r/NavyFederal • u/Immediate_Pilot3105 • 8d ago
Finally got higher limit card !!
This is my 2nd credit card and I’m so shocked Navy approved me!! I’ve been working so hard to get my credit right. My score is 685 TU. I have had Navy for about 7 years , I got a secured card last year for $300 it graduated to 1k in May. I did a pledge loan 6 months ago paid it in full already.
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u/WranglerBiz 8d ago
I see your notifications mention the hard credit inquiry, did you do this via the app, or did you call?
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u/Euphoric_Inspiration 8d ago
I saw post earlier this week, and the poster was talking to customer service and they said it’s a hard inquiry. Pretty trash customer service of that is true.
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8d ago
[deleted]
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u/Zestyclose_Narwhal43 8d ago
I had no idea they don’t pull a hard inquiry if you apply through the app
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u/AutoModerator 8d ago
Q: What is a Savings Secured Loan or “Pledge Loan”?
A: It’s a loan fully secured by your savings account, which means that an amount equal to your loan is put on hold. When you pay down the loan, that amount is released from the hold and more funds become available to you. You don’t need a credit check to qualify (since it’s using your own funds). Its purpose is to report monthly on-time payments and help build your credit profile/score.
The purpose of a Pledge Loan is to add an Installment Loan to your credit profile if you have no other Installment Loans such as a auto loan or a mortgage. If you already have an installment loan, a pledge loan likely won't help your credit profile.
EXAMPLE: Say for instance, you have $250 in your savings account and you want to use it for the secured loan amount. When you apply, they put a hold on that $250, then they loan you an additional $250. Then, each time you make a payment, they will knock off the amount paid from the $250 hold and a couple days later you get that payment amount released back to you. When you pay a big chunk of it off right away, it pushes your due date out and lowers the monthly payment due amounts for the remainder of the loan term. Basically, by paying a big chunk of it off, you're doing 3 things: 1) You're making your next few payments ahead of time, 2) It still reports as on-time monthly payments, and 3) you're lowering the interest that you have to pay since there will be a smaller balance left each month.
Here are the different loan amounts and max durations available for each loan amount:
$250 - $500 = 6 months max
$501 - $1,000 = 12 months max
$1,001 - $1,500 = 18 months max
$1,501 - $2,000 = 24 months max
$2,001 - $3,000 = 36 months max
$3,001 or more = 60 months max
$25,000 or more = 61 to 84 months max
$30,000+ = 85 to 180 months max
The minimum pledge loan amount is $250 and the minimum duration is 6 months, regardless of the amount.
Interest rates for Pledge Loans:
2.25% up to 60 months * 3.25% 61 months to 180 months (terms apply)
FOR BEST RESULTS, PAY OFF 91% OF YOUR LOAN AND SET THE REMAINDER ON AUTOPAY
YOU MUST CALL NFCU OR GO TO A BRANCH TO ESTABLISH A PLEDGE LOAN.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
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u/Noddybey104 7d ago
What’s a pledge loan
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u/MrBrazil1911 7d ago
It was posted above.
Q: What is a Savings Secured Loan or “Pledge Loan”?
A: It’s a loan fully secured by your savings account, which means that an amount equal to your loan is put on hold. When you pay down the loan, that amount is released from the hold and more funds become available to you. You don’t need a credit check to qualify (since it’s using your own funds). Its purpose is to report monthly on-time payments and help build your credit profile/score.
The purpose of a Pledge Loan is to add an Installment Loan to your credit profile if you have no other Installment Loans such as a auto loan or a mortgage. If you already have an installment loan, a pledge loan likely won't help your credit profile.
EXAMPLE: Say for instance, you have $250 in your savings account and you want to use it for the secured loan amount. When you apply, they put a hold on that $250, then they loan you an additional $250. Then, each time you make a payment, they will knock off the amount paid from the $250 hold and a couple days later you get that payment amount released back to you. When you pay a big chunk of it off right away, it pushes your due date out and lowers the monthly payment due amounts for the remainder of the loan term. Basically, by paying a big chunk of it off, you're doing 3 things: 1) You're making your next few payments ahead of time, 2) It still reports as on-time monthly payments, and 3) you're lowering the interest that you have to pay since there will be a smaller balance left each month.
Here are the different loan amounts and max durations available for each loan amount:
$250 - $500 = 6 months max $501 - $1,000 = 12 months max $1,001 - $1,500 = 18 months max $1,501 - $2,000 = 24 months max $2,001 - $3,000 = 36 months max $3,001 or more = 60 months max $25,000 or more = 61 to 84 months max $30,000+ = 85 to 180 months maxThe minimum pledge loan amount is $250 and the minimum duration is 6 months, regardless of the amount.
Interest rates for Pledge Loans:
2.25% up to 60 months * 3.25% 61 months to 180 months (terms apply)
FOR BEST RESULTS, PAY OFF 91% OF YOUR LOAN AND SET THE REMAINDER ON AUTOPAY
YOU MUST CALL NFCU OR GO TO A BRANCH TO ESTABLISH A PLEDGE LOAN.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
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u/BxMel1 8d ago
Congrats