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Navy Federal Checking Line of Credit & Auto Loan

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Established Member

Navy Federal Checking Line of Credit & Auto Loan

Hey I've been with Navy Federal for about 4 years. My job recently got a huge contract and got a substancial raise. I was thinking of getting a new car and also adding a line of credit to my account. My car has $7k left, and its worth about $4-5k. I wanted to get a new car but i feel this is the best time with more job security. 


My current stats are TU - 753, EQ - 740, EX - 695 (1 collection just wont go away.) My cards are as follows;

Navy Amex - $22,000

Navy Flagship - $21,300

Navy CashRewards - $5,000

Sapphire Preferred - $7700

Freedom Unlimited - $5000

Amex Blue Cash - $1000

Capital One Quicksilver - $1400

Quicksilver One - 750

Wells Fargo - $300 (I'm embarrased lol)

 

Current utilization is 7%, 5 hard pulls on EQ (2 falling off in June), 3 on TU (1 falling off in June) 3 on EX ( 1 falling off in June)

 

Can I get a new car AND add a line of credit as well? 

12 REPLIES 12
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Community Leader
Super Contributor

Re: Navy Federal Checking Line of Credit & Auto Loan

@Kri8edVisuals 

From the info given. I don't see where you'd have a problem obtaining both.

Only NFCU can give the definitive answer. The price of the new vehicle and DTI will be a factor.

 

 



My most prized tradeline.
Message 2 of 13
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Regular Contributor

Re: Navy Federal Checking Line of Credit & Auto Loan

Sure I think you CAN.

 

The better question for you to answer is does it make sense.  

 

If I were in your shoes knowing only what you shared, I'd pay off my car note and bank that substantial raise.  Then I can be the provider of my own line of credit.  

Message 3 of 13
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Community Leader
Senior Contributor

Re: Navy Federal Checking Line of Credit & Auto Loan

Just remember as of lately Navy has not been as generous with their "CLOC", eveything else seems ok, but that particular product has seen lower limits.

EXP 758 TU 783 EQ 729
Message 4 of 13
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Epic Contributor

Re: Navy Federal Checking Line of Credit & Auto Loan


@Jnbmom wrote:

Just remember as of lately Navy has not been as generous with their "CLOC", eveything else seems ok, but that particular product has seen lower limits.


@Jnbmom, Yes they have tightened up on the CLOC big time!

What I was told, they are a little more relaxed if you are active Military.

Message 5 of 13
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Established Member

Re: Navy Federal Checking Line of Credit & Auto Loan


@Neblinosa wrote:

Sure I think you CAN.

 

The better question for you to answer is does it make sense.  

 

If I were in your shoes knowing only what you shared, I'd pay off my car note and bank that substantial raise.  Then I can be the provider of my own line of credit.  



I've considered paying off my car, but I dont think it's worth the investment especially with this raise. Also for my other line of work, I would need a bigger vehicle. I struggle carrying equipment in a coupe. 

Message 6 of 13
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Established Member

Re: Navy Federal Checking Line of Credit & Auto Loan


@M_Smart007 wrote:

@Jnbmom wrote:

Just remember as of lately Navy has not been as generous with their "CLOC", eveything else seems ok, but that particular product has seen lower limits.


@Jnbmom, Yes they have tightened up on the CLOC big time!

What I was told, they are a little more relaxed if you are active Military.


I was definitely worried about this as well. I was in the process of opening up a business account with NFCU and they're not accepting business accounts as of now. I originally wanted a line of credit for my business. 

Message 7 of 13
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Epic Contributor

Re: Navy Federal Checking Line of Credit & Auto Loan


@Kri8edVisuals wrote:

@M_Smart007 wrote:

@Jnbmom wrote:

Just remember as of lately Navy has not been as generous with their "CLOC", eveything else seems ok, but that particular product has seen lower limits.


@Jnbmom, Yes they have tightened up on the CLOC big time!

What I was told, they are a little more relaxed if you are active Military.


I was definitely worried about this as well. I was in the process of opening up a business account with NFCU and they're not accepting business accounts as of now. I originally wanted a line of credit for my business. 


Sorry to hear that. Yes a lot of Banks and CU's are tightening the purse strings as of late.

Message 8 of 13
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Established Member

Re: Navy Federal Checking Line of Credit & Auto Loan

Good Afternoon,

 

I have been with Navy for 2 years and on 5/12/20 I decided to apply for an Auto loan I asked for 26K and they approved it after amn hour review. Then on 5/13/20 being that I read on here that NFCU would use the same pull for CLOC I called in a did an application and after a 30 min review was approved for 3k. At the time MyFico scores were EQ686 TU673 EX659. EQ was pulled for both the CLOC and Auto. Today I applied for the AMEX hoping for an approval being that it would be my 2nd card with Navy.....still waiting on a decision my current card has a 3k limit with no lates and i'm currently at 2$ UTI. So i'm thinking you may have some luck. I hope this helps :-)

Message 9 of 13
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Established Member

Re: Navy Federal Checking Line of Credit & Auto Loan


@Dionneallday wrote:

Good Afternoon,

 

I have been with Navy for 2 years and on 5/12/20 I decided to apply for an Auto loan I asked for 26K and they approved it after amn hour review. Then on 5/13/20 being that I read on here that NFCU would use the same pull for CLOC I called in a did an application and after a 30 min review was approved for 3k. At the time MyFico scores were EQ686 TU673 EX659. EQ was pulled for both the CLOC and Auto. Today I applied for the AMEX hoping for an approval being that it would be my 2nd card with Navy.....still waiting on a decision my current card has a 3k limit with no lates and i'm currently at 2$ UTI. So i'm thinking you may have some luck. I hope this helps :-)


@Dionneallday congratualtions on both the car loan and CLOC! I'm definitely now excited to pull the trigger, especially if it's only one hard pull. i Love the amex for NFCU, i use it a LOT. Hopefully you get accepted for it as well. 

Message 10 of 13
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