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NFCU Debt Consolidation Loan Approval Odds

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Valued Contributor

Re: NFCU Debt Consolidation Loan Approval Odds

TAKES 90 DAYS






Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 11 of 25
Established Member

Re: NFCU Debt Consolidation Loan Approval Odds

That's what she told me . Try in 90 days . I'm still grateful they approved me for a cash rewards the same day I became a member. So it's all good lol
Message 12 of 25
Valued Member

Re: NFCU Debt Consolidation Loan Approval Odds

What about penfed? BBVA? Or bcu credit union?
Message 13 of 25
Super Contributor

Re: NFCU Debt Consolidation Loan Approval Odds

Hate to break it to you, but debt consolidation loans are for people before they need them. Most people won't qualify once they're already in a position where they need it. Makes no sense, but you have a better chance for a personal loan for something like a vacation before you'll be able to get a consolidation loan. The belief is banks will be reluctant to give you the loan thinking that you'll run up your cards again, be in the same position, but owe them for the loan also. In this case, I think what's hurting you is you already have 3 loans.

 

Your best option is to snowball or avalanche your debt. Pay down cards strategically to cross utilization thresholds to grab back as many fico points as you can, as quickly as you can. While doing that, check soft pull pre-qualification for consolidation loans until you get a decent one. Stay away from predetory banks. Discover has one that starts at a 640 fico and it won't hurt your credit to check.








***AD SPACE AVAILABLE***
Message 14 of 25
Valued Contributor

Re: NFCU Debt Consolidation Loan Approval Odds

 A bank is the place to go for a loan ... if you can proove you don't need the money







Family Member made me an AU on: 2008 Sears MC $2,001, 2016 SEARS Store Card $2,001, 2011 Synchrony Home $5,500 , 2003 FNBO Visa $9,900, 2008 Macys Amex $1900, 2008 Kohls $2,000, 2008 JC Penny $4,500, 2016 TJX Mastercard $1,500, 2019 SDFCU PowerCash Visa $10,000, 2018 AAdvantage Aviator MC $5,600, 2018 HSN $4,500, and 2016 Local Credit Union Visa $5,000. Waiting on them to all report over the next month... Only Kohls is reporting so far... WITH AGE. They use AZEO method.

Member of:
Andrews FCU (Share), PENFED CU (Checking/Share), SDFCU (Share), Alliant CU (Checking/Share), NASA FCU (Share), NWFCU (Checking/Share), Ally Bank (Checking/Savings), BofA (Checking/Share), Navigant CU (Share), Greenwood CU (Share), Elements Financial CU (Share), Ocean State CU (Share), SDFCU (Share), Wells Fargo (Checking), RI Credit Union (Share), CashApp, PayPal Premier (for free direct deposit access with cash card), Paypal Business - Grandfathered 1.5% Cash Back on Biz Debit), Apple Pay Cash, and Venmo.

I WANT to join: Hanscom FCU (For the 2 day early direct deposit).


Burned:
DCU, NFCU, Comenity, Synchrony, Barclays, Discover, Amex, Webbank (Avant), Santander, Citi (Shell), DSNB (Macys), TDRCS (Target+Nordstrom), Capital One (Personal & Business, Kohls, and GM), CreditFirst(Firestone)
Message 15 of 25
Community Leader
Super Contributor

Re: NFCU Debt Consolidation Loan Approval Odds

Only one year post BK DC, and already needing a debt consolidation loan???? Thats really bad...

My advice is do what CA said, quit spending money, and pick up a second job and start paying things down. Get a handle on your finances now before they really spin out of control.

You can't file another BK7 for another 7 years, so if you default between now and then, the lenders can get a judgement against you for garnishment and repayment, and they will win.

Do yourself a favor now, and start budgeting better, and learn more self control. That was one of the hardest things for me to learn after my BK, but it was what ultimately led me to mine years ago, and now Im in a much better place.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 16 of 25
Highlighted
Community Leader
Senior Contributor

Re: NFCU Debt Consolidation Loan Approval Odds


@FicoMan27 wrote:
Hello Everyone

Long time lurker , with that said I want to begin this post with a " thank you " to all of those who take time out of their day to help others by posting on this forum . You men and women help people change their lives . You all are amazing !!!

