AWESOME NFCU !!!!

[johnnyt6]

Ok, so after reading, reading, and MORE reading. I got the courage to call NFCU. I joined about a year ago and have since been declined for the visa credit card and the Navcheck LOC. After must anticipation, I called and talked to a credit specialist. I laid it all on the line. I simply told the truth about everything, my intentions, my horrible credit, etc. Ten minutes into our conversation we both come up with a plan. It seems that she was as interested in credit repair as I was. So she asked how much disposable cash I had. I told her I was comfortable with 1,000 dollars. She said to mail out a deposit and call her back when it posted on to my savings account. So when it posted several days later I called her back. She then set up a share certificate (CD) 3 month only. Then she opened up a secured shared account, 1k loan backed by the CD, no credit check, no declined, no bs. The loan proceeds were in my account within minutes. I set the terms to 24 months repayment, 2.75% interest. Then just being declined for a Visa a while ago, she put the application in for me to get the secured card using the 1,000 dollars I just got for the "loan proceeds."

 

So, the NCFU 1-2 punch is:

 

1. Get secured loan

2. Used secured loan funds to open up credit card

 

I will now have two positive credit lines with NFCU !!!! And the best thing about it is, the installment money owed does not hurt my credit

[fishbjc]

WAY TO GO!

[johnnyt6]

thanks man

[cardcardinsider]

Do they not offer straight forward secured cards?

[athensgaguy]

Do they not offer straight forward secured cards?

 

Looks like he got a secured loan for $1K and a CC for $1K while only ending up putting $1k as collateral.

[Doodah]

Very good. Congratulations!

[cardcardinsider]

Do they not offer straight forward secured cards?

 

Looks like he got a secured loan for $1K and a CC for $1K while only ending up putting $1k as collateral.

 

 

So...my question then is why not just give the CC then? It's still unsecured?

[johnnyt6]

If I gave them the 1k to secure the visa, then I only get one trade line, doing it this way it gives you two with only 1 initial security deposit.

[jw1980]

Do they not offer straight forward secured cards?

 

Looks like he got a secured loan for $1K and a CC for $1K while only ending up putting $1k as collateral.

 

 

So...my question then is why not just give the CC then? It's still unsecured?

(assuming the 1+1 is the case)

 

The CC is secured, albeit in a roundabout way.

 

The share loan locks up the CD for 24 months, during which NFCU will enjoy right of offset against it.

 

If he charges up his card to $1k immediately, and never pays on either, they would be out $1k.

 

Chances are, though, that he is going to pay on that installment loan for a period of time before defaulting on either, if he does.

 

So, NFCU would be out less than the $1k, after they exercise their right of offset.

 

They are also earning money on the installment loan, thus lowering the overall expected risk of the customer.

 

The $1k in "savings" makes him less likely to default on the account, than if he were just another debtor borrowing unsecured. Default reduction is not just about underwriting, but also, about building connections with customers stronger than the rest of the creditors they may have to choose among in the event that money becomes tight.

[sh23jk]

After reading about NFCU for months on CB I decided to see if my MIL qualifed - my FIL (deceased) was a retired AF Reservist - as she was receiving his annunity she qualified. Go NFCU !!!!

 

My DH and I jumped on board immediately and joined through her opening both checking and saving. DH credit scores lower than mine - what are chances of qualifying for unsecured? Do they use both scores or just the person with highest score?

 

Do the lines report to the bureau's as secured or unsecured? (Does reporting secured help build FICO and how long do you keep open before paying off installment loan?)

 

Which bureau's do they report to?

[Lynn37]

WOW, I think I am going to try that

[johnnyt6]

it works

[johnnyt6]

anyone have any success with the nfcu 1-2?

[Sergio SPL]

anyone have any success with the nfcu 1-2?

 

Ill let you know tomorrow. Imma try it, Thanks for the advise

[ggg]

My brother is an Army reservist, but he isn't a member of NFCU. Looks like I'd have to convince him to join before I could try this. Doesn't seem like he's interested - he uses "USAA" for everything, not sure what that is.

 

Anyway, might this work with other CUs? I've been considering making a trip to a local Alliant branch and talking with them to maybe open some deposit accounts. Was also considering BofA for a secured card. Dunno for sure yet. This "1-2" deal for two TLs seems like a great idea.

[johnnyt6]

I would PAY GOLD to your bro to get you into NFCU. USAA is pretty good, NFCU is better. have him sign up online, it's like a 5 dollar investment. Buy him a steak dinner?

[ggg]

I would PAY GOLD to your bro to get you into NFCU. USAA is pretty good, NFCU is better. have him sign up online, it's like a 5 dollar investment. Buy him a steak dinner?

 

Actually, I said WTH and gave them a call. I must have misunderstood something because I was able to qualify. My paperwork and ATM card are on their way. Now I'll just have to review their offers and decide what I want to do with them.

[BButrell]

I would PAY GOLD to your bro to get you into NFCU. USAA is pretty good, NFCU is better. have him sign up online, it's like a 5 dollar investment. Buy him a steak dinner?

 

Agreed 100%. (I'm a member of both.)

[creditreformer]

does anyone know if this still works?

[Tyra]

You should be able to do this at any credit union. Useful if you need to add positive tradelines and you have some money to spare. You give $1000 to secure the loan, they give you $1000 loan proceeds, you deposit the $1000 loan proceeds for a secured card, you get two positive tradelines instead of one. The difference between this and just getting the loan, is that now your deposit is tied up with the credit card and not available to pay the loan incase anything happens where you become short of cash. Of course you could run up the credit card to get the money out, but that may lead to problems rather than solutions. Only use money for the card security deposit that you will not need in the near future.

[creditreformer]

i was not planning on spending the $, but trying to maximize the # of tls I can get, so I’m thinking say a 2k+ secured cc w/nfcu (assuming they don’t approve me for unsecured? My ficos look promising, but I do have some old baddies) + a secured loan may make them more inclined to show me some luv down the road. I’d then put $1k or so into alliant for a secured loan.

 

This $ is part of some $ I was saving for a downpayment on a car b/c mine was pretty much RIP until the dealer replaced the trans for free + the car still has some life left in it. Now that I don’t have to buy a car ASAP, I’d like to put the $ to some good use- while STILL continuing to save for a downpayment.

 

The $ for the secured cc/loan would NOT be $ I need ASAP- I have an emergency fund, cc debt is pretty much nil (I PIF but occasionally let SMALL balances report), all other bills are paid, income is steady, NO major foreseeable future expenses, etc. unless I die in the next 6-12 mos., I won’t need this $.

[Lynn37]

I was going to try this using my NFCU secured, But I decided to try to get a personal secured loan using my truck. (truck worth about 5k) They told me I will 24 hours before I get a answer.

 

Will let you know.

[hurricanesfans27]

nice little deal there.

[picnn]

[gallagheria]

I would PAY GOLD to your bro to get you into NFCU. USAA is pretty good, NFCU is better. have him sign up online, it's like a 5 dollar investment. Buy him a steak dinner?

 

Agreed 100%. (I'm a member of both.)

What is better about NFCU? I have both, although I have had USAA for years now and I just joined NFCU last year. I love USAA's website and how interactive it is. I can do anything online and the customer service has always been great. NFCU's site is okay, but nothing in comparison to USAA. Is it the loans, card rates or services? They seem to be the same for me, which is why I go for USAA with their great site, insurance, and easy services like Deposit@Home.