NFCU Refinance

[Anonymous]

Fairly new to this site so thank you for all the helpful topics.

I have been a member of NFCU for a couple years but never used any of their services. My dad originally had me sign up for a referral bonus. After reading many topics I decided to take a look at my loans. I have an auto loan with Gateway Lending. Original loan was a little above $25,000 and 75 months at 8.75%. Payoff is $22,038 with 63 months remaining. I decided to take a chance and try to refinance with NFCU. They did just approve me for a platinum visa with a SL $10,000 the other day so I wasn’t sure which way the refinance was going to go. Whole process took about 45min from start till I got an approval notice. They approved my refinance at 2.99% for 60 months! Wow! Lowest rate I have ever had.

I’m still learning about the scores but here’s what I have.

Experian :722. No baddies. 0% CC utilization. Only have $1800 available credit that’s reporting. A few late payments but they are years old.

According to CK: Transunion is 647 with 2 baddies. 1 should be dropping off soon due to age and the other I recently paid off last week.
Equifax is 670 with 1 baddie that is what I paid off last week.

Average Age of credit history is 5 years 7 months. With my oldest being almost 12 years.

Received a Care Credit card June/17. SL $800. Recently had a CLI to $1800. Just increased again to $5400.

Approved for a AMEX Preferred Blue Cash card last week. SL $4000.

Approved the other day for a NFCU Platinum card SL $10,000.

I’ve never been much of a gambler so this is where I will stop. In a couple weeks I have raised my available credit limit from $800 to $19,400, refinanced my car and paid off a collection. I’m not sure how my scores will bounce from all this but I will sit back and watch. Thanks!

[Anonymous]

Congrats you had a great week.

[Anonymous]

Hi, I know this is an old post. OP, when you said you refinance your auto loan you said it is

"2.99% for 60 months" right? How old is your vehicle and the mileage at the time if you don't mind me asking.

2.59% 36 months

3.29% 37-60 months

4.09% 61-72 months

 I spoke with a representative few months back, I was told that since my truck was purchased new on May 2017 with mileage of 9500 (Feb, 2018) it is considered a late model for refinance. I am looking at their page but they only offer for late model rate below. Congrats! You really getting a good rate for refinance of 2.99% which is not an easy feat. 

How much hard pull you are getting for both Credit Card application and the auto loan? 

Thanks.

[Anonymous]

Yes it was 2.99% for 60 months. If I can remember without pulling out my paperwork I think I was right under 25,000 miles at the time? Can’t quite remember. I’m at 32,000 now. It was refinanced as a late model because of the mileage. I drive 70 miles a day and then some so I had put on quite a bit of miles. I did get a hard pull for the loan and another one for the credit card. However a month ago I applied for the NavCheck and was approved. They used my original pull from my auto loan application so I did not receive another hard pull. Hope this is helpful.

[Anonymous]

Thanks, I appreciate that for the reply. That's really a nice APR that you have . I spoke with a rep early and yes I was told that depends on which department, once that department doing a hard pull the subsequent loan under the same department would be soft pull. If you apply from a different department they have to do another hard pull since they are looking at different scores. For obvious example, mortgage vs auto loan.  

I was told that if I get 60 months loan, I could get 3.29% but if I get 72 months it would be 4.09% just like the auto loan simulator says. Anyway, if I get the 72 months I will simply pay a around $40 more so that the interest charge at the end of lst payment would be the same as 3.29% but at least I have the flexibility to pay less if I chose to.