Application Response

[Anonymous]

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!

[Anonymous]

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.

[Anonymous]

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!

[Anonymous]

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@Anonymous wrote:

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

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