Credit Card Questions

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Total number of voters: 9 ( Wanderer, FrankN, JacksonM, JGibbs, vincymol ) See more
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  • Posts: 1261

Replied by Wanderer on topic Re: Credit Card Questions

Bummer. I judge credit unions based on their ability to have great rates, more than one branch and the ability to provide a range of products including credit cards. Having said that, a lot of credit unions small and large rely on Elan, FIA (BofA) and First National Bank Omaha to issue their credit cards. My point with that is why join a credit union if you end up with a bank issued credit card? It defeats the purpose.

I have NEVER heard of TMG Financial. I found their website]http://www.tmgfinancialservices.com/[/URL]. I can't quite make it out, but it sounds like they might just back the cards similarly the way DNSB backs Macys/Bloomingdale's and Capital One with Kohl's. I searched for an OK State Employees Credit Union and found OECU. Is this your credit union? When I searched for their MasterCard they made no reference to TMG Financial. So it is possible that they will report as your credit union. I would call the number on the back of your card and find out.

I always advise people to read the fine print on any credit card to see who exactly is issuing the card. Co-branding is not as big as it once was but people used to get all excited about an alma mater card or some other co-branded card only to find out that it was issued by First USA or MBNA etc. Same with credit unions...if they can't issue and service their own card portfolio I won't do business with them.


In following your findings, there were several more layers of companies. The bottom line is that the Iowa Credit Union League located at 1500 NW 118th Street in Des Moines Iowa 50325 with a telephone number of 800 860 6180 umbrellas the whole system of companies.
8 years 3 months ago #91

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Replied by ColoNative on topic Re: Credit Card Questions

I got back yesterday after being gone visiting family for a week, and my new credit union credit card was here. it has the credit unions logo on the front, but i noticed in the account terms that came with it, it says your account is serviced by tmg financial services. i am guessing that this company is something like elan financial that some banks use to service theire credit cards. according to theire website, they hold and process credit cards for a lot of small credit unions. has anyone heard of this company or had any cards serviced by them? I am also wondering how the account will show on my credit report? will it show as tmg financial, or will it show the credit union's name?


Bummer. I judge credit unions based on their ability to have great rates, more than one branch and the ability to provide a range of products including credit cards. Having said that, a lot of credit unions small and large rely on Elan, FIA (BofA) and First National Bank Omaha to issue their credit cards. My point with that is why join a credit union if you end up with a bank issued credit card? It defeats the purpose.

I have NEVER heard of TMG Financial. I found their website]http://www.tmgfinancialservices.com/[/URL]. I can't quite make it out, but it sounds like they might just back the cards similarly the way DNSB backs Macys/Bloomingdale's and Capital One with Kohl's. I searched for an OK State Employees Credit Union and found OECU. Is this your credit union? When I searched for their MasterCard they made no reference to TMG Financial. So it is possible that they will report as your credit union. I would call the number on the back of your card and find out.

I always advise people to read the fine print on any credit card to see who exactly is issuing the card. Co-branding is not as big as it once was but people used to get all excited about an alma mater card or some other co-branded card only to find out that it was issued by First USA or MBNA etc. Same with credit unions...if they can't issue and service their own card portfolio I won't do business with them.
8 years 3 months ago #92

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Replied by kforbes86 on topic Re: Credit Card Questions

I got back yesterday after being gone visiting family for a week, and my new credit union credit card was here. it has the credit unions logo on the front, but i noticed in the account terms that came with it, it says your account is serviced by tmg financial services. i am guessing that this company is something like elan financial that some banks use to service theire credit cards. according to theire website, they hold and process credit cards for a lot of small credit unions. has anyone heard of this company or had any cards serviced by them? I am also wondering how the account will show on my credit report? will it show as tmg financial, or will it show the credit union's name?
8 years 3 months ago #93

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Replied by Joeyman on topic Re: Credit Card Questions

after this i just might be moving my checking and savings to them too, since i really like theire service.


