Re:Move Your Money to Community Banks
by encoderer on Thursday December 31, 2009 @08:21AM
(#1024237)
I would echo a little and say drive past the banks and begin a relationship with a credit union.
And if you can join the USAA orr NFCU, then definitely do. (And you may be eligible, I was.)
There was a time when lending decisions were made by a loan office with some thoughtfulness. You won't get that at any large bank now. Now it's a computer that parses your AGI and Fico and doesn't know you, your values, or your creditworthiness. (And Fico is ripe with edge cases, it's certainly not the whole story on credit worthiness).
But at a CU, you'll be able to sit at a desk with an underwriter. Yes, your stats will matter, but they will take into account the whole picture of a borrower.
And if you can join the USAA orr NFCU, then definitely do. (And you may be eligible, I was.)
There was a time when lending decisions were made by a loan office with some thoughtfulness. You won't get that at any large bank now. Now it's a computer that parses your AGI and Fico and doesn't know you, your values, or your creditworthiness. (And Fico is ripe with edge cases, it's certainly not the whole story on credit worthiness).
But at a CU, you'll be able to sit at a desk with an underwriter. Yes, your stats will matter, but they will take into account the whole picture of a borrower.