A low credit score doesn't tell the whole story
If you’ve ever been denied a loan due to your low credit score, don’t blame the teller. They don’t have a choice. Big banks, credit card companies, and financial institutions need credit scores to make sound decisions. That’s all they have to go on.
Bottomline: For the big boys, the number you earn is what it is, and there is no changing their minds.Maybe this isn’t fair. But with bigger banks and corporate lenders, the rules are the rules, and stories may not matter.
There is hope.
Smaller, local financial institutions, such as credit unions, can sometimes set their own rules on who they do or don’t give credit to. Within reason, of course.
Get the facts! Here is why credit scores don’t tell the whole story.
Fact #1: Credit Scores are not “People Scores”.
By definition, a score is a score. It’s a black and white, automatically created number, based on an algorithm, based on data. But algorithms and data are not people. You are not a number.
Fact #2: Credit Scores do not tell a story.
Facts are facts. But there is always a “why”. Sometimes “Bad things happen to Good people”. Good people should have a chance to tell their story to people who will listen, and who can make up their own minds.
Fact #3: Credit Scores are not the law.
Here at the Ashland Community Credit Union, we make our own decisions, govern our own policies, and grow with good practices. We take a credit score into account, however, there is no law that mandates who we can and can not make a loan to. Common sense, good business practice, and small town, down home faith and trust do still matter.
If you’ve ever thought that a low credit score was a deal breaker, think again. If you need a car loan, a debt consolidation loan or other financial assistance, talk to someone who wants to hear your story.
You can always talk to us at the Ashland Community Credit Union. We want to give you a loan, unless you can talk us out of it.
