@@myaimisdeadly7197 I did the same it’s like you paid off the monthly payments for years in advance lol, but if you leave it alone it will give you on time payments every month until that date so I am going to leave for a couple of years build a trade line
That's how I built my credit. Did 2 $2,100 pledge loans, paid them 95% next day, opened the nRewards secured card and six months later got an auto loan at 3%, AMEX Everyday, Gold and Hilton Business. You can manufacture your profile with those NFCU products.
My recommendation is not to wait until it reports and then pay the 90% off. Your score will dip and the score will increase the amount that it dipped making it not as fruitful. As soon as the pledge loan funds hits your savings pay it off the 90%. It will report with the initial balance as the amount you took the loan our for and then the current balance which will be 90% less than the initial balance. This is what will boost your score without going down first. I have done two pledge loans. One as you state waiting to pay the 90% after the tradeline reports and one with paying the 90% as soon as the funds were available. I received more of a credit bump with paying the 90% right away.
Whew, Thank you so much for sharing this information. I just got a pledge loan and was ALMOST about to cancel it. I was like dang it’s going to show that I owe 7K. Now I’m about to go make that payment ASAP! 🎯💯💎
Thank you for posting this information! I can see how paying 90% right after taking out the loan would result in an immediate bump in your credit. Doing it this way, you avoid the dip altogether!!
I thought it was a myth.. but my first pledge was a test with $500 I paid the 95% and the reminder within 2 months and boost me 45 points now I’m on a $3000 pledge making my payment this month let’s see what it does.. keep you guys updated.. thank you so much 🔥🔥🔥🔥
WOW! So u good awesome results by doing the hack b4 the loan was reported to the bureaus. Naam (& others) say to let it post 1st, then do the hack. I guess it doesn't really make that much different when u do the hack. Interesting!
Exactly!!!! These people are being told to wait until it hits the credit report. They should not do that, The greatest score increase will be to make the 90% - 95% payment as soon as the funds hit your account. When it reports it will report with the original loan amount and your balance which will be 90-95% lower than the original loan amount.
Tbh, I did mines with exchange rewards. I waited 10 days and paid 50% and the other 50% 4 days before the due date. My credit score literally jumped up around 65+ points. Im going to try your method and hopefully it takes my score up even more 😅
I was denied a Navy Federal Pledge Loan a few months back, but it was because I was on a payment plan that just ended with my Platinum Navy Visa card. Once I completed the payment plan, I was approved. Here's to increasing my credit score and rebuilding my credit! This should be the only reason one gets denied according to Navy Federal just FYI. Thank you so much @Naam Wynn !
@@NaamWynnIs it possible to pull the cash advance from a Navy federal credit card, deposit that amount to your savings account, Then request a Pledge loan against that deposited amount, after pledge loan has been granted, pay back 90% as soon as it reports, then pay back the credit card for the original cash advance.
Other financial gurus are talking about this, but you are the only one who breaks down the duration that will generate maximum results, and what to expect afterwards. I have a savings account with them, and have been looking for ways to add more tradelines to my credit reports to strengthen my financial profile while leveraging preexisting financial relationships. This is a great way to build toward higher lines of personal and business credit. Thank you, Naam!
Saw your video earlier today and after being a member since 96, I finally decided to get a pledge loan. It got approved in about 3 hours and the funds were deposited as soon as I signed the documents.
it is about the relationship period.. Member for five years two checking accounts one biz account one 6000$ pledge loan paid off 85% next day/ 4 charge offs 8 lates they gave me a 7500$ credit card
I’m so confused?? Why doesn’t everyone just get a pledge loan? If the money goes right back into your account isn’t a basically a free loan for whatever you are applying it to?
Not entirely free, but close. You are paying 2% more interest than you are receiving, but if you pay off 90% of the loan ASAP, 2% interest on a low remaining balance won't be more than a few bucks a month, which is worth it for someone who really needs to build their credit history and score.
When you pay off your pledge loans 95% the next day, is the paid off amount given back to you? As in back into your account, or do you have to wait until the full term is paid off in full to get your amount credited back?
you still will take a dip in your credit score but your not going to really see it since your paying 90% or more right away on the pledge loan. The difference between the points you earn against how much the loan will dip your score is actually greater. which is why you'll see an increase versus a dip. It dont really matter rather you pay the 90% or more right away or wait for it to first show on your credit report your still going to take some certain dip in your score.
