NFCU Timeline Help

Anonymous · ‎08-06-2020

So I have looked through the forum for an answer to the questions I have and haven't been able to find it.

we are currently in the process of buying a home so obviously, none of this will happen until after closing. I'm just doing some research ahead of time. We signed up with NFCU back in April and set up direct deposit. We do not have any CCs or loan products with them as of yet. After we close on our home, we would like to refinance our auto loan (currently at 22% 🤢) and also apply for a credit card with them.

credit score is up about 150 points from the time we got the original auto loan about a year ago. My questions are, which do we apply for first with NFCU? And does anyone know which score they use for an auto loan refinance? If we are underwater on our original Auto loan (we are), does that difference have to be paid before a refinance can happen? I'm just not sure how that works.

thanks in advance!

Brian_Earl_Spilner · ‎08-06-2020

They use fico9 for everything. Normally TU for a new card and EQ for loans, CLOC, and CLIs. They used the opposite for me when I initially joined.

Whether or not they can refinance is dependent on the Loan To Value. They can go up to 125% even though they've been known to tell people 110% is the max. If the LTV is too high, you may have to pay down the loan to get it where they want it.

Anonymous · ‎08-06-2020

@Brian_Earl_Spilner Thank you! I think our LTV is around 150% so we will definitely have to pay it down some.

when applying for both a credit card and auto loan refi, which do you recommend applying for first?

Brian_Earl_Spilner · ‎08-06-2020

It doesn't matter. 2 different departments. I got a new card and CLI in existing one, pre-qualified for a car loan a bit after and approved for a CLOC when I used someone else for financing. Everything was approved in a 2 month span.

M_Smart007 · ‎08-06-2020

@Anonymous wrote:

when applying for both a credit card and auto loan refi, which do you recommend applying for first?

It probably does not matter, I would go with what is the most important to you first.

Anonymous · ‎08-06-2020

Ok thank you all for your help!