I would highly suggest that. Once they see your direct deposits and savings they'll be more enticed to increase your credit limit. Also, with my credit union making payments on my visa is easy. The way it's set up is like transferring money from a checking to savings account: Instant (no 1-2 day waiting period)! The payment system uses the same interface as transferring from checking to savings, this alone has made me a very satisfied customer. I'll make daily payments and just use the visa like a debit card, however, I do like using my amex more now though. Heh.
8 years 3 months ago #94

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Replied by kforbes86 on topic Re: Credit Card Questions

no, it is a small credit union with only 8 branches. it is oklahoma employees credit union. it is open to all state employees and people who work for state funded schools and colleges/universities.
8 years 3 months ago #95

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Replied by ColoNative on topic Re: Credit Card Questions

Congratulations. Is this the State Employees Credit Union in North Carolina? I will never understand how that credit union is 2nd only to Navy FCU in terms of members and assets. It's like every resident of NC would have to be a member....anyway, I digress.

If you are not planning on applying for anymore credit soon, you should be okay to close a few accounts out. Even if they are older trade lines, their open dates will still be factored in your favor in your FICO score. But since you will be losing the available credit, be very careful to keep your balances down on the cards you keep.

my other question was the cards i have that i dont use and probably wont use any time soon. should i go ahead and close them, before they are closed for non use? all of them have a zero balance, and none of them are my oldest account.

8 years 3 months ago #96

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Replied by kforbes86 on topic Re: Credit Card Questions

my other question was the cards i have that i dont use and probably wont use any time soon. should i go ahead and close them, before they are closed for non use? all of them have a zero balance, and none of them are my oldest account.
8 years 3 months ago #97

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Replied by kforbes86 on topic Re: Credit Card Questions

Just got my first credit union credit card today. last thursday i joined the state employees credit union since i was eligible. i was accepted for membership and then on friday i applied for the mastercard credit card they offer. yesterday a loan officer called me and asked some questions about a previous employer and an account on my credit report. he said he would put the application through and see. i figured that was that and i would either get a denial letter or a card in the mail. well this morning the same loan officer called me and said that i was approved and that even though i had asked for a $1,000 credit limit they could approve me for up to $1,400.

so far i am very pleased. i really like how they are so much more personal and attentive to the customer. getting the call from them today was really suprising to me. working with the same person throughout the whole process is nice too. after this i just might be moving my checking and savings to them too, since i really like theire service.

i am really happy about this too because i was wanting another good visa/mastercard credit card because i am going to weed my cards out to just three credit cards and one store card. my other store cards i rarely use and i like just having 4 accounts to manage. i like things simple
8 years 3 months ago #98

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8 years 4 months ago #99

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Replied by ColoNative on topic Re: Credit Card Questions

AMEX all the way bro!@


I won't argue with you there...but kforbes does not have any prime cards yet, so I was advising that a Visa/MasterCard might be the best bet at first since they are accepted almost everywhere whereas Discover and Amex are not. But yes, I can say from personal experience that Amex and Discover are pretty much tops.
8 years 4 months ago #100

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Replied by Joeyman on topic Re: Credit Card Questions

Discover is a great company; however, I would have looked into a Visa or MasterCard first. The fact that you weren't declined and offered an HSBC Discover is a good sign!


AMEX all the way bro!@ :white-flag: :white-flag: :white-flag: :white-flag:
8 years 4 months ago #101

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Replied by Joeyman on topic Re: Credit Card Questions

When I pulled my last credit report it said that I need to have a mortgage, was like what is wrong with having my home paid off. Also noticed the new scoring system. I think we are in for a bumpy ride until all these federal changes stop. I must receive account change notices every day for the last year for some thing or another. Just keep your accounts in good standing.



Having a mortgage has tax insensitives as well. You might consider having just a small mortgage. :bank:
8 years 4 months ago #102

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Replied by ColoNative on topic Re: Credit Card Questions

I decided to pull the trigger and apply for the discover more card. I hit submit and it said processing for over 2 minutes, then came up and said


Discover is a great company; however, I would have looked into a Visa or MasterCard first. The fact that you weren't declined and offered an HSBC Discover is a good sign!
8 years 4 months ago #103

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Replied by rsty99 on topic Re: Credit Card Questions

When I pulled my last credit report it said that I need to have a mortgage, was like what is wrong with having my home paid off. Also noticed the new scoring system. I think we are in for a bumpy ride until all these federal changes stop. I must receive account change notices every day for the last year for some thing or another. Just keep your accounts in good standing.
8 years 4 months ago #104

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Replied by Joeyman on topic Re: Credit Card Questions

I decided to pull the trigger and apply for the discover more card. I hit submit and it said processing for over 2 minutes, then came up and said


Nice card choice! And good luck. :cheesing:
8 years 4 months ago #105

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