My credit union has counter offered my loan....?

For a little background, I am 26 and filed chapter 7 about 6 years ago. It has long since been discharged. Ever since then, I have done much better with paying all of my bills and never miss a payment. I have a couple of credit cards, a car loan, and school loans. At this point, my credit score has gone up to about 620 which I know is still not the best but better than it was.

I have been with my credit union for about 5 years now, and I applied for a loan for $3500. I had requested an unsecured 36 month loan. Here is the response from them:

%26quot;We are unable to approve the loan on the terms you requested. We will be able to assist you on the terms stated below.

Counter Offer:

Principal Reason(s) for Counter Offer:

-Bankruptcy schedules needed to verify discharged debts

-Tiered rate will apply

-Requires proof of all income

-Will consider with adequate collateral%26quot;

So I am wondering what tiered terms are exactly? I don%26#039;t really have collateral unless they consider my car.

My credit union has counter offered my loan....?

What you may need to do is talk directly to the head loan officer, or even the bank president.

You will need to demonstrate that you have a job, and that it%26#039;s secure. They will want to see proof of your income, and an exact accounting of your current debts.

The thing holding you back is your low credit score. Your bankruptcy is 5 years old...you claim you have several loans...your score should be reflecting this and I%26#039;m surprised you are not at least 680. Have you missed payments, or do you have some negative marks still on your credit report?

If your credit is clean, show all of this to the bank and show them that you are financially capable of making the monthly loan payments.

From my experience, credit unions are a lot more flexible in who the give loans to, but if you have credit issues you need to talk to the loan officers. Otherwise, once they see the bankruptcy on your record they will rubber stamp you.

My credit union has counter offered my loan....?

loan

You will have to contact your credit union for the exact terms but normally with credit unions tiered rates mean the highest rates they have and they are requiring proof of your income and collateral.|||its basically like a credit card interest rate..in how it accrues it is not a fixed rate interest