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I’m a new NFCU member with checking/savings only at this point. I have two auto loans I want to refi with NFCU. I also would like to app for their cash rewards Visa card. I spoke with NFCU about the refi’s LTV and both cars are good there. I’m waiting for one card to report $0 balance (on 7/6) which will put me at 7% util from 14%, which should raise my scores. Does the order make a difference here, refi/cc, cc/refi, all three at the same time?
My relevant DPs: Fico 8: EQ 630, TU 626, EX 666
DTI: 22% ish (I’m including insurance/utilities here, so bank will probably show DTI lower?)
Several late baddies, none since 12/18
No collections, no BK
Income: $216K
C1 QS: CL $1350
C1 QS1: CL $1000
Premier MC: CL $700
Also, any opinion on odds of NFCU approving refi’s based on above would be welcome. Thanks!
(This seemed like the best place for this question, apologies if this is the wrong place.)
Hi Illini80,
I have no experience with NFCU but IMHO re-fi would be the better 1st option (after the one card reports $0, and that's if you have another card reporting a balance). Each app may impact your score (inquiry, AoYA reset, possibly AAoA), although NFCU may only require 1 inquiry for both lines. The reasons I suggest the re-fi first is:
Trudy,
Really appreciate your response. Both points make sense. When I spoke with NFCU they said it would be one HP if I apply for both refi’s within the same 30 day window. I plan to apply for both refi’s at the same time, maybe that helps me in some subjective way? Also, I wasn’t considering what you described in #2, about no CC apps before doing an installment loan app, thanks for pointing that out.
I’ll make sure to provide update on my results. Thanks.
@Anonymous wrote:I’m a new NFCU member with checking/savings only at this point. I have two auto loans I want to refi with NFCU. I also would like to app for their cash rewards Visa card. I spoke with NFCU about the refi’s LTV and both cars are good there. I’m waiting for one card to report $0 balance (on 7/6) which will put me at 7% util from 14%, which should raise my scores. Does the order make a difference here, refi/cc, cc/refi, all three at the same time?
My relevant DPs: Fico 8: EQ 630, TU 626, EX 666
DTI: 22% ish (I’m including insurance/utilities here, so bank will probably show DTI lower?)
Several late baddies, none since 12/18
No collections, no BK
Income: $216K
C1 QS: CL $1350
C1 QS1: CL $1000
Premier MC: CL $700
Also, any opinion on odds of NFCU approving refi’s based on above would be welcome. Thanks!
(This seemed like the best place for this question, apologies if this is the wrong place.)
I can't comment specifically to NFCU, but when I was looking for an auto loan and applied with DCU, they actually offered their CC with the same hard pull and I accepted. I don't think you can do it the other way around, so applying for the refinance first makes sense. Plus that is more important in the sense of saving you money in the long run. Good luck!
Thanks KLEXH25. Hopefully getting a much lower rate with the refi’s is definitely the main objective. I’ll ask NFCU if I can do the CC at the same time as the refi’s and maybe only use one HP.
Apps Update:
I applied for the two refi’s today with NFCU and they both got approved!
Car 1: 14.14% -> 9.19%, 70 months -> 60 months, saving $110 per month, saving thousands on interest
Car 2: 11.85% -> 9.19%, 50 months -> 48 months, monthly payment about the same, saving $2Kish on interest
CLOC app was declined, I’ll wait for denial letter and maybe try to recon this?
I applied for the Go Rewards card, was told under review, csr said probably because I applied for those two refi’s so it goes to manual review. At least it wasn’t declined immediately, so fingers crossed!
Update:
I got approved for the Go Rewards card, $1K SL. Obviously was hoping for a higher SL, but I’m going to take the advice of other posters and use this card and PIF, and hopefully my second card and CL for the GR card will be worth the wait!
I got an initial text that said my app was in review, then I got an email the next day asking for POI, sent that info yesterday and approved today. So total of 3 days from app to approval.