Reply
Epic Contributor
Creditaddict
Posts: 22,097
Registered: ‎10-23-2007
0

Logix Credit Union Denied

The thing I am really liking about them so far is once they have a credit report you can basically apply around the bank for any product they have and they will just keep using the same report so since I just opened my account and got a secured card last week I called in about a possible auto loan.

They pulled EX 619 last week and with that score I would qualify on rate only of 8.99% but I'm looking at a 2006 Lexus so they said because of age and miles they would add another 2% to rate but then when he talked to underwriting on my credit they would not allow the loan at all because the age of vehicle and such but like I said since they just used INQ they already had I gained more information of rate structure and value structure they use.

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Established Contributor
SamsungHDTV
Posts: 566
Registered: ‎10-25-2011
0

Re: Logix Credit Union Denied


Creditaddict wrote:

The thing I am really liking about them so far is once they have a credit report you can basically apply around the bank for any product they have and they will just keep using the same report so since I just opened my account and got a secured card last week I called in about a possible auto loan.

They pulled EX 619 last week and with that score I would qualify on rate only of 8.99% but I'm looking at a 2006 Lexus so they said because of age and miles they would add another 2% to rate but then when he talked to underwriting on my credit they would not allow the loan at all because the age of vehicle and such but like I said since they just used INQ they already had I gained more information of rate structure and value structure they use.


Using one inq for multiple products is common among credit unions and very nice. I took a car loan out with a credit card with the same inq recently. 

 

Older the collateral (car), the higher the rate. New cars have best rates. All big banks do this and most credit unions. Some credit unions will allow you to get a new car rate with an older car as collateral. 

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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}