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From all the various postings do you share the general thought that generally credit unions are charging less interest, fees, plus more cordial and give higher CL, than the major banks which are really out to maximize their profits? For example: Pentagon CU vs. BofA, or CrapOne.
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it depends.
some CU's give crap limits while others are generous.
it's the same as banks. You can't group them together.
YMMV really.
The only CU that gave me a high limit was PenFed. They gave me 40K and didn't even blink an eye. I have other high limits like that one with all the other major banks, but it took time and documentation of income to get over 30k with most banks, which I gladly sent in.
My credit union's credit card has a $5,000 limit. They issued me one with a $4,500 limit. I also an AMEX with a $25k limit as well as Citi cards with $11k limits.
Thus in that case the opposite may be true. Which credit unions have $5k max limit?
Mikul said:My credit union's credit card has a $5,000 limit. They issued me one with a $4,500 limit. I also an AMEX with a $25k limit as well as Citi cards with $11k limits.
This is with TruGrocer Credit Union. Membership is available to employees who work regularly in the grocery and supermarket industry, retirees of the grocery and supermarket industry, and that employee's or retiree's immediate family members (Spouse, Grandparent, Grandchild, Parent, Sibling, Child).
duna said:Thus in that case the opposite may be true. Which credit unions have $5k max limit?
Mikul said:My credit union's credit card has a $5,000 limit. They issued me one with a $4,500 limit. I also an AMEX with a $25k limit as well as Citi cards with $11k limits.
PenFed gives absurdly high credit lines.
therivler1 said:PenFed gives absurdly high credit lines.
50k isn't exactly absurdly high, but I'm not complaining.
On my experience, CU are lighter on late payment/overlimit fees and readily reverse them if you ask. That feels good.
My last CU, for example, charged $10 after 10 days overdue, without other concequences.
They also call you "member", not "client"(or "patient").
As for the CL, it's in line with other CC.
AchtungBabichka said:They also call you "member", not "client"(or "patient").
The day my banks ever start referring to me as "patient" I'm either going to worry about what they have in mind or thank them for speaking to me in line with what they've been doing to me all along 
The CLs I have received on new credit cards I applied for (reports were clean and FICOs similar at the time of applying for each one).
Chase $11,000 Oct 06
Discover $24,000 Jan 07
WAMU $11,800 Apr 07
PenFed CU $40,000 Feb 08
But it will absolutely depend on the credit union.
credit union do not do automatic CLI . According to penfed they will do a hard pull to do a CLI . Where as my schwab visa has automatically increased my CL every year with no hard pull .
I've had the opposite experience with credit unions. Lower lines with fairly crappy cards (most along the lines of .75% Cash Back) and no initial perks, promotions ($10 for spending $200, etc) or BT offers. As far as credit cards go, my Chase Freedom Plus kicks the crud out of pretty much every other card out there, but my Big Bank cards as a whole kick the crud out of my CU cards.
manuvns said:credit union do not do automatic CLI . According to penfed they will do a hard pull to do a CLI . Where as my schwab visa has automatically increased my CL every year with no hard pull .
Penfed periodically offers pre-approved increases or loans. These are actually pre-approved as they do not pull a credit report.
SoBeyondTheNorm said:manuvns said:credit union do not do automatic CLI . According to penfed they will do a hard pull to do a CLI . Where as my schwab visa has automatically increased my CL every year with no hard pull .
Penfed periodically offers pre-approved increases or loans. These are actually pre-approved as they do not pull a credit report.
Not entirely sure its without having one on file though. I applied for a car loan and next time I was logging in there was a preapproval notice for a 50K car loan, 28800 Visa Gold, and another product offer on the masthead. I have been with PenFed for 15 years or so and until I did the app that offer wasn't there. (they keep your CR on file for 30 days and don't pull it again if you apply for other products during that time)
If you GET that offer it is a true pre-approved offer though. I clicked on the offer and got the standard app which bounced back approved as soon as it was sent. (and no additional pull, since the other app was recent) Their Platinum Rewards card is hard to beat too, its rebates are monthly and automatic -- especially for gas and grocery stores.
RedWolfe01 said:SoBeyondTheNorm said:manuvns said:credit union do not do automatic CLI . According to penfed they will do a hard pull to do a CLI . Where as my schwab visa has automatically increased my CL every year with no hard pull .
Penfed periodically offers pre-approved increases or loans. These are actually pre-approved as they do not pull a credit report.
Not entirely sure its without having one on file though. I applied for a car loan and next time I was logging in there was a preapproval notice for a 50K car loan, 28800 Visa Gold, and another product offer on the masthead. I have been with PenFed for 15 years or so and until I did the app that offer wasn't there. (they keep your CR on file for 30 days and don't pull it again if you apply for other products during that time)
If you GET that offer it is a true pre-approved offer though. I clicked on the offer and got the standard app which bounced back approved as soon as it was sent. (and no additional pull, since the other app was recent) Their Platinum Rewards card is hard to beat too, its rebates are monthly and automatic -- especially for gas and grocery stores.
Thanks for the info. I had been putting off getting a CC from them until the next AOR, but since I'm planning to refi my car with the deal they have now, I'll watch for any offers when logging on.
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