Loan Services

Not only does AHCU offer great rates on a variety of loans, we also provide the special loan services listed below!

What is AnnualCreditReport.com?
This site allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Fight identity theft by monitoring and reviewing your credit report. You may request your free credit report online, by calling 1-877-322-8228 or by going to www.annualcreditreport.com. It's quick, easy and secure. [external link disclosure]

What is merit-based lending?

"Merit-Based Lending" means that we now offer a range of interest rates on our vehicle and unsecured signature loans. The interest rate paid by each member applying for a credit union loan is determined by his or her credit history. Members with the best credit pay our lowest rates and those with past credit problems are assigned a slightly higher rate to reflect the risk involved in their loan. Even though the rate these members will pay is higher, it will almost always be better than the loan rates they are paying elsewhere. 

Note: Merit-based lending rates do not apply to home improvement or home equity loans, VISA credit cards, checking overdraft protection, or first mortgages offered through CU Mortgage Services, Inc. Here are some common questions about Merit-Based Lending and the benefits it offers to our membership.
 

  
  Why does AHCU offer Merit-Based Lending?
We use merit-based lending in order to serve more members. Even though some members' merit scores may show a higher risk, going elsewhere may mean they'll face exorbitant rates and higher payments than if the credit union grants their loan request.

Will anyone know what rate I am paying for my loan?
No. After reviewing your loan request and your credit report, your loan officer will determine what interest rate will apply to your loan. Federal privacy laws dictate that this information is not shared with anyone other than our credit reporting agency. Like all other personal information that you provide in order for us to serve you, this information is held in strict confidence.

Will the loan rate I am assigned change during the course of my loan?
No. If your credit report is cleaned up in good time, you may be able to refinance your loan at a later date (and if possible, lower the rate). However, most loans will remain at the rate in effect when the loan was granted until paid in full. Once your credit problems are resolved and do not reoccur, your future loan requests can be evaluated based on your improved payment record.

What else do I need to know?
   When you check out our loan rates, you'll notice that they are stated "as low as X% APR." The rate given is the lowest rate available; the rate you will pay may be different based on your credit history. 
   When you cosign for a loan, you are responsible for repayment if the borrower is unable to make the payments for any reason. If someone asks you to become a cosigner, make sure you are willing (and able) to take on that responsibility.

   What if a credit problem is not my fault?
In some cases, your credit report may contain an item or items that are not your responsibility. Your loan officer may be able to determine if your situation can be corrected by accepting a legal document or locating a lien removal, etc. to rectify the problem. That way, you will have the opportunity to clear up the problem before re-applying for credit in the future.

How can I improve my credit report?

When your loan officer reviews your credit request and your credit report, he or she will inform you if any of the information contained in either document affects your loan request. If you are not eligible for our lowest loan rates, you will be told why. If the information we are basing our decision on is erroneous information, we will offer you the opportunity to have the error corrected. 

If the information on your credit report is not erroneous information, your loan officer will notify you of the item(s) in question and can also give you some advice as how to rectify the situation so that it doesn't affect your future loan requests.

  • Always be sure that your loan payments are made on time.
  • If you are unable to make a payment, contact the lender to discuss your options. 
  • Don't apply for credit unless you really need it. Many borrowers do not realize that the amount of available credit they have also affects the perceived risk involved in granting their future loan requests. 
  • Ask your loan officer for other suggestions. 
  

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