Houston Credit Repair Expert, Vanessa Perry explains the differences between banks and credit unions and the advantages and disadvantages of both in the latest episode of Ask Impeccable.
Banks
Banks are lending institutions built solely for profit. When you put your money in a bank they take the money and invest to build wealth for the bank itself. Banks can be local, nationwide, even worldwide.
Credit Unions
Credit unions are profit for the people and by the people. Unlike banks, credit unions save money for their users and put money back in to increase overall wealth for the users rather than the financial institution as a whole. Credit Unions typically are local or statewide.
Qualifications
Banks usually have a wider range of applicants. Credit unions require their clients to live, work or worship in the same zip code. They usually require a membership which requires you to open a savings or checking account. This requires a small fee five dollars. Qualifying for different loans and credit cards vary between banks and credit unions. If you do not qualify for a specific loan or card you may want to consider credit restoration.
Houston Credit Repair
Impeccable Credit Services can help with any questions you may have as far as qualifying or which is best for you; a bank or a credit union. Everyone is different and each case will have a different benefit of using one of them or both options. Often times bankers will know how to handle your banking needs. They do not know how to handle your credit score. Make sure to talk to someone with experience in credit before trying to qualify at a bank If you need help qualifying for a loan or card with either a bank or credit union make sure to contact Impeccable Credit Services.
