cancel
Showing results for 
Search instead for 
Did you mean: 

Navy Federal Share Secured Loan

Valued Member

Re: Navy Federal Share Secured Loan


@zoom996wrote:

I'm thinking of signing up for a Navy Federal shared secured


can you please confirm this for me....

When did you first open Navy membership? This is important because I am trying to figure out if Navy did any credit check for ssl specificaly.

 

Did Navy do ANY KIND of credit check for SSL? 

I know there is no Hard check BUT, did they do a Soft check?

 

I am a member of Navy Fed for over a year(back then my credit was fine).....and I need a bank that will do NO credit check of any kind.

My report is a mess(all paid off but looks bad) and any look at it will scare them off.

I found 2 secured credit cards that do not check credit at all in any way....now I just need a bank for ssl.

thanks in advance

 

 

 

 

.

Message 21 of 39
New Contributor

Re: Navy Federal Share Secured Loan


@alexjwrote:

@zoom996wrote:

I'm thinking of signing up for a Navy Federal shared secured


can you please confirm this for me....

When did you first open Navy membership? This is important because I am trying to figure out if Navy did any credit check for ssl specificaly.

 

Did Navy do ANY KIND of credit check for SSL? 

I know there is no Hard check BUT, did they do a Soft check?

 

I am a member of Navy Fed for over a year(back then my credit was fine).....and I need a bank that will do NO credit check of any kind.

My report is a mess(all paid off but looks bad) and any look at it will scare them off.

I found 2 secured credit cards that do not check credit at all in any way....now I just need a bank for ssl.

thanks in advance

 

 

 

 

.



@alexjwrote:

@zoom996wrote:

I'm thinking of signing up for a Navy Federal shared secured


can you please confirm this for me....

When did you first open Navy membership? This is important because I am trying to figure out if Navy did any credit check for ssl specificaly.

 

Did Navy do ANY KIND of credit check for SSL? 

I know there is no Hard check BUT, did they do a Soft check?

 

I am a member of Navy Fed for over a year(back then my credit was fine).....and I need a bank that will do NO credit check of any kind.

My report is a mess(all paid off but looks bad) and any look at it will scare them off.

I found 2 secured credit cards that do not check credit at all in any way....now I just need a bank for ssl.

thanks in advance

 

 

 

 

.


I do not know if they did a soft credit check.  They did not do a hard credit check.  Call them and ask them.

Start: Fico 8 EQ 672, TU 660, EX 668 01/13/2018
Current: Fico 8 EQ 690, TU 672, EX 685 02/04/2018
Message 22 of 39
Valued Member

Re: Navy Federal Share Secured Loan


@zoom996wrote:

@alexj

I do not know if they did a soft credit check.  They did not do a hard credit check.  Call them and ask them.


 

Unfortunatelly asking them will get me nothing. If we could just call and ask these "complicated" questions then we would not need this forum. Whatever they answer means nothing.

If you do check your full reports which include soft inquiries.....i would appriciate if you come back and let me know if they did it or not.

Message 23 of 39
Established Member

Re: Navy Federal Share Secured Loan

I just did this at NFCU.

$3,000 SSL. Approved for loan in 12 hours. Funds hit checking account a few hours after that (still waiting for paperwork in mail). A few hours thereafter my Mobil app showed the loan. My first payment was due in June. I made a payment for 92% of the loan and now my payment is due in October of 2022. It works! Everything from application to first payment took about 24 hours.

I previously had a car loan which I made payment on for 16 months before paying off when I sold car. I’m using this new installment account to hopefully boost credit with an open account.

Love this forum!
Message 24 of 39
Community Leader
Super Contributor

Re: Navy Federal Share Secured Loan

Woo-hoo!  Thanks for the heads up.

Message 25 of 39
New Visitor

Re: Navy Federal Share Secured Loan

Do you have to let Navy Federal keep the $3000 you secured the loan with, or does the majority of that get freed up after you make your large payment?

Message 26 of 39
Established Member

Re: Navy Federal Share Secured Loan

I’ll get back 92% of the loan minus interest within a few days. I wouldn’t have done it otherwise. Locking up 3 grand for five years wouldn’t be an option.
Message 27 of 39
Frequent Contributor

Re: Navy Federal Share Secured Loan


@bondsandloan wrote:

Excellent -thanks for your thoughts.

 

My main issue is my AAoA and that for my credit profile is mainly from AU. Cards as follows: 

1. Chase Amazon - Util: 0%, CL:5K opened 06/2003; AU

2. Citi Prestige - Util: (<1%); CL: 28K; 02/2016; AU

3. Amex SPG- Util: 3%;CL:28K; 11/2017; AU

4.Discover IT Secured; Util: 0%; SL: 800; 02/2018; primary

5. Capital One QS: Util: 1%; SL= 10,000; 02/18; primary

INQ last 24 months: (EX: 2; EQ: 2; TU:1). Discover was with SP since it was a pre-approval

FICO 8 scores (as of 01/31/2018): EX: 756, EQ: 760; TU: 762

AAoA =<1month

 My main aims are: (1) Get new credit cards though I can easily app for them after the mortgage; and (2) Get a mortgage as co-applicant with my wife (Her scores are great so she can get mortgage as sole owner too if need be: Fico 8 EX: 790; EQ: 788; AoOA= 17 years; AAoA = ~ 7 years; newest account: that SPG Amex; INQ (EX:1, EQ:1; TU:0)) 

 

If we get a mortgage as co-applicants, is the applicable score just her middle score (as the higher scored applicant) or an average of my and her middle scores?


^ Based on that info, you might as well do what you can to build your profile more right now. Because I don't see you getting a Mortgage in a year. Your Wife will have a better shot w/o you as a co-applicant, your CR would likely raise the APR. I believe She can still use your income to qualify if that's an issue. As long as you have proof of joint accounts etc.

 

 wrote: can you please confirm this for me....

When did you first open Navy membership? This is important because I am trying to figure out if Navy did any credit check for ssl specificaly.

Did Navy do ANY KIND of credit check for SSL? 

I know there is no Hard check BUT, did they do a Soft check?

I recently, April 19th, opened a memberhsip with NFCU. And also applied for a CC with them. I currently only have one Inquiry on TU. So i don't know if it was for membership, or the CC lol But I'd imagine it's for the latter. Or it was for membership, and did a SP for the CC. But at seems doubtful. Even if they do a SP, it's gonna show a snapshot of you CR. So if it has changed since you joined, it will affect things.

However, if it's a secured loan. Then they wont be looking for perect credit to begin with.

Message 28 of 39
Established Member

Re: Navy Federal Share Secured Loan

I’m not sure how to make a continuation post...only how to reply to people. Should I reply to my original post when sharing updates?
Message 29 of 39
Valued Contributor

Re: Navy Federal Share Secured Loan


@CreditSage wrote:
I’m not sure how to make a continuation post...only how to reply to people. Should I reply to my original post when sharing updates?

CreditSage, it is possible to edit your original post; or can go to 'Reply' to one you had made and use the 'Quote' button to address certain things you wanted to add info to

State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 30 of 39