I've seen credit unions mentioned alot as a good source for various things, and was hoping to get someone's opinion on this. I work for a large corporation that has a credit union. I've been a member for the entire four years I've worked here (albeit, haven't had a lot of money in and out). I have a paid off truck, and would like to apply with them for a 'secured' loan with the truck as collateral. The woman at the credit union told me that they pull Equifax, and I explained that my credit is less than stellar (but that I am disputing a lot of items on my credit report, which is true). She told me she thought I would be ok, but if I wanted to, I could include a note with my application making an explanation of my divorce, financial difficulties, etc. How easy is it to get loans with credit unions? Should I add the letter the woman suggested, or should I go for it without adding too much? According to the Equifax CreditWatch site, my FICO score is 558, I know...not too great, but I am truly disputing almost everything on my report. Oh, and I'm asking to borrow less than the value of my truck, so maybe I wouldn't be such a bad risk? Any advice would be greatly appreciated!
It varies depending on the credit union. But most are willing to work with you. If I were you, I'd make an appointment with a loan officer. Go in with copies of your credit reports and talk to them. Let them tell you, after looking at your report, what they need you to explain. In some cases, you can sit right there with them, after you've filled out the application, and just explain it while they make their file notes. In short, talk to a loan officer, not the customer service rep or teller.
