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Western federal credit debt cosolidation loan

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wyattm
New Contributor

Western federal credit debt cosolidation loan

Hello,

If anybody has personal experience with this credit union I would really appreciate the feedback. I was reviewing their terms online for a debt consolidation loan and read that the borrower agrees to close the credit lines that are paid by them. I did not know a lender could force you to close your accounts. I wouldn't want to do that for utilization reasons and a score drop. Has anybody actually received a debt consolidation loan through them and how was the process? Thank you!
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2 REPLIES 2
ttleigh
Regular Contributor

Re: Western federal credit debt cosolidation loan

Hi, I have a couple accounts with them and I was told I was pre approved for the debt consolidation but at around 10% or so interest. Yes the rep I dealt with said they require you to allow the accounts to be closed. She mentioned to me if I got my credit score up to 700 (I'm around 665) I could qualify for a lower rate and also not have to close the accounts. I think she said about 6.9-8.9 would be the rate with a 700 Fico score (experian) I opted to use my credit card with them and do a 3.5 balance transfer. So far I like this CU they are very straightforward with what you need to be approved. They gave me my highest limit credit card.
Message 2 of 3
wyattm
New Contributor

Re: Western federal credit debt cosolidation loan

Thank you for the replySmiley Happy my Experian is not that high. Do they actually call and cancel your cards? I wasn't aware of anybody else being able to close your accounts other than you or that credit card company you have the account with. I don't want to have to close them that would drop my score so much.
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