Need help with best option for refi’s & cc app with NFCU

[Anonymous]

(I moved this from the General Credit Topics forum, seemed like the wrong place for this.)

I’m a new NFCU member with checking/savings only at this point. I have two auto loans I want to refi with NFCU. I also would like to app for their cash rewards Visa card. I spoke with NFCU about the refi’s LTV and both cars are good there. I’m waiting for one card to report $0 balance  (on 7/6) which will put me at 7% util from 14%, which should raise my scores. Does the order make a difference here, refi/cc, cc/refi, all three at the same time?

My relevant DPs: Fico 8: EQ 630, TU 626, EX 666

DTI: 22% ish (I’m including insurance/utilities here, so bank will probably show DTI lower?)

Several late baddies, none since 12/18

No collections, no BK

Income: $216K

C1 QS: CL $1350

C1 QS1: CL $1000

Premier MC: CL $700

Also, any opinion on odds of NFCU approving refi’s based on above would be welcome. Thanks!

[Anonymous]

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@Anonymous wrote:

(I moved this from the General Credit Topics forum, seemed like the wrong place for this.)

I’m a new NFCU member with checking/savings only at this point. I have two auto loans I want to refi with NFCU. I also would like to app for their cash rewards Visa card. I spoke with NFCU about the refi’s LTV and both cars are good there. I’m waiting for one card to report $0 balance  (on 7/6) which will put me at 7% util from 14%, which should raise my scores. Does the order make a difference here, refi/cc, cc/refi, all three at the same time?

My relevant DPs: Fico 8: EQ 630, TU 626, EX 666

DTI: 22% ish (I’m including insurance/utilities here, so bank will probably show DTI lower?)

Several late baddies, none since 12/18

No collections, no BK

Income: $216K

C1 QS: CL $1350

C1 QS1: CL $1000

Premier MC: CL $700

Also, any opinion on odds of NFCU approving refi’s based on above would be welcome. Thanks!

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The order won't really matter but I would prioritze the refi first because that is the biggest win.  Doubt it would make a difference but if you have to pick one that is what I would do.   I would also consider the checking line of credit, interest rates are reasonable and its nice to have access to flexible line of credit should something unexpected happen, the CLOC doesn't count against utlization so in some cases it might be better than a credit card.  I have a 15k CLOC and it is nice to have available just in case.  I would do it all in the same day or two personally.  I don't think you will have any issues getting approved but don't get frustrated if you get a lower limit on your card.  Some see these crazy high limits get reported here and when they get less they are frustrated.  Everyone's profile is different, Navy always rewards patience and good management of your credit.

Let us know how it all goes.

[Anonymous]

Thanks for the advice workingfor850. I wasn’t even considering the CLOC, but you make an excellent point, in some ways it can be better than a CC in certain cases. I plan to do both refi’s at the same time and now maybe the CLOC also! I will definitely update with my results. Thanks.

[Anonymous]

Apps Update:

I applied for the two refi’s today with NFCU and they both got approved!

Car 1: 14.14% -> 9.19%, 70 months -> 60 months, saving $110 per month, saving thousands on interest

Car 2: 11.85% -> 9.19%, 50 months -> 48 months, monthly payment about the same, saving $2Kish on interest

CLOC app was declined, I’ll wait for denial letter and maybe try to recon this?

I applied for the Go Rewards card, was told under review, csr said probably because I applied for those two refi’s so it goes to manual review. At least it wasn’t declined immediately, so fingers crossed!

[Anonymous]

Update:

I got approved for the Go Rewards card, $1K SL. Obviously was hoping for a higher SL, but I’m going to take the advice of other posters and use this card and PIF, and hopefully my second card and CLI for the GR card will be worth the wait!

I got an initial text that said my app was in review, then I got an email the next day asking for POI, sent that info yesterday and approved today. So total of 3 days from app to approval.