I just checked my FICO and its 634. That's the real FICO btw. I have four charge offs and one collection, all outside of the SOL, nothing late for about five years now. Several open accounts in good standing. So question is, are credit unions any easier than banks? I need a new car. The CU is offering 5% on new car loans. My income to debt ratio is great. They can deduct it from my pay before it even hits my bank account. So do I have a shot at getting a loan at a decent rate or am I trippin!
In many cases credit unions are easier to work with, especially if they're small and local. Your best bet is to go in, sit down, and talk to them. Be up front about what is on your report and ask them if you have a chance. They may not even use FICO scores. My credit union uses some sort of a risk score. When I financed my last car, my FICO was in the high 600s. Imagine how I felt when she told me my score was around 300. But it turns out it was a different score, and lower is better. Even with FICO, there is an auto-enhanced score that weighs things differently. So talk to them and see if they say you have a chance.
Thanks, I think I'm going to just go ahead and fill out the application and see what they say. I need to get something before the wheels fall of of my old car especially if we end up living in it.
Take a copy of your report and talk to them if the office is close to you. Then you might avoid an inquiry if they're not going to help you. If it sounds positive you can fill out the application right there.
I agree with Hedwig and walk in and sit down with the loan officer and go through your report,explain everything in it.Like illness caused this this,job loss.that way everything is on the table and there's no surpises.
