I desperately need to refinance my car, I am not late or anything, but if you only knew how much my interest rate is making me sick (11.99). I am about 3-4K in negative equity (due to far too many miles on it). I have tried generations (Tu is my best report, well was) For those of you who went through a CU, especially those with 600 scores, what were they looking for credit wise? From what I have read Cu's are a little mor lenient, but how lenient. BTW TU just dupilcated my student loan that I just paid off last week to: Partial payment agreement & Payment Deferred & Paying as agrees never late. It WAS just reporting the last (which is true) and since they added the 2 adverse ones my score went to a 634 NOTHING else changed!!! I was gonna file Monday cause I am moving tomorrow (finally), but I'm making a pitstop at the courthouse!
By the Way KHM - Congrats on the Citibank card I went through Community Credit Union. They told me 620 was what they were looking for. In my case I was 2 years without a late and my derogs were paid. They are more lienient, especially if you've made at least a year's payments on the car without missing any... GT
GT- Thank you! (BTW it was BoA , I did get approved for my second Citi card, after recon......a whopping $1K limit, and to think 8 months ago, I would have jumped for joy. I had a late pay on this car in 1/01 (it was actually 12/00, but that's not how EXP reports it). The late ONLY shows on EXP, other than that I've had 3 previous car loans and another current loan that I've never been late on. BTW what is your interest rate?
I got 8.25% - they used Equifax (At the time I had a 638 score). Sorry about the goof-up on the BoA I wouldn't worry about the Citi limit. A year ago my Visa had a $1600 limit. Since then they've raised it to $3600. Imagine what they'll raise it to when I get Exp cleaned up... GT
I had about a 650 and my CU gave me a loan of 6.5% that was 3 years ago when I was only 4 years out of a BK.
My CU had no problems giving me a loan...but I had to come up with about $2k and they did it at 11.99%. I got 1% knocked off for doing autopayment from my checking account. This was better than the 19.8% I was paying to the HIGH RISK finance company. My Experian score was 586! :-(
My CU gave me a loan at 8.5% a few years ago, which I have paid off. At the time, I was out of college for only 6 months and 6 months since my last delinquency. At the time, they based rates on individual evaluations. Last month, I applied and now they only consider FICO. Nothing else. They offered me 13.5%. And since my last loan (which I paid with no lates) I have also had another car loan (no lates) and a mortgage (no lates). Go figure. They told me the breakdown is: FICO <600 : 13.5% FICO <650 : 10.5% FICO >650 : 8.5% Since my hubby has a 656, we got 8.5% on a 1999 truck. How he has a 656 I'll never know. Oh, well.
