Illinois Community Credit Union

Illinois Community Credit Union (ICCU) is a community based credit union, so membership is open to anyone who lives or works within a 25 mile radius of one of their branches, located in Genoa, DeKalb, Rochelle, Plano and Sycamore.

Eligibility and Overview

Once you become a member, your relatives are eligible for membership and your membership is for life, even if you move into a non qualifying location. Illinois Community Credit Union was founded in 1935 in the midst of the Great Depression, and their understanding of the financial difficulties people experienced at that time, are present in their current approach; they have a specific link entitled "less than perfect credit".

Home Banking and Checking Accounts

There are three types of checking account on offer from Illinois Community Credit Union; Classic Checking, Prestige Checking and Basic Checking, the latter is for customers with no credit or poor credit history. With basic checking, there is a monthly fee of $7.00 but Internet banking is free. There is no minimum balance required. ICCU supply 25 free checks, and the account includes free overdraft protection. Essentially this account allows those with a challenged credit rating to reestablish their financial credentials, at which point ICCU will move them onto a Classic checking account, and they will then have a Visa Debit card they can use at ATM's, and no account fees. The Prestige account requires a minimum account balance of $2,500 and earns interest at a rate of 0.5% APY on balances of $10,000.

Credit Cards and Loans

There is a Basic Platinum Visa on offer through Illinois Community Credit Union for those needing to rebuild their credit; the rate is 16.9% plus a monthly fee of $10. Other credit cards they offer are the Visa Platinum whose rates are based on the individuals' credit score, and range from 8.9% to 16.9%. The top end credit card is Visa Platinum Plus, with a rate of 14.9% and a rewards program whereby all retail purchases earn points redeemable for a variety of products and services. ICCU offer a free credit report for their customers, and a consultation to help the individual understand what it means and how to improve their credit score. They offer financial counseling and will consider clients for auto loans and personal loans, despite a poor credit rating. They show particular concern over their customers getting trapped into the payday loan cycle, and they advise a visit to an ICCU branch, where a much lower interest and affordable pay day loan alternative can be discussed. Illinois Community Credit Union display a nonjudgmental, realistic approach to customers with poor credit, and are non judgmental and are only interested in offering their customers a way out of a bad financial situation.


Source: Credit Cards For People With Bad Credit Rating

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