Personal Loan After Bankruptcy

[myo1974]

Good Morning! I was wondering about the success of a getting a personal loan after bankruptcy. I would prefer to use a credit union (well, I would probably have no choice anyway! lol)

Discharge was in December 2013, and we have really bounced back since then. My husband and I both have credit scores in the 650-700 range. Our combined income is around $80,000 a year.

I do have a car loan through a credit union but I was wondering if anyone has experience of obtaining a personal loan through a credit union after bankruptcy. Any insight would be greatly appreciated! Thank you!

[justbroke]

Yes quite easy if your scores are above 680. I have Navy Federal and was given their PLOC known as NAVCHECK and a personal loan. Most credit unions are discretionary lenders so it is part about the overall relationship. Most credit unions use the FICO 2 score from Experian so if that's even 660 or higher, then you have an excellent shot. Even if it's lower, they may still lend.

[myo1974]

Yes quite easy if your scores are above 680. I have Navy Federal and was given their PLOC known as NAVCHECK and a personal loan. Most credit unions are discretionary lenders so it is part about the overall relationship. Most credit unions use the FICO 2 score from Experian so if that's even 660 or higher, then you have an excellent shot. Even if it's lower, they may still lend.

Oh wow! That's great and a better response than I expected. Thank you for the info!

[leonel9]

Yes quite easy if your scores are above 680. I have Navy Federal and was given their PLOC known as NAVCHECK and a personal loan. Most credit unions are discretionary lenders so it is part about the overall relationship.

I realize this thread is a month old, but thought I'd add the following:

Navy Federal uses a Custom Score to rate members' consumer non-mortgage loan applications. This means that while your score may be lower, other factors such as types of accounts, balances, etc. will be used to calculate a score above and beyond your credit score. I have personally seen members with FICO scores in the low 600s get the best rate on an auto loan. I've also seen two members in the high 600s with a bankruptcy on their CBR also get the best rate.

The criteria for custom score isn't published, but the point here is that some financial institutions (like Navy Federal) will factor things beyond credit score, debt-to-income ration, and income.

[justbroke]

That's why I love NFCU! They love to look at the entire relationship and income is a big factor (along with DTI).