BOOM! Two NFCU Approvals: 15k Flagship Visa, 15k Personal Loan

[Anonymous]

BOOM Navy Wins Again!

Went IN the branch today to apply since an old personal banker of mine from 15 years ago or so at BofA is the manager.  Not that he has any approval authority, but it is always nicer to work with someone you know & like.

Personal loan is to pay off my wife's cards to raise her score substantially (no baddies, but maxed out three small cards and it is killing her score easily by 100 points) 

(note: below - I had to give nfcu a purpose other than debt consolidation, and my buddy knew it... else it would have made it MUCH more complicated to get.  Also note I do not advocate that approach.  The branch manager buddy of mine and I went back and forth about it... trying to figure out how to word it on the application. Be truthful. NFCU is pretty awesome... and they will work with you)

Datapoints: 

Flagship Card

SL: $15,000

HP: TU  (FICO8 735)

APR: 17.74% (wee bit high, but it'll go down with time)

Util: 18%

AAoA: 5yr3

No Bad

1 Recent Inq

Personal Loan

Requested: $15k

Stated Purpose: "Home Improvement" (with some details given of potential projects)

HP: EQ (confirmed)

EQ FICO8 (Per MyFico): 649

EQ FICO5 (which is what they used based on the score they gave me): 683

APR: 16.35 - (HIGH but much lower than what my wife pays on her cards)

Revolving util: 18%

DTI: 7.8%

AAoA: 5yr3

3 recent inq

No bad, even though I swear a paid Verizon collection is still on there somewhere

[Anonymous]

Congratulations on all the love from Navy!!! That sub too with the Flagship...not only they lend to you but they pay you %500 bones for it as well!!!

Enjoy and congrats! Cheers!

[Marz2002]

@GrowOrDie looks like you brought the FIREPOWER!!!

You...REALLY...

CONGRATS my friend on your Approvals and the AWESOME SLs!!!

[Anonymous]

Congrats on your both approvals and very nice SL !!!

Navy Strike Again

[AverageJoesCredit]

Give me liberty or give me NAVY FED!

[Anonymous]

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@Marz2002 wrote:

@GrowOrDie looks like you brought the FIREPOWER!!!

You...REALLY...

CONGRATS my friend on your Approvals and the AWESOME SLs!!!

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Thanks......  I have one more conquest... barclay aviator... which I might not succeed at... then either way, it’s off to the garden for me!

[Anonymous]

Congrats. That's awesome. I might need to try Navy. Seems like they've been taking care of everyone lately.

[Marz2002]

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@Anonymous wrote:

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@Marz2002 wrote:

@GrowOrDie looks like you brought the FIREPOWER!!!

You...REALLY...

CONGRATS my friend on your Approvals and the AWESOME SLs!!!

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Thanks......  I have one more conquest... barclay aviator... which I might not succeed at... then either way, it’s off to the garden for me!

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Great choice, I have the Citi version of that card!

Looking forward to the FREE checked bag and the Preferred Boarding at AA!

[Anonymous]

I don't think it's a great idea to lie on a loan application. NFCU seems quite understanding and I'm sure they would still try to work with you to help your wife consolidate her debt.

It may seem unlikely you'll be caught but you never know.

One scenario that popped into my head was, what if you racked up a bunch of medical bills and had to declare bankruptcy. Questions may be asked about the loan.

[Anonymous]

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@Anonymous wrote:
I don't think it's a great idea to lie on a loan application. NFCU seems quite understanding and I'm sure they would still try to work with you to help your wife consolidate her debt.

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Normally I would agree, but every good reason I had to borrow the money, my buddy the bank manager shook his head at and said “nope, that’s a ___ loan and will require a more paperwork.”

And yes they would have worked with her but with her high utilization and student loans, interest rate would have been worse, or terms worse or something. 

So let me stipulate (and will edit the original post accordingly), that I do not advocate lying in general to get a loan.  This time it was a back and forth discussion with the branch manager because he had to put something on paper.