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University Federal Credit Union uses information from your loan application and your credit report to determine whether to grant credit under the terms you request. We look at many factors including income; current level of debt; current amount of loan, credit card and mortgage payments; amount of unsecured debt; time on your job and at your residence; and how well you managed your credit in the past. This may seem no different than any bank or other financial institution, but UFCU’s approach to credit is different in several important ways:
UFCU uses ranges of credit scores to determine the interest rate charged on consumer and home equity loans. Credit scoring uses historical data across a broad spectrum of borrowers to predict the statistical likelihood that a borrower will make late payments, stop paying altogether, or declare bankruptcy. That likelihood translates into a numerical credit score. UFCU uses this score only to set rates, not to make loan decisions.
Order a copy of your credit report with a credit score.
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