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RogerK08

Where to go from here

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I've NEVER had a personal appointment with an officer after an online application, even with the small local bank with whom I do my primary banking business.  If I want a personal appointment or more immediate action, I go INTO the branch.  Ditto on what used to be the Exxon credit union back in the 80's before they re-branded and expanded their membership base (I ditched them when they changed their mission and grew larger than I prefer in an lending institution). 

 

It is simply not reasonable to expect immediate results in a holiday window of time.  I'd be wary of pushing them too hard or it becomes easier for them to just deny and be done with the app...give the people burning vacation hours at the end of the year time to do their job. 

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Dare I ask which CU?  And my dad was not a member of NFCU at the time, but I was eligible due to his service.  They randomly select some to provide a DD214 of the relative (I was not selected, but I have a copy of his if I ever get called to provide it).  I saw the prior posts from way back saying otherwise, but at least as of the last year, that has not been the case in my personal experience.  Not sure if that's a YMMV thing, but they told me it wasn't the case, and the site shows familial eligibility too:  https://www.navyfederal.org/membership/become-a-member/eligibility.php

 

NFCU or PenFed might be better suited for the goal that you're trying to accomplish in this case.  I think the NFCU Platinum has a no-BT fee 0% offer for 18 months.  And with them tending towards generous limits, might be the path I'd recommend.

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Congrats Roger on your journey and making great progress!

11 hours ago, Zanshiro said:

Dare I ask which CU?  And my dad was not a member of NFCU at the time, but I was eligible due to his service.  They randomly select some to provide a DD214 of the relative (I was not selected, but I have a copy of his if I ever get called to provide it).  I saw the prior posts from way back saying otherwise, but at least as of the last year, that has not been the case in my personal experience.  Not sure if that's a YMMV thing, but they told me it wasn't the case, and the site shows familial eligibility too:  https://www.navyfederal.org/membership/become-a-member/eligibility.php

 

NFCU or PenFed might be better suited for the goal that you're trying to accomplish in this case.  I think the NFCU Platinum has a no-BT fee 0% offer for 18 months.  And with them tending towards generous limits, might be the path I'd recommend.

 

This! I'm not sure if NFCU was a "no-go" from your father not wanting join? Or if they denied your eligibility?

 

I was actually able to sign up even though my Grandfather was several years decesead at the time, with a copy of his DD214; He was never a member of NFCU. I went into the branch and it was no problem. If you don't have branch access I think you can do it over the phone. I pasted the steps on their site:

 

BzHwlW.jpg

 

NFCU has been a god-send giving me my first unsecured card when I had so so scores (600-650), and still a collection or two on my report. I was also able to get a 25K Auto Loan approval last year with around a 610.

 

I agree with others that if you can get in, they will probably do you right. I think you may even be able to get a personal loan from them to help you escape the 25%er. some of their rates:

 

https://snipboard.io/fBJ6aj.jpg fBJ6aj.jpg

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21 hours ago, centex said:

I've NEVER had a personal appointment with an officer after an online application, even with the small local bank with whom I do my primary banking business.  If I want a personal appointment or more immediate action, I go INTO the branch.  Ditto on what used to be the Exxon credit union back in the 80's before they re-branded and expanded their membership base (I ditched them when they changed their mission and grew larger than I prefer in an lending institution). 

 

It is simply not reasonable to expect immediate results in a holiday window of time.  I'd be wary of pushing them too hard or it becomes easier for them to just deny and be done with the app...give the people burning vacation hours at the end of the year time to do their job. 

I haven't pushed at all, I will give them time to do their job. The two times I've used them in the past it was a simple phone call and asked  to come in to a branch to do paperwork, done deal in a few hours. They were also a lot smaller of an operation back then, I guess i was expecting something similar this time. 

If i dont hear anything by the end of the week i will give them a call. 

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2 hours ago, theRbro said:

Congrats Roger on your journey and making great progress!

 

This! I'm not sure if NFCU was a "no-go" from your father not wanting join? Or if they denied your eligibility?

