topic Re: NFCU Auto Loan Appoval - ~580 score in Auto Loans

NFCU Auto Loan Appoval - ~580 score

MochiLatte — Mon, 14 Feb 2022 19:04:09 GMT

Hi everyone!

Just wanted to let everyone know that NFCU approved me for an auto loan. My CS average is around 580. I asked for $31k; they countered for MORE @ $35100 @ 8.49% APR for 72 months.

I love Navy Fed!

Side note: I do have two credit cards I've had with them for over three years with $15k limits - never have been late but they're maxed. I also have a CLOC @ $3k. Never late.

Re: NFCU Auto Loan Appoval - ~580 score

pizzadude — Mon, 14 Feb 2022 20:38:29 GMT

Congrats on the approval !! 8.5% isn't that bad considering where your scores are now, hopefully you can refinance into a better rate before too long as your scores improve.

Re: NFCU Auto Loan Appoval - ~580 score

MochiLatte — Mon, 14 Feb 2022 21:40:57 GMT

Thanks! I traded in a car with equity. I was paying a steep 23% through another bank. So glad that's over!

Re: NFCU Auto Loan Appoval - ~580 score

pizzadude — Mon, 14 Feb 2022 22:47:03 GMT

@MochiLatte wrote:
Thanks! I traded in a car with equity. I was paying a steep 23% through another bank. So glad that's over!

Oof . Yeah you are in much better shape now I agree, keep up the rebuilding !

Re: NFCU Auto Loan Appoval - ~580 score

LakeLife — Tue, 15 Feb 2022 15:32:18 GMT

Congrats! I love NFCU for auto financing. I'd say a single digit auto loan rate with that CS is amazing!

Re: NFCU Auto Loan Appoval - ~580 score

Loquat — Thu, 17 Feb 2022 00:09:53 GMT

@MochiLatte wrote:
Hi everyone!

Just wanted to let everyone know that NFCU approved me for an auto loan. My CS average is around 580. I asked for $31k; they countered for MORE @ $35100 @ 8.49% APR for 72 months.

I love Navy Fed!

Side note: I do have two credit cards I've had with them for over three years with $15k limits - never have been late but they're maxed. I also have a CLOC @ $3k. Never late.

Congrats on your approval. Keep working hard to get that score up. NFCU is really good with approvals and more than willing most of the time to help their members.

Do you have a vehicle in mind yet?

Re: NFCU Auto Loan Appoval - ~580 score

Red1Blue — Thu, 17 Feb 2022 00:11:14 GMT

Congrats @MochiLatte for your NFCU Auto Loan Approval

Re: NFCU Auto Loan Appoval - ~580 score

MochiLatte — Thu, 17 Feb 2022 17:53:42 GMT

Yes! We got a Honda Pilot Touring with only 15k miles on it!

@Loquat wrote:
@MochiLatte wrote:
Hi everyone!

Just wanted to let everyone know that NFCU approved me for an auto loan. My CS average is around 580. I asked for $31k; they countered for MORE @ $35100 @ 8.49% APR for 72 months.

I love Navy Fed!

Side note: I do have two credit cards I've had with them for over three years with $15k limits - never have been late but they're maxed. I also have a CLOC @ $3k. Never late.
Congrats on your approval. Keep working hard to get that score up. NFCU is really good with approvals and more than willing most of the time to help their members.

Do you have a vehicle in mind yet?

Re: NFCU Auto Loan Appoval - ~580 score

MochiLatte — Thu, 17 Feb 2022 17:54:02 GMT

Thank you!!

Re: NFCU Auto Loan Appoval - ~580 score

OD1990 — Thu, 28 Apr 2022 13:03:58 GMT

Congratulations! On a side note, while NavyFed is very generous they'll cut your accounts off with a quickness if you leave cards maxed (or close to) out. It hit me unexpectedly many years back and it's usually during the assessment of accounts which will be near your renewal (exp) dates for your credit cards.

Re: NFCU Auto Loan Appoval - ~580 score

MochiLatte — Thu, 28 Apr 2022 13:08:15 GMT

Thanks for letting me know!!!

Re: NFCU Auto Loan Appoval - ~580 score

babygirl1256 — Sun, 01 May 2022 04:54:28 GMT

@OD1990 . . . Good information to know . . . thanks for posting!!!

Re: NFCU Auto Loan Appoval - ~580 score

Brian_Earl_Spilner — Sun, 01 May 2022 04:58:19 GMT

Congrats. The higher loan amount is for extras like GAP or extended warranty.

Re: NFCU Auto Loan Appoval - ~580 score

OD1990 — Sun, 01 May 2022 06:52:21 GMT

Absolutely! I certainly recommend NavyFed to people who are trigger happy with credit cards because IF made aware of their review process, it makes people more conscious of their credit card spending habits.

Re: NFCU Auto Loan Appoval - ~580 score

Eric958 — Thu, 02 Jun 2022 02:37:14 GMT

@ OD1990 Were you able to get back in with a new card?

Re: NFCU Auto Loan Appoval - ~580 score

OD1990 — Fri, 03 Jun 2022 16:54:03 GMT

NavyFed is more of relationship based bank than your credit score, Both are factors. They close the accounts before you establish a "bad" account with them. Once I paid it off and reapplied I was pleasantly surprised. New card with SL $20K. This experience is what got me into reading MyFico forums in the first place.

Re: NFCU Auto Loan Appoval - ~580 score

MrZero — Sun, 12 Jun 2022 04:25:37 GMT

Congrats! What's your income?

Re: NFCU Auto Loan Appoval - ~580 score

creditninja9000 — Wed, 19 Jul 2023 06:26:46 GMT

Out of curiousity, did you have any negative items on your report? Or just low score from utilization or low AAOA?

@MochiLatte wrote:
Hi everyone!

Just wanted to let everyone know that NFCU approved me for an auto loan. My CS average is around 580. I asked for $31k; they countered for MORE @ $35100 @ 8.49% APR for 72 months.

I love Navy Fed!

Side note: I do have two credit cards I've had with them for over three years with $15k limits - never have been late but they're maxed. I also have a CLOC @ $3k. Never late.

Re: NFCU Auto Loan Appoval - ~580 score

MochiLatte — Wed, 19 Jul 2023 11:42:18 GMT

Hey there! Yep, a bunch of negative items. I now have two auto loans with them. One for a used car, one for a new car. Total amount of the loans are about $88000 total.