Thanks for the great tips!

Hanna with the shared branches available now, it's easy to have your main checking accounts with a credit union. My credit union is located kinda far, however I use the nearest shared branch credit union for my needs. For example, my bank's name is Unitus Community Credit Union, yet the Oregonians Credit Union is closer; I use the Oregonians more than my real bank. All thanks to the shared network they use. All the credit unions have the same computer software. Also don't forget about the co-op ATM network credit unions use, it has access to all 7-Eleven ATM's free of charge.

When shopping for a credit union make sure they have the shared branch options, and are apart of the co-op network for ATMs.

Yes, once you establish a share savings account you become a member. Most credit unions do offer better rates but make sure you shop around for the best. I have seen some credit unions where their rates just aren't worth joining for. If you are working you can visit your HR office to see if they sponser employee's with membership. For instance, if you work for the Department of Defense or are or were an active service person in the military you could join Navy Federal Credit Union (largest in the nation), Pentagon Federal Credit Union or Security Service Federal Credit Union.

Most credit unions have relaxed their requirements for admittion. So typically you can find a local credit union that will welcome you as a member just for living, working, attending school or worshiping in a particular city/county.

This link is a good way to start if you don't already know which credit unions you are eligible to join. Again, be sure to research a credit union's rates before you join.

http://www.creditunion.coop/cu_locator/quickfind.php

Thanks for the great tips! I'll check on the link.

Yes, once you establish a share savings account you become a member. Most credit unions do offer better rates but make sure you shop around for the best. I have seen some credit unions where their rates just aren't worth joining for. If you are working you can visit your HR office to see if they sponser employee's with membership. For instance, if you work for the Department of Defense or are or were an active service person in the military you could join Navy Federal Credit Union (largest in the nation), Pentagon Federal Credit Union or Security Service Federal Credit Union.

Most credit unions have relaxed their requirements for admittion. So typically you can find a local credit union that will welcome you as a member just for living, working, attending school or worshiping in a particular city/county.

This link is a good way to start if you don't already know which credit unions you are eligible to join. Again, be sure to research a credit union's rates before you join.

http://www.creditunion.coop/cu_locator/quickfind.php

You couldn't have said it any better!
I truly love my credit union. I'll never go back to a big bank again!

So, if I open an account with a credit union, I automatically become a member, receive a dividend, and other benefits such as lower loan rates? Do they have specific requirements on who and how much to open an account?

Yes, once you establish a share savings account you become a member. Most credit unions do offer better rates but make sure you shop around for the best. I have seen some credit unions where their rates just aren't worth joining for. If you are working you can visit your HR office to see if they sponser employee's with membership. For instance, if you work for the Department of Defense or are or were an active service person in the military you could join Navy Federal Credit Union (largest in the nation), Pentagon Federal Credit Union or Security Service Federal Credit Union.

Most credit unions have relaxed their requirements for admittion. So typically you can find a local credit union that will welcome you as a member just for living, working, attending school or worshiping in a particular city/county.

This link is a good way to start if you don't already know which credit unions you are eligible to join. Again, be sure to research a credit union's rates before you join.

http://www.creditunion.coop/cu_locator/quickfind.php

I just opened an account at a Federal Credit in my area. Members of credit unions pool their assets to provide loans and other financial services to each other. Credit unions differ from other banks in several ways. They are non profit and owned by members like myself. These factors allow credit unions to pay dividends to their members (not shareholders) and offer them lower loan rates, higher savings rates and fewer service fees. You should try it.

So, if I open an account with a credit union, I automatically become a member, receive a dividend, and other benefits such as lower loan rates? Do they have specific requirements on who and how much to open an account?

Bank Credit Cards that are issued with a Visa or Mastercard logo work equally well whether issued by a bank, credit union or non-bank... Usually Visa account numbers start with a "4" and MasterCard account numbers start with "5". As was previously posted in the global world, it does NOT matter. As long as the establishment takes one or the other you are fine no matter who issued it. All is equal. Card terms and benefits may be different but that is between the card holder and issuer and has no effect on the card's usage at a merchant.

thanks! actually, the difference between credit union credit cards and other cards is still not very clear to me. Most of those I know use credit cards from major banks/lenders because they don't have hidden fees; that's according to them. Is this true? I mean, does anyone have some reactions to this belief?

Aside from having lower loan rates and service fees, are credit cards from credit unions recognized in major establishments/merchants?

As long as they have a Visa/MC logo on the card, they can be used anywhere Visa/MC payments are accepted.

I just opened an account at a Federal Credit in my area. Members of credit unions pool their assets to provide loans and other financial services to each other. Credit unions differ from other banks in several ways. They are non profit and owned by members like myself. These factors allow credit unions to pay dividends to their members (not shareholders) and offer them lower loan rates, higher savings rates and fewer service fees. You should try it.

Aside from having lower loan rates and service fees, are credit cards from credit unions recognized in major establishments/merchants?

Great work! And I'm glad to see you're banking with a credit union.

farmgirl - the bankcard has more general usefulness and carries more weight in the FICO calc. Note that the FICO calc claims to want to see a mix in credit that would include installment loans, mortgage loans, and department store cards too. In today's world CONGRATS! You did the impossible FG is glad to have you sharing your great news

I went to my credit union that I bank with and they set me up with a $500 secured visa- which I imediately paid down $450 so that it will show a lower balance when it reports. I had tried for a Jared card awhile back, and was recently denied for a TJ Maxx store card- so went to the people who knew me best...and it worked. Fico score currently is a 581 and the simulator shows it jumping well into the mid 600s by opening a cc with a $500 limit...so can't wait ot see that jump...my fakos are already at the mid 600's lol...

Sorry i know this isn't the right thread but i was wondering sis or anyone about the talk about credit unions. I have a checking and savings account at a credit union and i was wondering how they do car loans? Its called Upper Cumberland Federal Credit Union and i have had my checking account there for about 5 years is that good? Please any in for would be good.

Terry: you can always request a meeting with the Credit Committe, I am on the Credit Committe at my Credit Union and a lot of members don't know that they always have this option.

I am sorry to hear that your Credit Union did not take care of you... but trust me their is a Credit Union out there that will apreciate you... like I said in the earlier post my husband was a member of the second largest Credit Union in our state and they showed him no love..(their lost)

Hello Terry: I work at a Credit Union and depending on your relationship with the CU it is a lot easier to get approved(do you actively bank there, make deposite, direct deposit), If you are credit challenged what you can do is go to your Credit Union and ask for a secure credit card let's say $300.00 or $500 and after 6-12 months asked to be considered for a regular credit card.

Skeewee thanks for your suggestions. I have 3 credit cards and my scores seems to be very good. The credit union I applied with told me that my credit history is not long enough. I'll try applying at another credit union in my area. They told me they didn't see anything negative on my credit report. I may ask them to reconsider their decision.