- February 17, 2012 at 3:06 am #243505
So, I went to my credit union Monday with a copy of all three of my credit reports. I sat down with the loan officer, explained my situation, and asked her to look over my credit reports (which they only used the TransUnion), and give me an idea if I may qualify for an auto loan, before I bothered with a HP and an app. I was hoping I could get approved, and maybe be in the 8% range with my 656 score. She asks me about the one CO, that still has a balance of $650, and I explain I am trying to work with them on it. She says it shouldn’t be a problem, lets run an apllication. Turns out they use FICO 04, and I have a 681 TU, which by their scale is second tier (720+ is A+ by their scale). She tells me I can get my $26,000 used auto loan at 3.75% on 60 mos. I had to try really hard not to start giggling in her office. Then I ask what % do I need to put down, and she says “with your score, as long as the loan is not more than the retail value of the vehicle, it doesn’t matter”. At this point, I wanted to look around the room, to see who she is talking to. I mean, last August when I bought my 14k truck (the new loan is for my wife’s car), I got an 18% loan, with 3.5k down.
So I get the deal done on the new car, and the loan officer, I guess had noticed the terms of my truck, on my CR, and asks me what interest rate I have on the truck. I told her 18%, and her jaw dropped. She then asked me if I would like to refinance it through them at 4.75%!! The higher rate is because it’s an older vehicle. I was grinning like a kid in a candy shop at this point, and was like HECK YEA!!!
Now for the icing on the cake. Today I got to thinking, they really seem to like me, so I dropped in and applied for their VISA CC. I got approved for a $2k limit!!! The only other card I have is a Crapital One secured for $300. The best part…..Both loans, and the CC were approved with one HP on TU!!!
Needless to say, it has been a great week, and I feel like I am back on the good side of the credit monster. I am not in the 700 club yet, but I feel like I have made leaps and bounds, in the past year. Alot of which, I owe to so much useful information on this forum. I also want to tell people, once you get into that borderline mid 600 area, if you have been with a CU for a period of time, give them a shot. They are definitely more understanding, and you get to sit down and explain your situation to the person with the power to approve you.
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