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full a
I’m thinking about doing a 20k pledge loan to pay off a personal loan for a home improvement project. The interest rate on the personal loan is high 10% and I don’t want a HELOC to refinance it. My credit union is offering 4.9% interest for a pledge loan. WDYT?
Naam, with the pledge loan, which strategy makes more sense after the 90% pay down..................a) don't make any more payments until the next due date.................OR amortize that small balance over the term of the loan using auto-pay? thanks
Update - opened 2 pledge loans paid 95% off day they posted on account. Week later reported to credit & my credit scores dropped 32 points BUT my fico 8 increased 28 points. Any reasoning for this ? Since the loans aren’t a HP don’t see why my scores dropped so drastically
Good information. But. Please. Correct me if I'm wrong. The type of person who has an extra $100k in cash laying around is also the type of person who already has a strong credit profile and doesn't need a hack like this.
Correct honestly small amounts are only going to help ppl with low credit scores. If you have a high score and income all of this extra is not needed. It’s only to build a relationship with Navy federal. Other banks like to see larger amounts and longer payments. Paying 90% let’s the banks know you didn’t need it and you are relationship building with that bank. Just like you have ppl doing videos on UA-cam you also have underwriters at the banks that looks at all your financials. While this is good info to build with Navy it want help with other banks unless you have a high income 6 figures. It takes time to build credit. That’s y payment history is a big factor. Other banks are not going to give you 50k plus unsecured because you paid 90% of 250 to 1,000. What can you actually finance or buy with that. You look to other banks as high risk if life happens they know you are a risk. Sign up for my FICO keep checking your scores every month also it will tell you how much of a risk you are to banks during times like this or just based off your profile. That’s y I use credit for everything and finance everything even though I can pay cash. Most ppl are credit rich not liquid.
Naam can you please help me understand why it’s better to wait 45days to pay the 90% and let your score go down instead of paying the 90% within 48hrs because I heard that it typically just takes 48hrs to appear on our account and that we can avoid our credit score going down if we pay right away or before the 45days… Can you please help me under why this method is better?
Banks report to credit bureaus once a month. You have to let the bank report that 100k loan to the bureaus and let it reflect on your credit score BEFORE you pay off 90% or else the credit bureau will interpret that you only loaned 10k. It's a temporary dip for a massive gain.
@@KingDavid0606 Not true. @spirit xray is correct. If you pay the 90% before it reports the score increase is higher. It will report with your initial balance as the amount of the loan and then your current balance. I did it both ways and got the biggest impact paying the 90% right away, not waiting for it to report and take a dip.
@@mrstorres4183 oh WOW! I only did it the way I mentioned and learned that the other way worked as I stated. But you did both and have proof, I'd take your advice. Thank you for the correction!
Be very careful doing multiple as you have to remember the credit age will drop as it is a new account. Low credit age brings down your credit score. I agree with Naam here to wait a minimum of 12 months before doing a second one.
Is there any reason I couldn't do a 2k pledge loan - pay $1800 and turn around and use that for s secured NF credit card (credit bad right now). Would this help improve credit score/profile?
@@sinned96 That's cool to hear. :) Is your group accepting new members? I would like to join to get more tips on NF as I recently denied for the cash card with good credit and any suggestions on acquiring NF products would be great. TIA :)
What if I have a few credit cards that I want to balance transfer. And wipe them out and perhaps have them all under a credit line from navy … is this possible?
wow this is what I need. wow this came up like it was meant for me. I am a Navy Federal Credit Union member. my credit score is 700. I'm gonna try get a pledge load of 50,000. wish me luck.
Question: So assuming I have $50k in my nfcu checking account, and I use it for a $50k pledge loan, can I pay 90% of it ($45k) using the money from the same nfcu checking account? Or do I need to pay it from somewhere else?
So if I have $20,000 cash I deposited in my savings account then I go into the branch and say I would like to get a loan for 20,000 I signed the loan agreement for 20,000 for seven years. They release the funds the next day back into my savings account so I go back the next day and give them 15,000? I’m confused.
Question. So once I pay back the 80-90% of the loan, once the amount I paid off is returned to my account, am I then able to withdraw that money or does it have to sit in the account in which it was returned?
So the representative that did the initial pledge launch application for me somehow messed it up had the recent minute today the money immediately was withdrew from my savings account and then put into my checking account. For a $2000 loan the payments are roughly $43 a month however within a week I will pay off 85 to 90% of the loan and take it from there
@Anthony I did the 2k pledge too and had them deposit in my checking- I then too out 1k- should I pay the 90% back into the checking or savings account?
