cancel
Showing results for 
Search instead for 
Did you mean: 

Successful Recon?

tag
MacMan313
Contributor

Successful Recon?

Applied for an auto loan through a local credit union this past week. Online application instantly denied because of BK. Read some stuff on this forum about that same credit union working with BK customers.

 

Called and spoke to the loan office or the credit union. She reviewed my credit, asked for me to fax is some paper work (proof of income, discharge, etc). 

 

She just called me and informed me that she couldnt approve me at this time due to credit union policy stating that I must have a minimum of three open tradelines before they could approve me. I asked her how long it should report before I reach back out to her and she said that the timing didnt matter as long as it should on my credit report with atleast one payment. She recommended that I come into the branch and get a secured card.

 

Basically, she told me that I passed a verbal means test? and that my income more than qualified me to offset my credit as long as I had the three tradelines.

 

What do you guys think? Does it sound promising?

 

Do you guys recommend waiting a month or longer? 

 

EQ: 646 TU: 653 EX: 658 [CH7 Discharge 10/14]

PayPal Credit $2000 | Credit One Platinum $1200 | Grain $1000 | Capital One Quicksilver $700 | Capital One Quicksilver $500 | BrightWay $500 | Capital One Walmart Rewards $300
Message 1 of 7
6 REPLIES 6
Revelate
Moderator Emeritus

Re: Successful Recon?

Sounds legit.  If you want to do business with them anyway, their secured card is probably $0 AF anyway and isn't bad for a tradeline farm.  In your shoes I'd jump through the additional hoop.




        
Message 2 of 7
MacMan313
Contributor

Re: Successful Recon?

Their secured is rewards and 12.99%

EQ: 646 TU: 653 EX: 658 [CH7 Discharge 10/14]

PayPal Credit $2000 | Credit One Platinum $1200 | Grain $1000 | Capital One Quicksilver $700 | Capital One Quicksilver $500 | BrightWay $500 | Capital One Walmart Rewards $300
Message 3 of 7
Revelate
Moderator Emeritus

Re: Successful Recon?


@MacMan313 wrote:

Their secured is rewards and 12.99%


It's all in the Annual Fee really when we're talking secured cards as you'll get better rewards cards later; if it's $0 AF doesn't hurt to keep it until you need the cash - I still have my DCU secured card 3 years later.

 

No real reason not to if it's an loan application hurdle, doesn't get much better for auto loans than CU's these days especially with mixed or thin credit.




        
Message 4 of 7
MacMan313
Contributor

Re: Successful Recon?


@Revelate wrote:

@MacMan313 wrote:

Their secured is rewards and 12.99%


It's all in the Annual Fee really when we're talking secured cards as you'll get better rewards cards later; if it's $0 AF doesn't hurt to keep it until you need the cash - I still have my DCU secured card 3 years later.

 

No real reason not to if it's an loan application hurdle, doesn't get much better for auto loans than CU's these days especially with mixed or thin credit.


Jus confirmed no annual fee. Im going to take the leap. WIth the minimum requirement of $250.

EQ: 646 TU: 653 EX: 658 [CH7 Discharge 10/14]

PayPal Credit $2000 | Credit One Platinum $1200 | Grain $1000 | Capital One Quicksilver $700 | Capital One Quicksilver $500 | BrightWay $500 | Capital One Walmart Rewards $300
Message 5 of 7
1GaDawg85
Valued Contributor

Re: Successful Recon?

Best to take that offer! They might even consider in securing it after a year 


FICO 5 ,4, 2 - 10/2023                            FICO 8 - 10/2023                                   FICO 9 - 10/2023                                   FICO 10 - 10/2023
     
Message 6 of 7
Revelate
Moderator Emeritus

Re: Successful Recon?


@1GaDawg85 wrote:

Best to take that offer! They might even consider in securing it after a year 


Don't know any CU that does this, very few lenders in general unsecure cards; that's no reason not to get one though given that the best cards on the market don't come in secured versions and eventually one should upgrade their portfolio.




        
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.