys? I'm sure you are aware of the differences between the widely available freebie 30 day offer "Faco" scores vs' the MyFico branded product.
Do you know which Bureau they pull to evaluate your score?
Interesting post as I was not personally aware of Credit Unions playing the "Rate-Jacker" game. Kinda creepy way to treat a member with an actual share in the business.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: chrys
Posted: Sat Mar 03, 2007 1:37 pm
Post subject:
Quote:
Do you know which Bureau they pull to evaluate your score?
Interesting post as I was not personally aware of Credit Unions playing the "Rate-Jacker" game. Kinda creepy way to treat a member with an actual share in the business.
My CU uses Transunion CRA. I've tried just about all the services (30 day offer for free) and am currently using MyFICO. Transunion has a credit score monitoring service but they produce a FACO score not the genuine FICO one.
Author: Verne
Posted: Sat Mar 03, 2007 4:54 pm
Post subject:
My credit union is the best. For years their credit card was at 10.9%, then 9.9% and now 8.6% and each decrease has been applied to the entire balance! Add to that their constant no-fee BT offers - the latest is 2.9% until November - and I'm a happy camper. They also upgraded my card and checking account. (I used to pay a fee if my checking account fell below $500 but that's been waived for good) In fact, I was notified that I can go $1,500 in the hole and they'll cover the checks but I think there are fees with that. I don't intend to find out.
Check it out: Numerica Credit Union located in the Spokane area, including Northern Idaho. Has at least a dozen branches only 2,000 miles from me.
They've always been a no-nonsense consumer-friendly credit union. Used to be only for railroad workers (I was a gandy dancer off and on for 5 years all over the Northwest) but I think they've expanded to include just about anybody in transportation or verifiably human. I'm in Iowa now and they don't mind.
They do a soft pull about once a year if that.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Mar 03, 2007 12:58 pm
Post subject: Credit Unions Now Using FICO Scores to Reevaluate CC Rates
For some of you this may be old news but it was an eye opener for me. For a very long time my credit union had very favorable rates for their credit cards. I just noticed recently in a monthly statement that my rate had increased from 9.9% to 11.9% which is still decent but at the high end of all my credit cards.
I called and they explained that now every six months they pull FICO scores and that my FICO score dipped below 700 last October so the rate was increased for six months. I only began tracking my FICO in Dec 2006 and it was above 700 and in fact now it's 745.
Recently, I "restructured" my debt portfolio putting some on business cards and redistributed the debt so the util rate across all active non-business cards was under 30%. I increased some of my credit limits so the overall util rate was also under 30%. (All things I learned from this group.)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chazmanian
Posted: Sat Mar 03, 2007 1:17 pm
Post subject:
Quote:
I only began tracking my FICO in Dec 2006 and it was above 700 and in fact now it's 745.
What service are you using to track your score Chrys? I'm sure you are aware of the differences between the widely available freebie 30 day offer "Faco" scores vs' the MyFico branded product.
Do you know which Bureau they pull to evaluate your score?
Interesting post as I was not personally aware of Credit Unions playing the "Rate-Jacker" game. Kinda creepy way to treat a member with an actual share in the business.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: chrys
Posted: Sat Mar 03, 2007 1:37 pm
Post subject:
Quote:
Do you know which Bureau they pull to evaluate your score?
Interesting post as I was not personally aware of Credit Unions playing the "Rate-Jacker" game. Kinda creepy way to treat a member with an actual share in the business.
My CU uses Transunion CRA. I've tried just about all the services (30 day offer for free) and am currently using MyFICO. Transunion has a credit score monitoring service but they produce a FACO score not the genuine FICO one.
Author: Verne
Posted: Sat Mar 03, 2007 4:54 pm
Post subject:
My credit union is the best. For years their credit card was at 10.9%, then 9.9% and now 8.6% and each decrease has been applied to the entire balance! Add to that their constant no-fee BT offers - the latest is 2.9% until November - and I'm a happy camper. They also upgraded my card and checking account. (I used to pay a fee if my checking account fell below $500 but that's been waived for good) In fact, I was notified that I can go $1,500 in the hole and they'll cover the checks but I think there are fees with that. I don't intend to find out.
Check it out: Numerica Credit Union located in the Spokane area, including Northern Idaho. Has at least a dozen branches only 2,000 miles from me.
They've always been a no-nonsense consumer-friendly credit union. Used to be only for railroad workers (I was a gandy dancer off and on for 5 years all over the Northwest) but I think they've expanded to include just about anybody in transportation or verifiably human. I'm in Iowa now and they don't mind.
They do a soft pull about once a year if that.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Labels: Credit Union Credit Card Rates, Increased Credit Card Rates Due to FICO Score
posted by CardRatings.com at 10:55 PM
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