Should I apply for the NFCU Flagship card 1st before the Pledge Loan or vise versa? I’m want to get approved for the highest limit possible with the Flagship.
Would you prefer everything just be handed to you? If that were the case there would be no value in doing these things. Be thankful that your one of the ones willing to seek the information and take action. And be thankful someone above us created this relatively easy “hoop” for us to jump through.
what about if I do not qualify to open an account with them? I have not serve in the military or have a family member who served. Is it really NO OPTIONS for me as far as applying with NFCU?
Using this method ; does the 90 percent stay locked after paying ? Or is the money accessible before the loan is paid off. For example, I take out a 10k pledge loan and pay 9k after 45 days. The money is gone from my checking account. Is it locked in my savings because I have a loan? Or is it accessible since I’ve paid it back to the loan?
The money is accessible. I opened mine with 250. The next day I paid 90% back via the website. Now I'm waiting to see what it will do for my score. It hasn't showed up yet until it cycle thru
Great work Cynext solution so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable scammers! Kudos to YOU!! You deserve the Nobel prize for keeping us safe big up brother.
Question I have 4 mortgages on my credit profile will this make since for me ? Or would it help me only as building that relationship with Fnavy for larger credit amounts when applying with them?
NF IS cracking down on proof of a relative in the service/ or military Veteran like husband father parents that are military 🎖️ in order to open up a account So it used to be opened up to everyone but seems that has changed 🔥⚡
I called a couple weeks ago to become a member and had no problems. My late father was in the Air Force and I was prepared to furnish proof, but it was never requested. I still have it if they want it later, but they never asked me for it.
So. Clear this up for me. If I get a 5k pledge loan. They hold it for a few days then deposit it back. So does that leave me with 10k? Or just a 5k credit line?
If you plege 5,000 it gets held for about 1-2 hrs while the create the loan then it get released into your account savings or checking which ever you decide on the time of agreeing to the terms and conditions … so on the loan side you owe 5k …. So think of it as -5k you paying navy fed … on the other side savings /checking you have a +5k So essentially you could take the money that your originally pledged with to pay down or loan …. If you take the +4k from your checking and you pay the loan …. On the loan side you will have a remaninding balance of 1k But the 4k that you pay get refund back to you bec it’s just a play of numbers it’s a “fake loan “ to help build credit .. and relationship with the bank
So I do the pledge loan say for $2,000 they give me $2,000 cash right afterwards after 72 hours. If I pay 90% off and then pay the rest off over time Will I get that $2,000 back again? Not the money that they loaned me but the money that was in the freeze?
So if I have have high utilization with my navy federal credit card, should I pay it down to about 4% first so i get a better chance of being approved? Or do I have to wait until it reflex’s that the utilization was dropped to 4%?
It doesn’t affect your credit cards so you can still apply for pledge loan. However I do recommend you paying down you can to less than 10% , 1% is optimal to show some usage.
I got a pledge loan for 1,500 3 months ago, i waited a month for it to report and paid it down to 125 and its shown on my cr but no increase in score. Idk what i did wrong. Also thinking about doing another one for 3k and a long term. Any advice?
Navy Federal is not my main credit union but I do have credit cards with them. I’ve been with them 2yrs do they require you to have funds available for the pledge loan?
⮕ Prequalified for a $1K - $100K Loan Today 👉🏾 bit.ly/3ivxSng
i did the loan paided 87% and now it says i don't owe anything until 6/25/2024 thought you had to pay alittle monthly tf?
@@myaimisdeadly7197 I did the same it’s like you paid off the monthly payments for years in advance lol, but if you leave it alone it will give you on time payments every month until that date so I am going to leave for a couple of years build a trade line
What bank should I use to do secure loan?
That's how I built my credit. Did 2 $2,100 pledge loans, paid them 95% next day, opened the nRewards secured card and six months later got an auto loan at 3%, AMEX Everyday, Gold and Hilton Business. You can manufacture your profile with those NFCU products.
Lets go!!!!
Will they show the credit bureaus you paid the 90% before they even report?
@@kadayaleechisolm1240 it will report as 90% paid when it reports the 1st time as a new account.
Are you talking personal credit ?
I was wondering if it can be good with less than 50k…that’s a lot for me. Thank you.
Making money is an action. Keeping money is behavior. Growing money is knowledge
😮
@johngolf7314 how do i contact Brian
This is credit. It has to get paid back. You haven’t made any money.
