applying at Credit union

[jonmic1]

I just applied at Lockheed Fed CU. I plan on depositing around 800.00 per month. How long should I deposit money into the account before I apply for a car loan. My Ficos are EX 620 EQ 650 TU673 I'm looking for a used truck for work around 12 to 13k and my intention is to put 2 to 3k down. I really need the truck now, and on this board it said you should always try a credit union. I'm only financing 36 months so I'm not that concerned about interest. All of your advise is very much appreciated

[Anonymous]

You can apply for your vehicle loan as soon as they accept you as a member,

I looked at the Lockheed site and they show some good rates,I logged onto PenFed this morning and see they dropped their used vehicle loan rate to 3.99%,  

Good luck with your truck purchase,  There are some really good deals on trucks out there right now,

[jonmic1]

Thanks for the reply. I also checked out Pen Fed. Do You think with my scores and 2 k down I will have a problem with financing?

[MojaveMoon]

Could I ask you a quick question ? It sounds like after you applied for membership with Lockheed that so far you've only opened a checking account (and not any other services). In other words, you haven't yet applied for any loan products such as the auto loan ?

Was there a hard inquiry or a soft inquiry on any of your credit reports either for applying for membership or for opening the checking account ?

[Lel]

Hmm, I just looked at the PenFed website, and in large print it says that current new car loans are 3.99%.  But in fine print at the bottom of the page, it says that this rate only applies to used cars.  I wonder if they are actually going to drop rates to 3.99%.

[jonmic1]

No, there was no inquiry whatsoever for membership. I did apply for a 11 K loan and was denied. They said it was lack of credit and an old 2001 1500.00 credit card debt that I was an authorized user on. I have tried everything to get the credit card debt off my record, to no avail. I have sent Ex my debt validation letter to them , the one I sent to the CA (GL recovery Group , LA Habra, Ca) I had no response from the CA and from EX I was told they had vreified and the item will remain on my credit until 10/2011   I realize I don't have alot of credit. I just don't use it. I have 3 credit card with about 1,500 on each , a gas card, I'm a renter.   I owe probably less than 10% of my balances. Another thing is that when someone pulls my report and sees the (GL recovery) that item is being reported as opened in 5/2008 so I'm sure that scares any potential creditor. Different people on this board has told me to write EX and tell the that I 'am an authorized user and therefore I'm not responsible for the bill. I did. They seem not to care. As I stated earlier EX said it will remain on my credit. Sorry for going on so long.  I'm bummed, I pay my bills and some slime ball comes along and puts some wrong info on my credit file and screws my credit up. I have asked all concerned to show me the contract I singed with the credit card company in question, they haven't done that. I'm thinking the CRs are just as bad as the CAs. Lockheed did say with out that credit card debt I would have possibly been approved. Oh well . S--- Happens BTW, EX is the only bureau that is reporting the GL Recovery debt