4174 Old Anson Road Abilene, TX 79601 Phone: (325) 676-8925
4692 E University Blvd, Odessa, TX 79762 Phone: (432) 363-8650
As of May 21, 2013 TxDOT Credit Union will revise the Risk Based Pricing Policy. The purpose of this lending method is to price loans depending on the risk posed by the primary applicant to the credit union. The tiered structure of risk will be directly related to the primary applicant’s credit score and four variables that will be used to add or deduct provisional points to such score. The loans will be priced as follows:
|Risk Tier||Credit Score Range||Rate||Personal||Collateral|
|A+||750 and above||Base %||$12,000||100% bottom line (not to exceed MSRP)|
|A||700 to 749||Base + 1%||$11,000||100% bottom line (not to exceed MSRP)|
|B||650 to 699||Base + 2%||$10,500||95% bottom line|
|C||600 to 649||Base + 6%||$7,500||90% bottom line|
Provisional points will be added to an applicant’s credit score for the following:
All loans will have credit score calculations recorded with each loan request (i.e. Checklist, Debt Ratio). If a member has a credit score of 599 or below, even after calculations, they cannot be granted a loan by TxDOT Credit Union loan officers, Credit Committee or Board of Directors. No exceptions will be granted.
Applicants in the C category must provide 3 current pay stubs when applying for a loan.
A primary applicant with no credit score will start with a base of 600.
Rates will be determined by the Board of Directors at each monthly board meeting.