Bit the bullet and applied for a NFCU car loan

Anonymous · ‎06-12-2015

I bit the bullet and applied for a NFCU used car loan on 6/8. I've heard of some folks getting a loan from them with around the scores I have, and others have not. I've been checking the status online once or twice...or, ahem, 8+...times a day since then, and it's just been sitting in the Review In Process status, with no messages or mail from them.

I applied for $25k, so I'm intrigued to see what sort of response I get from them. Keeping my fingers crossed!

Rebuilding69 · ‎06-12-2015

Good luck!

I'll be watching this thread for an update since I want to get a loan from them in the next 6 months, and my scores are around yours.

Have you ever financed a car before? I haven't & it shows in my Auto Enhanced scores heh.

What car are you wanting to get?

Anonymous · ‎06-13-2015

Yes, please update when you recieve a response. NFCU loves to pull EQ, seeing as thats your lowest score, Im interested in knowing your outcome.

Nola_Bee · ‎06-13-2015

I was approved for a loan with them less than a year ago. I was approved with low scores (630-640's) for a great rate (less than 3%). At the time I had a good amount of money in their credit union. I've heard that they base approvals on more than just credit scores.

Anonymous · ‎06-13-2015

I've got the NFCU card in my sig and my business banking through them. I listed income of $130ish and haven't had any late payments on any accounts since December 2013 (I was laid off for a good portion of 2013, along with a huge student loan snafu that year, so my credit reports are terrible for 2013), so I'm hoping they will take a holistic view and approve me! :-)

I'm hoping to get a 2012-2013 Hyundai Genesis. I need a car very soon, and as much as I would love to buy the 2015 version (seriously, if I had the money, I'd buy it in a heart beat), I realize financing ~$45k in my current situation is going to be tricky, to say the least. In my area, the 2012-2013s range from $17-35k, so I figure if I can get approved, I'll be able to have my pick.

I have one previous auto loan, a $33k Kia Sorento lease from 2012 that I turned in back in as a lemon after three months, but is still showing a balance. Prior to me hopping on the rebuilding train in January and pulling my reports, I didn't know it was reporting anything and have since been fighting with Kia over that status for several months now with no end in sight. Sigh.

At this point, I just want a car to drive. I had shared my roommate's (aka my sister's) car from 2013 till April, but she got a new job 30 miles away and can no longer metro to work, so I have been renting since then. Total pain in the butt, and far more expensive than making car payments, but getting a loan in the first place is the hard part.

Creditwiser · ‎06-13-2015

Although my scores were a bit higher when I was approved, I alos have the BK7 . What I did though, and not sure if it made a difference, was to send them a PM explaining why my financial life spun out of control and ended up with the BK. I also explained that before the BK my credit reports were free of any baddies. Not only was I approved, but approved for a shocking 2.7% Good luck and please keep us posted.

lola1886 · ‎06-13-2015

We were just approved for a $25k loan through NFCU and it seemed like they used the Fico 5 EQ score only (based on the letter they sent, post-approval). For us, our Fico 8 scores are all mid-600s but the Fico 5 for EQ is around 690. This was also with a just-discharged Chapter 13.

lindel · ‎06-13-2015

You can call them. They will tell you if you are approved or not.

Fico Scores :03/12/2015 Equifax 565, Transunion 585, Experian 563
Current Fico Scores 12/15/2015 EQ 612, TU 645, EX 655
Kay Jewelers 4000/Barclays MC 1300/ Firestone1200/ Cap1 Quicksilver 2300/ NFCU nrewards secured 600/ Macys 600/ Walmart 3500/ Amazon 3500/ Cap 1 Journey 1050/ Kohls 300/ Banana Republic 3500/ Texaco 890/ BP 2000/ Jcrew 250/ Victoria Secrets 250/ Eddie Bauer 250/ Marisota 500/ SimplyBe 500/ Discount Tires 500/ Care Credit 1000/ American Eagle 150/ QVC 2000

ezdriver · ‎06-14-2015

@lindel wrote:
You can call them. They will tell you if you are approved or not.

Absolutely call them. My loan with NFCU was approved and the online status still showed "under review".

Anonymous · ‎06-19-2015

Got a denial letter. It specified a collection/charge off/public record, as well as length of employment. I have one charge off and one collection, both from the period of unpleasantness in 2013.

I sent a SM explaining my credit picture, that I'm rebuilding, and how I've had 18 months of perfect credit history. I also asked them to clearly specify what is the minimum length of employment required for approval.

The SM response just said that I need to fill out another application, resubmit, and then call in. Didn't say anything about length of employment.

So far I'm 0-2 on apps with NFCU since opening the credit card with them in March. Appd for CLOC last month and got a denial due to inability to verify income, despite me including the requested documents, and now this. Both times they told me to submit another app, but I figure they're almost certainly going to HP again, with no guarantee of approval, and I already have too many HPs as it stands.

Sigh.