U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-27-2018, 09:23 AM
 
70,999 posts, read 71,317,886 times
Reputation: 48591

Advertisements

basically our life with chase and all their credit cards are transparent to us .
Reply With Quote Quick reply to this message

 
Old 10-27-2018, 09:36 AM
 
18,772 posts, read 13,522,574 times
Reputation: 14126
Quote:
Originally Posted by mathjak107 View Post
basically our life with chase and all their credit cards are transparent to us .
Id pick up the sapphire account bonus if I wasnt restricted from where I held my securities business. Even taxable Id take the extra UR points
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 11:37 AM
 
8,712 posts, read 5,072,625 times
Reputation: 9871
Quote:
Originally Posted by Disgustedman View Post
My old van died last Sat. I found out the computer fried. So, rented a van and looked for a quality one. Found it and applied to a credit union for a loan.

I danced around the issue of having an address. (I live in my vehicle) and was approved...at 7.45%....Normally I'd have been shafted by 20% and up...I had a 680 score..

THEN she (loan officer) is seeking a $10K credit card to wipe out my other 2 cards...My God, if Banks were like this....

Can't believe I wasted so long with the banks...I'd hate myself, but already did enough of that...Now onto paying off everything in 12 months and being debt free...Or as close as possible.
What sort of van? Did you convert it yourself? I would love to know more. Have you already gone into more detail? Please point me to the thread. Thanks!
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 11:46 AM
 
11,052 posts, read 8,470,167 times
Reputation: 27862
Quote:
Originally Posted by Disgustedman View Post
My old van died last Sat. I found out the computer fried. So, rented a van and looked for a quality one. Found it and applied to a credit union for a loan.

I danced around the issue of having an address. (I live in my vehicle) and was approved...at 7.45%....Normally I'd have been shafted by 20% and up...I had a 680 score..

THEN she (loan officer) is seeking a $10K credit card to wipe out my other 2 cards...My God, if Banks were like this....

Can't believe I wasted so long with the banks...I'd hate myself, but already did enough of that...Now onto paying off everything in 12 months and being debt free...Or as close as possible.
By dancing around the address thing, did you lie?
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 12:00 PM
 
8,712 posts, read 5,072,625 times
Reputation: 9871
Credit unions are not all the same. I have shared previously about the time mine left me stranded 2k miles from home wirh two little kids in a minivan with no access to my cash. The frustrating part wasnt the issue itself, but the fact that, knowing my circumstances, they offered me no assistance other than to suggest I come into my branch AFTER I returned home and they would try to figure out what was wrong with my ATM card. I switched to a big bank immediately after returning home.

If the credit union had had good customer service, they'd have said "look, we will wire you $x to ABC bank with no fee" or "take a cash advance on your visa and we will waive the fee and the interest for 30 days", or whatever. NOT "gee, dont know. Sorry. Come in after you return home and we will take a look". That was just not acceptable.

This credit union is a large one on my state, representing police officers, heavy equipment operators, and other government employee types. They are linked to several ATM networks.

My big bank, on the other hand, has always provided top-notch customer service, never left me stranded on a road trip, and charges me $0 for checking, savings, bill pay, personal check printing, cashier's checks, or brokerage transactions. I like them fine.

So, whats my point? Bank with whatever institution provides the services you need and want, at the lowest cost. Don't assume that will be a credit union, or a big bank, or a small bank. Investigate your local options, then decide.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 12:02 PM
 
70,999 posts, read 71,317,886 times
Reputation: 48591
most don't understand the differences between a bank and a credit union until after issues arise
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 01:04 PM
 
796 posts, read 913,375 times
Reputation: 953
Quote:
Originally Posted by mathjak107 View Post
there can and usually is a big difference between credit unions and banks ,especially with loans . why do you think the credit union is trying to get the op that credit card to wipe out the other two cards ? to be nice ? lol

credit unions are notorious for using cross collateralization. .

the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.

When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.

When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union.

That includes credit cards and personal loans.

you buy a car by taking out a loan from your credit union. The loan agreement for your car loan usually contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations or pay off other credit cards . After three years, you pay off your car loan, but you still have a balance due on your credit card.

you lose your job and stop making your credit card payments.

The credit union can repossess your car and sell it to pay the credit card debt.

the devil is in the details as they say .
How exactly does this process work. When you payoff your car and they release the title to you is there some notation of a lien holder? If not do they have any reservations on the vehicle if you sell it while in default? How about just selling it in general? Then the cross collateralization won't matter? I'm just curious here. I don't have any secured loans by my CU. just a credit card.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 01:57 PM
 
18,212 posts, read 19,941,304 times
Reputation: 26648
Quote:
Originally Posted by Disgustedman View Post
My old van died last Sat. I found out the computer fried. So, rented a van and looked for a quality one. Found it and applied to a credit union for a loan.

I danced around the issue of having an address. (I live in my vehicle) and was approved...at 7.45%....Normally I'd have been shafted by 20% and up...I had a 680 score..

THEN she (loan officer) is seeking a $10K credit card to wipe out my other 2 cards...My God, if Banks were like this....

Can't believe I wasted so long with the banks...I'd hate myself, but already did enough of that...Now onto paying off everything in 12 months and being debt free...Or as close as possible.
Good man. Pound that debt into dust. Start saving.
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 03:00 PM
 
472 posts, read 289,534 times
Reputation: 927
Quote:
Originally Posted by Lowexpectations View Post
What issues do you have with the UR program or the sapphire bank account?
Why are you going to fix it?
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 03:02 PM
 
18,772 posts, read 13,522,574 times
Reputation: 14126
Quote:
Originally Posted by Gene Starwind View Post
Why are you going to fix it?
I was curious as to what the issues were in the event I wasnt aware of negative changes to a program Im pretty active in.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top