Credit Union Questions

[Anonymous]

I am looking to get a car loan probably in the next 3-4 months after I pay off a few things and receive another cli on my cc. I recently joined a credit union in my area, so I could get a good rate. I have 695 for EQ and looking to get a 06-09 mercury milan. The thing is I applied for capital one not to long ago with my boyfriend that I live with. I was declined, because I only make about 17,000 a year as a dental assistant. My boyfriend credit isnt that good at the moment, so I'm wondering if I should use him as a co-borrower for his income. When you usually apply for a auto loan with a cu they don't usually ask you to verify your income? with that being said is that usually paystubs or can you provide bank statements?  any suggestions I would greatly appreciate.

[havlow]

How much is your debt to income ratio (CC Bills, Rent/Mortgage and Current CarPayment) in relation to your monthly income?  If you're currently over 40% that could be a problem with most lending institutions.  Also what would the estimated monthly payments be on the car you're looking at? 

When I applied at my Credit Union I had to show two pay stubs as proof of income.  I think Credit Unions will work with you more than a large bank will as I had a bogus tax lien on my Credit Report that my loan office could work around when I faxed the paper work.  I large bank would have outright denied me and sent me an auto generated email. Also a CU loan officer may be more willing to work with you to help you get the loan if it's close (income, DTI ratios) to their limits.

[Anonymous]

I have one credit card with a limit of 1,000 always under %9 utlization, my boyfriend pays the rent of 575, no current car paymentsm, and I have a billmelater preferred account that has balance of 1,500. But the billmelater account doesn't report anything to CRA's, so I guess that doesnt count. Estimated montly payments would be around 300. Could my boyfrined be on the loan with the credit union even if hes not a member?

Message Edited by gr2gztch on 05-02-2009 08:49 PM

[havlow]

I'm pretty sure he has to be a member of the CU.  I'm not sure what the membership standards are at your CU but you might be able to add him as a member since you live together.  Do you guys share any other accounts?

[Anonymous]

no were currently dont have any shared accounts, but his checks come to my account. not to long ago he had an issue with pnc bank, which was resolved in court that it wasnt his fault. however pnc bank still continues to report that he owes them a balance, so he doesnt currently have an account anywhere.

[havlow]

Check what their membership standards are for people that are members of the same household.  I think if you two live together, share other stuff it might qualify him to join though you.  Just call and see as it never hurts to ask!  They also might find an alternate way to join like getting a membership through a club or service that has the credit union membership as an added benefit.  I know in NC that if you want to join Coastal Federal Credit Union that you can actually join a consumer group for two years (36 dollar membership fee) and then you are qualified to join that CU.

[Anonymous]

well i've been thinking about this and may try to reapply at capital one. I applied back in Janurary this year, so how long should I wait to try again?

[Anonymous]

anyone?

[Anonymous]

You should wait to reapply for as long as it takes for you to get a measurable improvement in your credit.  If nothing has changed, I would imagine if you reapplied 10 yrs from last time you would likely get the same response.  However, if you applied and denied, discovered some inaccuracies and cleaned them up, there really isn't a minimum time frame except to make sure that the CRA's are updated.

[Anonymous]

truth:

$17,000 a year if that is gross is $1416 a month.

You do not make a monthly income strong enough to qualify for a loan.

You will need a co signer just for income. I am not sure if your bf is a  good choice.

You need to schedule a trip to your CU and speak to a loan officer for guidance.