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09Lexie
Posts: 25,360
Registered: ‎09-13-2012
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Re: Need Personal Loan from my CU

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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Personal Loan from my CU

Thanks all for the responses. I just applied and I am very nervous. I did read your responses before i applied but my 401K hardship rules require me to try to get a loan first. I really don't want to go through and gather the mountain of paperwork the 401K investment bankers require given that if I don't supply them with enough info, it most likely won't be approved. Plus i'm worried my check won't be here until the 15th which doesn't give me much time.

My CU only pulls STUPID Experian which was 639 in January. I don't know what the score is now but my CU said the cutoff was usually 640 and I was at 639 so I am panicking. They said it is going to an underwriter and I should hear back by this afternoon. I'm trying to stay positive but I have to admit that I'm worried. Because they pull my lowest score which is out of family from EQ and TU, I'm afraid it won't go through. I've been a member since 1998 but one of their CC got burned in BK 7 back in 2003. I reaffirmed and paid it off and it was closed. The last time I did an app with them was over 5 years ago. The LO put in the app for the credit card instead of the personal loan because the interest rate is 1 pt lower. If this doesn't go through, I'm never apping with them again. I hate my CU when it comes to loans...they are so fricken strict! Nothing like NFCU.

I have 4 years of perfect revolving history. Utilization is at 39% right now. I can't help that at this time. It could be worse. The LO was barking about a stupid collection from the cable company in 2009. The underwriter through the mortgage company didn't care about that and it didn't have to be paid. Ugh! :smileysad:

Does anyone know who Discover pulls?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Personal Loan from my CU

Oh I forgot to say the loan amount I asked for was $2500. I looked at my budget and a $100 per month is very doable. I plan to pay it off next March when I get my 8% bonus.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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09Lexie
Posts: 25,360
Registered: ‎09-13-2012
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Re: Need Personal Loan from my CU

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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Personal Loan from my CU

@improvingmycredit: is the LOC the same as overdraft protection or do you mean CC?

I wanted to also answer some other questions other folks had. I don't have any equity in my home yet and I already have a loan against my 401K so I have to do a hardship withdrawal. I don't live in CA either.

I know applying for credit when you need it is bad. That is why I am sweating bullets right now. I am still in the process of rebuilding and I planned on apping for the Discover It when my scores improved in September and the BK was deleted but then THIS came up! My 5th card was going to give me an emergency card. Right now I have 4 cards. One is a store card that I can only use there and I don't plan on buying anything else from them for awhile. My 2nd card is Orchard Bank. The limit is not enough for this emergency and I'm in the process of paying it off so I can SD it. My other two cards are my everyday expense cards that I PIF and I refuse to load a huge nonrecurring charge on it to hold it hostage.

Ugh! I hate my CU for loans. I know I just said that but it is worth saying it again. :smileysad:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Personal Loan from my CU

Thanks Lexie. :smileyhappy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Need Personal Loan from my CU

Fyi NFCU also requires documentation via check stubs; w2s etc. Also; you must mail in your promossary note. The good news is that once you've submitted your docs; they wont ask for them again if you apply for another loan or credit card. This is my experience... as always ymmv.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Personal Loan from my CU

I just thought of something. Look at my signature. My Experian FAKO went up 42 pts the other day to 684. It was 642...similar to the true EX fico of 639 pulled back in January? Do you all think that since my EX FAKO went up, that my EX fico did too?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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john398
Posts: 3,517
Registered: ‎01-19-2009
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Re: Need Personal Loan from my CU

Wow 401k loan wanted paperwork? I have done it with fidelity net bennifits a couple of times and never needed any paperwork

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Need Personal Loan from my CU

Yes my residential loan required the full signed purchase and sales agreement and a signed promissory note. I can't take out another loan while there is a loan already out so it would be a hardship withdrawal and not a loan. General loans have a shorter repayment period (usually 5 years) and they don't require documentation other than the signed promissory note. I took out a 20 year residential loan for the house.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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