What does SKYONE FCU mean on my credit report?

Learn about SKYONE FCU, an federal 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 SKYONE FCU?

SKYONE FCU is shorthand for SkyOne Federal Credit Union, with the company name being SkyOne Federal Credit Union Inc

The Credit Union grew fast and by 31 December 1949 had 200 members and assets of US 19,887.53. Over time we have experienced many name changes, with additions of new groups and increased territory. When the CAA changed its name to the FAA, the Credit Union also changed its name. The FAA Western Federal Credit Union served FAA employees in 13 western states. Later, we changed our charter to serve all airline staff worldwide who work in the aviation industry.

SKYONE FCU is a Federal 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 SkyOne Federal 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 $4900.

  • ⚫ The average high credit balance is $10500.

  • ⚫ The typical loan duration is 50 months.

  • ⚫ The average monthly repayment is $100.

The account is classified under the following METRO2 categories:

  • ⚫ Unsecured
  • ⚫ Auto Loan

How do I contact them?

Here is the current contact details for SkyOne Federal Credit Union:

Address:

  • 14600 Aviation Blvd Hawthorne, CA 90250-6656

Website:

Email:

Phone:

Payments

To make a payment, members can use iSky® Online Banking or the SkyOne mobile app. There are no penalties for late or missed payments, but prepaid debit cards cannot be used on the website.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
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? No
Can I make a payment using a wire transfer? No

Forgiveness and Cancellation

loan forgiveness is not offered, and neither is loan consolidation. To qualify for loan forgiveness, borrowers must meet specific eligibility requirements, such as making 120 qualifying payments on an eligible loan while employed in an eligible job or having a parent or guardian pass away or become permanently disabled, and must fill out and submit an application for forgiveness.

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

How to Apply

you cannot apply for a loan online, over the phone, or in person. You must use SkyOne Federal Credit Union’s online banking system. Mobile apps can be used to access account information, transfer funds, and find branches, but they cannot be used to apply for a loan. Cosigners are not required for loan applications at SkyOne Federal Credit Union.

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

IdentityIQ Report Example

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

SKYONE FCU 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 Federal 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 federal 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. The difference between a credit union and a federal is the fact that federal credit unions are federally insured.

How do I remove SKYONE FCU 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.