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Oh I'm so Embarrassed!

Valued Contributor

Re: Oh I'm so Embarrassed!

NFCU- navy Federal Credit Union

 

USAA- USAA

 

They both are for the most part restricted membership financial institutions that serve military members and their familes.


If you have a relative/Parent that was a member they can easily in most cases sponsor you- just ask.


They offer exceptional banking services and very competitive if not dirt cheap interest rates on loans.

 

You should easily be able to get loans at better rates (except for you rmortgage) if you can get "in."

 

If not try Alliant Credit Union.

Message Edited by usmc58555 on 07-02-2009 01:09 PM
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 81 of 96
Senior Contributor

Re: Oh I'm so Embarrassed!


gettinoutofdebt wrote:

What are NFCU and USAA?


 

NFCU is the largest credit union in the US.

 

USAA is a savings and loan that offers additional financial products including insurance policies.

 

Both have membership restrictions and are primarily oriented to military personnel and their dependents. If you have a military connection they both are worth investigation.

Message 82 of 96
Senior Contributor

Re: Oh 'm so embarrassed thread / Want the 5 yr plan to get out of debt

Be careful about borrowing money against a BK protected account to pay BK'able debt. Many qualified accounts are protected from action by your creditors for unpaid debts. To the extent you borrow against these balances and take the money outside the account it is no longer protected. It is generally not a good idea to do this.
Message 83 of 96
Super Contributor

Re: Oh I'm so Embarrassed!

If you take the BofA CC deal,  they might require you not to open any more credit accounts until you are PIF.  If that is the case, I can 100% guarantee they will drop you from the program and raise the interest rates to some very large unpleasant  value.

 

If your other cards are PIF each month, I would take the deal.  I wouldnt worry about the effect on your FICO score since you wont be applying for any new loans if you take the deal.  Once the card IS PIF, you will be able to get another CC if you desire.

10/17/2017 FICO: EQ 829 TU 830 EX 826
Message 84 of 96
Super Contributor

Re: Oh I'm so Embarrassed!


gettinoutofdebt wrote:

I own a condo that's worth 269,000 on which I owe 75,000. B of A also offered me a loan reduction that would add almost 6,000, but would lower the interest rate to 4.75 from the current 7.76%


OT but the government's  loan/interest rate reduction is a scam.  I had a Freddie Mac loan managed through National City @ 7.25 (I was subprime 5 years ago) fixed for 30 years.  They gave me the same type of offer to reduce to a 15 year loan at 5.1% and I had to pay PMI and all those "refi" fees.

 

I went to RBFCU and got a 5 year fixed loan @ 4.0%, under 1k closing costs and no PMI and no government help.  Just closed yesterday.

Message Edited by marty56 on 07-02-2009 06:24 PM
10/17/2017 FICO: EQ 829 TU 830 EX 826
Message 85 of 96
Member

Re: Oh I'm so Embarrassed!

Try to apply to USAA. I believe thatt they are now opening up their membership and they have great loans and rates. It is the best since they service mostly the military. Good luck.
Message 86 of 96
Member

Re: Oh I'm so Embarrassed!

I work for mbna now BoA. Do not take the reduced rate. Take a heloc on ur condo and pay off ur credit cards. Whoever said ur fico is just a number is wrong. You risk getting all ur cards closed if you do this. The whole reason there is a FICO is so the banks can comunicate with each other. If the othe CCs see what you've done and they will. You will prob have ur cards closed even though u pay them off in full every month. It sounds good but unless you want to have no cc don't do it. This is exactly the kind of stuff we're trained in that's y the rep was probably stressing to u that it would show on ur credit report that u closed them which scares all the banks. Do not do it. It is financial sucside
Message 87 of 96
Super Contributor

Re: Oh I'm so Embarrassed!


risingscore wrote:
I work for mbna now BoA. Do not take the reduced rate. Take a heloc on ur condo and pay off ur credit cards. Whoever said ur fico is just a number is wrong. You risk getting all ur cards closed if you do this. The whole reason there is a FICO is so the banks can comunicate with each other. If the othe CCs see what you've done and they will. You will prob have ur cards closed even though u pay them off in full every month. It sounds good but unless you want to have no cc don't do it. This is exactly the kind of stuff we're trained in that's y the rep was probably stressing to u that it would show on ur credit report that u closed them which scares all the banks. Do not do it. It is financial sucside

Never a good idea to use secured assets to pay unsecured debt.  Many people here who are CC debt free haven't seen AA across the board on all of their CC accounts and some (like me) havent seen any.  There will always be an option for a CC card.  CUs are still lending.

10/17/2017 FICO: EQ 829 TU 830 EX 826
Message 88 of 96

Re: Oh I'm so Embarrassed!

Just out of curosity, what does AA mean?   "seen AA across the board on all of their CC "
Message 89 of 96

Re: Oh I'm so Embarrassed!

Thanks. I've got a nephew who is a Naval officer. I'll ask my brother about that possibility.
Message 90 of 96