Navy Federal Checking Line of Credit & Auto Loan

[Anonymous]

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? 

[Gmood1]

@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.

[Anonymous]

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.  

[Jnbmom]

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.

[M_Smart007]

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@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.

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@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.

[Anonymous]

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@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.  

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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. 

[Anonymous]

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@M_Smart007 wrote:

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@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.

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@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.

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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. 

[M_Smart007]

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@Anonymous wrote:

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@M_Smart007 wrote:

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@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.

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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. 

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

[Anonymous]

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]

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@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 :-)

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@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.