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@knightlynews wrote:
Extremely frustrated!!! Ive applied to two CUs that I bank with, denials from both! Eq 679, Ex 686, with 2 collections that Im currently making payments on and a salary of 80K!! No counter offers, no options, just denial.They wouldnt even approve me for a credit card. I was thinking of trying a conventional bank. Does anyone know if CU approvals are just harder to get?..ie, no baddies on reports? Thanks in advance for any replies...
It depends on the CU. I realise that CU`s on here are spoken of as something between an all knowing infallable god and statue made of solid gold. That just isnt always the case. Your problem ( like mine was ) just might be that you are trying to work with a conservative CU.
There is always Crap One & their Blank Check, and if all else fails try finding the highest volume dealership you can find that would have more pull with their lenders or their brand still has it`s own captive lending such as Ford.
Man i was hoping to get an auto loan with my cu around the end of the year and i open an acct with them last month but i dont know after reading this.. You have a good score. You mind if i ask you a few questions?
1.Were your collections recently reported on your cr's?
2. Was your ultiz on your cc's were high?
3. What lender did the cu pulled and score?
The CUs were NIHFCU and Andrews FCU. I was already thinking the same way regarding the dealerships. Im interested in a '13 Dodge Charger, so hopefully Chrysler/Dodge financial is a little lenient. I only went the CU route after reading various posts on myfico, it seemed to be beneficial to so many who were in the process of rebuilding there credit.
Sure no problem! The collections have been reporting on my reports for some time now. One medical bill (1,313) payment arrangement already in place and an old charge off (2,027) from 2007. My cc utilization in at 16%. NIHFCU pulled Equifax, and Andrews FCU pulled Experian. I really thought I was good with Andrews this time! I originally applied with them 5/18/2013. At the time I had a total of 7 negative items, and my Ex. score was 625. I was denied for having too many collections, which I understood at the time. So I thought, I'd continue to work hard on my reports and the rewards would come! In less than two months time, I've paid/had deleted 5 of the 7 items and got my cc utilization down to 16% from 30%, which caused the 61 POINT increase in my Ex score (45 pt with Eq!). Re-applied today, DENIED!......
Oh boy Andrews FCU is my cu to, did you applied online or in a branch? So they pull ex report?
You said you apply back in May and they denied you for to many negatives was that the only reason why they denied you? Did they sent a letter saying why they denied you?
How much was the loan you applied for?
You're scores don't seem bad. What is the reasons for the denials?
The loan was for $25K, was told that with my Ex score of 686, I would qualify for 4.38% (72 mos) and 3.89% for 60 mos. The rep told me too many collections.
They told me I had too many collection accounts and that sometimes good scores dont translate to approvals!
@knightlynews wrote:They told me I had too many collection accounts and that sometimes good scores dont translate to approvals!
This is the truth. You may want to visit the rebuilding section of these forums and see how to handle those collection accounts.