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Established Member
WallowinginVA
Posts: 16
Registered: ‎12-05-2008

Approved refi with NFCU

My initial loan was with CapOne back in 2010 with a rate of (drum roll pls!!) 17.49%, yes I know, but had a plan of refinancing once my scores are up and hopefully get better rate. So today, I applied for a refi with NFCU for a total loan of $19K (plus or minus some change) and with a 4.99% rate for 36 months. My monthly goes up by $58 but I figured, I dont have the extra $20K in interest such as with Cap One! Is that pretty good? I mean, I am happy that I got the loan cut in half! Hindsight is indeed 20/20, but I should be breathing easier knowing that my loan is only $19K vs almost $40K! NFCU has been good to me!

Established Member
WallowinginVA
Posts: 16
Registered: ‎12-05-2008

Re: Approved refi with NFCU

 
Moderator
pizzadude
Posts: 8,712
Registered: ‎01-28-2010

Re: Approved refi with NFCU


WallowinginVA wrote:

My initial loan was with CapOne back in 2010 with a rate of (drum roll pls!!) 17.49%, yes I know, but had a plan of refinancing once my scores are up and hopefully get better rate. So today, I applied for a refi with NFCU for a total loan of $19K (plus or minus some change) and with a 4.99% rate for 36 months. My monthly goes up by $58 but I figured, I dont have the extra $20K in interest such as with Cap One! Is that pretty good? I mean, I am happy that I got the loan cut in half! Hindsight is indeed 20/20, but I should be breathing easier knowing that my loan is only $19K vs almost $40K! NFCU has been good to me!


Congrats, thats a great rate ~ NFCU is fantastic !   Did they pull EQ or TU for your approval ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
coreyb80
Posts: 106
Registered: ‎07-26-2012

Re: Approved refi with NFCU

Congrats are definitely in order and that's a great rate indeed.

Established Member
WallowinginVA
Posts: 16
Registered: ‎12-05-2008

Re: Approved refi with NFCU

They pulled EQ. I am so excited - I just have to brace myself as I am sure I will take a hit on my score once they posts this new acct. I am glad I thought of doing it now rather than waiting later in the year.

Contributor
jwills1218
Posts: 76
Registered: ‎08-08-2012

Re: Approved refi with NFCU

Thats awesome, congrats! :smileyhappy:

Started 8/1/12
Exp: 612, TU: 610 EQ: 610

10/10/12: Exp 630 (credit pull from car dealer)
10/7/12 Equifax: 661 (from here)
10/7/12 TU 673 (from here)

1/31/12 Goal: 700

Moderator
pizzadude
Posts: 8,712
Registered: ‎01-28-2010

Re: Approved refi with NFCU

[ Edited ]

WallowinginVA wrote:

They pulled EQ. I am so excited - I just have to brace myself as I am sure I will take a hit on my score once they posts this new acct. I am glad I thought of doing it now rather than waiting later in the year.


I wouldn't worry too much about it ~ I'd gladly trade a slight drop in AAoA for saving thousands of dollars in interest payments :smileyhappy:

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012

Re: Approved refi with NFCU

I'm also looking to refi a Cap1 loan for 2010 that is at 17.1%.  Do you need to be a member of the military to be a member of this CU or like some others, just pay a small fee to benefit the service members and be good to go?

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
Moderator
pizzadude
Posts: 8,712
Registered: ‎01-28-2010

Re: Approved refi with NFCU

 

NFCU is open to military, families, and a small number of others who have DoD or contractor connections.   Check their website for details:  

 

https://www.navyfederal.org/about/eligibility-checklist.php

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
SFarrow11
Posts: 19
Registered: ‎08-09-2011

Re: Approved refi with NFCU

Congrats!  I am looking to use them to finance an auto next month.  I am not member yet, but I am eligible for membership.  When you joined, did they do a hard pull?  If so I will wait until I am ready to finance.  Thanks.


Starting Score: 589 9/1/09
Current Score: 804 8/15/12
Goal Score: 775


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