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NFCU recon or look elsewhere?

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Anonymous
Not applicable

NFCU recon or look elsewhere?

I recently joined NFCU so I don't have any account history with them. However, I applied for an auto loan - I just didn't read enough on the need for an established relationship. Several times the application was in pending and I'd call and they asked how I wanted to pay. I chose "pay myself" both times. Maybe I should've said "auto-pay". Regardless here are the stats below. Was it a stretch or is there a good reason to request a recon. If not,  where would be a logical next place to look?

 

Purchase price: $76000

Annual Income: $215k

DTI: ~6%
Requested amount: $89k (~$10k in negative equity on trade)

Term: 72 months

They pulled: TU not sure which one but my scores are FICO4 - 677, FICO8  - 699, FICO9 - 661

AAoA: 4yr 1 month

Other: 1 auto loan late exactly 24 months ago from when I traded for my current car and the dealer took forever to pay off previous loan. Disputes and letters couldn't get this removed. 

- Auto loan history is limited, this is only my second loan. The first one was only 2 months. So total 26 months total. 

6 REPLIES 6
rostrow416
Established Contributor

Re: NFCU recon or look elsewhere?

NFCU is known for being very generous, but they do like to build relationships first.  Most new accounts are approved for lower limits, it seems you went too big, too soon.  Open a card with them, and give it 3-6 months.  But you definitely made them skittish with the big loan request off the bat.

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Message 2 of 7
Anonymous
Not applicable

Re: NFCU recon or look elsewhere?

That makes sense. Thanks, I think I saw an offer. I'll open a card and maybe refi down the line. I'll have to go through the dealer for now. 


@rostrow416 wrote:

NFCU is known for being very generous, but they do like to build relationships first.  Most new accounts are approved for lower limits, it seems you went too big, too soon.  Open a card with them, and give it 3-6 months.  But you definitely made them skittish with the big loan request off the bat.


 

Message 3 of 7
Gladius
Frequent Contributor

Re: NFCU recon or look elsewhere?


@Anonymous wrote:

I recently joined NFCU so I don't have any account history with them. However, I applied for an auto loan - I just didn't read enough on the need for an established relationship. Several times the application was in pending and I'd call and they asked how I wanted to pay. I chose "pay myself" both times. Maybe I should've said "auto-pay". Regardless here are the stats below. Was it a stretch or is there a good reason to request a recon. If not,  where would be a logical next place to look?

 

Purchase price: $76000

Annual Income: $215k

DTI: ~6%
Requested amount: $89k (~$10k in negative equity on trade)

Term: 72 months

They pulled: TU not sure which one but my scores are FICO4 - 677, FICO8  - 699, FICO9 - 661

AAoA: 4yr 1 month

Other: 1 auto loan late exactly 24 months ago from when I traded for my current car and the dealer took forever to pay off previous loan. Disputes and letters couldn't get this removed. 

- Auto loan history is limited, this is only my second loan. The first one was only 2 months. So total 26 months total. 


May I ask what vehicle you are looking at?  Looking to finance around the same amount next year with NFCU (maybe).  I have one source of income going to a checking account and a Visa with them for a couple of years now.  I heard they use EQ Auto 9.

Message 4 of 7
Mr_Mojo_Risin
Senior Contributor

Re: NFCU recon or look elsewhere?


@Anonymous wrote:

That makes sense. Thanks, I think I saw an offer. I'll open a card and maybe refi down the line. I'll have to go through the dealer for now. 


@rostrow416 wrote:

NFCU is known for being very generous, but they do like to build relationships first.  Most new accounts are approved for lower limits, it seems you went too big, too soon.  Open a card with them, and give it 3-6 months.  But you definitely made them skittish with the big loan request off the bat.


 


@rostrow416   Has it right. I waited 5 months before apping for an auto loan, They were really easy to work with.

Just try to build a little history with them and skies the limit!

NFCU More Rewards 28K CL
NFCU Cash Rewards 16K CL
Citi Custom Cash 7.5K CL
AODFCU Visa Sig 5K CL
Discover IT 2.5K CL
Capital One QS 3600 CL
Message 5 of 7
Mr_Mojo_Risin
Senior Contributor

Re: NFCU recon or look elsewhere?


@Gladius wrote:

@Anonymous wrote:

I recently joined NFCU so I don't have any account history with them. However, I applied for an auto loan - I just didn't read enough on the need for an established relationship. Several times the application was in pending and I'd call and they asked how I wanted to pay. I chose "pay myself" both times. Maybe I should've said "auto-pay". Regardless here are the stats below. Was it a stretch or is there a good reason to request a recon. If not,  where would be a logical next place to look?

 

Purchase price: $76000

Annual Income: $215k

DTI: ~6%
Requested amount: $89k (~$10k in negative equity on trade)

Term: 72 months

They pulled: TU not sure which one but my scores are FICO4 - 677, FICO8  - 699, FICO9 - 661

AAoA: 4yr 1 month

Other: 1 auto loan late exactly 24 months ago from when I traded for my current car and the dealer took forever to pay off previous loan. Disputes and letters couldn't get this removed. 

- Auto loan history is limited, this is only my second loan. The first one was only 2 months. So total 26 months total. 


May I ask what vehicle you are looking at?  Looking to finance around the same amount next year with NFCU (maybe).  I have one source of income going to a checking account and a Visa with them for a couple of years now.  I heard they use EQ Auto 9.


I thought they were gonna pull EQ 9 as well. For me it it turned out to be EQ 5! 

NFCU More Rewards 28K CL
NFCU Cash Rewards 16K CL
Citi Custom Cash 7.5K CL
AODFCU Visa Sig 5K CL
Discover IT 2.5K CL
Capital One QS 3600 CL
Message 6 of 7
Anonymous
Not applicable

Re: NFCU recon or look elsewhere?


@Gladius wrote:

@Anonymous wrote:

I recently joined NFCU so I don't have any account history with them. However, I applied for an auto loan - I just didn't read enough on the need for an established relationship. Several times the application was in pending and I'd call and they asked how I wanted to pay. I chose "pay myself" both times. Maybe I should've said "auto-pay". Regardless here are the stats below. Was it a stretch or is there a good reason to request a recon. If not,  where would be a logical next place to look?

 

Purchase price: $76000

Annual Income: $215k

DTI: ~6%
Requested amount: $89k (~$10k in negative equity on trade)

Term: 72 months

They pulled: TU not sure which one but my scores are FICO4 - 677, FICO8  - 699, FICO9 - 661

AAoA: 4yr 1 month

Other: 1 auto loan late exactly 24 months ago from when I traded for my current car and the dealer took forever to pay off previous loan. Disputes and letters couldn't get this removed. 

- Auto loan history is limited, this is only my second loan. The first one was only 2 months. So total 26 months total. 


May I ask what vehicle you are looking at?  Looking to finance around the same amount next year with NFCU (maybe).  I have one source of income going to a checking account and a Visa with them for a couple of years now.  I heard they use EQ Auto 9.


BMW M5

Message 7 of 7
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