topic Re: Looking for an LOC.... any suggestions? in Credit Cards

Looking for an LOC.... any suggestions?

Anonymous — Thu, 25 Dec 2008 16:40:13 GMT

I am looking for a small personal loan of around $3000 to get my husband's truck fixed. My Ficos have gone up, but still aren't great. Right now I'm ranging between 600-630. I have 2 unpaid collections- 1 for around $3000 with Capone and 1 for $1000 with citi. I have several CCs and 1 auto loan with perfect history. My salary is $58K and I would be able to pay it back in 18 months.

I've never apped for a LOC so I dont even know where to start. Anyone know of any good banks? Someplace that would be willing to overlook my less than perfect credit? Any ideas or advice?

Re: Looking for an LOC.... any suggestions?

Anonymous — Thu, 25 Dec 2008 16:47:39 GMT

Hi Lauren. Happy Holidays!

I definitely recommend checking out the local credit union in your area. CUs are usually more willing to work with members as opposed to banks.

Are you eligible to join NFCU? PenFed is another CU a lot of members like.

Re: Looking for an LOC.... any suggestions?

Anonymous — Thu, 25 Dec 2008 17:20:59 GMT

Thanks for your reply.

I have looked into Navy Fed because my DH is a vet. However, when I tried to do the online membership app it only gave me options for retired or active duty military, and he is neither. I guess I'll give them a call and see what they can do for us. Thanks for the suggestion!

Re: Looking for an LOC.... any suggestions?

grneydangl — Fri, 26 Dec 2008 00:40:13 GMT

Would your husband fall into the "retired" category? Maybe you should call them and explain the situation (about your husband's military status) and they would help you from there. I would agree with FretlessMayhem about checking with your local CU, that's always worked best for me. Good luck!

Re: Looking for an LOC.... any suggestions?

Anonymous — Fri, 26 Dec 2008 01:06:15 GMT

I got a sig loan from NFCU $1500 with 600 scores, you shouldnt have a problem if you can get membership. After some good history on the LOC or sig loan, you could get a nice CC there too maybe.

Re: Looking for an LOC.... any suggestions?

laz98 — Fri, 26 Dec 2008 05:23:04 GMT

@Anonymous wrote:
Thanks for your reply.

I have looked into Navy Fed because my DH is a vet. However, when I tried to do the online membership app it only gave me options for retired or active duty military, and he is neither. I guess I'll give them a call and see what they can do for us. Thanks for the suggestion!

it's my understanding that only active duty or retired are eligible. other veterans, such as myself, are not.

Re: Looking for an LOC.... any suggestions?

Anonymous — Fri, 26 Dec 2008 05:27:22 GMT

Do you have any family active in DoD?

Re: Looking for an LOC.... any suggestions?

JRInWA — Fri, 26 Dec 2008 13:42:06 GMT

Lauren - NFCU will also grant membership to military contractors, their family members, and anyone who "resides in the same household" of that military contractor. So... keep that in mind. I am a army contractor, and I was able to join. In addition, through me, my brother (who doesn't live with me) was able to join as well as my girlfriend (who does live with me).

Also, just a suggestion... I would go for a signature loan as opposed to a LOC. From my past experience dealing with CUs, it's always been easier to obtain signatures especially with lower credit scores.

HTH and GL!

Message Edited by JRInWA on 12-26-2008 05:42 AM

Re: Looking for an LOC.... any suggestions?

USC08 — Sat, 27 Dec 2008 04:27:27 GMT

What is the difference between a "signature loan" and a "LOC"?

Re: Looking for an LOC.... any suggestions?

Anonymous — Sat, 27 Dec 2008 20:46:10 GMT

@USC08 wrote:
What is the difference between a "signature loan" and a "LOC"?

A signature loan is a one time loan. A line of credit is like a credit card, except cash. You can revolve a balance and pay it back.

Re: Looking for an LOC.... any suggestions?

