Hey Jax,
The great thing about NAVChek is that you can repay it
either as a Line of Credit (LOC) or as an installment loan.
If memory serves me correctly, the LOC option requires
a minimum of 2% of the balance or $20, whichever is higher.
The only downside is that your util will be at 100% if you use
the entire amount, but as long as your utility on other credit is
low or near zero, this shouldn't be a problem FICO-score wise.
If you choose to repay with fixed monthly amounts, NAVChek
will convert to an installment loan and be reported as such.
I'd double check with Navy Fed to get exact numbes, but this is how
the options were explained to me.
Hope this helps. Please keep us posted on what you decide to do.
Enjoy the weekend!
Edit to add: It's ok to use loan proceeds or one LOC to pay off another.
As long as payments are early or on time, Navy Fed is fine with it.
When I got approved for my Signature Loan I used part of it to pay off
my CC's so I could preserve my cashflow. So it's no problem whatsoever....
CanDo
"The right attitude is everything"
Message Edited by CanDoAttitude on
08-03-2008 08:32 AMMessage Edited by CanDoAttitude on
08-03-2008 08:38 AM