American Heritage CU minimum Credit Score for Auto Loan?

[Anonymous]

Newbie here,

I'm new to the world of auto loans and CU's.  I'm thinking about joining American Heritage CU since many here have suggested its the best way to go for a loan (BTW thanks for all the amazing info).  Does anyone have any idea what the minimum credit score is to qualify for a loan? 

I haven't pulled my scores yet because I just made some big payments to my credit cards and I'm waiting until its been reported to the CRA's

[rosa29617]

I don't believe there is a standard minimum score which to qualify for a loan. It will depend on the bank or cu which is making the loan; it varies; also, your credit report. It would be great if you have had a relationship with the credit union. Credit unions feel comfortable with customers that have been with them for a while and they can see how you managed past accounts.

[rosa29617]

Oh! By the way, I got a car loan with my credit union in January of this year. My credit score was 628 at the time. I've been told by several peers that banks and credit unions usually approve car loans with a minimum credit score of 620 but I don't know how true that is. I was satisfied with the approval and with an APR of 8.7%

[Anonymous]

Thanks for the reply Rosa!

I'm definitely going to go join a CU.  I'm just waiting on my Chexsystems report to be sure their isn't anything reported on there that would cause me to be denied membership.  I really don't want them to pull my CR and Chexsystems report and lose a few score points unless I'm pretty sure I'll be able to get in w/o any issues.

I had a NSF collection on two of my CR's but I've since paid them and they're in the process of being deleted.  Since I haven't been able to see my Chexsystems report I don't know if it's showing up there too.  I ordered it last weekend and I STILL don't have it!  Hopefully it won't be much longer before I have my hands on it.

If you don't mind me asking, what amount did they approve you for?

TIA

[Anonymous]

If you don't mind me asking, where is your CU located.

[rosa29617]

Geo, I am sorry,  I am working fulltime now and rarely get to log on to myfico community. As for my car loan: the cost of the car was $6500; i paid $1000 down, and the bank financed $5500.

[rosa29617]

Tiger, my credit union is located in south carolina; I'd rather not mention the name but its small wiith only four branch locations within 15 mile radius across my small city. Anyway, I've been with them for about 12 yrs. Small town credit unions are a very good option.

[rosa29617]

Tiger,

I forgot to mention, when I first joined this credit union, I was not in the best financial shape. I was not able to get an account with any regular bank at that time because I had ruined an acct with one. It was an associate at my job who suggested I go to her credit union because they gave her a chance and she was in worst shape than I was.  The cu requirement was that I open a savings acct  first, and after six months I could open a checking acct. They wanted to see how I managed money first. I made direct deposits to  the savings acct. and did get the check acct after six months. I am forever grateful to my former co-worker.