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New Member
Posts: 2
Registered: ‎01-30-2013
0

Navy Federal = best decision I've made!

Long story short: I'm military, have horrible credit history due to wreckless spending and credit inquiry sprees. Recently my wife and I decided to trade in our jeep patriot. we had originally traded in a nissan armada and rolled over about 6k in neg. equity. to get the jeep. ended up rolling over 9k in neg. from the jeep to the new loan (2013 F150 XLT).

 

we first looked at a Chevy Sonic for 18.5k but couldn't get approved without $6000 downpayment due to the bank not wanting to finance more than 120% of the new purchase cost. that was when our salesman suggested a truck that had crazy amounts of rebates and discounts for military personnel that would basically eat up most of the negative equity.

 

told the salesman what we wanted to keep our payments at and he ran some numbers and got us within $40 of where we wanted. We ended up not going with that dealer but instead went to another dealership with quotes and explained our situation and they said that they could do even better with rebates and discounts to make our negative equity pretty much disappear to help us get out of the equity situation altogether. we ended up saying ok and they ran our credit and we were approved for a $40k loan with 6.5% interest rate through Navy Federal! (i know 6.5 is still really high but believe it or not it's one of the lowest rates we've ever had on an auto loan and it's almost double the financed amount of any other auto loan we've had)

 

So needless to say Navy Federal came through for us in the auto loan dept.

 

THEN....

 

We decided to apply for a credit card (goRewards Visa with my wife as an authorized user and not a co applicant) for balance transfer purposes because we had heard about their decent interest rates and amounts which meant we could transfer the balances and close our outrageously high rate cards.

 

BAM, approved. Highest interest rate i think they have at prime plus 13.74% but it's still our lowest interest rate card and one of our highest limit. Limit of $4500 Smiley Happy

 

Also applied for the OD Line of Credit in case of emergencies and approved.

 

Navy Federal is definitely going to keep my business for years to come!

 

 

Established Contributor
Posts: 569
Registered: ‎09-10-2012
0

Re: Navy Federal = best decision I've made!

Congrats, nice limit to start with

Amex Platinum (NPSL) | Amex BizGold (NPSL) | Amex BCE (33,400) | Chase Sapphire Preferred (24,800) | Discover IT (18,200) | CapOne (10,000) | Chase Ink (9,000) | Citi DCB (8,500) | Chase Freedom (6,300) | US Bank Business Edge (5,000) | Walmart | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)

FICO (TU/EX/EQ): 743/751/742

Highlighted
Frequent Contributor
Posts: 455
Registered: ‎01-04-2012
0

Re: Navy Federal = best decision I've made!

Congrats to you big timeSmiley Happy Welcome to the forum and welcome to the nfcu family

New Member
Posts: 2
Registered: ‎01-30-2013
0

Re: Navy Federal = best decision I've made!

Thanks to both of you! Very excited that NFCU seems to be so good to their customers
Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
0

Re: Navy Federal = best decision I've made!

That's great, Congrats! Smiley Happy

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Navy Federal = best decision I've made!

Congrats!!! Nfcu seems to be amazing w this stuff!!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Regular Contributor
Posts: 170
Registered: ‎06-24-2011
0

Re: Navy Federal = best decision I've made!

Congrats!! So jealous of NFCU members! Both my parents were honorably discharged so i dont qualify...Smiley Sad

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$500 NFCU-$12500 Walmart-$800 BestBuy $1000 Navcheck 3000



2-4-14 Gardening
Regular Contributor
Posts: 177
Registered: ‎06-03-2009
0

Re: Navy Federal = best decision I've made!

Cool ! - Keep those cards working and 'never be late' - don't temp your limits and Navy will have you with 5 figure limits in no time!

 

Congrats!

________________________________________________________________________________________________
I’ve found that I can "charge" WHATEVER I want…. Just not all at THE SAME TIME!*Last CC App 07/2010*
Member
Posts: 6
Registered: ‎11-10-2012
0

Re: Navy Federal = best decision I've made!

First of all from one fellow bro in arms to another , Thank you for what have done and continue to. Also as with the other comments, congrats and welcome to NFCU family
New Contributor
Posts: 64
Registered: ‎05-21-2012
0

Re: Navy Federal = best decision I've made!

mrslane713 wrote:

Long story short: I'm military, have horrible credit history due to wreckless spending and credit inquiry sprees. Recently my wife and I decided to trade in our jeep patriot. we had originally traded in a nissan armada and rolled over about 6k in neg. equity. to get the jeep. ended up rolling over 9k in neg. from the jeep to the new loan (2013 F150 XLT).

 

we first looked at a Chevy Sonic for 18.5k but couldn't get approved without $6000 downpayment due to the bank not wanting to finance more than 120% of the new purchase cost. that was when our salesman suggested a truck that had crazy amounts of rebates and discounts for military personnel that would basically eat up most of the negative equity.

 

told the salesman what we wanted to keep our payments at and he ran some numbers and got us within $40 of where we wanted. We ended up not going with that dealer but instead went to another dealership with quotes and explained our situation and they said that they could do even better with rebates and discounts to make our negative equity pretty much disappear to help us get out of the equity situation altogether. we ended up saying ok and they ran our credit and we were approved for a $40k loan with 6.5% interest rate through Navy Federal! (i know 6.5 is still really high but believe it or not it's one of the lowest rates we've ever had on an auto loan and it's almost double the financed amount of any other auto loan we've had)

 

So needless to say Navy Federal came through for us in the auto loan dept.

 

THEN....

 

We decided to apply for a credit card (goRewards Visa with my wife as an authorized user and not a co applicant) for balance transfer purposes because we had heard about their decent interest rates and amounts which meant we could transfer the balances and close our outrageously high rate cards.

 

BAM, approved. Highest interest rate i think they have at prime plus 13.74% but it's still our lowest interest rate card and one of our highest limit. Limit of $4500 Smiley Happy

 

Also applied for the OD Line of Credit in case of emergencies and approved.

 

Navy Federal is definitely going to keep my business for years to come!

 

 


@MRSlane713

If I may ask, what was your credit score at the time of approval?

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