@Creditaddict wrote:
The thing I am really liking about them so far is once they have a credit report you can basically apply around the bank for any product they have and they will just keep using the same report so since I just opened my account and got a secured card last week I called in about a possible auto loan.
They pulled EX 619 last week and with that score I would qualify on rate only of 8.99% but I'm looking at a 2006 Lexus so they said because of age and miles they would add another 2% to rate but then when he talked to underwriting on my credit they would not allow the loan at all because the age of vehicle and such but like I said since they just used INQ they already had I gained more information of rate structure and value structure they use.
Using one inq for multiple products is common among credit unions and very nice. I took a car loan out with a credit card with the same inq recently.
Older the collateral (car), the higher the rate. New cars have best rates. All big banks do this and most credit unions. Some credit unions will allow you to get a new car rate with an older car as collateral.