 

I was actually able to sign up even though my Grandfather was several years decesead at the time, with a copy of his DD214; He was never a member of NFCU. I went into the branch and it was no problem. If you don't have branch access I think you can do it over the phone. I pasted the steps on their site:

 

BzHwlW.jpg

 

NFCU has been a god-send giving me my first unsecured card when I had so so scores (600-650), and still a collection or two on my report. I was also able to get a 25K Auto Loan approval last year with around a 610.

 

I agree with others that if you can get in, they will probably do you right. I think you may even be able to get a personal loan from them to help you escape the 25%er. some of their rates:

 

https://snipboard.io/fBJ6aj.jpg fBJ6aj.jpg

My father did not want to join, I never bothered with an application. I will have to look into it further after reading the last couple replys 

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Got an email from the Lender last night asking for  pay statements and info on what i was planning to consolidate/refinance. 

will update when i hear more.  

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1 hour ago, RogerK08 said:

Got an email from the Lender last night asking for  pay statements and info on what i was planning to consolidate/refinance. 

will update when i hear more.  

That says the ball is rolling in the right direction.  Hopefully, if approved, they don't condition it upon a closure of the accounts where balances are being paid through the loan (yes, some consolidation lenders DO include that stipulation). 

 

If you have not yet done so, you might want to put together a spreadsheet that shows what is outstanding and how this consolidation changes those balances. 

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1 hour ago, centex said:

That says the ball is rolling in the right direction.  Hopefully, if approved, they don't condition it upon a closure of the accounts where balances are being paid through the loan (yes, some consolidation lenders DO include that stipulation). 

 

If you have not yet done so, you might want to put together a spreadsheet that shows what is outstanding and how this consolidation changes those balances. 

I already have one made up with everything i owe down to the penny. This also includes totals on minimum monthly payments etc...

I applied for the payoff amount of the 25% personal loan i currently have plus a couple hundred extra dollars. I didnt add any of the credit card debt into this. Im hoping to be able to qualify for a 0% BT card in the near future to knock that debt out quickly. 

Edited by RogerK08

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Well 3 business days have come and gone since i sent the info the credit union requested and haven't heard anything back. They had a black Friday loan sale that ended yesterday, only thing i can imagine is they were waiting for that to be over to make decisions.  Who knows though, just weird to me that an establishment who has given almost instant decisions in the past has drug this one out for over a week. 

Some good news though, when making my paypal credit payment i hit the luv button and recieved a CLI for over double my current limit. Which took my utilization for 85% to 40%

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3 hours ago, RogerK08 said:

Well 3 business days have come and gone since i sent the info the credit union requested and haven't heard anything back. They had a black Friday loan sale that ended yesterday, only thing i can imagine is they were waiting for that to be over to make decisions.  Who knows though, just weird to me that an establishment who has given almost instant decisions in the past has drug this one out for over a week.

This blows but maybe they are moving slow because of the holiday. If they don't work out I hope you do look elsewhere and do not get discouraged by them.

 

3 hours ago, RogerK08 said:

Some good news though, when making my paypal credit payment i hit the luv button and recieved a CLI for over double my current limit. Which took my utilization for 85% to 40%

Big time congrats!!!! This is great news

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22 hours ago, RogerK08 said:

Well 3 business days have come and gone since i sent the info the credit union requested and haven't heard anything back. They had a black Friday loan sale that ended yesterday, only thing i can imagine is they were waiting for that to be over to make decisions.  Who knows though, just weird to me that an establishment who has given almost instant decisions in the past has drug this one out for over a week. 

Some good news though, when making my paypal credit payment i hit the luv button and recieved a CLI for over double my current limit. Which took my utilization for 85% to 40%

It could very well be due to the size/security of the loan. 
 

