Navy Federal credit

[yoshi-ten1]

Hi Everyone, I'm pretty new here and I see there's a lot of posts about Navy Federal, but I'm hoping to get some feedback for my situation. I opened an account with NF in October 18. I then applied and was approved for their Cash Rewards credit card in December 18 for $1000. I'd really like for that to increase to at least $5K, as well as get an auto loan for about $30K. I'm currently upside down in an auto loan with another lender with an $8K balance. My scores are TU 670, EX 620, EQ 590. Does anyone know the odds of me being able to get an increase on my cc, and getting an auto loan based on the mentioned details? Or should I apply for another cc? No collections, 1 late pmt on auto loan in January. Income $50K

[pizza1]

Welcome to the forums!

For your CC...have you had 3 statements cut, AND has 91 days passed since the account was open? If you can answer yes to both, then I would go online, click on your CC act, click increase my credit limit, and ask for $25k. They will counter back your real limit if you qualify. Accept whatever they offer you!

As far as the car goes...the only to know is just to apply. You could call in and apply for the loan over the phone and ask the rep any questions you may have. They are pushing car loans on their website main page, so there's a chance.

[Anonymous]

Since they pull EQ for CLIs, I would probably go for a new second card after you have been a member for 6 months which will be TU HP. 

$1000 is a low approval for NFCU so while you can try at 91/3, it may be a waste of a HP. 

Auto loans are also using EQ so I wouldn’t say your chances are great right now. I would clear up what ever is holding down EQ first. 

[AverageJoesCredit]

Its quite possible you could get a nice 10-15k limit on a second card on your TU score, assuming Navy doesnt sp your other bureaus and hold the lower scores/factors against you. I would go for the new card , only lose a hp if no lol

[crys12065]

What does your DTI look like?  Navy seems to focus heavily on DTI and while scores do matter it's only a small piece of the puzzle.  I would call and talk to them about what you are looking for and they may be able to give you some guidance.  I called Navy today with auto refinance questions and they are very helpful and nice.

Good luck with whatever you decide

[Gollum]

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@yoshi-ten1 wrote:
Hi Everyone, I'm pretty new here and I see there's a lot of posts about Navy Federal, but I'm hoping to get some feedback for my situation. I opened an account with NF in October 18. I then applied and was approved for their Cash Rewards credit card in December 18 for $1000. I'd really like for that to increase to at least $5K, as well as get an auto loan for about $30K. I'm currently upside down in an auto loan with another lender with an $8K balance. My scores are TU 670, EX 620, EQ 590. Does anyone know the odds of me being able to get an increase on my cc, and getting an auto loan based on the mentioned details? Or should I apply for another cc? No collections, 1 late pmt on auto loan in January. Income $50K

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I don't know about NFCU specifically, but it seems to me that you are unlikely to be able to get a different car loan or refinance your current car loan at this time. If you had equity in your car instead of being upside down, then you could probably refinance your current car loan. Regarding a credit limit increase for your existing credit card or getting a new credit card: a late payment on your car loan after opening the credit card does not look good. You could talk to someone at NFCU via telephone (without actually applying) to get their opinion.

[yoshi-ten1]

@Gollum thank you for your feedback. I see you have excellent credit. Can you contribute any advice or course of action for a person like me rebuilding?

[Gollum]

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@yoshi-ten1 wrote:
@Gollum thank you for your feedback. I see you have excellent credit. Can you contribute any advice or course of action for a person like me rebuilding?

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I used to have bad/terrible credit. The main thing is to always make your payments on time. It may help to set up automatic payments from your checking account so you can't forget to make a payment. Keep making the payments for your existing car loan on time, and you will probably be pleasantly surprised by how much that eventually improves your credit scores.

[AverageJoesCredit]

Was the Late payment for Jan this year? Thats very recent snd will have affects on your credit for awile. Any chsnce you could talk to lender to see if they can give you a break depending on your circumstances? Some lenders might entertain the idea of taking off the late if you had estsblished payment record with them.

[yoshi-ten1]

Hi @AverageJoesCredit. I took your advice and called my auto lender, it's a small credit union with my former employer; I asked if the late from January could be removed. The branch manager told me to dispute it, and when he gets the dispute he'll remove it! Thanks for the advice. Im very happy it'll be removed!