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Where you apply has no bearing on it. What's in your credit report is what is going to make the decision. So feel free to apply in whatever method you would prefer.
While I generally agree, I dont think it is that black and white.
Your CU representative has the approval authority. Credit decisions are not made simply in terms of your paper FICO score.
If you have something personal to add positively to your approval process, then talk to them face to face. Put humanity into it.
You have a much better chance with a CU that with a major bank..
I say, do it personally.
I'm old school, I say do all business face to face whenever possible. It can't hurt. I believe it gives you an edge. Good luck to you.
@Imhotrodcrazy wrote:I'm old school, I say do all business face to face whenever possible. It can't hurt. I believe it gives you an edge. Good luck to you.
I agree. Face to face is the best way if possible.
From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800
You can do the same thing with hard work
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There are certain factors that most basic CU loan applications dont cover, and surely FICO does not cover, that you can talk to them about.
What is your total income? How long employed? Stability of income? Total assets in your bank/investment accounts? Total debt? Lots of stuff.
FICO covers % util of current credit balance against total credit limits. It does not in any way meaure debt/income ratio.
I dont know how much you are seeking in your loan, but maybe they would be willing to attach some of your assets and make it a secured loan?
Maybe a HELOC as an alternative, if you have sufficient equity in current real property? All things to talk about with them. No mortgage lendor, for example, would ever extend a substantial mortgage loan without looking first into these additional items.
To use an extreme example, if you applied to a CU with a credit score of 580, and laid out for them a Donald Trump level income/asset portfolio, I certainly dont think your low FICO score would be the determining factor.
I agree w/ the above mentioned advise. Definitely apply in person, it works! A couple years ago, my scores were in the 485-495 range. I was trying to get a new vehicle and finance companies through car dealerships wouldn't touch me w/ a 10 ft. pole. After applying in person....and speaking directly w/ the LO....I was approved. Subsequently, from this one act of kindness, I have been able to overhaul my credit profile. After six months, I was able to approach the same LO for a unsecured CC. Then, after several more months I was able to get another small signature loan. All of this was based on the relationship we established in person.