NFCU Auto Loan Credit Bureau

[Anonymous]

I am a current member of NFCU (for 2 months now) and I recently sent an email to them asking what credit bureau they normally pull for an auto loan (I live in Florida). Here is their response:          

We have access to and use several different Credit Bureau agencies, depending on the Consumer Lending Team's needs. In addition, while your credit score does play a large part in determining the rate and terms we can offer, it is not the sole deciding factor. As such, we cannot provide details regarding what is required to achieve our lowest rate as it is a combination of factors.

What do they mean depending on the Consumer Lending Teams Needs? From what I read on this site and credit bureau pulls, it seems like they use EQ more often than others...What if I want them to pull Experian - how would I go about making that happen? Thanks everyone for the help.

TU 650

EQ 660

Ex 687

NFCU Cash Rewards: 24K limit $8K Balance14.0 interest

[Anonymous]

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@Anonymous wrote:

I am a current member of NFCU (for 2 months now) and I recently sent an email to them asking what credit bureau they normally pull for an auto loan (I live in Florida). Here is their response:          

We have access to and use several different Credit Bureau agencies, depending on the Consumer Lending Team's needs. In addition, while your credit score does play a large part in determining the rate and terms we can offer, it is not the sole deciding factor. As such, we cannot provide details regarding what is required to achieve our lowest rate as it is a combination of factors.

What do they mean depending on the Consumer Lending Teams Needs? From what I read on this site and credit bureau pulls, it seems like they use EQ more often than others...What if I want them to pull Experian - how would I go about making that happen? Thanks everyone for the help.

TU 650

EQ 660

Ex 687

NFCU Cash Rewards: 24K limit $8K Balance14.0 interest

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You can't make them use Experian for your auto loan.  The are going to use Equifax for an auto loan.  Each type of loan has a individual team and they vary between Equifax and Transunion.  I have never heard them using Experian for any of their products.  660 Equifax is find to get a great rate from NFCU.  Your other option is to work a little to get a bump in equifax (bringing down utilization is the easiest way to do that).  

[jdxprs1]

Which fico version does nfcu use for an auto loan?

Fico 08, fico auto 08, fico 05 etc.

[fltireguy]

You should see around 4.5% or so based on your Eq score... they WILL pull Eq for the app... no doubt about it!

You should be in pretty good shape!

[Anonymous]

What they told you is pretty much true. They can use all of the credit bueraus. When I apply for an increase or everything I get two hp. One from equifax and one from Tu.  But I will say this. They can only pull from whats available. I have heard of members freezing the accts they dont want pulled and leaving open only the one they do want pulled. I have heard others on this forum say they have had success that way since if they cant look into one they will move to the next available.  But you also run the risk of bein denied. So its kind of a risk either way you go. Good luck to you though!

[Appleman]

What do they mean depending on the Consumer Lending Teams Needs?

NFCU like any other banking entity tracks the performance of their auto loan portfolio. The financial guys in the back room are looking at deliquencies, defaults and profitability (may not be the right word for a CU) of their offerings. If the performance goes down, they may tighten up lending standards to attract a stronger credit profile who is less likely to default. 

However, if the economy is doing well and they are trying to hold more auto loans they may loosen the qualification requirements allowing them some flexibility in who can qualify.

[Anonymous]

Thanks for the responses everyone, much appreciated!