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Experience with Local Credit Union/Auto Refinance

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Established Member

Experience with Local Credit Union/Auto Refinance

Hi.  You don't know me, but have a seat.  I have something to tell you.  Can I get you something to drink?  Coffee?  Tea?  Water?  No?  Straight to business, then.  Okay... here goes.

 

Credit Unions are freakin' awesome Smiley LOL  I know that people definitely recommend utilizing CUs on these forums (NFCU, I wanna have your babies), but I don't know that we can sing their praises enough.

 

I currently have three vehicles; two were financed with Cap One and the third was financed with Exeter.  Cap One will always have my adoration because I got approved for two vehicles in the last two years with awful credit (FICOs in the 500s), albeit with interest rates in the 20s or high teens.

 

After all this rebuilding I've been doing in the last six months, I thought, "Let me hit up my local CU and see what they can offer."  Refinancing had been on my mind, but I didn't think it was possible with my stats.  Imagine how surprised I was when my CU approved me for not one, but three auto refinances, all with interest rates less than 5%.  I was floored, yo.  At the time, EQ was pulled at 657.

 

Hopefully this helps someone who may be considering a refinance with bruised and battered credit.  I definitely plan on building a healthy relationship with this CU and hopefully get $35k limit or two on a couple of CCs that I'm eyeing there Smiley LOL

Amex Gold NPSL || NFCU More Rewards Amex $10K || NFCU GoRewards $2400 || Discover It Chrome $2000 || Cap One QS $500 || Cap One QS1 $500 || NFCU Secured Visa $600 || Avant Card $ 750 || Amazon Store Card $700
8 REPLIES 8
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Super Contributor

Re: Experience with Local Credit Union/Auto Refinance

Do you have any hot chocolate?

Congratulations on your refinance.

Credit Unions are great for a lot of products; auto, credit cards, mortgage, checking, savings, etc.
Message 2 of 9
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Established Member

Re: Experience with Local Credit Union/Auto Refinance


@AllZero wrote:
Do you have any hot chocolate?

Congratulations on your refinance.

Credit Unions are great for a lot of products; auto, credit cards, mortgage, checking, savings, etc.

Thank you and I agree!  Also, I feel like an awful host! Smiley LOL  Would you like marshmallows in your hot chocolate? Smiley Very Happy

 

Oh man, I'm going to hijack my own thread because I just thought about one of those hot chocolate dealies with broiled/toasted marshmallows on top, crushed graham crackers, and drizzled chocolate.  Oh boi Smiley LOL

Amex Gold NPSL || NFCU More Rewards Amex $10K || NFCU GoRewards $2400 || Discover It Chrome $2000 || Cap One QS $500 || Cap One QS1 $500 || NFCU Secured Visa $600 || Avant Card $ 750 || Amazon Store Card $700
Message 3 of 9
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Super Contributor

Re: Experience with Local Credit Union/Auto Refinance

Sounds 😋 delicious. Yes, please.

Other CUs I like are BECU, DCU, Unify. PenFed but they can be considered conservative.
Message 4 of 9
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Established Member

Re: Experience with Local Credit Union/Auto Refinance

I haven't looked into BECU, DCU, and Unify, though I see how much conversation they generate here on the forums.  The CU I mentioned is Pelican State Credit Union, which is active here in Louisiana.

 

I have a savings account with Penfed, but I don't know when/if I'd be a likely candidate for any additional products with them, especially since they are so conservative.  I feel like @AverageJoesCredit will walk up into this thread since we're talking about Penfed and post a sign that says, "Abandon hope, all ye who enter Penfed." Smiley LOL

Amex Gold NPSL || NFCU More Rewards Amex $10K || NFCU GoRewards $2400 || Discover It Chrome $2000 || Cap One QS $500 || Cap One QS1 $500 || NFCU Secured Visa $600 || Avant Card $ 750 || Amazon Store Card $700
Message 5 of 9
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Super Contributor

Re: Experience with Local Credit Union/Auto Refinance

Lol @ abandon hope.

I'll check into Pelican. Thanks.

DCU, BECU, 6.17% APY for savings up to a certain $.

PenFed is great if you have a clean credit report, decent income, low DTI. They're not as charitable if you have a derogatory report.
Message 6 of 9
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Super Contributor

Re: Experience with Local Credit Union/Auto Refinance

If you live in South Texas, RBFCU rules.

2/11/2020: FICO 843 EQ 848 TU 850 EX
Message 7 of 9
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Valued Contributor

Re: Experience with Local Credit Union/Auto Refinance


@marty56 wrote:

If you live in South Texas, RBFCU rules.


Or Central. Smiley Happy

 

Do they still use the opening membership pull for all their products? @marty56

Message 8 of 9
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Super Contributor

Re: Experience with Local Credit Union/Auto Refinance

I'm not sure put I suspect they would.  My experience with RBFCU is that they pull from TU

2/11/2020: FICO 843 EQ 848 TU 850 EX
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