THE BENEFITS OF MEMBERSHIP
I sent this email to my credit union today:

Dear UHCU,
I recently applied for a home equity loan in the amount of 50,000.00 against a free and clear equity of almost 123,000.00 and was declined,because of a poor credit rating (we were short five points of meeting your 640 points required to quote us a rate).
Our damaged credit is the direct result of todays economy...my wife has been unemployed for over a year and prior to that, I was unemployed for nine months.Given the choice of paying our creditors or having food,lights and a roof over our heads,we made a choice.And while that choice damaged our credit,we were able to pay off our home mortgage and managed to not default on the car loan we have with you.
To clarify,I wanted the loan to pay off our car loan,some outstanding bills,medical and personal and do a bit of remodeling on our home,reduce my monthly payment and get a better interest rate.
Please understand that I accept full responsibility for our credit situation,but I'm confused on a couple of points here.
I'm finally in a position to satisfy my debts and begin moving forward,but I'm told by your loan department that you have strict requirements on loans so you can offer your members the best rates available.I can appreciate this but at the same time WE are members.
My family has had an account with you for many years,probably close to 30 (our account # is 410).My wife has had an account with you for close to 20 years.
I wonder how much in interest and fees that adds up to?
So,here I sit with 123,000.00 in equity,attempting to turn the corner financially and get back on track using the financial institution I've trusted and done business with for years and you can't help me.
UHCU has been there for us in the past and even this experience,though very disappointing,was handled by your personnel with professionalism and courtesy.My faith was damaged,but not my dignity.
We will continue to pay our car loan in good faith until we secure a loan,and when we do, we will pay it off,close all of our accounts and sever our relationship with you.
Please understand that we have valued our relationship with you over the years and regret that you couldn't do something to help us in our time of need.
sincerely,
Rob Clattenburg



I probably won't get a response...but I had to say it.I am reduced to shopping around and so far,all I'm finding are brokers who come across like Tom Cruise's character in rainman,predatory lenders whose reviews read like a nightmare that I wouldn't touch with a ten foot pole.
I'm discouraged by this because I can remember a time when banks and credit unions were willing to take a chance on people,ordinary, middle class people Who would turn down a chance like this? If for some reason I default they stand to gain 73000.00 in property!
I'm trying to improve my station,and the Bush economy won't let me.

WTF????