HUD Federal Credit Union

HUD Federal Credit Union Membership Eligibility

Credit unions require that account holders match certain eligibility requirements before joining. This is because credit unions are chartered and designed to serve a certain population, and everyone joining the credit union is considered a member not a customer.

Eligibility requirements to join HUD Federal Credit Union (FCU) include:

• Employees of the U.S. Department of Housing and Urban Development working within the United States, Virgin Islands, and Puerto Rico
• Family members of people eligible to join HUD FCU
• Select other groups, according to the HUD FCU charter

To find out if you are eligible to join this credit union, call a member service representative at (800) 345-8032.

Although official HUD FCU branches are limited to the Maryland and D.C. area, there are service centers throughout the country. You do not have to live near a branch in order to open an account as long as you fall within the eligibility requirements of membership.

HUD FCU Visa Credit Card

The HUD FCU Visa credit card offers a competitive interest rate along with the exceptional customer service for which credit unions are well-known. Other features for this card include:

• Balance transfer capabilities at no charge, so you can transfer higher-interest balances from other credit cards
• No annual fee
• A generous grace period on purchases, so you can avoid interest penalties as long as you pay your balance in full each statement cycle
• No additional fees for cash advances

Additionally, HUD FCU does report account activity to the major credit bureaus. This means that if you can potentially improve your credit score if you maintain your account well by making payments on time and not exceeding your credit limit.

The maximum potential credit limit for a HUD FCU Visa Card is $20,000.

HUD FCU Secured Visa Card

A secured Visa card uses the cardholder's share account as collateral for the credit account. A share account is an interest-bearing savings account.

The amount of money used as collateral for the secured Visa card through HUD FCU is put on hold in the share account. This means that if the secured Visa has a credit limit of $500 the same amount will be frozen in your share account and inaccessible as long as the Visa account remains open. You will make payments on the Visa account, just like with any other credit card, but the funds used as collateral within the share account will be tapped to pay the minimum payment if you fail to make a payment on time.

A secured credit card is a great way to establish or re-establish a credit history, but is generally not considered a long term solution to needing a credit card. The ultimate goal should be to pay the secured credit card in a timely manner in order to build up a payment history that will eventually compel the credit union to issue you an unsecured credit card.

Apply for a Card

When you are ready to apply for a credit card with HUD FCU you can do so by:

• Using the online application
• Calling the toll-free customer service phone number (800) 345-8032
• Applying for a credit card at a branch
• Requesting a paper application, or downloading one off the website, and submitting it by mail

Be prepared to supply a copy of your latest paystub or income statement and the paystub of anyone else applying for the card jointly with you. You will also be asked about your income, debts, and personal contact information.