Finally able to get in NFCU, but should I wait or what am I likely to be approved for now?

[Anonymous]

Here’s my situation: EQ 639; TU 648; EX: 621. Have Amex BCE $1K; WF Platinum Secured $10K; Discover It $2k; Cap1 Platinum: $1k

Reported income of $120,000 from my small business ($10,000 per month)

My husband just joined NFCU through his father (military pension).  So I now have a way into nfcu….

I was denied two days ago for a $7,500 personal loan… they said

Key factors that adversely affected your credit score:

• Length of time accounts have been established

• Ratio of balance to limit on bank revolving or other rev accounts too high

• Lack of recent installment loan information

• Too many inquiries last 12 months

I then applied for another personal loan at $5,000.00 and was initially approved but when it went to underwriting they wanted two (2) years of tax returns…which I do not have.  I just write myself a check every month for $10,000.00, but my tax returns will show losses due to initial investment, buildout, etc..

I am trying to use the money to expand my business.

Now that I have a guaranteed way in to NFCU. I was wondering if I should wait to apply. My goal is to use the NavCheck line (hopefully $15K) as a loan to my business. And also hoping that high starting limits will check my utilization rate down. I just paid $3,000 of my credit cards but they wont report until mid-June. Credit simulator is showing my credit scores will bump up ~+25 points. Should I wait?

In any case, what nfcu cards/products will be best for my situation. Thanks

[fltireguy]

Well, remember one thing with navy. Their credit card loan department operates completely independently from their other loan products. So, you very well may be approved for a credit card, and denied for the personal loan. That would not surprise me.

[Anonymous]

CC normally pull TU, CLOC and other loan products pull EQ typically.
You might have odds waiting to see what kind of bump you get from paying down cards

[Anonymous]

;WF Platinum Secured $10K;

😁😃<____!!!!!!!!NOIIICE!!!!!!!____>😃😁


I wish I did the same I only put 5K😏lol...wells if it was me I'd go for it....NFCU is a great CU if anything just start a relationship feel em out with a Sav/checking then go from there...GOOD LUCK WITH THE BIZ...tighten that ship and really believe in what you are doing.