mt2va

anyone heard of this bank?

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Alernatives Federal Credit Union

They seem to have very reasonable rates for loans, credit cards, etc for folks that are credit challenged. Almost seems to be too good to be true.

ETA Anyone heard of Eufora Prepaid Master card? Was researching secured credit cards online & ran across info on them. Says they report to TU.

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Well considering I'm paying 21% interest :roll: on my auto loan I consider their rates to be very good, but unfortunately I don't live in their service area I found out upon further research.

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Myabe you can refinance?

You can use bankrate to find and compare interest rates on loans in your area.

http://www.bankrate.com/brm/compare_rates_home.asp

My credit keeps me from re-financing at this time hence my obsession with this board the last few weeks to resolve that issue. I was just excited to find somewhere that would work with people that had poor credit & not try to make their situation worse. Maybe it will help someone else out that lives in NY.

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Well considering I'm paying 21% interest :roll: on my auto loan I consider their rates to be very good, but unfortunately I don't live in their service area I found out upon further research.
Have you been late on your auto loan? If no I would try to refinance after the 6 month mark. Your other option= bi-weekly payments- works great if you have direct deposit. You pay a little extra year but you can shave monthd off the loan. I had a crappy auto loan with HSBC. After 6 montha of ontime payments i refinanced with a CU- I set up a checking account- used only for the auto loan My payments were just under 300 month- So I get 160 deposited through direct deposit into the account(i get paid everother FRI) I then get 150 applied to the loan the following tuesday. I never touch the $$ everything is done electronically- I will never be late or miss a payment. and your applying more $$ towards the interest- you also make 26 payments over the course of a year -the equivelant of making an extra monthl payment. Even if your unable to refinance using this method will shave months off the loan and reduce the actual interest paid
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No never been late on payments. My previous loan was financed with CU as they were the only ones that would finance me with my credit. The interest rate I think was around 9% or maybe it was 14%. I would have to check my paperwork. Anyway I never ever paid late in 5 years. In fact I was so grateful they financed me I personally went to their branch in person & paid every single payment each month. (didn't want any chance of a payment being late & they didn't offer any electronic options) I even paid off 1 month early.

This was in February 2008. December 2008 paid off car died. $$$ to fix way more than value of car. They absolutely would not consider me for financing without $4,000 down & a co-signer (which I didn't have). I guess its the economy. I would have thought with a small CU they would have weighed it more based on our past history together. (there was little change to my actual credit during this time & in fact some old Capital One credit cards I owed $1,000 on had actually dropped off my credit report)

My goal is to work on cleaning up my credit while paying my payments on time so I can try to refinance. I guess I may try to establish myself with another CU locally. I know my regular bank wouldn't touch me. Although they are a great bank. Most of the CU where I live you have to meet very strict requirements for membership.

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Do you know what your scores are? What major issues have you had since the loan was paid off? I would think if you had a good auto loan recently your auto enhanced scores should improve. There are some short term things you can do to get your scores up. The biggest is getting your credit card utilization down-

< 10% seems to be the consensus. I would quit applying for credit, and groom whatever you have.

Was the Crap1 card that fell off- a chargeoff? Maybe the age of the account was helping you.

How many inquiries have you had in the past year?

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Who gave you the 21% interest rate? I'm betting if you make 6 solid months of payments- and clean up some other stuff- and apply for no new credit- you'll be able to re-finance that.

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Hi thanks for your help. My TU is 578. My EQ is 548 I think. And don't know about EX. I'm being financed through Nuvell which is a divison of GMAC. I've had no issues since the loan has been paid off. All my stuff is from 3+ years ago or more. The only current/positive TL I have are the paid off car loan (which only shows up on 2 of the 3 CRA), the current car loan, & my student loan. The student loan is showing a 90 day late back in 2006 but I'm trying to get that straight as I was under forbearance at the time.

