Help with NFCU Consolidation Loans

Anonymous · ‎08-21-2008

Hello,

I was wondering if somebody knows here how NFCU reports a Consolidation Loan to EQ, EX, and TU?

After being approved, how do you use the loan? Do they issue a check or do you send accounts to them for which to be paid off. I was just approved for 8,700 and just curious before I get the documents from NFCU.

Thanks,

Anonymous · ‎08-21-2008

Anyone?

Anonymous · ‎08-21-2008

Sorry mods!

Can anyone help me here?

Anonymous · ‎08-21-2008

Friend of mine had a similar situation, he had a check sent to him.

Hope this helps.

Anonymous · ‎08-21-2008

Thanks, does anyone know how they report to credit breaus? does it show up as a Installment loan rather than showing up as a consolidation on the report?

Thanks!

Anonymous · ‎08-21-2008

I have never had a consolidation loan from NFCU.

However, I have had a consolidation loan. Mine show as a regular installment loan.

As for paying off the creditors, it is my experience that they issued checks to the creditors and I. I had to sign and give to the creditors to pay the account off. However, I did have a few small bills included and they just issued the check to me and I cashed and paid them all off.

Anonymous · ‎08-21-2008

Thanks Sidewinder,

I will share what I get in a couple of days from NFCU. I'm looking forward to taking control of my debt.

Anonymous · ‎08-22-2008

Hello Everyone,

I just recieved the documents from NFCU, for my consolidation loan. They issued me a check to deposit and use to pay off the credit cards. It does state in the back of the check that I need to send the documents signed to NFCU before depositing it. I do say that NFCU has been a great credit union to work with, and I love them!

USC08 · ‎10-06-2010

If you consolidate a loan with NFCU do they require you to close your cc accounts?

myFICO - EQ: 776 EX: 763 TU: 791

MarineVietVet · ‎10-07-2010

@USC08 wrote:
If you consolidate a loan with NFCU do they require you to close your cc accounts?

This thread is over two years old but perhaps someone will come along and be able to answer you.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work