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knightlynews
Posts: 81
Registered: ‎01-29-2013

Bank vs Credit Union approvals????

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...

Starting Score: 548
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Frequent Contributor
lajntx
Posts: 267
Registered: ‎06-26-2009

Re: Bank vs Credit Union approvals????


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.

EQ- 647, EX- 641, TU- 644
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Established Member
DreaIYIs
Posts: 43
Registered: ‎06-29-2013

Re: Bank vs Credit Union approvals????

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?

 


Starting Score: 528
Current Score: Fico Scores EQ-628 EX-628 TU-595
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New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013

Re: Bank vs Credit Union approvals????

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.


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New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013

Re: Bank vs Credit Union approvals????

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!......


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Established Member
DreaIYIs
Posts: 43
Registered: ‎06-29-2013

Re: Bank vs Credit Union approvals????

[ Edited ]

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?


Starting Score: 528
Current Score: Fico Scores EQ-628 EX-628 TU-595
Goal Score: 760+


CAP 1 Plat $500 CL FIRST PROGRESS $400 CL
Established Contributor
SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: Bank vs Credit Union approvals????

You're scores don't seem bad. What is the reasons for the denials? 

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013

Re: Bank vs Credit Union approvals????

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.


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knightlynews
Posts: 81
Registered: ‎01-29-2013

Re: Bank vs Credit Union approvals????

They told me I had too many collection accounts and that sometimes good scores dont translate to approvals!


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SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: Bank vs Credit Union 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.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.

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