Re: Advice for young person (re)buildi
06-24-2009 11:55 PM
i worked as a CC specialists at navy federal credit union and i see a lot of talk on here about them and CC's I worked there for 2 yrs so i know the in and outs about there lending with all products. Iam young myself starting out with medical bill debt. i was denyed at a couple places before i started working there, but i thought i would give it a try. now just because i worked there didnt make my chances greater at gettin approved. i was 19 when nfcu gave me my car loan when i didnt have a good fico score. they have a risk based lending program. this means that our standards for Credit history is a little lower than other comapnys we have enough mney to take a chance to risk loosing money. so you have a greater chance to be approved there or anywhere that has risk based lending. Now of coarse you might get a higher interest rate at first..but once credit is established u have the right to apply for a lower rate you just gotta ask and give a couple months with nfcu they ask for atleast a year. Car loans are easier to get than personal loans or CC because its a loan held by collateral ..and anytime collateral is involved it lowers the co. risk at loosing as much money. I would suggest anyone that is tryin to bulid credit history to try at nfcu first. if denyed for a CC (and it wont hurt ur credit score too much to apply) but if denied def. go with a secured CC start out with 300-1000...whichever i can come up with and bulid ur history on paying interest on ur own money.it sucks to pay interest on ur own money but it def. favors u in the end results. Im speakin from personal experience on how my credit was improving and still is with all my lines of credit at nfcu...we have good credit card programs and no bad major catches like big raises on interest for no reason...or lower the CL due to economic reasoning...i would suggest u call nfcu to get more information...tho i could answer and write many pages about it...but i def. suggest to start out there..the highest rate is 17.9 now...unlike other that are at 20-30 some precent...