# Applying for C.U. loan with judgements



## steebie (27 Jul 2016)

Hi all,
Just wondering if I would be totally wasting my time and only compounding embarrassment if I applied for a loan with my local cu.
I have various judgements against myself and also a mortgage judgement. 
These are from a business which ceased to trade 3 years ago.
Now working and earning a fair wage for what I do.
Looking to borrow 2k.
Any advice would be greatly appreciated.


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## Gerry Canning (28 Jul 2016)

Looks like you have too much deadwood around your credit rating .

From CU,s view , why should they risk you ? 

Rather than borrow , please try to save a small amount each month , in time your ratings will improve and very importantly you will have acquired the habit of self funding.
Not much fun being in hock to any lender !


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## CUJimmy (22 Aug 2016)

It might be worth your while making an appointment to meet a loans officer in the credit union and explaining your situation. They should be be able to advise you if a loan application would be successful or not.


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## willyfones (22 Aug 2016)

You could apply for the loan, if it rejected you have the option of appealing the decision to the board. If you write a "fallen on hard times" letter explaining why you have bad credit,  you will have a chance of being approved, obviously mention your improved financial position and your ability to repay the loan has since improved. Otherwise, just save and work on improving our credit rating.


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