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A Toast to MyFico Members-NFCU Auto Re-fi Approval

Established Contributor

A Toast to MyFico Members-NFCU Auto Re-fi Approval

GOOOOOOD MORNING MyFico Members!!! Smiley Very Happy

 

Before I begin I would like to give a special shout out to those that provided excellent advice, encouragement and support.  If I forget to mention someone, please charge it to my head and not my Heart.  Special thanks to:  @Irish80 @frogman1 @clark_d_shark @donny10 @zipperhead @bigpoppa09 @Appleman @ABCD2199 and last but not least @Medicgrrl

 

As some of you may know, I am rebuilding my credit and in the midst of that I decided that I wanted to refinance my car.  My current interest rate was around 14%. Smiley Mad

I have hit a few bumps in the road with trying to prepare my credit profile for the best refinance rate possible but unfortunately my reports were inaccurate, which resulted in my EQ score being significantly lower than the other two (that has since been resolved and my EQ score is now my highest as I have seen drops in my other scores for reasons unknown) and that is the bureau that would more than likely be pulled.

 

First I attempted to prequality with Capital One Navigator and they came back with 9%.  Great but I felt that I could do better.  So I apped with my local credit union and they came back with 8% and I was on my way to sign on the dotted line because although I had gathered all of the necessary info to join NFCU, they had yet to approve my membership and I was running out of time.  Well lo and behold, I get the email stating my membership approval this morning so I hope on the phone and submit my application (rep was very nice) and NFCU came back with 5% Smiley Very HappySmiley Very HappySmiley Very Happy  I am so happy you guys and I have many of you to thank.  

 

If you are wondering, I had plans to apply for membership and auto refinance with PenFed but with their use of the new scoring model, it seems that I would not make the cut with the recent score drops I encountered.  Maybe I will try them at a later time when my scores are better because I plan to go all the way to the top of the FICO scoring model, baby!

 

I thought about applying for a credit card with NFCU but I am worried about the drop in my TU score so I will probably lay low on that for a while and maybe apply in the next few month.  My auto refinance will keep me on a high for a little while so I will just enjoy that for now.  Also, NFCU is offering a deal where they will deposit $200 (I think I heard the rep correctly) into your account if approved for an auto refinance with them so I was able to get that.  Blessings on top of blessings!   

 

I just wanted to share my story with you guys and give closure to all of my previous threads concerning this saga.  Wishing each and everyone of you a happy Thursday! Smiley Tongue

AMEX Delta Gold 1K l Cap One QS 3.8K l NFCU Plat 3.7K l Express $500

FICO 8 Scores: EQ~691 l TU~648 l EX~635
Message 1 of 19
18 REPLIES
Moderator

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval

Congrats on the refi.  Great to hear and keep up the great rebuilding work.  I love NFCU and have been member for a very long time.  You’ll no doubt get a lot of use with them in the future.

Message 2 of 19
Established Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval

Thanks @Irish80!  Can you give any insight as to their credit card approvals?  Best cards?  I'm just trying to plan.

AMEX Delta Gold 1K l Cap One QS 3.8K l NFCU Plat 3.7K l Express $500

FICO 8 Scores: EQ~691 l TU~648 l EX~635
Message 3 of 19
Moderator

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval


A1Credit wrote:

Thanks @Irish80!  Can you give any insight as to their credit card approvals?  Best cards?  I'm just trying to plan.


Overall the cash rewards card is probably their ‘best’ but look them all over and see what fits your spending the best.

Message 4 of 19
Frequent Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval

Congrats! I attempted to get my loan through NFCU but they denied me. Which is fine cause my other bank approved me but I am hoping once some debt is paid off that NFCU will refinance me after a year or so.

As for cards, I think with NFCU the CashRewards card is great! I just did a PC change to it from their Platinum card and I’m glad that I did but I also recently got approved from their Amex card so we shall see how that one is over time.
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 648 TU 660 EX 666 - December 17'
Goal Score: EX 750 TU 750 EX 750


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Message 5 of 19
Valued Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval

I love to hear the great stories like this one! Saving 9% interest over the life of the loan is HUGE! 

