Personal Line of Credit FAQs

• Do I need to be a member to qualify for a Greater Texas Credit Union personal line of credit?

  Membership is required to qualify for our products and services. Fortunately, if you’re eligible for membership, joining is easy: a $5 minimum deposit in an account.

  Greater Texas Federal Credit Union membership comes with a range of benefits and discounts, as well as special access to various insurance and tax products and services.

• Who is eligible to join Greater Texas Credit Union?

  You can become a Greater Texas Credit Union member if you live, work, worship or go to school in portions of the following counties:

  • Brazos
  • Bastrop
  • Dallas
  • Harris
  • Hays
  • Hidalgo
  • Bexar
  • Tarrant
  • Travis

  Also eligible for membership are businesses and other legal entities located in portions of these counties, as well as employees, faculties, and staff of the following educational institutions:

  • Texas A&M University
  • Texas State University
  • Bastrop ISD
  • Elgin ISD
  • Hays Consolidated ISD
  • Leander ISD
  • Northwest Lineman College

  Membership is also open to immediate family member(s) of individuals who are eligible to join, or if someone in your household is eligible to join.

  We define "household" as those individuals living in the same residence, maintaining a single economic unit. This can mean any permanent member who participates in the maintenance of the household (i.e. family members, domestic partners, foster children, legal guardians, and roommates).

• What's the difference between a line of credit and a personal loan?

  A line of credit is a form of revolving credit, like a credit card. This means you have a credit limit and can use as much or as little of the funds as you like. Your monthly payments will go up and down depending on how much of the funds you use. You only pay interest on the funds used, so if you carry a zero balance there is no interest to pay.

  By contrast, a personal loan is a type of installment that allows you to borrow a lump sum of money and pay it back in equal amounts every month until it’s paid off in full. You pay the same amount of interest each month, too.

  Both lines of credit and personal loans can be used for just about any purpose. Talk to a member services representative about which financial tool is best for you.

• What rates will I get for my line of credit?

  The annual percentage rate (APR) for a line of credit will be based on your credit score and general creditworthiness. The better your credit, the lower your score.

  Factors that affect your credit score include a history of timely payments, how much available credit you have, and the mix of credit types you hold.

• Can I use my line of credit to build my credit score?

  You'll need good credit to qualify for a line of credit. As long as you always pay your monthly bill on time, your credit score may continue to improve. However, missed payments can hurt your credit.

  For a great score, it's best to use less than 30% of your total available credit at any time. You should avoid maxing out your line of credit and credit cards.

• How do I know if I should consolidate my debts?

  When you consolidate your debts, you can sometimes reduce your interest payments and pay off your loans more quickly so you can get out of debt faster.

  If you’re considering debt consolidation, check out our calculator.

• Will Greater Texas Credit Union help me if I have questions or concerns during my line of credit draw period?

  Absolutely. One of the benefits of borrowing through a credit union is that we’re invested in your success. When one member thrives, every member wins.

  In addition to our personalized customer service, we also offer financial education resources, including our library of articles and free personal financial coaching through KOFE.

• In addition to applying online, can I make payments and manage my loan online?

  Yes! We offer online and mobile banking for your convenience.

  Our digital banking services help you manage your accounts, make payments, transfer funds, and more. We also offer budgeting tools, a branch locator feature, and other resources. Set up automatic payments so that you don’t have to worry about missing a payment.

  You can also sign up to receive alerts about automated accounts, as well as secure eStatements, which gives the ability to view up to twelve months’ worth of past statements online.

  In addition to online payments, you can pay in person at any branch, mail in your payments, or make payments over the phone for a $10 convenience fee.

• What other products and services does Greater Texas Credit Union offer?

  We offer a range of financial products and services, including a variety of checking and savings accounts. The accounts available to eligible members include:

  • Free Checking
  • Student Checking
  • Essential Checking
  • Business Checking
  • Teen Checking
  • Gold Star Checking Club
  • Regular Savings
  • Term Share Certificates
  • Money Market Accounts
  • Christmas Club
  • IRAs
  • Health Savings Accounts
  • Coverdell ESAs

  Our loan offerings include not only personal loans, but credit cards, mortgages, auto and recreational vehicle loans and refinancing, home equity loans and lines of credit, boat and motorcycle loans, private education loans, and business loans.