Holy crap Batman!
I joined various credit unions in hopes of getting my truck loan from Bay Country refinanced through one of them. I joined Navy Fed 8 months ago, SDFCU couple weeks ago, USAA a year or so ago. Bay country is a loan company that uses your vehicle as collateral. They don't report to cra unless you default. I have credit cards for now but no installment loans on report. I am not going to buy a new car just to get a trade line. I just want the 4000 dollars I owe to work for me. I appt with usaa, denied twice. I don't want to app with sdfcu and be denied when I've been with usaa longer. Woke up yesterday and went into NFCU office because of fraud charge on my debit card. I figured once that's taken care of I would ask about the refinance loan. Wouldn't you know it, after going through the process of applying the system when down. I was warned they were having problems so , no harm no foul. Woke up this morning to see if the problem was fixed over the phone. The lady that answered the phone using the 800 number was pleasant and took my info over the phone. I really wanted to go in the branch office but I said it's a live person and I don't have to drive the 10+ miles, what the heck. Congratulations, your approved! I said no way! I said it at least 7 times to her. To some on this site 9% might be high to you, but the loan originally from bay country was 23%. NFCU pulled equifax 594 score. Multiple lates, collections, 2 court liens. My truck is a 2005 with 121000 miles on it. So I'm elated that I have an installment loan with the best cu on the planet! They report to all credit agencies is the real reason I wanted it.
Starting Score: 5/2012 TU 595, EQ 565, EX fako 547
To Matt4200, it gotta be the man upstairs. I prayed the whole time she had me on hold to check with the loan review people. I have direct deposit, that's it. So I got my blessing for the year I'm sure.
lowekeyorca, they pulled equifax only, DTV I didn't ask but a 2005 Ford Explorer xlt with 121000 miles is worth about 4500 I guess.
@work_n_progress2, I applied for personal loan at midnight that night and got the same error message online. I left it alone on 2nd try. Didn't want to tempt fate. Lolololol
What the rep in the office told me is the amount owed can be 3 times the value of the vehicle. I was like no way. I got 300 dollars credited because my mileage is lower than average and 200 dollars for the refinancing. 500 dollars in 2 months in my savings after 2 payments. Win win! Most credit unions won't refinance if you have over 100+ thousand miles and over 10 years. If my details are not clear tell me and I'll explain further.