Credit Union Question.

[Matt_Danger]

@Nikuk

That is how credit unions work, in a nutshell.

She opens a ckg or svgs acct with the FCU, puts $5 in it, and never touches it. When she pays off the loan she can close the account if she wants.

I have a $5 savings account @ Community Credit Union in Lockport. I’ve stepped foot in there office once, and havent been in Lockport in the last 2 years. But that $5 deposit allowed me to get a Loan for a fantastic (at the time) interest rate.

If she just wants it for sake of building credit (doesn’t necesarily NEED the cash), then go to Capital One and get a credit card (alot easier then a $1k unsecured loan generally). It’ll prolly be like a $250 limit @ 18% or something, but its a start - so long as she tends to it wisely.

When I applied for my loan with ESL in Rochester I was able to get a quote without an account. They gave me a non-member number which then became my member number when I signed for the loan. I was required to get an account with them, a savings with a $1 balance, so they could deposit any annual dividends.