topic Re: NFCU approval ! And some perspective in Auto Loans

NFCU approval ! And some perspective

Anonymous — Wed, 21 Mar 2012 15:21:58 GMT

Just got off the phone with NFCU and was approved for 34k on a auto loan at 8.75% on a new MB. When I talked to the loan officer I asked about my four 30 day lates on my previous car loan in the last 12 months that is now paid off. I was very surprised at the answer. She said most lending institutions don't really care about 30 day latest, 60 day latest raise a eyebrow and 90 days require a explanation. She said 30 days provide a nice little income for the banks. Helped that I have a current car tradeline that has been flawless the whole time. Just a little perspective.

Re: NFCU approval ! And some perspective

pizzadude — Wed, 21 Mar 2012 16:15:20 GMT

@Anonymous wrote:
Just got off the phone with NFCU and was approved for 34k on a auto loan at 8.75% on a new MB. When I talked to the loan officer I asked about my four 30 day lates on my previous car loan in the last 12 months that is now paid off. I was very surprised at the answer. She said most lending institutions don't really care about 30 day latest, 60 day latest raise a eyebrow and 90 days require a explanation. She said 30 days provide a nice little income for the banks. Helped that I have a current car tradeline that has been flawless the whole time. Just a little perspective.

Congrats on the approval !! NFCU seems to be a bit more lenient than other banks/CUs, so I'm not sure if the same would apply with every creditor. But it's good to know where they are coming from.

Re: NFCU approval ! And some perspective

Anonymous — Wed, 21 Mar 2012 16:56:09 GMT

Also helps that they deal with mostly Military, very easy to track down and a phone call to the command ushally fixes things pretty quickly. So there is less risk

Re: NFCU approval ! And some perspective

Anonymous — Wed, 21 Mar 2012 18:27:21 GMT

Me and the dw where approved for 2.2 on a 60 month loan her tu 621 mine 695

Re: NFCU approval ! And some perspective

Anonymous — Wed, 21 Mar 2012 19:07:56 GMT

They pulled Transunion also, 652 my best score by far, was kind of suprised I thought they mostly pulled Equifax.

Re: NFCU approval ! And some perspective

MsLadyRover — Thu, 22 Mar 2012 02:22:36 GMT

@Anonymous wrote:
Just got off the phone with NFCU and was approved for 34k on a auto loan at 8.75% on a new MB. When I talked to the loan officer I asked about my four 30 day lates on my previous car loan in the last 12 months that is now paid off. I was very surprised at the answer. She said most lending institutions don't really care about 30 day latest, 60 day latest raise a eyebrow and 90 days require a explanation. She said 30 days provide a nice little income for the banks. Helped that I have a current car tradeline that has been flawless the whole time. Just a little perspective.

Congratulations on your approval. I am hoping to get an auto loan approval with them later this summer.