Newer GTI's do look ******* sick!

 

I've gotten one of those things before a few years back. I think all they really are is advertisements for whatever specific dealership you are supposed to go to. I think the fact that it was from your company as your credit card is merely a coincidence.

 

I work for a Bank as a Senior Loan officer and I have to tell you, that just becuase your credit score is good, doesn't mean you are going to be approved.

I have seen underwriting turn people down for loans whose credit scores were higher than yours.

The factors that go into a decision to approve a loan or not are as follows (in no specific order)

1. Credit Score within lending paramaters?
2. Debt to Income Ratio within lending parameters?
3. Loan to Value within Lending parameters?
4. Time at Current Residence
5. Time at Current Employement
6. Net Monthly Income (Not GROSS --- Take your annual income, divide by 12, then multiply by 80% to get NET)
7. Gross monthly liabilities (this number will include what you would be paying as a minimum payment on a Line of Credit (credit card, etc...), even if the balance is currently $0
8. Previous credit history (even if your score is good now, what does your past show?)
9. Down payment requirement
10. Total amount of current credit available (If you already have available funds in credit products available to you, such as multiple credit cards, even with no balance, you can be denied on the fact that you have the ability to obtain too much money and increase your actual total debt too much)

I am sure that your Credit Union knows you and wants to do a loan for you, but just becuase you got that in the mail, in no way shape or form means you will be approved.

Like you said the sales manager told you to come in with your info and letter and you will go from there. What that means is "we will do an application and run credit and see what underwriting says after reviewing all the information."