topic Re: NFCU advice please :) in Rebuilding Your Credit

NFCU advice please :)

Anonymous — Sun, 04 Oct 2015 13:32:20 GMT

Hi, we are close to closing our mortgage loan and I have a very detailed and well thought out plan of some moves in going to make the day of and then garden for awhile. I want to app for a few credit cards and hubs and I need to refi our cars. He belongs to NFCU and is in the Navy as a reservist but never uses that account. From reading here, it looks like we may have a good chance of getting an auto refi approval and potentially a credit card (even a low SL is ok I plan to grow it over time).

You see myfico scores below. My husband's are much higher, maybe in the 660-680 range (I only have his mortgage scores, he doesn't have myfico). His middle mortgage score is 660. What is holding is down (he has great payment history) is the fact that he only has one credit card with a $500 limit through another credit union and its reporting a 70% UTIL right now so we are taking care of that this week to boost his score back up.

Anyway, we have two car loans. He owes about 24k at an interest rate of 8% from Ford and I owe $9k at an interest rate of 13% from capital one (yes I know, you should've seen my scores when I bought this car).

So, my question is, if we app together, what is the likelihood that we would get a credit card AND auto loans for both cars at lower rate through NFCU?

Re: NFCU advice please :)

Anonymous — Sun, 04 Oct 2015 14:01:04 GMT

Oh and thanks in advance!

Re: NFCU advice please :)

Anonymous — Mon, 05 Oct 2015 13:34:42 GMT

My husband and I just financed an auto loan through NFCU. As I had thought and the CSR confirmed, to get the best rate you should put the person with the highest scores as the primary borrower. My DH's scores were all 680+ and mine were 640+ from EQ (can't remember which version pulled) and we qualified for the lowest rates. Also, I think your chances will be good with credit cards as well (our cc are not joint, just AU). You can see ours in my signature.

Hope this helps

Re: NFCU advice please :)

Grafton88 — Mon, 05 Oct 2015 14:39:21 GMT

As I was reading your post I was imagining your sitting down with a NFCU Rep and telling your story. Everything you are doing makes good financial sense. Everything you are doing is moving in a pocitive direction.

I have been with NFCU for less than 2 years but everytime I have talked to a Rep they can quickly let me know what they can do for me. I was with another CU for 27 years. They love for you to come into the office and have conversation about your personal finance. They love to be able to help you with your financial concerns.

I wouldn't hesitate to go down to their office and have a chat. Good luck.

Re: NFCU advice please :)

lesse — Mon, 05 Oct 2015 14:47:38 GMT

i have found that with navy fed pulls vs myfico pulls the score is always about 20-40 points lower- that being said i was probably around teh same score as you when i had my car loans with them and i can tell you i am pretty low i think 4% or something ( also have a longer term) i also got a credit card with a12,500 limit and ive had that since i was in the mid to low 600's so i think your chances are pretty good good luck

Re: NFCU advice please :)

Anonymous — Mon, 05 Oct 2015 15:00:11 GMT

@lesse wrote:
i have found that with navy fed pulls vs myfico pulls the score is always about 20-40 points lower- that being said i was probably around teh same score as you when i had my car loans with them and i can tell you i am pretty low i think 4% or something ( also have a longer term) i also got a credit card with a12,500 limit and ive had that since i was in the mid to low 600's so i think your chances are pretty good good luck

I believe NFCU pulls EQ FICO 4 rather than FICO 8.

Re: NFCU advice please :)

Anonymous — Mon, 05 Oct 2015 15:22:24 GMT

Thank you everyone! I feel much better about going there now!

Re: NFCU advice please :)

Anonymous — Mon, 05 Oct 2015 19:12:23 GMT

Just remember NFCU dont play when it comes to divorce, if both them loans and cards are in his name..they will go after him, even though it maybe awarded to the spouse and language of spouse must pay for the loan..they dont care...I just took my ex and NFCU to court over a vehicle my ex didnt pay for as she was required. NGCU only changed the date of delinquncy on the loan.

So, Im stuck with that on my report for another 2 years however, they got all the money from the court that my ex had to pay...

Watch yourself..things might be good today but tomorrow maybe different..

Re: NFCU advice please :)

Anonymous — Tue, 06 Oct 2015 06:34:35 GMT

I have found NFCU to be fantastic to work with. I refinanced my car from 12.5% to 4.29% with scores in the upper 500's so I would think you won't have an issue. I don't think you will regret building a relationship with them.