What does GULF EMP CU mean on my credit report?

Learn about GULF EMP CU, an credit union offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is GULF EMP CU?

GULF EMP CU is shorthand for Gulf Credit Union, with the company name being Gulf Credit Union Inc

Gulf Credit Union began operations in 1939, when they moved their headquarters from New York City to Houston, Texas. They currently employ over 2800 people and serve almost 30 thousand members. For more than 75 years, GCU has considered it an honor to serve the membership of new member companies.

GULF EMP CU is a Credit Union provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Gulf Credit Union.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

  • ⚫ The average account balance is $900.

  • ⚫ The average high credit balance is $3200.

  • ⚫ The typical loan duration is 18 months.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured
  • ⚫ Auto Loan
  • ⚫ Secured
  • ⚫ Collection Agency/Attorney

How do I contact them?

Here is the current contact details for Gulf Credit Union:

Address:

  • 5140 West Parkway Groves, TX 77619

Website:

Email:

Phone:

Payments

To make a payment, customers can choose from online payments, mailing a check or money order, or paying at a bank. A monthly payment plan is available, and customers can also request a refund for a payment. Payments can be made over the phone using a credit card, debit card, or bank transfer. Applying a discount for automatic payments is not an option. There are no penalties for late or missed payments. Customers can make a payment using a mobile app, a prepaid debit card, or a wire transfer.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? Yes
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

Each person’s situation is different, so it’s hard to say definitively whether or not you will qualify for loan forgiveness. However, there are some general requirements that you will need to meet in order to be eligible. You will need to make 120 qualifying payments, which means payments made on time and in full. You will also need to be employed by a qualifying employer during that time. If you are not employed by a qualifying employer, you may still be eligible if you are working in a qualifying public service job. Once you have met these requirements, you can apply for loan forgiveness.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? Yes

How to Apply

You can apply for a loan online, over the phone, or in person. Some lenders also have mobile apps that you can use to apply for a loan. You may be able to get a loan with a cosigner.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? Yes
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

GULF EMP CU IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Credit Union

A credit union is similar to a bank, however it is owned collectively by the members and does not operate on a for-profit basis. Many credit unions are able to provision credit and issue credit cards, which may report on your credit report. Due to the none-profit nature of credit unions they are generally more trusted by the public, as they are less likely to act in a malicious fashion. However, credit unions can still make mistakes with reporting on your credit report therefore being aware of what is being reported, and take action against any unfair reporting.

How do I remove GULF EMP CU from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.