changing my finances slightly

[mellowtigger]

I may be limited in mobility at the moment, but I'm still making a few financial preparations for a potential move.

Today, I withdrew everything from my lockbox at my local bank and closed down that safe deposit box account. I couldn't locate the 2nd key, so I had to pay a $25 fee. That's okay. I also deposited a bank bag of small coins (no quarters, because I need those for the laundromat) for $78, so that's some heavy stuff I don't need to haul later.  For the record, I was the only one masked.

Today, I finally picked a successor to keep a Meetup group going. The "Star Citizens of Minnesota" cost me almost $700 to maintain for the last 3 years.  No more.  I've been a member of it since 2014 September (for the game which I also crowdfunded back in 2012 November), but I've been the Organizer since 2019 March. Meetup is a great site, but it costs WAY too much for what little they provide from their web server.  I'd hate to see this group disappear, though.  Whenever Star Citizen finally opens up, that 2014 creation date for this social group will be a small badge of honor to distinguish the "old timers".

Today, I checked online for a credit card that isn't owned by an evil giant bank.  They're hard to find, but apparently a few exist.  Conveniently, Sunrise Banks is here in the Twin Cities region, although they're not in northwest Minnesota, where I might move.  If I do move, then I need the small increase to my credit rating that simply having a credit card would provide.  Trying to get a temporary apartment would require a high rating, I'm sure.  Might as well prepare now.

Do you know better options for a credit card?  Please let me know, if you do.  I need to apply next week, so I actually have a history on it before trying to rent somewhere new.

Comments

[brian_bogue]

you might check local credit unions, mine pays more interest on my account, and charges less interest on my card than anything else around here in Portland

[darkoshi]

I have an online savings account with Alliant credit union:
https://secure.alliantcreditunion.org/
https://www.thepennyhoarder.com/bank-accounts/alliant-credit-union-review/

I don't have a credit card through them (hadn't considered it before; maybe I should), but they do have them available.

(Don't mix them up with alliantcu.com; that is another credit union by the same name but at least they have different logos).

[mellowtigger]

I decided to try that Alliant first. I got through the application (they ran a credit check) online before discovering that I don't qualify to be an Alliant member due to their legal requirements. I don't live in Illinois, I'm not a member of the listed professional groups, and while they said there was an employer search (maybe working for a non-profit would qualify me), it didn't work. They should've started with the "blockers" instead of running the credit check first, since that affects the credit score for any other applications. *disgruntled hrmph*

I applied with Sunrise instead. Their online application is not as "slick" as Alliant. But I least I got a notice that they would review and notify me if any additional information is needed.

[darkoshi]

Anyone can join Alliant simply by making a small (or larger) donation to a certain Foster Care charity. Based on what I had read, I made a donation before even starting my application back when I joined Alliant. But I'm not sure that is even necessary based on the last sentence in the below.

https://www.alliantcreditunion.org/help/who-is-eligible-to-join-alliant
"If you are not eligible through another option you can become a member of Foster Care to Success (FC2S) and become eligible for Alliant membership. FC2S serves thousands of foster teens across the United States, focusing on those who are aging out of the foster care system. FC2S awards grants and scholarships for higher education and provides care packages, mentoring and internships. (Alliant will pay the one-time $5 membership fee to FC2S on the member’s behalf.)"

https://www.fc2success.org/programsmentoring-and-support/join-fc2s-alliant-partnership/

[darkoshi]

I guess Alliant must not make it obvious enough during the application process about what I wrote in my above comment. I didn't take detailed notes on that part of the process and don't remember what the screens showed.

But I did save this message shown when I was signing up (it was a few years ago), which indicates they do soft, not hard checks:
"Alliant will pull a soft credit inquiry for all applicants' background checks. If you have a credit freeze, you must temporarily release it to apply."

And based on this, applying for a bank account shouldn't hurt your credit score:
https://www.fool.com/the-ascent/banks/articles/what-happens-to-my-credit-score-when-i-apply-for-a-bank-account/

More info:
https://www.experian.com/blogs/ask-experian/what-is-a-soft-inquiry/
https://www.cnbc.com/select/what-to-know-when-applying-for-bank-account/

If you already have any credit cards or lines of credit, be careful about closing them down, because that is something that dinged me in the past. If you close down an old credit card and get a new one, the average age of your accounts is reduced, which makes a difference. So if you're not being charged fees to keep one open, it may be better to just keep it even if you don't use it anymore.

Now that I think on it, simply getting a new credit card will reduce the average age of your accounts whether or not you close the old one down. So maybe there's nothing you can do about that drawback of getting a new card.

[mellowtigger]

Since I immediately went from the Alliant roadblock to the Sunrise application, I decided to wait a few days before doing anything more. I never heard back from Sunrise. Alliant asked me to upload my driver license, so I did that just now. Part of the steps I was "Continue"-ing my way through included a section that said "Foster Care to Success - Member", so apparently they've charged a donation to them as part of the application process. That's weird (seems hinky) but welcome. Maybe I'll soon have my first credit card in 6 years.