@Anonymous wrote:Greetings,
I joined NFCU in February of this year.
I started a credit rebuild in April of 2020 after a complete disaster that hit me in 2015. My FICO 8"s were in the mid to low 500's. I have now raised them to EXP 610 TU 601, and EQ of 574. (For some reason EQ is super slow in reporting collection removal etc.)
Anyways after reading these forums I discovered NCFU. I am retired army so it was no problem becoming a member. I applied for a secured card on Thursday and was approved, however today after reading all the success stories with my scores or worse getting approved for an unsecured card I took a chance. DENIED. I have not had a late payment in over 5 years but my baddies are still showing up until next September. My utilization is 14% on my 3750 available credit that I use on about 7 different cards. I have a few questions from you experienced NCFU experts.
1. Has NCFU tightened their guidelines since COVID started?
2. Does NFCU still offer secured installment loans? I looked on the app and didn't see that option.
3. If any of you can help me lay out a plan of attack with them to maximize my rebuild.
Thanks in advance for what I know will be excellent advice.
NFCU policy is one must wait 91 days and 3 full statements from account open to be eligible for another card.
For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
Yes, NFCU still offers a SSL.
I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant
From SouthJamaica
NFCU SSL
From adrianaesque
Approved NFCU SSL - with detailed steps (May 2020)
@spikeman768wrote:
I just spoke with a rep in the loan dept at NFCU, and I was told the following:
- Membership step: there is a soft pull (she spent a few minutes researching this)
- Loan application step: there is a hard pull
(from posts I've read elsewhere, experiences may vary in regards to whether or not they do them or what type and when)
Here is some SSL limit/threshold info for others so it can reduce phone calls:
$250-$500 - max 6 month term
$501-$1000 - max 12 month term
$1001-$1500 - max 18 month term
$1501-$2000 - max 24 month term
$2001-$3000 - max 36 month term
$3001+ - max 60 month term
Before I had even asked asked about the 60 month term, she told me that the 60 month term criteria can vary and final term approval will be left to the discretion of the loan officer on the consumer lending team who is approving the loan and setting the details of the loan. She said, "For instance, if a person decides to borrow, say, $3,050, the loan officer may choose to set the loan to a 36 month term. I have seem them do that sometimes. It is up to their discretion."
I asked if there is a certain amount which would ensure a 60 month term, and she said that could vary and is left to the loan officer to decide.
I updated these details in the online shared spreadsheet, "Credit Union Share-Secured Loan (SSL) Info":(the main info is in the "CU list - Good SSL Offers" tab at the bottom of the spreadsheet)
https://docs.google.com/spreadsheets/d/1C86xZUbOlPK1XBSt9cutKQ8rU8ZwRAiVbpqHWA4J-tg
-Spike