With that said I have a question lol . I was considering trying to acquire a NFCU Debt Consolidation Loan to pay off some loans and credit debt .

I filed for BK7 Dec 2017 .
Discharged April 4th 2018
Since my discharge I've opened the following credit lines
Discover it May 2018 $500 limit ( $450 balance )
Capital one Quicksilver April 2018 $500 Cli to $750( zero balance )
Credit one May 2018 $400 Cli to $600 ( zero balance )
Gamestop CC July 2018 $300 Cli to $950 ( $550 Balance )
Capital One Quicksilver One Oct 2018 $1000 Cli to $1500 ( $500 balance )
Tropical Financial CU rewards Oct 2018 $500 ( $420 Balance )
Kohls card Nov 2018 $300 ( $100 Balance )
Target Red Card Dec 2018 $300 ( $270 Balance )
NFCU Rewards $700 opened yesterday ( zero balance )

I also have 3 loans
Avant $3500 Nov 2018 ( 35% very high interest rate I know lol )
Opurtun Loan $1300 Nov 2018 ( owe $700 )
Tropical Financial Kool Cash Loan Feb 2019 $1000

I was thinking about this loan more for the Avant loan that's at 35% but I figured if I'm going to apply I might as well try and include the rest of my debt .
My scores are as follows
EQ 664
TR 648
EX 674
21 INQ since discharge . Besides BK7 no no neg . Everything paid on time . My income is about 85k my wifes income is about 30k .

With all that said do u guys think I have a chance at a debt Consolidation loan with NFCU ? Or should I just wait ?

Thanks in advance for all your help and comments !!!

I am actually scared for the financial predicament you’re in right now. So many new accounts in such a short time and many of them 50% to near max. 

 

I know you didn’t ask for advice, but I hope you accept this in the spirit it is given. 

 

Honestly, IMHO, it’s time to create a budget, not time to get another loan. After you subtract all your living expenses from your and DW’s net income, use the remainder to pay down debt. Try to get in the habit of paying in full. 

 

BK is a harsh reality and I want you to remember what you went through so you won’t repeat the same mistakes. You got credit again after being discharged in a year and now here we are—needing to consolidate debt. 

 

I suggest not using your cards any more until you can get a handle on the debt by paying it off or substantially lowering it. I suggest not applying for anything until your overall UT is less than 28.9%.  And a 35% APR loan—get that loan paid off pronto! It’s not fun being in debt. 

 

But you have income, which is good, so this is doable. 

 

GL2U

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 17 of 25
Established Member

Re: NFCU Debt Consolidation Loan Approval Odds

Thank u all for your comments and advise . With that said I know it may seem I'm in financial distress but that's not the case at all . Balances i show on my cards are my balances as of now meaning when my statement cuts they will be PIF . I normally pay all my CC's in full . With that said I know I may went a little app crazy and applied for a couple of loans that I really didnt need but I did which was a mistake. Like I said the true reason for the Consolidation loan was for the avant loan that was at 35% . With that said I understand how it can look like I'm in financial distress but I'm not and I truly do thank u all for your comments and responses.
Message 18 of 25
Community Leader
Senior Contributor

Re: NFCU Debt Consolidation Loan Approval Odds

OP This is wonderful news!

So when you applied to NFCU, were your balances at 0? If no, when you apply again in 90 days, check your UT first and make sure your balances (PIF) are reflected in your CRs.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 19 of 25
Established Member

Re: NFCU Debt Consolidation Loan Approval Odds

No they weren't. I applied out of pure excitement. I wasn't aware I was eligible for a NFCU until a few days ago . Once I applied and became a member I couldn't help but apply for the cash rewards and the loan . I should have waited for balances to update but I'll try again in 91 days . No biggie
Message 20 of 25
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