Is this Legit?

[haulingthescoreup]

Well, Alliant FCU is headquartered there, lol.

[creditwherecreditisdue]

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@ucibaqt wrote:

I recently applied for a signature loan with my credit union and was denied based on past credit delinquencies. So I called to see if I could get a reconsideration. Since my payment history has been on the straight and narrow for the last two years and I have GW'd some old 2006 lates away. I was told that I needed to type a letter accounting for each of my delinquencies and then those would need to be submitted with a new loan app. I heard of this happening with home loans, but personal loans. Is this a bit much? I thought after two years derogs don't have much of an effect. I just joined this CU, so is this foreshadowing for apps to come. Meaning since they are being picky about the personal loan, do you think they will be the same way about CC. Should I try and see if I can become a member some else?

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You haven't described your delinquencies at all or shared you FICO score. But I will share with you the following tale: Two years ago when I began rebuilding my credit the first thing I did was finance a used car purchase. My scores were a little banged up and I had a PR reporting on my CBR's. I printed out my EQ report from here and took it with me on a visit to my local CU and I asked if they thought they would be able to help me. They said probably yes but that they would pull all three CBR's in the process of approving me. As a result I left as a member and with an approved car loan at a rate far better than I would have received elsewhere. They didn't ask me to write a book, but they did what they thought was necessary to protect the institutions financial integrity. Had they asked me for an essay I would have gladly provided it. That auto loan was the cornerstone of a very successful rebuilding program. I now have 700-730 FICO scores and a nice portfolio of higher limit prime to uber-prime CC's.

Every journey starts with a single step.

Write the letter.

[ucibaqt]

credittowherecreditisdue thanks so much for your tale. I got a little teary eyed. Joining this forum was the best thing I could have done. Wish I would've known about these back in my financial illiterate days. My story is one that is all too usual. Took out about 4 CC as soon as I turned 18 (circa 2003), without any type of consistent income. Around 2006 I was working as server and my shifts were getting dropped left and right, I got really stressed and couldn't make even the minimum payments. I had absolutely no idea that as far as CC were concerned that is not the thing to do. During 2006-2007 I just raked up 30s, 60s, 90s, and 120s. None of the accounts were CO'd. OCs kept calling until one day I stopped ignoring the calls and decided to pick up was able to pay 3 of the accounts current (MACYS, CAP1, and 1FB). Macys and Cap1 decided to keep the accounts open and 1FB closed the account but still allowed me to keep paying down the balance. Currently still owe them 900 down from the 3300 I raked up. BofA closed my account and at the time scared the daylights out of me and I decided to settle the account because I did not have the money to PIF the amount after all the late fees and such. After reading numerous posts in the forums I was able to GW all my Cap1 lates so that brought my total late payments from 2006-2007 to 27. I'm still in the process of GWing Macys and 1FB. The BofA account is scheduled to drop off 2/2013. However, I have been paying currently all of my cards since 2007 and have not missed any payments. I recently graduated with my BS and I'm working on my PhD now. My mom was just diagnosed with breast cancer and starts treatment in the next couple of weeks. I knew my credit score (609 EQ) was bad, but I decided to apply for a 1000 loan to help me pay for tickets to fly home during her time of treatment. I've noticed that some members have noted that CUs have extended them credit or loans despite some of their adverse information. I know that I was responsible for not paying my credit obligations in the past but its really had to convince credit companies that my irresponsibility is a thing of past. I was hoping I could GW BofA to consider not reporting this account for the maximum seven year time but others have noted that BofA is a tough cookie. Sorry for such a long response but I really do appreciate the advice. 

[creditwherecreditisdue]

ucibaqt - 

I am really very sorry to hear about your difficulties.

You can write. So, write a heartfelt letter to the credit union covering both the reasons why you were previously delinquent and why you want this loan. Let them know it is very important to you. This is the kind of thing a CU can consider and a bank really cannot. Do it and hope for the best. That's all you can do.

[ocheosa]

ucibaqt - I agree with cwcid and all the others. Write the letter, heck you have the majority of it typed here. Just do a quick cut and paste. clean it up a bit and list the creditors as bullet points below. You are not the only student who has had problems with their credit. You are still very young and have years to grow your credit file. What I think is wonderful is that you have taken full responsibility and are retifiying the issues. Kudos to you! Resubmit your letter to your CU with another application. Good Luck!

[creditwherecreditisdue]

Do exactly what they ask of you. No more and no less!