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Frequent Contributor
Posts: 260
Registered: ‎12-02-2008

loan approval through a credit union

when you apply for a loan through a credit union do you have a higher chance of being approved if you apply in person versus through their website? is it easier to get a bill consolidation loan than a personal loan?
Posts: 7
Registered: ‎03-18-2010

Re: loan approval through a credit union

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.

Community Leader
Epic Contributor
Posts: 29,213
Registered: ‎03-19-2007

Re: loan approval through a credit union

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.



Valued Contributor
Posts: 1,835
Registered: ‎03-11-2009

Re: loan approval through a credit union

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.

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Moderator Emeritus
Posts: 17,409
Registered: ‎07-14-2009

Re: loan approval through a credit union


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.



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Community Leader
Epic Contributor
Posts: 29,213
Registered: ‎03-19-2007

Re: loan approval through a credit union

[ Edited ]

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.





Regular Contributor
Posts: 121
Registered: ‎04-23-2009

Re: loan approval through a credit union

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.

Starting Score: TU04: 603 EQ: 613
Current Score: TU04: 667/EQ: 670/ EXP(LO Pull): 676
Goal Score: 710

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