In my experience, CUs will be more lenient when it comes to low scores, but less lenient when it comes to outstanding debt.
Starting Score: 556
I have no outstanding debt, and my score pulled by my credit union was 592. All other banks denied me but they approved me for an auto loan (60 months, $11,500, 13%). Decent rate considering the baddies on my score and i can refi in a year 
I had a great experience and would highly recommend checking out a credit union for an auto loan.
I had a great experience and would highly recommend checking out a credit union for an auto loan.
atlastontheroad wrote:I went to my CU today assuming that I would have to beg.Approved in less than 60 seconds of submission of the loan request.They only pull TU, which was 678 according to myFICO this morning. The CU told me that they saw 690. Got the lowest IR for a "used" car (2 years old, 28k miles) on a 36 month loan which I will pay off in less than 30 months. Plus, instant approval for an unsecured 5k visa that takes on the history of my secured card! Sure, it's only 4 months history but I'll take what I can get.Are they more lenient? I don't know. I do know that I have only been banking with them for 4 months but have made a huge effort to establish a personal relationship with the folks at the CU.They still won't give me a "Casual Friday" hat that they all wear. I'll wear them down (grin).....atlast....
WhirledPeasPlease wrote:HUGE Congrats!!!!! Ready to sail thru the summer now?
atlastontheroad wrote:I went to my CU today assuming that I would have to beg.Approved in less than 60 seconds of submission of the loan request.They only pull TU, which was 678 according to myFICO this morning. The CU told me that they saw 690. Got the lowest IR for a "used" car (2 years old, 28k miles) on a 36 month loan which I will pay off in less than 30 months. Plus, instant approval for an unsecured 5k visa that takes on the history of my secured card! Sure, it's only 4 months history but I'll take what I can get.Are they more lenient? I don't know. I do know that I have only been banking with them for 4 months but have made a huge effort to establish a personal relationship with the folks at the CU.They still won't give me a "Casual Friday" hat that they all wear. I'll wear them down (grin).....atlast....
Thank you I'm pleased as punch.
I'm pleased as punch. Sailing through the summer? Not hardly. Teaching summer school to pay down another chunk o' debt and replace old back windows (can you say "Energy Deduction" on next year's 1040?). Oh, and there's that stinking 600 hour internship that needs to be done by February.
Nonetheless, August is looking mighty fine.
atlast.....