@nitrov wrote:
@MadTechnologist wrote:
@nitrov wrote:
@MadTechnologist wrote:
@nitrov wrote:
What are your long term credit plans, next 1-5 years? Mortgage? Auto loan? I would be very careful about how many personal loans you take and for how much. Lenders see them as higher risk, as I've mentioned before. Same goes if you start a business and seek a business loan. A commercial lender WILL NOT be happy with seeing unsecured personal loans on your credit. If you don't have the startup capital, you should definitely consider whether or not it's a good idea to try and get into it since you're already in the high utilization boat.
I'd say app wisely for anything requiring a HP. I wouldn't bother with Cap One because it's low approval odds, an HP, and even if approved it'll be low. Once you get Cap One you're stuck at low CLs for a while. Wait until you have better scores for them. I would say wait for NASA too, but that's your call. I don't think you need to go that crazy, personally. You're talking full blown spree, not mini spree@Anonymous for your input Nitrov. Honestly, as great as a house sounds I don't plan on mortgaging 1 anytime soon. As for auto loans, I would like another car, but I'm trying to avoid getting another 1 at the very least until I pay of my current 1, which I just refied with NFCU for 5 years @ 14.9% or something like that. As bad as that rate it, it's a lot better than my old rate. As for the personal loans, I wasn't really planning to get as many as I could. I would try 1, 2 apps tops, to try to get the 10K. I know that chase loan in default isn't doing me any favors, although it's so old it's not hurting my score tremendously, but I know it still doesn't look good and the loan could potentially get them to PFD it. Oddly enough I prequalified for Cap 1 QS and Platinum, which I was encouraged by since I've done it before and it would tell me it couldn't find anything for me. But if you think the odds are low and almost as important that the CLs will be rather low, it might be best to avoid them then. So, if thats the case I could redo my list as such:
1. NASA CU rewards/cash CC (Potential SP)
2. NASA Personal Loan (Potential SP)
3. Barclay CLI (HP)
4. Navy CLI (Potential SP)
5. Christian Financial CLI (HP)
6. Amazon Store CC CLI (Potential SP)
7. Genisys Personal Loan (don't have any credit with them at all and if can't get NASA loan or too small) (HP)
8. Christian Financial Personal Loan (if Genisys loan amount is too small and I know they use the same CR)
I would also only app for the 7/8 if I couldn't get the 10K and if all the SPs came through, I would only have 3 HPs.
Sorry for the delayed response! I would hold off on the personal loan and ABSOLUTELY POSITIVELY ask NFCU to refi your auto loan. How long have you had it? 15% is insane. My boyfriend had 640-ish credit and just got an NFCU auto loan at less than 6% APR. I would refi the car and then look at personal loans if you still need them 6 months down the road...save yourself the HPs and buy yourself a new car after your score is closer to 700. If you play your cards right I really think that could be sooner than you think.
Thanks for the help Nitrov, less than 6% APR would be awesome! My only concern is that I literally JUST refied back in March of this year. So could I refi this soon, especially with them. My loan was from Credit Acceptance initially back in Oct 2012, then in March I refied with NFCU, so can I ask NFCU to refi again, and so soon?
Lastly, do you think it would be a bad idea to even get a personal loan to PIF my NavChek which is currently 5K? I don't want to beat a dead horse to death or make it seem like I'm just obsessed with getting a personal loan, but my thinking is getting a loan for 5K to pay off my maxed out NavChek would look better than having a maxed out NavChek on my CR. But, if you think it's best not to have 1 at all, even if only the 5K then I defer to your wisdom and won't get any at all.
And as always, thanks for the help and advice. I KNOW were it not for this forum, I would'nt have made it nearly this far this fast. I still remember working my way up to 600 after my BK, and now I'm somewhere around 650! I love it and can't wait to see my CSs rise even higher!!!
