Applying for C.U. loan with judgements

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

  1. steebie

    steebie New Member

    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

    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

    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

    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.