I can't get a credit card so I'm not able to get anything else going in the way of credit to show positive. I'm not sure how many inquiries I have but I know its a lot when I was getting my auto loan. The dealer tried a bunch of places they never told me about. I only agreed to their financing, my previous CU, & where they did finance me. But when I pulled my CR it showed like 10 places & I got letters from about that many denying me due to my poor credit. (which I already knew about & several I knew would not finance me & would have told the dealer so had they bothered to tell me who they were running)

I have no credit cards (can't get them) so no utilization. I'm trying to do the secured credit card thing but everywhere I checked it was going to be a lot of money. I was hoping to maybe get a $300 card so I could start using that to help re-build my credit. Put a couple small bills on there that require CC for payment & pay it off when the bill comes. Maybe make the occasional small purchase. I would have enough for $200-$300 by the end of May but it would take me to the end of the year to come up with the large amounts others want. And to be honest if something comes up (sick dog, washing machine dies, etc) then the money would get spent on that. If its in account securing credit card it can't get spent.

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Call the CU you've been dealing with- ask them what the minimum they give secured credit cards with. Don't worry about the multiple inquiries for the auto loan- if they were all done together- they will only score as one- even though they are listed. I think what you need is a positive tradeline in the form of a credit card- I was almost in the exact position- 540 - 580 scores- I couldn't get over the 600 hump. I don't know your financial situation or your patience level- but what I did was open a savings account at the CU and placed 100 a paycheck until I got >$1000. then asked for a secured card.

I have heard BOA offers a great program- You can get caught up in a CATCH22- you need to apply to get credit- but if you apply too much you get denied for applying....... so right now you have to be careful about the inquiries.

Kay Jewelers may be an option- its a store card. Or God forbid fingerhut- I would try the Cu 1st- and if thats doesn't work then BOA- just get one and let it age 6 months before you apply again or re-finance.

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The CU I talked to wants $500 which will take awhile to get. The $1,000 never mind would ever happen until I get my car re-financed. :roll: I was shooting for something around $300 just to get going so I can get some age on the account before I think about re-financing. I just thought if I could get established with a CU they might be more favorable for re-fi options. But I only found the one that offers a secured CC. As for re-establishing credit (as long as I stay away from the subprime folks) does it matter if my CC is with a CU or bank?? (it would be a secured card either way)

I'm leaning towards the BofA or possibly Plains Commerce Bank that I read about online. They have the same $300 requirement.

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Your credit would be looking pretty sexy if you can get a couple of credit cards on there.

Aside from the 90 day late, you seem to be rather punctual with your other debts, so I wonder why you have not been able to refinance. Because you don't have any credit cards??

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I haven't tried to refinance yet. I just got the loan in December & seeing that I only qualified for 21% interest at that time I thought it was a little soon to try to re-finance. I think if I can get my scores up there a bit & of course continue to pay my current loan on time then I wanted to try either in 6 months or at least by the end of the year.

I think not having a CC reporting is hurting me. Since I can't get a CC (I can get an $18,000 car but not a $200 CC LOL) that's why I was going to go the secured card route but can't find anywhere I really like yet.

So far on my list are Bank of America, Citibank, & Plains Commerce Bank.

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I was hoping to maybe get a $300 card so I could start using that to help re-build my credit. Put a couple small bills on there that require CC for payment & pay it off when the bill comes. Maybe make the occasional small purchase. I would have enough for $200-$300 by the end of May but it would take me to the end of the year to come up with the large amounts others want.

This is probably why you're having trouble getting a loan. If you don't have the available cash now to come up with $200-300 one time for a secured card - the lenders are seeing that you don't have available cash to come up with a $300-400 recurring payment for a vehicle.

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I didn't have any problem getting a loan. I just bought an $18,000 car with no money down. The car dealership said they hardly ever see that go through with scores like mine. However, the rates are not good so I hope to re-fi once I get my credit cleaned up some.

I do have the $200-$300 for a secured card but after much research was shocked to find that a secured credit card is subject to a credit check & that I may still not get the card. I can't afford for my money to be tied up with one secured card place while they make up their mind so am trying to find one that I know will give me a card up front. So far I just get the run around. I thought the whole point of the "security" was to guarantee anything charged on the card so why would they run a credit check & possibly not approve me?

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