Very happy for you.

Message 6 of 19
Established Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval

Thank you and I hope you are able to refinance with them later down the line.  I was very nervous while waiting to hear whether they were going to approve me or not and at what interest.  I'm so glad it was done over the phone and instant because I would have been a nervous wreck if I had to wait.  

 

Thanks for sharing your experience on the credit cards.  I make go for the cash rewards card later down the line.  I just wish they offered more than 1.5% since I already get that from Cap One but if they give me a greater CL, it would definately make it worth while.


VelosterBEAR wrote:
Congrats! I attempted to get my loan through NFCU but they denied me. Which is fine cause my other bank approved me but I am hoping once some debt is paid off that NFCU will refinance me after a year or so.

As for cards, I think with NFCU the CashRewards card is great! I just did a PC change to it from their Platinum card and I’m glad that I did but I also recently got approved from their Amex card so we shall see how that one is over time.

 

AMEX Delta Gold 1K l Cap One QS 3.8K l NFCU Plat 3.7K l Express $500

FICO 8 Scores: EQ~691 l TU~648 l EX~635
Message 7 of 19
Established Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval


Appleman wrote:

I love to hear the great stories like this one! Saving 9% interest over the life of the loan is HUGE! 

Very happy for you.


Thank you Appleman.  My only regret is that I didn't work on my rebuild to do it sooner. You live and you learn, right?  With the lower payment, I am going to continue to pay my regular amount so I can knock more off the loan total and hopefully refinance with PenFed sometime next year for an even lower interest rate. I hope to pay if off a year in a half sooner.

AMEX Delta Gold 1K l Cap One QS 3.8K l NFCU Plat 3.7K l Express $500

FICO 8 Scores: EQ~691 l TU~648 l EX~635
Message 8 of 19
Valued Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval

That is a great plan to pay it off sooner. The only thing to consider is if you have any credit card debt that you are paying a higher interest ratre on. If that is the case, push to extra payments toward the highest interest rate card.

 

One final thing to consider is if you have an emergency fund? If you do not have $1,000 available to help with life's suprises, you may want to consider funding that fund.

Message 9 of 19
Established Contributor

Re: A Toast to MyFico Members-NFCU Auto Re-fi Approval


Appleman wrote:

That is a great plan to pay it off sooner. The only thing to consider is if you have any credit card debt that you are paying a higher interest ratre on. If that is the case, push to extra payments toward the highest interest rate card.

 

One final thing to consider is if you have an emergency fund? If you do not have $1,000 available to help with life's suprises, you may want to consider funding that fund.


I have learned from here to never pay interest, if you can help it that is.  With that in mind, I have been paying my credit card bills in full each month so I don't have to worry about interest.  I would like a low interest rate card just in case I ever need to carry a balance.  I was referring to paying my card loan off early with extra payments.  I happy that I never need gap insurance since I put a hefty amount down during purchase.  I owe way less than the car is worth.  

 

Yes, I have blessed enough to have an emergency fund in multiple areas and when I have had to touch it in the past, I always make sure to put it back when able and continue to build upon it.  I have been looking for work from home jobs to maybe supplement my income and use it as savings but those are hard to come by or maybe I am not looking in the right places.

 

A little off topic...I plan to sell my home and purchase a new house in the next 3 years so I have been saving for that.  I worry though if 3 years is too far away.  What will the interest rates be by then?  Will I still be able to sell my home for as much as I can right now?  And everytime a neighbor puts their home up for sale, I get nervous and wonder what the new neighbors will be like.  My worst fear is having a neighbor from hell.  I wonder if I am waiting too long to put this plan in motion but I would really like to have my car paid off before making a move.  

AMEX Delta Gold 1K l Cap One QS 3.8K l NFCU Plat 3.7K l Express $500

FICO 8 Scores: EQ~691 l TU~648 l EX~635
Message 10 of 19