Official NFCU CLI Guide

[Creditaddict]

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@nitrov wrote:
Simple interest loans...all front load, in that, interest is paid early in the life of the loan and most of the principal is paid toward the end. Research amortization schedules and you'll see what I'm talking about. Prosper advertises on their site 6-35%, consumer research shows 80% of their approvals are over 15%. I'm sure it's great for some people, but I would never recommend it for MadTechnologist, nor most people. My 48 month example was just that, an example, as a median of their common 36-60 month structure. I'm not making opinions on them, just stating facts that pertain to their general lending practices, and credit in general.

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all loans are simple interest if they are good... same as a credit card if you pay it over 48 months!

If someone can pay a credit card off in under 2 years than sure don't put that into a loan that you pay upfront for... but if you need 3+ years to pay it off and your credit cards are over 18% and you can get approved for under 18% on a loan then HECK YES TAKE THE LOAN... and the up side to Prosper and Lending Club is they are sp to check your rate and see if approved... then if approved, double check the rate to navy and usaa for personal loans too... navy offered my partner 18% and propser offered him 12 and navy was only giving him like $12k vs prosper $35k!

[BarryNTexas]

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@Creditaddict wrote:

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@nitrov wrote:
Simple interest loans...all front load, in that, interest is paid early in the life of the loan and most of the principal is paid toward the end. Research amortization schedules and you'll see what I'm talking about. Prosper advertises on their site 6-35%, consumer research shows 80% of their approvals are over 15%. I'm sure it's great for some people, but I would never recommend it for MadTechnologist, nor most people. My 48 month example was just that, an example, as a median of their common 36-60 month structure. I'm not making opinions on them, just stating facts that pertain to their general lending practices, and credit in general.

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all loans are simple interest if they are good... same as a credit card if you pay it over 48 months!

If someone can pay a credit card off in under 2 years than sure don't put that into a loan that you pay upfront for... but if you need 3+ years to pay it off and your credit cards are over 18% and you can get approved for under 18% on a loan then HECK YES TAKE THE LOAN... and the up side to Prosper and Lending Club is they are sp to check your rate and see if approved... then if approved, double check the rate to navy and usaa for personal loans too... navy offered my partner 18% and propser offered him 12 and navy was only giving him like $12k vs prosper $35k!

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Were those by your partner business or personal?

Good perspective.  Thanks

[Creditaddict]

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@BarryNTexas wrote:

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@Creditaddict wrote:

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@nitrov wrote:
Simple interest loans...all front load, in that, interest is paid early in the life of the loan and most of the principal is paid toward the end. Research amortization schedules and you'll see what I'm talking about. Prosper advertises on their site 6-35%, consumer research shows 80% of their approvals are over 15%. I'm sure it's great for some people, but I would never recommend it for MadTechnologist, nor most people. My 48 month example was just that, an example, as a median of their common 36-60 month structure. I'm not making opinions on them, just stating facts that pertain to their general lending practices, and credit in general.

---

all loans are simple interest if they are good... same as a credit card if you pay it over 48 months!

If someone can pay a credit card off in under 2 years than sure don't put that into a loan that you pay upfront for... but if you need 3+ years to pay it off and your credit cards are over 18% and you can get approved for under 18% on a loan then HECK YES TAKE THE LOAN... and the up side to Prosper and Lending Club is they are sp to check your rate and see if approved... then if approved, double check the rate to navy and usaa for personal loans too... navy offered my partner 18% and propser offered him 12 and navy was only giving him like $12k vs prosper $35k!

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Were those by your partner business or personal?

Good perspective.  Thanks

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business or personal what?

[nitrov]

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@Creditaddict wrote:

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@nitrov wrote:
Simple interest loans...all front load, in that, interest is paid early in the life of the loan and most of the principal is paid toward the end. Research amortization schedules and you'll see what I'm talking about. Prosper advertises on their site 6-35%, consumer research shows 80% of their approvals are over 15%. I'm sure it's great for some people, but I would never recommend it for MadTechnologist, nor most people. My 48 month example was just that, an example, as a median of their common 36-60 month structure. I'm not making opinions on them, just stating facts that pertain to their general lending practices, and credit in general.

---

all loans are simple interest if they are good... same as a credit card if you pay it over 48 months!

If someone can pay a credit card off in under 2 years than sure don't put that into a loan that you pay upfront for... but if you need 3+ years to pay it off and your credit cards are over 18% and you can get approved for under 18% on a loan then HECK YES TAKE THE LOAN... and the up side to Prosper and Lending Club is they are sp to check your rate and see if approved... then if approved, double check the rate to navy and usaa for personal loans too... navy offered my partner 18% and propser offered him 12 and navy was only giving him like $12k vs prosper $35k!

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No...a simple interest term loan is not the same as a credit card interest payment. Do this exercise: http://www.amortization-calc.com/

Again, I get you like Prosper. I'm not arguing it's not good for some people, but I was talking about MadTechnologist. I'm done talking about it because it's just completely redundant.

[Chilli]

Hello everyone,

I've been missing in action for a bit.  I've had a productive month so far...

in July (after 4 months) from 500 to 10K - cash rewards

in my last post in August, I had pushed the luv button...cli on both cards  of 17.5k.   Then I had moved some of my CL from my gorewards to my cash rewards...bringing my cash rewards card to $25,000 and left 10k on my rewards cards.

