NFCU approval ! And some perspective

[dodgeball]

Just got off the phone with NFCU and was approved for 34k on a auto loan at 8.75% on a new MB. When I talked to the loan officer I asked about my four 30 day lates on my previous car loan in the last 12 months that is now paid off. I was very surprised at the answer. She said most  lending institutions don't really care about 30 day latest, 60 day latest raise a eyebrow and 90 days require a explanation. She said 30 days provide a nice little income for the banks. Helped that I have a current car tradeline that has been flawless the whole time. Just a little perspective.

[pizzadude]

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@dodgeball wrote:

Just got off the phone with NFCU and was approved for 34k on a auto loan at 8.75% on a new MB. When I talked to the loan officer I asked about my four 30 day lates on my previous car loan in the last 12 months that is now paid off. I was very surprised at the answer. She said most  lending institutions don't really care about 30 day latest, 60 day latest raise a eyebrow and 90 days require a explanation. She said 30 days provide a nice little income for the banks. Helped that I have a current car tradeline that has been flawless the whole time. Just a little perspective.

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Congrats on the approval !!  NFCU seems to be a bit more lenient than other banks/CUs, so I'm not sure if the same would apply with every creditor.   But it's good to know where they are coming from. 

[dodgeball]

Also helps that they deal with mostly Military, very easy to track down and a phone call to the command ushally fixes things pretty quickly. So there is less risk

[cableguy123]

Me and the dw where approved for 2.2 on a 60 month loan her tu 621 mine 695

[dodgeball]

They pulled Transunion also, 652 my best score by far, was kind of suprised I thought they mostly pulled Equifax.

[MsLadyRover]

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@dodgeball wrote:

Just got off the phone with NFCU and was approved for 34k on a auto loan at 8.75% on a new MB. When I talked to the loan officer I asked about my four 30 day lates on my previous car loan in the last 12 months that is now paid off. I was very surprised at the answer. She said most  lending institutions don't really care about 30 day latest, 60 day latest raise a eyebrow and 90 days require a explanation. She said 30 days provide a nice little income for the banks. Helped that I have a current car tradeline that has been flawless the whole time. Just a little perspective.

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Congratulations on your approval.  I am hoping to get an auto loan approval with them later this summer.