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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?
@Anonymous
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.
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.
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.
@Anonymous 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.
@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.
@Anonymous 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.
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 :-)
@Anonymous 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 :-)
@Anonymous 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.