topic Re: NFCU Auto Refi Approval in Auto Loans

NFCU Auto Refi Approval

A1Credit — Tue, 15 Aug 2017 21:27:04 GMT

Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?

Re: NFCU Auto Refi Approval

Anonymous — Tue, 15 Aug 2017 23:19:26 GMT

I did app for auto refi today. I am a recent new member, as of a week ago. From my alerts today it seems like they pulled TU. I'm in NY.

I'm currently sitting at review in process status on the app.

Re: NFCU Auto Refi Approval

A1Credit — Wed, 16 Aug 2017 00:54:54 GMT

Thanks for the info. I'm in the south so I'm not sure if it will be TU for me. Is it the auto fico score?

Good luck on your refinance although I'm sure you won't need it.

Re: NFCU Auto Refi Approval

Anonymous — Thu, 17 Aug 2017 01:36:47 GMT

I did get an EQ alert as well. I just joined recently however and never got a membership pull, so i don't know if applying they did a pull for the loan and membership as to why the 2 bureau's. I am still holding with a status of Review in Process. It's just been a day so far. Heck it's not a NO at this point so still hopeful.

Re: NFCU Auto Refi Approval

A1Credit — Thu, 17 Aug 2017 13:11:44 GMT

@Anonymous wrote:
I did get an EQ alert as well. I just joined recently however and never got a membership pull, so i don't know if applying they did a pull for the loan and membership as to why the 2 bureau's. I am still holding with a status of Review in Process. It's just been a day so far. Heck it's not a NO at this point so still hopeful.

Thanks for the info. Hopefully you will hear something soon.

Re: NFCU Auto Refi Approval

Anonymous — Thu, 17 Aug 2017 16:00:43 GMT

@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?

They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.

Re: NFCU Auto Refi Approval

A1Credit — Thu, 17 Aug 2017 16:10:45 GMT

@Anonymous wrote:
@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?
They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.

Thank you! I thought I would have received more responses. Which Equifax auto score?

Re: NFCU Auto Refi Approval

Anonymous — Thu, 17 Aug 2017 16:19:12 GMT

@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?
They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.
Thank you! I thought I would have received more responses. Which Equifax auto score?

I'm not a 100% sure but if I had to venture a guess it would be the Equifax Score 5 based on 04 FICO.

Edit - Did some research and it appears that they may just use the non auto enhanced version of the Score 5

Re: NFCU Auto Refi Approval

A1Credit — Thu, 17 Aug 2017 18:15:01 GMT

@Anonymous wrote:
@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?
They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.
Thank you! I thought I would have received more responses. Which Equifax auto score?
I'm not a 100% sure but if I had to venture a guess it would be the Equifax Score 5 based on 04 FICO.

Edit - Did some research and it appears that they may just use the non auto enhanced version of the Score 5

Thanks again. So would it be the plain Equifax Score 5? Not the mortgage, car or credit card score? I get confused between them all. Let me check to see what my score is for that particular version.

Okay so my EQ Fico 5 score is 642. How do you think I would fair with NFCU? I'm trying to determine if this is all worth it.

Re: NFCU Auto Refi Approval

Anonymous — Fri, 18 Aug 2017 19:19:24 GMT

@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?
They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.
Thank you! I thought I would have received more responses. Which Equifax auto score?
I'm not a 100% sure but if I had to venture a guess it would be the Equifax Score 5 based on 04 FICO.

Edit - Did some research and it appears that they may just use the non auto enhanced version of the Score 5
Thanks again. So would it be the plain Equifax Score 5? Not the mortgage, car or credit card score? I get confused between them all. Let me check to see what my score is for that particular version.

Okay so my EQ Fico 5 score is 642. How do you think I would fair with NFCU? I'm trying to determine if this is all worth it.

Sorry for late response. Yes, if that is the case, then it would be plain Score 5, not any enhanced version. I think you'll be fine if you arent buried in the car that you're trying to refi

Re: NFCU Auto Refi Approval

A1Credit — Fri, 18 Aug 2017 20:37:47 GMT

@Anonymous wrote:
@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?
They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.
Thank you! I thought I would have received more responses. Which Equifax auto score?
I'm not a 100% sure but if I had to venture a guess it would be the Equifax Score 5 based on 04 FICO.

Edit - Did some research and it appears that they may just use the non auto enhanced version of the Score 5
Thanks again. So would it be the plain Equifax Score 5? Not the mortgage, car or credit card score? I get confused between them all. Let me check to see what my score is for that particular version.

Okay so my EQ Fico 5 score is 642. How do you think I would fair with NFCU? I'm trying to determine if this is all worth it.
Sorry for late response. Yes, if that is the case, then it would be plain Score 5, not any enhanced version. I think you'll be fine if you arent buried in the car that you're trying to refi

No I am not buried, thankfully. I owe less than it is worth. I'm going to wait for my new score next week then app. Thanks for all of your help.

Re: NFCU Auto Refi Approval

Anonymous — Sun, 20 Aug 2017 02:56:46 GMT

Hi! I was turned down for an auto refi with them so I ended up going with rate genius who landed me at elements financial fcu. My EQ fico is at 660 according to the turn down letter but I do have quite a few inquiries in the last 12 months. I also am upside down on the car. I hope you are approved !

Re: NFCU Auto Refi Approval

Anonymous — Sun, 20 Aug 2017 03:00:02 GMT

Also on the nfcu moibikenappmit says my eq is at 703 so I don't know why the letter had a much lower score.

Re: NFCU Auto Refi Approval

A1Credit — Sun, 20 Aug 2017 18:09:07 GMT

@Anonymous wrote:
Also on the nfcu moibikenappmit says my eq is at 703 so I don't know why the letter had a much lower score.

That's interesting. Did you have any other derogatories? It seems strange that they would deny solely on inquires. How many do you have?

Re: NFCU Auto Refi Approval

A1Credit — Mon, 21 Aug 2017 15:47:07 GMT

@Anonymous wrote:
@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
@Anonymous wrote:
@A1Credit wrote:
Hi all!

I did a search but could not find the specific answer so I decided to just start a thread. I am in the process of opening a membership account with NFCU and I would like to know which scoring model they use to determine approval and rate for auto refinance. I was able to determine that Equifax will most likely be pulled but I wanted to know if they use auto specific scores.

One more question, after opening when do they require proof of veteran kinship? The vet record for my family member has been requested but it is not here yet. Should I wait to apply?
They will 99% of the time pull TU for membership and then use the Equifax auto score to look at the refi application.
Thank you! I thought I would have received more responses. Which Equifax auto score?
I'm not a 100% sure but if I had to venture a guess it would be the Equifax Score 5 based on 04 FICO.

Edit - Did some research and it appears that they may just use the non auto enhanced version of the Score 5
Thanks again. So would it be the plain Equifax Score 5? Not the mortgage, car or credit card score? I get confused between them all. Let me check to see what my score is for that particular version.

Okay so my EQ Fico 5 score is 642. How do you think I would fair with NFCU? I'm trying to determine if this is all worth it.
Sorry for late response. Yes, if that is the case, then it would be plain Score 5, not any enhanced version. I think you'll be fine if you arent buried in the car that you're trying to refi

@Anonymous I have been reading the other thread about PenFed and NFCU now using Fico 9. Is that true for auto loans too or should I still expect Fico 5?