Car Loan with CU

[Anonymous]

I have been reading these forums for the past two or three months and you all have helped me greatly.

I currently have a credit score of 574 with EX, EQ, and TU. This is an increase from the 515 that I had two months ago. In the past two months, I've paid off all accounts that were in collection and disputed them so that they would post as paid on my credit report. My credit report now shows that I have 0 derogatory accounts and 5 that were derogatory. I reopened three of those accounts after paying them off. 

I now need a car. I am a member of a credit union but I am afraid to apply. I've read on some of these forums that credit unions do not care about credit scores just accounts that are in collections. Does anyone think that I could get approved with these scores? I am a recent college graduate and have been employed for the past nine or ten months.

It was extremely difficult being in college without any support and bills to pay. That is how I ruined my credit. 

[Anonymous]

I have a car loan with a Credit Union and when I applied, I was making about $45k a year. I think my scores were around yours. I had to have a co-signer, but it wasn't impossible.

I think they take more into account your salary and DTI than your scores, but I'm sure they'll factor in a bit.

Good luck.

[Anonymous]

Thanks.

[onmyway80]

Does anyone know what would be a decent IR for that credit score (574)?

[myficomatt]

My CU offered me an 8.99% interest rate for a 60 month term for 10k. My credit score was 627 when I inquired.

[Anonymous]

Often times CU's will offer a max rate of say 13.99% and you either qualify for that or don't....they won't try to con you into an 18% interest rate, they will simply decline you. I would check to see what their max advertised rate is and if that is not acceptable for you then I wouldn't apply at this time, I would wait until your scores rose....if it is acceptable I say go for it! You could always bring in a copy of your credit report and ask them if any of that would disqualify you from a loan so as not to waste an inquiry if you stand long odds.

[Anonymous]

I got a 17k loan from my CU with similar scores.........13.99%

Good luck!

[onmyway80]

Thanks!

[Anonymous]

I just got $28000.00 from my credit union for rate of 8%. Score was 617. Good luck!

[Anonymous]

Members Exchange CU  not a member but was told sign up is $26.00 and with my scores of 633 , 665, 640 ??   I am looking at a 9600.00 loan for a used truck.. The dealer says I should have no problem but I am worried about my adjusted gross income being like 15,000 and such.. Since I own my own business I have alot of right offs.. I did get approved early this month on a 15,000 dollar vehicle from cap one but the intrest rate was 18 %...  I turned it down... I was hopeing for around 10% to 11% but less is better..