Joining a credit union

[kbf419]

I am considering attempting to koin a credit union. If I open a savings account there, will this help to boost my credit, or must I get a secured credit card with them as well.

Can anyone recommend a good credit union? I am in arkansas and would like to avoid the Ark. Fed. Credit Union if possible?

Thanks to all!

[Intoodeep80]

Congrats! You are making a very smart move financially

A savings account will not report to any credit agencies. Of course, a secured credit card will and thats a good first step.

I also opened a "share loan" which is basically you borrowing your own money (my savings account) and paying it back over a xx month period, which does report to credit agencies and helped raise my FICO scores from around 417 to about 630 in 6-8 months time.

Good Luck!

[kbf419]

No kidding!?! That's impressive. Is it any more difficult to obtain a "share loan" as opposed to a credit card?

That sounds better to me than another credit card; be it secured or not. Afterall, credit cards are what got me in trouble to begin with.

I would much rather prefer to pay my money in interest to a credit union rather than one of those god awful credit card companies. They made enough money off of me over the years! Lol. And a few nice lil' write-off's too!

[smokedurhonda]

Its alot easier to get a shared savings loan from a credit union than a credit card. You are borrowing against your own money, and there is no credit check for the secured loan, you are basically using your savings as collateral.