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Making best use of a credit union account

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  • 19-01-2015 6:11pm
    #1
    OpenYourEyes
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators Posts: 3,068 Mod ✭✭✭✭


    Hi all,

    I've just opened a credit union account - somewhere to put any extra money I have that might help me down the line if I need a loan or something like that!

    My question is, if I was to apply for a loan in the future, would it look better to put in one lump sum now and occasionally add to it (like once a month or so), or would I better off to put in roughly similar amounts every week.

    Surely both would make me come across as responsible with money etc?


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    #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    OpenYourEyes wrote: »
    Hi all,

    I've just opened a credit union account - somewhere to put any extra money I have that might help me down the line if I need a loan or something like that!

    My question is, if I was to apply for a loan in the future, would it look better to put in one lump sum now and occasionally add to it (like once a month or so), or would I better off to put in roughly similar amounts every week.

    Surely both would make me come across as responsible with money etc?

    Regular savings is what the CU look for.


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    #3
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    dobsdave wrote: »
    Regular savings is what the CU look for.
    But if you have a lump of money and put it in now, they won't hold it against you.

    Suppose, for example, you had about €2k in your current a/c over and above your regular needs, I'd suggest that you put most of it into your CU a/c. Hold back a little as a buffer in your current a/c so that you don't dip into overdraft if you hit an expensive month.

    Then add regularly to your CU savings - weekly or monthly, depending on what is convenient for you.


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    #4
    OpenYourEyes
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators Posts: 3,068 Mod ✭✭✭✭OpenYourEyes


    Thanks for the replies!

    I had intended adding all of my surplus savings from my bank a/c to my CU a/c immediately and only revisiting it every month or two.

    What I might do now is move the bulk of it to the CU, but hold some back to ensure I have money every fortnight or so to add to my CU a/c, and proceed like that.


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    #5
    Greenmachine
    Registered Users Posts: 5,063 ✭✭✭Greenmachine


    OpenYourEyes wrote: »
    Thanks for the replies!

    I had intended adding all of my surplus savings from my bank a/c to my CU a/c immediately and only revisiting it every month or two.

    What I might do now is move the bulk of it to the CU, but hold some back to ensure I have money every fortnight or so to add to my CU a/c, and proceed like that.

    You can deposit money, weekly, monthly, bi-weekly etc into your credit union account via direct debit if you can't make into the office personally.


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    #6
    OpenYourEyes
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators Posts: 3,068 Mod ✭✭✭✭OpenYourEyes


    Greenmachine wrote: »
    You can deposit money, weekly, monthly, bi-weekly etc into your credit union account via direct debit if you can't make into the office personally.

    I'll look into that, thanks!


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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    If you like you might drop into your CU sometime and say you are not looking for a loan now, but if you keep doing what you are doing, what are the chances of a loan of (say an amount…..be specific). I would approach the CU after about 3 or 4 months of regular payments of a fixed amount (preferably by standing order or direct debit)


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