In September, I pushed the button on my gorewards again and I was counter the original credit increase amout that was already in the system of $17.5.

i also stepped out to grab a barclays card - approved.

got a little cli on my kohls card from 400 to 700😱

Most important, I finally got Citibank to delete their tradeline that was IIB 16 months early.

now the only thing left on my reports are the 13 bankrupty and 1 judgment only on equifax...still fighting them on that.

Oh I forgot to mention, I was visiting NY this past week and tried to use my gorewards card in bestbuy and Navy shut me down real quick...fraud alert...I had to fax my docs to verify my identity. Lesson- next time I will let them know when I am going out of town.

[nitrov]

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@Chilli wrote:

Hello everyone,

I've been missing in action for a bit.  I've had a productive month so far...

in July (after 4 months) from 500 to 10K - cash rewards

in my last post in August, I had pushed the luv button...cli on both cards  of 17.5k.   Then I had moved some of my CL from my gorewards to my cash rewards...bringing my cash rewards card to $25,000 and left 10k on my rewards cards.

In September, I pushed the button on my gorewards again and I was counter the original credit increase amout that was already in the system of $17.5.

i also stepped out to grab a barclays card - approved.

got a little cli on my kohls card from 400 to 700😱

Most important, I finally got Citibank to delete their tradeline that was IIB 16 months early.

now the only thing left on my reports are the 13 bankrupty and 1 judgment only on equifax...still fighting them on that.

Oh I forgot to mention, I was visiting NY this past week and tried to use my gorewards card in bestbuy and Navy shut me down real quick...fraud alert...I had to fax my docs to verify my identity. Lesson- next time I will let them know when I am going out of town.

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You had a BK discharged 1 year ago and have that much credit with NFCU?! That's amazing! MadTechnologist, see that? There's hope! 

Congrats, that's great!

[Creditaddict]

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@nitrov wrote:

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@Creditaddict wrote:

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@nitrov wrote:
Simple interest loans...all front load, in that, interest is paid early in the life of the loan and most of the principal is paid toward the end. Research amortization schedules and you'll see what I'm talking about. Prosper advertises on their site 6-35%, consumer research shows 80% of their approvals are over 15%. I'm sure it's great for some people, but I would never recommend it for MadTechnologist, nor most people. My 48 month example was just that, an example, as a median of their common 36-60 month structure. I'm not making opinions on them, just stating facts that pertain to their general lending practices, and credit in general.

---

all loans are simple interest if they are good... same as a credit card if you pay it over 48 months!

If someone can pay a credit card off in under 2 years than sure don't put that into a loan that you pay upfront for... but if you need 3+ years to pay it off and your credit cards are over 18% and you can get approved for under 18% on a loan then HECK YES TAKE THE LOAN... and the up side to Prosper and Lending Club is they are sp to check your rate and see if approved... then if approved, double check the rate to navy and usaa for personal loans too... navy offered my partner 18% and propser offered him 12 and navy was only giving him like $12k vs prosper $35k!

---

No...a simple interest term loan is not the same as a credit card interest payment. Do this exercise: http://www.amortization-calc.com/

Again, I get you like Prosper. I'm not arguing it's not good for some people, but I was talking about MadTechnologist. I'm done talking about it because it's just completely redundant.

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what am I missing... 

Date Interest Principal Balance

Sep, 2014	$208.33	$598.35	$24,401.65
Oct, 2014	$203.35	$603.33	$23,798.32
Nov, 2014	$198.32	$608.36	$23,189.96
Dec, 2014	$193.25	$613.43	$22,576.53
2014	$803.25	$2,423.47	$22,576.53

and so on... how is that different from a credit card?

credit card interest rate is calculated on average daily balance so unless you are able to make some big chunk payments you will see the same paydown as the loan if the interest rate is the same.

have you not seen on your credit card statement if you pay the minimum it will take you this long and if you pay xxx dollars it will be 3 years!?

[Creditaddict]

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@Chilli wrote:

Hello everyone,

I've been missing in action for a bit.  I've had a productive month so far...

in July (after 4 months) from 500 to 10K - cash rewards

in my last post in August, I had pushed the luv button...cli on both cards  of 17.5k.   Then I had moved some of my CL from my gorewards to my cash rewards...bringing my cash rewards card to $25,000 and left 10k on my rewards cards.

In September, I pushed the button on my gorewards again and I was counter the original credit increase amout that was already in the system of $17.5.

i also stepped out to grab a barclays card - approved.

got a little cli on my kohls card from 400 to 700😱

Most important, I finally got Citibank to delete their tradeline that was IIB 16 months early.

now the only thing left on my reports are the 13 bankrupty and 1 judgment only on equifax...still fighting them on that.

Oh I forgot to mention, I was visiting NY this past week and tried to use my gorewards card in bestbuy and Navy shut me down real quick...fraud alert...I had to fax my docs to verify my identity. Lesson- next time I will let them know when I am going out of town.

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THAT IS BRILLIANT!

I just sent Navy a message right after reading this asking them to do this with my newly cli accounts!

[Chilli]

You have to get the right rep because I tried it again and it didn't work. 😉

[Chilli]

Good luck and let us know.