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New NFCU member. Needing credit approval advice

New Member

New NFCU member. Needing credit approval advice

I am becoming a NFCU member tommorow, i am being sponspored by my father in law who is 20 yr vet.  I will be signing my army contract within 30 days, but before i can i need to pay off some fines and i would like to take out a loan.


I am considering doing NFCU  collateral loan.  I spoke with them and they said i could use my RV as  collateral.  It is valued at 10k but im looking to get about 6000. 


My EQ score is 625 and i have 2 credit cards reporting currently. both 300 limits.  1 has 250 used and other is 0 util. 


What is the likeliness that i will be approved for the loan with the  collateral i am giving?



Any help would be appreciated.

Message 1 of 3
New Member

Re: New NFCU member. Needing credit approval advice

I forgot to state that the cards are through bank of america not nfcu.


No current inqs reporting.

I also have 2 medical charge offs totaling 4000 that are almost 4yrs old.  They were supposed to be paid by an employer and i am currently sueing them to try and get this taken care of - not likely but i gotta try. 


that is all that shows on the EQ report as of today. 





Message 2 of 3
New Contributor

Re: New NFCU member. Needing credit approval advice

Boy thats gonna be a tough one to guess. 30 to 50% loan to value on an RV is more likely according to my credit union, if you had the one card paid off or at least below 10% of credit line it would be a big boost to your score, as it is your within 50$ of your limit or around 83% util on one of only two cards. Having the guaranteed income of military would help because NFCU will get paid if your in the military and default. You might try for a NavChek LOC and then ask about the loan. I have heard great sucess stories on the LOC but getting declined on CC from them. Please be sure to post your results. It would be nice to hear how they felt about the unpaid medical collections on your reports.
Message 3 of 3