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Posts: 15
Registered: ‎03-05-2010

Double Approval Confused but Excited

So Im a military veteran with not so good credit because of the younger version me. No big deal, towards the end of my military enlistment I wanted to start fixing my credit.

I was around the mid 500s, like around 580ish or so. Military has cool programs to help you along to fix your credit to buy a house. So I was working a rep to fix my credit. She advised to lower the balance on my current open revoling account. I did and also opened a secured card to help it out. Little by little points started to accumulate and ended up around the high 590-600. Im like sweet few more months ill have enough credit for the VA home loan offer. She advised if I really wanted to speed up process to pay off my charged off acounts. I have I believe 4 charge off with balance and 1 closed with 0 balance. I said ok cool ill work on that call them and see if they can offer me a lower settlement.  Fast fowards few months emergencies started popping up here and there and that was delayed.


So then I got a new job with a significant pay increase in the same career field and type of environment. Working for the DoD and for the Navy. The pay is 83,200 salary.
Wife's car started to die and act up and did not want to invest in fixing it anymore. I explained to my wife that the I can either be ready to get a house in few months or try for a car . She said she's fine living here for another year or so because a vehicle is needed badly .
I went through Navy Federal credit Union hoping to get at least a 16-17k loan because that's what I'm used to. I was advised they use a combination of history and income rather than straight credit score . So I applied and got approved for 24k. I'm not going to use all that so that's cool. I guess my income is really the deciding factor with Navy Federal. One of my only current and 100% on time store card has a 500/2500 balance and my secured USAA secured card has been with no balance because  spend 50$ and then I pay it off . I decided to try to apply for a credit card because the calculation showed a nice increase and my secured  card helped and did its purpose . It would be nice to have a card that I can use any where.
I applied for the cashRewards because rep stated they all have the same requirement . And the cash rewards seemed nice to have never had something like that . So I was approved for 24k. I thought it was an error but I gave  all my income information and additional income information. .
Per the simulations with the car loan and credit increase it was positive all around the board. Once the loan process goes through I would like to check my credit to get a base line from where I'm starting from to aim for a house by end of year .
F8 score EQ:611  T:608  EX585

EQ bank score            Auto

v8: 616                       604

v5: 627                         621

T bank score             Auto

v8: 613                       603

v4:628                        612

EX bank score              Auto

v8: 588                           575

v3: 607                            v2: 629


Posts: 15,406
Registered: ‎10-07-2014

Re: Double Approval Confused but Excited

Thank for your service and big congrats on the car and card approvals.  NFCU is great.  I've been a member for a very long time and they are by far the best CU in my opinion.  Great job on the rebuilding and I wish you continued good luck and success with your home buying.

Valued Contributor
Posts: 1,283
Registered: ‎03-01-2016
0 Kudos

Re: Double Approval Confused but Excited

Congrats on the approval. They can be great with huge limits they throw out at times. Use the card wisely and pay whatever you put in it. That should help your scores climb on up from there
State Farm Rewards (3,000) ~ Marvel MC (5,000) ~ PenFed Power Cash (5,000) ~ PenFed Promise (6,000) ~ PenFed OLOC (500) ~ Discover ($1,000) ~ Citi DC (1,700) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (1,700) ~ NFCU CLOC (15,000) ~ QuickSilver Visa (10,300) ~ DCU Visa (5,000) ~ Chase Freedom Unlimited (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG Business (3,000) ~ Care Credit (12,000)
Current Scores (7/8/17): 673 Transunion, 616 Equifax, 651 Experian
Frequent Contributor
Posts: 469
Registered: ‎06-06-2016
0 Kudos

Re: Double Approval Confused but Excited

Congratulations and thank you for protecting our great country!

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Posts: 15
Registered: ‎03-05-2010

Re: Double Approval Confused but Excited

Thanks everyone and just to add more information because I was excited to post . I've had 2 car loans one which was paid off and another which was refinanced and only owe 7k.
Regular Contributor
Posts: 186
Registered: ‎06-18-2016

Re: Double Approval Confused but Excited

Thank you for your contribution to my family and my peaceful lives! Congratulation on your success!
Senior Contributor
Posts: 6,996
Registered: ‎06-22-2015
0 Kudos

Re: Double Approval Confused but Excited

It's very nice to hear of your learning and success, and your service to our country and families is much appreciated.


Congratulations on your progress and on your approvals! Smiley Happy

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New Member
Posts: 1
Registered: ‎02-17-2017
0 Kudos

Re: Double Approval Confused but Excited

What is the interest rate for the auto loan?

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