Anonymous — Mon, 29 Dec 2008 22:24:03 GMT

Thanks for all of the replies- no luck on NavyFed. My DH served 4 years at a time of war and we still don't qualify. I don't get it.

I've got some calls out to a couple of the local CU's in my area, but the people I've spoken to don't sound too optimistic about my approval. My average is 614 now, all I want is $3000 for 18 months. Hopefully they can overlook my credit problems 3 years ago and see my perfect payment history the last couple of years...

Re: Looking for an LOC.... any suggestions?

haulingthescoreup — Tue, 30 Dec 2008 00:02:55 GMT

You probably wouldn't qualify for a loan from them yet, but I think that your DH is eligible to join USAA, and then you can. Open up a savings account or something and let it grow. When your scores start moving up, you can start looking at their credit products:

Who is Eligible?

Membership is open to:

* Children of USAA members.
* Active-duty officers and enlisted personnel.
* National Guard and Selected Reserve officers and enlisted personnel.
* Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
* Former military personnel:
o Retired officers and enlisted personnel.
o Former officers and enlisted personnel who separated on or after 01/01/1996.
* Former USAA members who had auto or property insurance.

USAA: Become a Member / Eligibility

The part that I highlighted is new. He just has to be separated; not "retired."

You'll find that it's really worthwhile in the long run to get in with them while you can. And they sometimes change their eligibility, so I'd jump on it, if you're interested.

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:33:45 GMT

i have an off the wall question hauling regarding usaa..op sorry for the jacking of your post..i have had a usaa savings for a while and my question is, do you have to really put your savings to use to eventually to help to qualify along with credit score for a usaa credit or loan product? meaning do i need to have a large savings or account with them. the reason i ask is bc i have only about $50 in that account as i dont use it at all and didnt know if that would affect me in the long run..

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:39:54 GMT

Navy's Signature loan has a lower APR than their LOC.

Re: Looking for an LOC.... any suggestions?

haulingthescoreup — Tue, 30 Dec 2008 03:41:53 GMT

(sorry, I neglected to hit the "quote" button --this was in reply to bamagirl)

Wow, I don't know --I was with them forever (had car insurance with them long ago) but dormant, I suppose you'd say. Then I starting using them as direct deposit for my paychecks, and one day the card just popped up. (My days of happy ignorance, lol.)

But I could swear that I've read posts by members who joined and got cards the same day. The only reason I advised OP to hold off is because I think the scores need to come up some before trying for credit, and I'm afraid that they might drop the "separated" eligibility at some point.

Message Edited by haulingthescoreup on 12-29-2008 07:41 PM

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:43:50 GMT

@Anonymous wrote:
i have an off the wall question hauling regarding usaa..op sorry for the jacking of your post..i have had a usaa savings for a while and my question is, do you have to really put your savings to use to eventually to help to qualify along with credit score for a usaa credit or loan product? meaning do i need to have a large savings or account with them. the reason i ask is bc i have only about $50 in that account as i dont use it at all and didnt know if that would affect me in the long run..

You only need membership in USAA to apply for their credit cards. I do not have a savings account with USAAand only $25 in my checking. My primary checking and savings is NFCU.

Message Edited by FaircreditguyFL on 12-29-2008 07:43 PM

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:45:21 GMT

hauling--

well i wouldnt be app'ng anytime soon but i have considered switching my auto insurance to them, but i didnt know that once my scores come up some, does it matter how much i use it (more the better or does it matter) to look more favorably for me to become eligible once credit improves..

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:46:49 GMT

fair

do you have a card with usaa? or have you been offered one? i thought you had to have a chkg svgs something to be eligible for their credit products

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:52:38 GMT

I have AMEX and Mastercard

Re: Looking for an LOC.... any suggestions?

Anonymous — Tue, 30 Dec 2008 03:53:42 GMT

Only had credit cards until I made over payment. I had to open checking account to recoup the overpayment.