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Archive for the ‘Credit Union’ Category

Are you one of the many people who have loan problems? No need to worry, for you are not alone. Bad credit is not something to be ashamed of. Anyone can end up having it, just like the common cold. After some time and some effort on your part, you can turn a bad credit rating to a better one.

The good news is, even people with bad credit can be financed on bad credit car loans. Once you get there, you need to remember a few things, though, in order to turn your bad credit to the advantage of your bad credit car loan. Remember not to take on a car payment that you truly know in your heart that you can’t afford. Know what you can and cannot afford before talking to a car salesman.

There are many ways by which you can get a bad credit car loan even when you have a bad credit. You need to have sufficient income that can pay up all your bills including additional payment for your bad credit car loan, insurance, accessories, repairs and maintenance costs. A steady and sufficient income could get you that bad credit car loan even if you have a bad credit. Your lender would like to see that you’ve had your current job for at least a year and this could make them overlook your bad credit hence increase chances in approving your bad credit car loan. Try to maintain your address for a while, as well, for this can keep your bad credit at bay and help in the approval of your bad credit car loan.

Having a large down payment will also help in getting your new bad credit car loan. Your down payment will depend on the car model you wish to buy. It could range from hundreds to thousands of dollars.

If you want to have a better chance at having your bad credit car loan approved, you can be a member of a credit union. Even if you have bad credit, you can apply to them for a bad credit car loan. Their credit criteria is often more relaxed compared to banks and finance companies. The longer you have been a member in a credit union, the more positive the response is for your bad credit car loan despite a bad credit rating.

The same thing works for a local bank. Should you have had a previous loan with them, they could still want to take a chance with you on your bad credit car loan. If by any chance you have paid off a previous loan, they could consider your bad credit car loan application even if you have bad credit history in other banks of finance companies.

You could also get a bad credit car loan by having a co-signer. Your co-signer must have good credit rating himself and meet the necessary requirements.

Bad credit will indeed affect your bad credit car loan application, but you can still explore other possibilities. A large volume new car dealer can give you deals you can bank on. Choose your vehicle and come up with a deal. Afterwards, talk with a finance manager who will work with you to get a bad credit car loan despite your bad credit. The trick is to see an aggressive finance manager who will see you through choosing your vehicle, overlooking your bad credit and getting a bad credit car loan soon.

So far a few banks and credit unions have increased their IRA CD offerings.  One, a small community bank in Texas, had a 2.53% APY for 2-years with a one-time bump option.  The rate didn’t last long so I won’t name them.  However, I might in the future so you may want to stay in touch.   Wink, Wink, nod, nod.  

The big player seems to be Alliant Credit Union.  They actually have CD rate specials quite often.  If you are an existing member the process is much faster than trying to become a member and then get a CD done.  So even if you run out of time, I think it would be a good idea to complete their process.  The hardest thing with them is they don’t guarantee the rate beyond the current day.  So if you put the IRA process into gear and the rate drops, you’re out of luck.  Anyone can become a member by first joining the National PTA.  This is $25,  I believe.  You then can complete the Alliant member application.  Be forewarned that their online process has proven difficult for many in the past.  It asks a series of questions about information it pulls from the credit bureaus and I’ve known several people that claimed the information was erroneous and thus they couldn’t complete it online.  You can always go the route of snail mail if necessary.  Anyway, the current highest IRA CD rates are as follows:

1y — 2.30% APY


2Y — 2.55% APY


3Y — 3.00% APY


5Y — 3.25% APY.

Their NCUA# is 67955 and they are based in the windy city of Chicago, IL.  They are quite large with over $6 Billion in assets.  As of March 2009 data, they have a 4-star rating.

Another big player is Ally Bank, but they don’t offer rates for IRA CDs.  People’s Trust Federal Credit Union has an 18-month IRA for 2.12% APY.  They are based in Houston, TX.  They have a 2-star rating.  People’s NCUA # is 177.  Looks like they have been around for a while.  I did have to make quite a few clicks to get to the rates.  I hate that.  The link below should save you some time.

If you’re wanting to stick with a bank try Nationwide Bank, FDIC# 34710.  Their process isn’t too difficult.  They are about $2.25 Billion in assets, had a nice second quarter profit, and 4.5 stars.  Rates are:

1Y — 2.05% APY


2Y — 2.35% APY


3Y — 2.60% APY


5Y — 3.20% APY.

Finding the Best IRA Certificate of Deposit Rates just takes a little searching.

I was reviewing our logs and noticed that someone had come to Jumbo CDs, looking for the answer to, “What is the difference between FDIC and NCUA Insured?”

Boy, did I feel silly because I didn’t actually have the answer on our site. After all, it is an important question for people investing their money into banks and credit union CDs.

And the answer is, there is really no difference as far as federal protection. Both cover your bank accounts (CDs, Savings, Checking, Money-Market) up to $250,000 through 12/31/13. If the Gov’t doesn’t extend that it will revert back to $100,000. Both cover your IRA accounts assuming they are in a bank account and not a securities account up to $250,000. That was a permanent change made in 2004. IRAs are insured separately then your regular bank accounts.

Both are federally guaranteed. The FDIC oversees and insures banks and the NCUA oversees and insures credit unions. However, the NCUA is currently in far healthier shape. Not that I believe the FDIC won’t be able to meet its obligations, you just don’t here about the NCUA having to bail out too many credit unions.

The biggest difference is credit unions overall, are in better shape then banks. We have dealt with countless bank closures the last two years. There has only been a handful of credit union closures. And the reason is the foundational difference between a credit union and a bank. At a credit union, everyone is a member and has one vote, no matter how big their deposits are. The credit union exists to extend the lowest loan rates and highest savings rates it can to its members. Credit Unions are non-profit organizations. Because of their non-profit status, they are limited in what they can invest in. Most of their investments are in boring things like CDs ( :O) ), Gov’t bonds, and treasuries. They are limited in who and what they can lend to. Both of these drastically lower the risk of having problems.

Now, I don’t want my banker friends to get mad at me. Usually, small community banks operate much like credit unions in that they put the people first. However, a bank is a for profit organization. Usually, a small group of investors has put their capital into the bank and they want a return on their money. The pressure for higher returns leads banks to make riskier decisions. And over the last two years we’ve seen the result of that.

So when it comes down to it, there is no difference in your insurance protection between FDIC and NCUA insured accounts. If either a bank or credit union fails that is federally insured, you will get your money back.  But, there may be differences between the credit union CD Rates