Went to open a CU account in my area - they wanted to do a hard pull.. ??

[pritchardhallhokie]

So, I'm looking to get a car loan in a few months and I wanted to join my local credit union.  I know what their rates are and I'm intersted in establishing a relationship with them and getting a car in the winter.  As I went to sign up, they said they would be doing a hard pull and they would tell me what I would qualify for already.  I told them I didn't want any hard pulls on my account (I currently have none in the past year and plan on keeping it that way) but he was insistent that they HAD to do a hard pull.  Is this correct?  Should I just let him do it even though I would need it pulled again in 3 months?  I want to be with them for at least 3 months before applying so I'm kinda stuck here...

THANKS!!!!!!!

[haulingthescoreup]

This isn't uncommon, that they would do a hard upon joining.

Is there a particular reason you want to belong for three months before getting the loan?

This next isn't likely, but since they can tell you what you qualify upon joining, you might ask if they would use the hard inq from joining at the time of your later car loan app, if you qualify for the loan now. Maybe they could soft you at the time of the car loan app instead of harding you again.

Alternatively, you might ask how long the (presumed) approval would be good for. If they keep it open for three months, you're covered that way as well. Again, not likely, but local credit unions often do things in odd and unique ways.

[pritchardhallhokie]

Thanks for the reply.

Here's my situation.  I'm currently at around 626 EQ/610TU and FAKE 640EX.  I just paid both credit cards and I'm having a HUGE baddie removed (already removed from EQ) and this should probably take around a month to report.  I def. want to get the car by early 2011 but my score is going up as we speak.  So basically, if they pull my credit now then it wont be as high as it will be at the time I want to get the loan.  however, I want to have 3 months of history with the CU to make sure there is a little bit of history there and they can at least have some faith in my banking practices.  Does that make sense?  What would you do?

Thanks!!!!!!

[haulingthescoreup]

Well, I can see the thinking behind the 3 months, but it might not be necessary. This seems like a good question for the loan officer at the CU. You also might post over on the Auto Loans board, asking if anyone joined early as you're considering, or if they just joined up when they went in for their loan.

[pritchardhallhokie]

Thanks for the tip... I'm going to the Auto Forums right now...

Thanks again!