Getting in with a credit union

NC84 · ‎11-13-2016

I recently got a $5,500 car loan from a local credit union bank. I have no late payments on anything since my discharge and maybe around $3,000 in credit card debt out of 30k credit ($1500 for down payment on the car ). I wanted to see if I could get a home depot card or possibly apply for another barclay card for a washer and dryer but my concern with multiple inquiries are high and my score is only around 660. If I pay off my car loan in 3 years are they more likely to approve me for a new car loan based off my good payment history or could those **bleep** inquiries haunt me? I think I have 10 hits on my credit right now since March 2015 with two that could possibly drop off in March 2017. The perks that some of these cards offer are tempting especially the ones that offer a $100 credit if you spend more than $500 in first 3 months. Should I hold off or do you guys think my report can take more of a beating.

Anonymous · ‎11-13-2016

@NC84 wrote:
I recently got a $5,500 car loan from a local credit union bank. I have no late payments on anything since my discharge and maybe around $3,000 in credit card debt out of 30k credit ($1500 for down payment on the car ). I wanted to see if I could get a home depot card or possibly apply for another barclay card for a washer and dryer but my concern with multiple inquiries are high and my score is only around 660. If I pay off my car loan in 3 years are they more likely to approve me for a new car loan based off my good payment history or could those **bleep** inquiries haunt me? I think I have 10 hits on my credit right now since March 2015 with two that could possibly drop off in March 2017. The perks that some of these cards offer are tempting especially the ones that offer a $100 credit if you spend more than $500 in first 3 months. Should I hold off or do you guys think my report can take more of a beating.

Hi NC84, can you provide further details on these inquiries? Were they various cc apps, or was it when you were car shopping? If most are the latter, usually your score wont take a hit if they were performed within 30 days of each other, and the bureau usually lumps them together.

Additionally, from personal experience with credit unions is that a lot of the small to medium sized are more flexible with underwriting if you have good payment history and have proven yourself to them. Some of the bigger likely have stricter underwriting requirements and will want to see a better score/report along with good payment history.

In my opinion, I think you should find the best card for you and wait it out until March when a few other inquiries drop off and then go for the one you want!

Hope this helps!

Anonymous · ‎11-13-2016

Congratz on your success to this point.

Below is a recently created thread on Credit Unions. If you are serious about a developing a plan to help yourself going forward, it is well worth reading before taking any further action.

Additionally, if I may ask, can you share what your plan of action and strategy has been since you received your discharge last year? Also have you been able to follow it and has it been successful for you?

Credit Unions are People Friendly, and each offer different advantages depending upon your needs and situation.

Best Wishes ! ! !

Official Credit Unions Guide

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

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Anonymous · ‎11-13-2016

I was 3 months out of bankruptcy, and my local credit union gave me a no annual fee card with a $500 limit. It's my understanding that most credit unions are bankruptcy friendly. I have over 30 inquiries in the last 2 years, and my CreditKarma score is now 685 on Trans and Equi, and I'm only 2 years post filing Chapter 7. Inquiries aren't a big deal to me anymore. If you see something you want, just apply for it. Probably bad advice if you're looking for the perfect score, but your credit is pretty much tanked anyway. Fudge it, right?