Like mentioned upthread, the first card will normally be smaller, so it's better to app for your second or third choice first. Save the flagship for second or third.
So I tried something today. Just to see what would happen I applied to refinance my auto loan with Navy Fed.
Looking at 32 months left and $11,900.
My current lender it's not much fun to deal with and I really want to get away from them, but the interest with them is 3.99%.
Navy Federal offered me 5.39% for 33 months. The difference in the monthly payments is 386 + 393.....
It's a small loan and I'm ecstatic that they even offered to give me the loan, but of course not totally thrilled with the interest rate they offered... to be realistic, is it really that much extra interest overall? Maybe I should pull the trigger just so I can start building a relationship with navy and having better customer service on the phone when I need it. What do you guys think?
I'm really good at finding the cost savings with mortgage calculators but I haven't found a decent auto refinance calculator to help me run all the numbers.
@Milano wrote:So I tried something today. Just to see what would happen I applied to refinance my auto loan with Navy Fed.
Looking at 32 months left and $11,900.
My current lender it's not much fun to deal with and I really want to get away from them, but the interest with them is 3.99%.
Navy Federal offered me 5.39% for 33 months. The difference in the monthly payments is 386 + 393.....
It's a small loan and I'm ecstatic that they even offered to give me the loan, but of course not totally thrilled with the interest rate they offered... to be realistic, is it really that much extra interest overall? Maybe I should pull the trigger just so I can start building a relationship with navy and having better customer service on the phone when I need it. What do you guys think?
I'm really good at finding the cost savings with mortgage calculators but I haven't found a decent auto refinance calculator to help me run all the numbers.
In my opinion is is never a good idea to pay more interest. That is $300+ in additional interest that you need not pay. If the end game is a card, I would just open an account or savings and checking and go for the card after 6 months or so. From my experience, the "amount" of money held in their accounts means zero.
@spiritcraft1 wrote:
@Milano wrote:So I tried something today. Just to see what would happen I applied to refinance my auto loan with Navy Fed.
Looking at 32 months left and $11,900.
My current lender it's not much fun to deal with and I really want to get away from them, but the interest with them is 3.99%.
Navy Federal offered me 5.39% for 33 months. The difference in the monthly payments is 386 + 393.....
It's a small loan and I'm ecstatic that they even offered to give me the loan, but of course not totally thrilled with the interest rate they offered... to be realistic, is it really that much extra interest overall? Maybe I should pull the trigger just so I can start building a relationship with navy and having better customer service on the phone when I need it. What do you guys think?
I'm really good at finding the cost savings with mortgage calculators but I haven't found a decent auto refinance calculator to help me run all the numbers.
In my opinion is is never a good idea to pay more interest. That is $300+ in additional interest that you need not pay. If the end game is a card, I would just open an account or savings and checking and go for the card after 6 months or so. From my experience, the "amount" of money held in their accounts means zero.
Well that's reassuring to read. About the amount of money held in the accounts meaning nothing. 😁
I was hoping to find something that can tell me if I made a couple extra principal payment if I could defeat the extra interest in the end. I'm not sure exactly what can tell me that.. 🤷♂️
Definitely not interested in more interest but I can pull some money out to pay a bit more on principal and try to knock that out.. I still don't think the numbers are on my side tho?
But I guess that's kind of silly because if I did the same thing with my current lender I would still end up on top above nfcu on this one
@Milano wrote:
It's a small loan and I'm ecstatic that they even offered to give me the loan, but of course not totally thrilled with the interest rate they offered... to be realistic, is it really that much extra interest overall? Maybe I should pull the trigger just so I can start building a relationship with navy and having better customer service on the phone when I need it. What do you guys think?
I've had amazing customer service from the beginning, so length or depth of relationship isn't a driver there. Side note: Best phone reps in the biz imo.
My very honest opinion is that you sound like you are positively crawling the garden walls, and you've only just arrived! The amount of credit seeking in a short time is a bit concerning, mostly because everyone in that other thread told you to stop, an assessment with which you agreed and you admitted here that you still went on to app another card.
