CREDIT UNION - WHY?!

[Anonymous]

Hello All:

I have been a a part of the Myfico Community for about a year now.  I started with a median Fico score of 540.  Since then, I have raised my scored to 650, 655, 680.  I have also purchased a home, and opened two credit cards and two store cards.  So far so good in my attempt to reach 700.

I just joined a credit union because I heard it was a great way to receive better credit terms without the extreme restrictions.  I purchased a car when I had terrible credit, and I'm paying 20% interest.  I also have negative equity of about $5,000 in my vehicle.  I have spoken with several financial advisors and I need to get rid of my car as fast as possible.  It is 2010 Chrysler and is depreciating at a disgusting rate.

Since I just joined my local governments credit union, do you think it is to soon to ask for a personal loan.  I have a secure job, and been with them for over three years.  I want to choose the automated deduction for my paycheck since i have direct deposit.  Will that help my chances?  Paying 10% vs 20% is obviously the way to go.

Anyone who has experience with personal loans through credit unions please help me, or anyone else who has similar experiences.

Thanks everyone!!

[Anonymous]

When I purchased my car in July of 2009 my credit union (DCU) of which I'd been a member for only 6 months would not give me a loan (fico scores in the mid-600's).  I obtained a loan through Chase and after a solid year of payments was able to get a "second-chance" auto loan with much better rates at my CU.  I have had really good luck with speaking to their loan officers and reps over the phone.  They've been very honest with me about what they could and could not due for me based on a my credit report and doing a soft pull.  Good luck!

[RobertEG]

In my opinion,one of the best features of a CU is that you can visit them, and talk to a real person.  Unlike the major creditors and lenders.

I would wander over to your CU, and strike up a personal relationship.  Then you can each discuss your needs.

[Imua]

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@Anonymous wrote:

When I purchased my car in July of 2009 my credit union (DCU) of which I'd been a member for only 6 months would not give me a loan (fico scores in the mid-600's).  I obtained a loan through Chase and after a solid year of payments was able to get a "second-chance" auto loan with much better rates at my CU.  I have had really good luck with speaking to their loan officers and reps over the phone.  They've been very honest with me about what they could and could not due for me based on a my credit report and doing a soft pull.  Good luck!

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my local community credit union offers re-financing of auto loans that were obtained elsewhere if the loan is less than 12 months old (and if it was originally a new, not used, car).