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applying for a loan...

Frequent Contributor

applying for a loan...

If this is the wrong section, my apologies.

 

my question is, If i take a print out of my reports from the 3 credit bureaus, pay stubs to my credit union and request for them to assess and determine whether or not i can qualify for a loan before officially applying for one, will they do that? Please provide any suggestions or comments.

myFICO - EQ: 776 EX: 763 TU: 791
2 REPLIES
Established Contributor

Re: applying for a loan...

I don't have the answer, but I am more than interested in the outcome if you do this. Keep us posted.

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"Evacuate, in our moment of triumph? I think you overestimate their chances."
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Moderator Emerita

Re: applying for a loan...


USC08 wrote:

If this is the wrong section, my apologies.

 

my question is, If i take a print out of my reports from the 3 credit bureaus, pay stubs to my credit union and request for them to assess and determine whether or not i can qualify for a loan before officially applying for one, will they do that? Please provide any suggestions or comments.



I think it's definitely worth trying. But like any business, one CU will differ from another. Just hope for an approachable loan officer.

I would suggest that you also pull an EQ FICO score report, print it out, and take that as well. Let them know that you understand that they would have to do a hard inq if you apply for real, but that you don't want to burn an inquiry if you're ineligible from the get-go. CU's are big on credit education, so they'd probably be thrilled to have a member who already understands a lot of this stuff.

I mentioned EQ because so many CU's are Equifax-pullers, but we've had a lot of posts recently from folks in the Midwest who say that their CU's pull TU, and of course, there are EX-pullers as well.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007