Applying for C.U. loan with judgements

Discussion in 'Credit Union issues' started by steebie, Jul 27, 2016.

  1. steebie

    steebie New Member

    Posts:
    2
    Hi all,
    Just wondering if I would be totally wasting my time and only compounding embarrassment if I applied for a loan with my local cu.
    I have various judgements against myself and also a mortgage judgement.
    These are from a business which ceased to trade 3 years ago.
    Now working and earning a fair wage for what I do.
    Looking to borrow 2k.
    Any advice would be greatly appreciated.
     
  2. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,512
    Looks like you have too much deadwood around your credit rating .

    From CU,s view , why should they risk you ?

    Rather than borrow , please try to save a small amount each month , in time your ratings will improve and very importantly you will have acquired the habit of self funding.
    Not much fun being in hock to any lender !
     
  3. CUJimmy

    CUJimmy Frequent Poster

    Posts:
    29
    It might be worth your while making an appointment to meet a loans officer in the credit union and explaining your situation. They should be be able to advise you if a loan application would be successful or not.
     
  4. willyfones

    willyfones Registered User

    Posts:
    28
    You could apply for the loan, if it rejected you have the option of appealing the decision to the board. If you write a "fallen on hard times" letter explaining why you have bad credit, you will have a chance of being approved, obviously mention your improved financial position and your ability to repay the loan has since improved. Otherwise, just save and work on improving our credit rating.