Open the Navy account if you are interested in banking with them now, but given your susceptiblility to temptation to app for cards, maybe you should hold off if credit products are your sole motivator. As others have said, it's not necessary to have established relationship for approval when you are ready.
@lyTENciL wrote:@Milano wrote:
It's a small loan and I'm ecstatic that they even offered to give me the loan, but of course not totally thrilled with the interest rate they offered... to be realistic, is it really that much extra interest overall? Maybe I should pull the trigger just so I can start building a relationship with navy and having better customer service on the phone when I need it. What do you guys think?
I've had amazing customer service from the beginning, so length or depth of relationship isn't a driver there. Side note: Best phone reps in the biz imo.
My very honest opinion is that you sound like you are positively crawling the garden walls, and you've only just arrived! The amount of credit seeking in a short time is a bit concerning, mostly because everyone in that other thread told you to stop, an assessment with which you agreed and you admitted here that you still went on to app another card.
Open the Navy account if you are interested in banking with them now, but given your susceptiblility to temptation to app for cards, maybe you should hold off if credit products are your sole motivator. As others have said, it's not necessary to have established relationship for approval when you are ready.
I'm going to just decline their auto loan offer and thank them for the opportunity.
The excitement of hitting 720+ for the first time since 2008 drove me to check on that Amazon card.. I figured what the hell is one more since I have so many. Shocked they gave it to me. And the loan... well.. this morning came the 4th time on the phone with this lender's customer service for an issue within the last 2 weeks..so my wife and I are just itching to get moved completely on from this institution. We've been with them since 2012, but took our checkings and savings accounts out of there in August. We have only the auto loan there and a low-limit credit card (my oldest) that offers nothing except a decent interest rate.
Thank you for being straightforward and speaking truth.
@Milano Just make sure with it being your Oldest Card that it won't cause a fuss if you closed it (depending on how far apart it is from your new ones it may be helping with your Age and everything). Just small food for thought. If it's not that much of a difference then Adios XD
@Milano wrote:
@lyTENciL wrote:@Milano wrote:
It's a small loan and I'm ecstatic that they even offered to give me the loan, but of course not totally thrilled with the interest rate they offered... to be realistic, is it really that much extra interest overall? Maybe I should pull the trigger just so I can start building a relationship with navy and having better customer service on the phone when I need it. What do you guys think?
I've had amazing customer service from the beginning, so length or depth of relationship isn't a driver there. Side note: Best phone reps in the biz imo.
My very honest opinion is that you sound like you are positively crawling the garden walls, and you've only just arrived! The amount of credit seeking in a short time is a bit concerning, mostly because everyone in that other thread told you to stop, an assessment with which you agreed and you admitted here that you still went on to app another card.
Open the Navy account if you are interested in banking with them now, but given your susceptiblility to temptation to app for cards, maybe you should hold off if credit products are your sole motivator. As others have said, it's not necessary to have established relationship for approval when you are ready.
I'm going to just decline their auto loan offer and thank them for the opportunity.
The excitement of hitting 720+ for the first time since 2008 drove me to check on that Amazon card.. I figured what the hell is one more since I have so many. Shocked they gave it to me. And the loan... well.. this morning came the 4th time on the phone with this lender's customer service for an issue within the last 2 weeks..so my wife and I are just itching to get moved completely on from this institution. We've been with them since 2012, but took our checkings and savings accounts out of there in August. We have only the auto loan there and a low-limit credit card (my oldest) that offers nothing except a decent interest rate.
Thank you for being straightforward and speaking truth.
You may get better terms with NFCU after being a member for a bit. It sucks to have to deal with a crappy lender but perhaps try and put up with it for a time? You may have gotten that higher rate as you are not an established member of NFCU??? As mentioned, $20 big ones in a checking account for 6 months seems to be just as valuable as a big savings balance and even depositing 4 million into a NFCU business checking account over the last 5 years. You can figure out how I know this. 
PS: That Amazon card is excellent.