topic Re: Application Response in Auto Loans

Application Response

Anonymous — Wed, 28 Jul 2010 00:49:43 GMT

The credit union I have used for several years (never had any problems getting credit with them) merged with another credit union. I just applied and received a vague response. It says, "A Member service advisor will be contacting you in regards to this application. If you have any questions, please contact your local branch." I was given a reference number, and the details said it had problems obtaining my actual rate and that it used a default rate instead for calculating the payments. I'm not sure if I was approved for this loan or not. Not sure what my scores are right now, probably in between 620 and 650. Has anyone ever got a response like that from a credit union before? Thanks!

Re: Application Response

Anonymous — Wed, 28 Jul 2010 11:49:17 GMT

It really varies. It depends on the size of the CU. My CU only has 4 branches, and when you fill out an online form for a loan application, all it does is email your inputs to a loan officer, who then calls or emails you. Just call them and ask to speak to someone about your application.

Re: Application Response

Anonymous — Wed, 28 Jul 2010 23:10:44 GMT

I did check with them They told me that they had questions regarding the slow payments in 2005 and 2006 when my husband and I both had to have surgery, plus we had to replace the roof on our house (among others things). It was a bad period for us. There haven't been any slow payments since May 2006. What I find odd about them asking about the slow payments is that those baddies were on my credit reports when they approved me for 3 other loans (all paid off in advance) as well as the auto loan I'm paying on now. Other than the merger with the other credit union, I don't know what the big deal is this time around. Thanks!

Re: Application Response

Anonymous — Thu, 29 Jul 2010 01:08:40 GMT

@Anonymous wrote:
Other than the merger with the other credit union, I don't know what the big deal is this time around. Thanks!

That's likely it. New standards of lending, not to mention the economy has them tightening their belt.