When was the last HP NFCU pulled? You may be able to at least ask them what APR you may qualify with based on your last HP. If they tell you it's too soon to refi or that it otherwise wouldn't be different if you did, then you know your answer. There's no rule for how often you can refinance a loan, but most people don't do it frequently if there are costs associated with it. In the case of an auto loan, there really aren't except minimal doc stamp fees. I would try asking them about it or maybe ask if they can share some example rates or rate tiers with you and see what happens. It can't hurt. If you're doing the app spree anyway and the conversation with them goes well, IMHO you're better off taking a HP to save yourself on a 5 year auto loan than a credit card.
If you are fixated on a personal loan from a cost savings perspective, just make sure you research what diff credit scores translate into when it comes to their APRs, as well as making sure there are no prepayment penalties, or fees otherwise. A lot of smaller personal loan companies make money charging origination fees, so just be mindful of that. I just personally think based on your credit profile that in a few months you could app for a new CC with an intro BT 0% APR offer and you won't even need a personal loan. USAA could be one of those perhaps, and in the meantime you could work through a PFD with Chase if there's a chance of that happening and get anything else cleaned up that you can.
My last HP from NFCU was 4/24/14, which I believe was for my NavChek CLI. However, my CS was probably in the 620s then and literally just today it jumped from 634 to 646, and a lot of my accounts are also reporting correctly on my CR. That is an interesting idea about the CC with a 0% APR. My only concern is, do you think as long as the CCs I have don't post a balance more than 30% UTI, my CS won't be negatively affected? And, if that's the case, should I just wait on my app spree then? Also, which CC did you think I might have a shot at getting that would be big enough to cover that and have the 0% APR for a decent amount of time?
Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)I just sent a secured message to NFCU asking about refi on my auto loan, which is actually 12.49%, sorry for the mix up, but that's still high. Here is what they sent me back
"Navy Federal Credit Union does not refinance existing loans for the purpose of lowering the interest rate. Under normal circumstances, vehicle loans are fixed and can not be refinanced. However exceptions to this policy are: 1) if you are trying to qualify for the purchase of a home; 2) you are experiencing financial difficulties; 3) you are borrowing additional money and combine it with the vehicle loan at the tangible collateral rate forfeiting the vehicle rate assigned at the time of initial purchase; or 4) you opened a vehicle loan within the past 60 days and made a pay down of at least $2500. The vehicle can be refinanced for a lower payment indicative of the lower balance. If you feel that you qualify and want to apply, please visit your nearest Navy Federal Member Service Center or contact the Consumer Lending Department toll-free at 1-888-842-NFCU(6328). "
Here is exactly what I sent them "Hello, I want to know how soon I can ask for an APR reduction on my auto loan? Furthermore, would I have to refinance it in order to reduce the APR?" Not sure if I worded it wrong or if I should've called in or not, but that's what I got. Do you think this sounds like a better spree to go on in a couple weeks?:
1. NASA CU rewards CC (Potential SP)
2. Barclay CLI (HP)
3. Navy CLI (Potential SP)
4. Christian Financial CLI/Auto Loan Refi (HP)
5. Amazon Store CC CLI (Potential SP)
In this scenario, I'll be getting 2 HPs and I should be able to use the HP from the CFCU for both apps. I know they said they used the same app for a CLI and personal loan before, as long as their within 30 days of the HP. Let me know what you guys think.
@MadTechnologist wrote:
@ssondubs wrote:
@Creditaddict wrote:
@TheGardner wrote:
You may have a CLI waiting on the Flagship too if you got it before Sep 02. If you don't mind the risk of a HP.. It may match your CashRewards card+1 they usually match CL's on the cards when you can do cli's
I pulled the trigger and got the "under review" message. No instant counterI am assuming this is going to be an HP which I am OK with...will keep you updated.
Please do, we're all rooting for you. It's always good to hear about good news from people.
So as of today no HP and no CLI yet...is there a way to check the status?
@ CA - should I send 2 recent paystubs via SM to show my updated income??
Ok so is this a constant truth ANYTHING and ALWAYS above 25k = HP + Manual Review?
If i'm at 24k, and don't want a HP, do I then just ask for $24,999? 