Frequently Asked Questions  About MoveCU

What is the difference between a bank and a credit union?

Answer: Banks are for-profit institutions, meaning that they loan out that money you deposit and make money off interest. Credit unions are non-profit meaning all profit generated goes back into the organization in the form of better rates and lower fees. Also, credit unions typically rank higher in customer satisfaction than banks.

How does MoveCU work?

Answer: MoveCU is committed to making borrowing money fast and easy for our consumers. Our engine is connected to a network of credit unions across the country who have some of the lowest rates around. MoveCU will display actual rates you qualify for from credit unions you are eligible to join without damaging your credit.

Does MoveCU resell my data?

Answer: No, unlike other online platforms MoveCU does not resell data. Your information will only be passed to a lender only if you select an offer that works for you.

Is my money safe with a credit union?

Answer: Yes, just as bank deposits are insured up to 250,000 by the FDIC, your deposits are insured up to $250,000 by the National Credit Union Association (NCUA).

How do I know I’m getting the best rate?

Answer: MoveCU connects you with a network of credit unions, who typically beat banks on price. Additionally, our engine allows you to customize your loan to meet your specific financial needs.

Will I be charged for using MoveCU?

Answer: No

Do credit unions offer the same services as banks?

Answer: In most cases, yes, although some smaller credit unions might not offer as broad of a range of services as major banks. Regardless, services offered at a credit union usually feature lower fees and better rates than found at banks.

Can I join more than one credit union?

Answer: Yes, there are no restrictions on joining more than one credit union

What is credit union membership?

Answer: Credit unions are financial institutions, like banks, except the credit union are owned by its members (customers). Credit unions aim to serve their members rather than seeking to earn a profit.

What is the difference between a state and a federal credit union?

Answer: A federal credit union (FCU) is a credit union regulated and supervised by the National Credit Union Association (NCUA). State credit unions instead adhere to state-specific regulations and guidelines.

What credit unions am I eligible to join?

Answer: MoveCU’s algorithm is designed to only show credit unions that you are eligible to join.

I applied but no offers were displayed?

Answer: Just because you did not qualify for MoveCU’s network of credit unions you may be eligible to join any number of other credit unions. Click this link for a list of credit unions you may be able to join.

What is APR?

Answer: APR or annual percentage rate is an annualized representation of your interest rate. Whether it’s deciding between credit cards, auto loans or personal loans, APR can help you compare how expensive your transaction will be.

What loan term should I apply for?

Answer: It is up to you, however, the longer the term the more interest you will pay over the course of your loan.

What is a credit score?

Answer: Your credit score is a number that represents the risk a lender takes when you borrow money. A FICO score is a well-known measure of your overall creditworthiness and ranges from 300 to 850. Regardless of which score your lender uses, the higher the score the better.

What is the difference between a Soft and Hard Credit Inquiry?

Answer: A soft credit inquiry is when you access your own credit report, and a hard credit inquiry is when you apply for a credit. While soft credit inquiries do not affect your credit score, hard credit inquiries are one of a number of factors that impact your credit score.

How many credit cards should I have?

Answer: That’s up to you. Having an assortment of cards can strengthen your credit score but having too many could potentially increase your overall debt. If you’ve done well with the cards you have and are looking for one with better rewards, then trade up. The bottom line is to have as many credit cards as you can responsibly take care of.