Remember how I was declined by the Credit Union for an auto loan? Well, I called the underwriter back today and said that since I'm on a quest to rebuild (or reestablish)my credit, could they issue me a credit card based on the report they pulled last Friday (and not do another inquiry). She said yes, so I got a $1k limit. All I have to do is fax a cc app to her attention and she will get it done. Woooohoooo!!! I think it's a good thing that the negative has turned into a positive. SHe also said that in 6 months if I want to refi my car loan they will do it (assuming my scores are the same or better).
That is great to hear;hopefully they can come full circle & change the matter on your auto. Sister Girl
Re: Turned a bad situation on its e KHM, No, I didn't ask for ODP because I don't really plan on using that checking account, although I have checks for it. My paychcks are direct deposited into my regular checking account, so I'm just keeping this one open just in case. At least I got something for the inquiry instead of it being a waste of points....she seemed quite surprised when I told her I got financing thru ford, but offered to refi 6 months from now.
Re: Turned a bad situation on its e Re: Turned a bad situation on its e matt_r | 179 posts since Mar 2002 ...she seemed quite surprised when I told her I got financing thru ford, but offered to refi 6 months from now. ======================= Now that her competition got your business she wants to steal it from them. Where was she for you the first time around??
Re: Turned a bad situation on its e I agree! Credit Unions are like the small guy. They want more recognition and want others to quit the mainstream (i.e. BofA, Wells Fargo, etc.) and go to them. That is why I think they are sometimes very generous with their offers. I know when the loan officer heard that you got financing through Ford, it must of really burned her up because that's business that the CU LOST! They must be feeling hella stupid right now. Refinance in 6 month? I think not, unless you are willing to put up some cash to get it done. I was in a similar situation as Matt and it took me a year and almost $2k to get out of my high risk loan with Fireside and switch to the credit union. It had to do with the value of my car and the payoff amount with Fireside. At first, it was only going to cost me like less than $100 to refinance until the CU realized that my vehicle was a 95 (and the year was 2001) and I guess the maximun loan amount for a car older than 5 years old is different for one that isn't. It didn't matter though...I was willing to pay to get away from Fireside aka the Rapists! Refinancing actually lowered my payments by like $90/mo and not because I did longer payments when I refinanced. When I bought the car in 2000, my payments were until 2005. When I refinanced in 2001, my payments are still until 2005! I'll pay it off way before then becuase I pay 50% more than the minumum. I'm glad that the CU was able to approve you for a Visa. That is a good start. Be good to them and they will be good to you.
Re: Turned a bad situation on its e Ok I got a little CU inside info, kinda long so bear with me. *MOST* CU's use Kelly Blue book, to determine the "retail value" of the car. Well I bought a 2002 Ford Ranger in January at 9.5% (took the rebate), well when the CU said yes to refinancing my car I asked them if they could refi the truck as well. The rep couldn't find a "retail value" because the car hadn't been traded in enough times for KBB to give out a figure, so basically I got the amount I asked for NO QUESTIONS ASKED. She said it definately worked to my benefit if I was in negative equity, cause she said there was no way of finding out. Long story short, I played quite the money game (yes I am proud of this). I got a brand new car with $2K rebate for the down payment, crappy rate. I refinance from 9.5 to 5.74, granted I extended my payments by 3 months, but in the long run I save almost $2K MORE in interest. I look at it this way, my $15K truck just cost 11K. lol
Re: Turned a bad situation on its e I know when the loan officer heard that you got financing through Ford, it must of really burned her up because that's business that the CU LOST! They must be feeling hella stupid right now. MP$40 | 2228 posts since Aug 2000 =============================== Right you are MP$40. Matt gave her the chance but she turned it down. She can only blame herself!
Re: Turned a bad situation on its e To be honest with you, the main reason why I called her back yesterday was to get a bit of revenge. I was really hoping they would give me a chance, but they didn't. So, my money goes elsewhere. If nothing else, maybe this will help her realize that even though I don't have a big installment loan in my credit history, that doesn't mean I can't afford it (I swear she didn't even look at my salary/expenses). Sometimes, you have to look outside the box...there are opportunites out there that small CU's like this one are missing out on.