A friend of mine is the chief credit officer of a small credit union (they have four locations) - he is the only individual with Individual approval authority In the entire organization - he can approves autos up to $75, boats/campers, etc up for $50k and personal loans up to $5k.  Anything higher than that has to be approved by their “loan committee” which meets every Wednesday but if that falls on a holiday, they do niot meet at all that week.  So in theory someone could apply on a Thursday the week prior to a holiday and not have a loan decision made for nearly two weeks and the still possibly be waiting for the loan officer to call them with the decision. 

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49 minutes ago, gerray said:

It could very well be due to the size/security of the loan. 
 

A friend of mine is the chief credit officer of a small credit union (they have four locations) - he is the only individual with Individual approval authority In the entire organization - he can approves autos up to $75, boats/campers, etc up for $50k and personal loans up to $5k.  Anything higher than that has to be approved by their “loan committee” which meets every Wednesday but if that falls on a holiday, they do niot meet at all that week.  So in theory someone could apply on a Thursday the week prior to a holiday and not have a loan decision made for nearly two weeks and the still possibly be waiting for the loan officer to call them with the decision. 

Interesting info, I didn't even think of that. The CU Im dealing with is roughly the same size so it makes perfect sense. 

Luckily for me waiting this long really doesn't effect what i am trying to accomplish, I wouldn't be happy if this was a time sensitive matter. 

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3 hours ago, RogerK08 said:

Interesting info, I didn't even think of that. The CU Im dealing with is roughly the same size so it makes perfect sense. 

Luckily for me waiting this long really doesn't effect what i am trying to accomplish, I wouldn't be happy if this was a time sensitive matter. 

 

Just my take:  You apply the day before Thanksgiving.  They get back to you with a document request the following Wednesday pm, and as of yesterday (Saturday) you're impatient for a response. 

 

From your posts here, you're not "really happy" even when it's not a particularly "time sensitive" matter.  In fact, my perception is that it's driving you just a little "batty".  Take a chill pill.  Do you really think they had a full staff the weekend post TG?  It wouldn't surprise me in the least that your Wednesday afternoon app was set aside for the most pressing business until Monday (making a Wednesday response very reasonable).  If you responded the same pm with the requested docs, yeah ... it would have been nice if they had gotten back to you Friday.  But under no circumstance would I be in the least concerned until Monday had come and passed.

 

Bottom line (for me):  If you're going to do a loan app of any type on a holiday week, get it in first thing Monday (and then still be prepared for a delay in getting a response).

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Finally got a response 

 

Application was denied due to high DTI 

so back to the original question of where to go from here. 

I have roughly 7k in CC debt and a little over 9 on that loan all of this is subprime in the 20-30% range.


my main objective is to get this all paid off as soon as possible at as low of a rate as possible

 

not sure if i mentioned it earlier but the loan is secured with a boat that now has major mechanical issues that i will not be fixing at this time. The boat is still worth 3-4k as it sits. So it would be very beneficial to me get rid of the loan and sell the boat. 

any suggestions are welcomed

thank you for all your help and criticism so far. 

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5 hours ago, RogerK08 said:

Finally got a response 

 

Application was denied due to high DTI 

so back to the original question of where to go from here. 

I have roughly 7k in CC debt and a little over 9 on that loan all of this is subprime in the 20-30% range.


my main objective is to get this all paid off as soon as possible at as low of a rate as possible

 

not sure if i mentioned it earlier but the loan is secured with a boat that now has major mechanical issues that i will not be fixing at this time. The boat is still worth 3-4k as it sits. So it would be very beneficial to me get rid of the loan and sell the boat. 

any suggestions are welcomed

thank you for all your help and criticism so far. 

 

On 11/21/2019 at 4:24 PM, cv91915 said:

I'm not current on the best ones, but there are numerous options out there.  
 

Look for the longest 0% duration you can find and the lowest transfer fee ($0 is obviously ideal).

 

Hopefully someone with recent experience will post specific recommendations.

 

Sorry about the decline. :(

 

I think we're back to paying down your utilization until you can get a couple of solid BT cards.

 

You might also look at some of the online personal loan companies, but most of them charge a hefty origination fee that may make it not worthwhile... depends on how much time you need to pay everything off.  

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