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EECU- Underwriters with a brain!


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13 replies to this topic

#1 Daddy

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Posted 14 March 2017 - 10:52 AM

My wife and I found a certified 2015 Highlander. Penfed outright denied us for the loan, due to a 2011 Ch 7 BK,  their silly internal credit score and a couple of medical collections. Recon didn't even work. This was regardless of the fact that we make $150,000/yr and have no other debt, besides a small mortgage payment.

 

DCU approved us at 4.5%. RBFCU approved us at 5.03%. EECU asked about the 2011 BK and the medical collections and were pleased with the explanation. They then approved us for 48 months at 3.05%, the lowest rate they offer (for "prime" buyers). Our credit score doesn't indicate it, but we are PRIME buyers. We've already paid off a loan with EECU since our BK.

 

It's refreshing to deal with a credit union where they actually have people who THINK. They will have a fully fulfilled loan in 12-18 months. Kudos to EECU!


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#2 MarvBear

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Posted 14 March 2017 - 11:09 AM

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!



#3 Daddy

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Posted 14 March 2017 - 03:18 PM

congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!


Thank you!
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#4 hegemony

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Posted 14 March 2017 - 09:29 PM

nice!!


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#5 Daddy

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Posted 14 March 2017 - 10:38 PM

nice!!

 

Thanks! i told Dave "screw you". What is the difference between saving up the money to buy a new vehicle in cash or financing with a low rate? Besides the fact that we'd have to keep driving a piece of junk until we have the cash saved up!


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#6 CTSoxFan

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Posted 16 March 2017 - 07:29 PM

 

nice!!

 

Thanks! i told Dave "screw you". What is the difference between saving up the money to buy a new vehicle in cash or financing with a low rate? Besides the fact that we'd have to keep driving a piece of junk until we have the cash saved up!

 

 

Congrats on the purchase.  A perfect example of why you should consider all options when making a financial decision.


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#7 Daddy

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Posted 16 March 2017 - 09:30 PM

 

 

nice!!

 

Thanks! i told Dave "screw you". What is the difference between saving up the money to buy a new vehicle in cash or financing with a low rate? Besides the fact that we'd have to keep driving a piece of junk until we have the cash saved up!

 

 

Congrats on the purchase.  A perfect example of why you should consider all options when making a financial decision.

 

 

Thank you.


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#8 BRBiz

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Posted 16 March 2017 - 10:56 PM

I'm sure they would be even happier if you paid the loan through the whole term!
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#9 Daddy

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Posted 16 March 2017 - 11:20 PM

I'm sure they would be even happier if you paid the loan through the whole term!

 

LOL. I agree. I want to pay it off within 12 months. Debt does something to me.


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#10 mendelssohn

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Posted 17 March 2017 - 08:20 AM

Congrats!

 

FYI, that PenFed score is a NG2 EQ FICO, not an internal score.  Of course, nobody else uses it.  :lol:


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#11 Daddy

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Posted 17 March 2017 - 11:32 AM

Congrats!

 

FYI, that PenFed score is a NG2 EQ FICO, not an internal score.  Of course, nobody else uses it.  :lol:

 

Thank you buddy! Yeah that score is frustrating, especially because mine is a 619 and EECU had me at a 726.


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#12 johnnyt6

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Posted 12 April 2017 - 05:12 PM

this one? https://www.eecu.org/

 

Wanted to make sure, they denied a friend, 706 fico, good income due to bk in 2012.


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#13 Daddy

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Posted 13 April 2017 - 07:18 AM

this one? https://www.eecu.org/
 
Wanted to make sure, they denied a friend, 706 fico, good income due to bk in 2012.


Wow! That's them!
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#14 mec

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Posted 19 April 2017 - 11:03 PM

nice!!

 
What is the difference between saving up the money to buy a new vehicle in cash or financing with a low rate?

About 6.347% of the principal over 48 months ... and 1.658% over 12.
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