Sunday, March 24, 2024

SECU: Risk-Based Lending - "The We" Don't Care Attitude... 

Another real-life story on risk-based lending…

"I have been a member and supporter of the credit union for over 30 years. My daughter has had credit since she graduated high school. She will be 28 next month! So a 10 year history! Her credit score is currently over 700+. She has never had a late payment. She went to get a truck loan at SECU this week.

She didn’t get the lowest rate. The loan officer or whatever they are called now, told her she missed the A-paper rate by just a little bit! Rates must’ve changed recently because when she first started shopping for a truck the lowest 72 month rate was 6.25% and she was charged 7% (which is actually what the current 72 month used car rate is now showing on the website)."

"I told her to ask why she wasn’t getting the best rate and she was told the above - "Sorry, you just missed!" She doesn’t own a home and just recently paid off two loans at Local Government CU that probably hadn’t had time to increase her current credit score. Just a timing issue it appears, but SECU doesn't seem to care.  Without risk-based lending she would have gotten the best rate that SECU OFFERED!"
✅ And no, the loan officer didn't suggest that I cosign the loan to get her the best rate, like CEO Brady did with her kid. Wouldn't that qualify as discrimination?
"Sorry just my rant for today! "


.... you've got to be "kidding"! ... those "We Are's" continue to work their magic on member support ....


  1. and you're right, THEY just don't care ........

    'Fleecing the Flock' has replaced 'Doing the Right Thing'

  2. Maybe the board needs to take a survey ...
    Question #1 - Do they know what the poverty rate is in each county? Let's back up ... do they even know what is considered poverty? Not everyone lives in the bubble of Jones Street ... matter of fact most don't.
    (please fill free to submit your question to the board)

  3. The rate published on the website is the A paper rate

    1. What are the rates for each tier?

  4. Please tell your daughter to look at her score in a couple of months at It’s free to check your score at all 3 credit bureaus once per year . Possibly by then her score may have bumped up enough to qualify for the best rate. If so, she can then apply to refinance the loan at the lower rate.

    Hope this helps!

    1. There's that "attitude" - see next (3/25) post! The "We" just don't get it. She deserved the best rate when she made the loan! The member was not the problem! SECU RBL is the problem - plus that large dash of "We" hubris and arrogance.

      But the commenter's solution - "Hope that helps" - is for the member to spend her time fixing their - the "We Are SECU" crowd - attitude problem.

    2. Would add that I looked up my credit score and it had dropped -24 points over the last 3 weeks!!! No new accounts, "excellent" payment record, 50 year history.
      Yet SECU remains a "true believer" in accepting this "mysterious, black box" score as justification to overcharge, penalize and discriminate against the majority of SECU member-owners?

      BTW for the female borrower in the post with a 700+ score, a +24 point rise in her score would have put her in the A- tier. Wonder if it is because of her gender?

      Well, if the plunge in my score continues, reckon I don't have to worry about borrowing for a new car in the future!

    3. In addition to the "attitude", the 8:37AM commenter is also hopefully lacking in knowledge of how credit scores and reports work (hopefully, because the other possibility is willful dishonesty).

      1) Generally speaking, a lender is required to provide a credit report and a credit score to a borrower who is either denied credit or receives a worse rate because of their credit. They are also required to provide the date the credit score was generated. I assume these rules apply to SECU as they do to other lenders.

      2) is a place to get credit reports, which credit reporting agencies are required to provide to you for free. It does not provide credit scores, which can be calculated by many different companies, and which are not required to be given to you for free.

      I hope SECU does not actually have any employees that would give out such completely erroneous advice as "It’s free to check your score at all 3 credit bureaus [at]".

      Hope this helps.

  5. What makes this even worse is that the current rate by the time she made up her mind which vehicle to purchase, had gone up even more and she is paying 8%+ on her auto loan! This makes a huge difference in a payment for a 28 year old!