LOANS

FACTORS THAT AFFECT YOUR APPROVAL & LOAN RATE

 

(1) YOUR CREDIT SCORE

There is no “one” credit score.  While most, but not all, are based on the Fair Issac Company (FICO) algorithm, each credit reporting agency calculates the credit score differently, using the data in their database.  To learn more, go to http://en.wikipedia.org/wiki/Credit_score_in_the_United_States.

CRCH uses the Equifax Beacon credit score.

The best way to improve your credit score is to (1) make sure that your credit report is correct, and (2) make all your payments on time.

To make sure that your credit report is correct, go to www.annualcreditreport.com and get your free Equifax credit report.  This website was established by the three major credit reporting agencies under a mandate from the Federal government.  All consumers are entitled to one free credit report each year from each of the credit reporting agencies.  While the credit report is free, each of the credit reporting agencies may sell you additional services.  You do not need to buy any of the additional services to get your free credit report.  There are instructions on the website to tell you what to do if there are any errors on your credit report.  After you have made any corrections, and received a clean version of your Equifax credit report, wait 4 months and request a credit report from one of the other credit reporting agencies.  Wait 4 months and repeat the process.  That way, over the course of the year, you will have a constant check on your credit report.

(2) YOUR INCOME

Your income is part of what determines your ability to repay the loan.

(3) YOUR DEBT

Your debt, combined with your income, helps to determine your ability to repay the loan.

Your Debt Ratio (Debt ÷ Total Income) is used as a guide in determining your ability to repay the loan.

 

**If you have bad credit and are thinking of getting a payday or title loan, talk to Larry or Dee first. We have a better alternative. 

 

TYPES OF LOANS:

 

    • Unsecured or Personal Loans
    • Secured Loans
      • New Car
      • Used Car
      • Motorcyle, Boat, or RVs
    • Short Term (Emergency) Loans
    • Share Secured Loans

Call 540-985-8535 or email us for current rates.  If the loan is for a car, include the year, new or used, and the number of months for the loan.

 

ASK US HOW TO IMPROVE YOUR CREDIT SCORE.

 

 

Due to COVID-19 the Annual Membership Meeting originally scheduled for Thursday, May 21, 2020 is being postponed. Check back here or in your next statement (June 30, 2020) or in the Credit Union lobby for the rescheduled date.
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COVID-19 Emergency - We are currently open our normal business hours. (M, W, F 9:30AM-1:00PM, 2:00PM-5:30PM) We are following CDC recommended precautions. ONLY 2 PEOPLE IN THE LOBBY AT A TIME, as well as other precautions. Please call ahead for CHECKS and other details. 540-985-8535.
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MASKS MUST BE WORN IN THE CREDIT UNION!
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If you have a loan with the Credit Union and have experienced a job loss or reduced hours due to COVID-19, call the Credit Union and make an appointment to come in and see us, we have options to help you!