Re: Am I CU material?

Yoshi2015 · ‎06-17-2016

Hi. I have found that VACU accepts 135% LTV. My scores are in the 650s-660s. I have had a recent increase in utilization due to moving into a new home. I have 7k worth of negative equity that I need to roll in. Capital one will only finance 20k but I need like 22k. Do I have a chance or should I wait? I found a great deal, but I don't want to waste an inquiry for nothing. Am I CU material?

surferchris · ‎06-18-2016

It seems like most CU's finance for your scores. I don't believe you should have an issue (from the FICO score standpoint).

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Anonymous · ‎06-18-2016

I'm a memberat VACU andso are several of my friends.

They'll finance you, but at a high rate, with that much negative equity. VACU very rarely turns people down, even with loans that will always be underwater like this one. However, you're not going to get the advertised rates. You're going to get a significantly higher rate.

Yoshi2015 · ‎06-19-2016

Thanks for the advice. I will apply this week and update the thread on my outcome. I am not concerned about getting floor rates, I just want out of this high interest loan. Do you think the rate will be under 10%? Ideally I would like about 5-6%. Do you think that is attainable?

Yoshi2015 · ‎06-19-2016

Ok thanks Chris

Anonymous · ‎06-20-2016

I would guess 10-12%, but no real way to know without applying. I don't think 5-6% is realistic.

Am I CU material?

Get your FICO® Score for free

Am I CU material?