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Why Choose Texas Bay Credit Union?

Since 1936, Texas Bay Credit Union has served members throughout the Houston area and we continue our mission to offer each member the “right product, at the right time, and delivered the right way!”

There are a lot of great things that make Texas Bay Credit Union unique, with the most important difference being that we are a local, not-for-profit financial institution focused on serving our members. Therefore, our net earnings are returned to our members in the form of lower interest rates on loans, higher dividends on deposits, low fees, and FREE products and services.

Being a member saves you money and increases your buying power. As a member, you have access to a complete selection of time and money-saving financial services, usually at a lower cost or more attractive rate than other financial institutions.

  • Checking and savings accounts
  • Mortgage and home equity loans
  • Auto and personal loans
  • Credit cards
  • Investment, retirement and insurance products
  • Free access to online and mobile banking, bill pay and mobile deposit
  • Plus, outstanding service at seven convenient branch locations

Join Texas Bay Credit Union today!

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Q. How do I avoid purchasing a flood-damaged vehicle?

A.  Unfortunately, flood-damaged vehicles return to the market for sale. Some reports claim more than 500,000 vehicles were flooded in the Houston area during Hurricane Harvey in 2017.  You can avoid purchasing a flood-damaged vehicle by following a few simple steps:

  1. Get a FREE CarFax Flood Check. Simply enter the Vehicle Identification Number (VIN) of the vehicle you are interested in purchasing and CarFax informs of any flood damage at no cost.
  2. Inspect the vehicle. Be alert to unusual odors.  Musty or moldy odors inside are a sign of mildew buildup from long exposure to water.  Even strong air fresheners or cleaning solution scent may be trying to hide flood-related issues. Look for stains or discolored carpet.  Look in the trunk for a visible water line.  A used car with brand-new upholstery may be a red flag.  Inspect the bolts under the seats for rust. 
  3. Get a professional inspection. It may be in your best interest to have a third-party professional to inspect the vehicle before you purchase.  Local companies such as Auto Exam perform a complete, bumper-to-bumper inspection that includes an appraisal and history report for a reasonably low fee. 
Q. What is GAP Insurance?

A.  Guaranteed Auto Protection (GAP) is loan deficiency protection designed to eliminate your unpaid net loan balance in the event your vehicle is stolen or damaged beyond repair including flood-damage. GAP covers the difference between the amount your insurance pays, usually the actual cash value of your vehicle less deductible, and the outstanding loan balance.  GAP cost is reasonably low and can be included in your vehicle loan., usually lower APR that typically lasts for about six months before converting to the normal fixed or variable rate.

Q. What can a Personal Loan be used for?

A.  Personal Loans are perfect for many financial needs. As an unsecured loan, you can use the loan funds for anything you need such as a vacation, home furnishings, computer or tablet, school supplies, tuition, auto repairs, holiday shopping, medical or dental procedures, consolidate high-rate credit cards or loans, and much more.  The choice is yours. 

Q. Is it a good idea to do a credit card balance transfer?

A.  Transferring a balance from a higher-interest credit card to a lower-interest card can be a great way to save money and get out of debt faster. But, it can also be an easy way to get into even more debt and make a bad financial situation worse, if you are not disciplined. Before transferring a balance you need to ask yourself a few questions:

  • Will I save money? Paying less interest on your credit card debt will save money; however, depending on the deal and the fees, it may not save enough to be worth the trouble. Before you transfer, do the math.
  • Will I get out of debt faster? When you lower your interest rate, it’s a great opportunity to pay off your debt faster by making larger payments, saving you money. On the flip side, if you lower your interest rate and only make the lower minimum payment, you will not get out of debt faster.
  • What’s my potential to slip up? When you transfer a balance to a lower rate card, there’s the temptation to take advantage of the low or zero percent rate and make a lot of new purchases on the card. Resist the temptation because your goal is to transfer and pay the balance down!
Q. How do I increase my credit score?

A.  Increasing your credit score takes time. The more serious your credit challenges are, the longer it will take.  The first step is to check your credit report.  Everyone’s credit history is different.  The most important factor in credit scoring is whether you make payments on time.  The second important factor is your credit utilization rate.  Below are a few tips to improve your credit score:

  • Pay on time. Set up payment reminders or automatic payments.
  • Maintain low balances on credit cards and other “revolving credit”. This increases credit capacity and in turn your score.
  • Pay off revolving debt rather than moving it around. Take advantage of lower-rate credit cards to make it easier to pay down balances. 
  • Don’t close unused credit cards as a short-term strategy to raise your score.
  • Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
  • Avoid opening a lot of new accounts too rapidly, especially if new to credit.
  • Don’t shop credit excessively. A large number of inquiries can reduce your score.
  • Maintain a good mix of installment loans and revolving credit.

Life’s a Trip. Get a Chance to Get Away!

When life happens, it’s good to catch a break. So when you open eligible accounts at Texas Bay, get a chance to win a $500 Southwest Airlines Gift Card¹ to book a destination of your choice; spending money included! Or get a chance to win one of eight $50 gift cards1. Simply open any eligible account at Texas Bay Credit Union, by December 31, 2017, to get automatically entered in the drawing.

Whether you were impacted by Hurricane Harvey or simply could use a little extra cash for the holidays, Texas Bay can help! We offer a range of products & services to help you plan for life milestones and prepare for the unexpected.

Texas Bay has solutions to help you Borrow, Consolidate, and Save.

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