Agreed
😂@@nathanmikewinchesterchevri370
My recommendation is not to wait until it reports and then pay the 90% off. Your score will dip and the score will increase the amount that it dipped making it not as fruitful. As soon as the pledge loan funds hits your savings pay it off the 90%. It will report with the initial balance as the amount you took the loan our for and then the current balance which will be 90% less than the initial balance. This is what will boost your score without going down first. I have done two pledge loans. One as you state waiting to pay the 90% after the tradeline reports and one with paying the 90% as soon as the funds were available. I received more of a credit bump with paying the 90% right away.
Whew, Thank you so much for sharing this information. I just got a pledge loan and was ALMOST about to cancel it. I was like dang it’s going to show that I owe 7K. Now I’m about to go make that payment ASAP! 🎯💯💎
Thank you so much, about to start the 60 month pledge loan and as soon they release the funds back I’m paying 95% of it
Doe sthe amount matter?
Thank you for posting this information! I can see how paying 90% right after taking out the loan would result in an immediate bump in your credit. Doing it this way, you avoid the dip altogether!!
@@estheticsguru after loan was reported to credit bureaus I saw a 13 point increase in Equifax/trans and 24 on experian. Paid off 90% right away
I thought it was a myth.. but my first pledge was a test with $500 I paid the 95% and the reminder within 2 months and boost me 45 points now I’m on a $3000 pledge making my payment this month let’s see what it does.. keep you guys updated.. thank you so much 🔥🔥🔥🔥
Great job!
Works just did it score went up 42 points in about a week...u want pay large percentage back before hits credit report..I paid 95% back next day
WOW! So u good awesome results by doing the hack b4 the loan was reported to the bureaus. Naam (& others) say to let it post 1st, then do the hack. I guess it doesn't really make that much different when u do the hack. Interesting!
Exactly!!!! These people are being told to wait until it hits the credit report. They should not do that, The greatest score increase will be to make the 90% - 95% payment as soon as the funds hit your account. When it reports it will report with the original loan amount and your balance which will be 90-95% lower than the original loan amount.
I wonder if this jump would happen regardless of the deposit amount…
Tbh, I did mines with exchange rewards. I waited 10 days and paid 50% and the other 50% 4 days before the due date. My credit score literally jumped up around 65+ points. Im going to try your method and hopefully it takes my score up even more 😅
Thanks!
I was denied a Navy Federal Pledge Loan a few months back, but it was because I was on a payment plan that just ended with my Platinum Navy Visa card. Once I completed the payment plan, I was approved. Here's to increasing my credit score and rebuilding my credit! This should be the only reason one gets denied according to Navy Federal just FYI. Thank you so much @Naam Wynn !
Lets go!!!
@@NaamWynnIs it possible to pull the cash advance from a Navy federal credit card, deposit that amount to your savings account, Then request a Pledge loan against that deposited amount, after pledge loan has been granted, pay back 90% as soon as it reports, then pay back the credit card for the original cash advance.
Other financial gurus are talking about this, but you are the only one who breaks down the duration that will generate maximum results, and what to expect afterwards. I have a savings account with them, and have been looking for ways to add more tradelines to my credit reports to strengthen my financial profile while leveraging preexisting financial relationships. This is a great way to build toward higher lines of personal and business credit. Thank you, Naam!
Saw your video earlier today and after being a member since 96, I finally decided to get a pledge loan. It got approved in about 3 hours and the funds were deposited as soon as I signed the documents.
Dude, you deserve to have 1 million subs! Good stuff, articulated perfectly and well laid out! Great job!
Appreciate that!
So happy I found this video. The clearest explanation of pledge loans I have seen.
I recently did the pledge loan with Navy Federal for $20K and to my surprise my credit score immediately shot up 28/34 months 👍🏽
Amazing!
have you tried doing the cash hack program i did cash hack just a couple of days ago and i got paid $20,000 in just a few hours
What you tired literally made Zero sense, fyi.
@@kingmiller1982 Points! You know what I meant 😏
I just did a $10K one. I first tried with my business account but it only works on the personal side. Good info
New to Navy Federal. Never herd of this type of loan.
Had to subscribe..all your vids are specific and well stated
it is about the relationship period.. Member for five years two checking accounts one biz account one 6000$ pledge loan paid off 85% next day/ 4 charge offs 8 lates they gave me a 7500$ credit card
Great news. Your situation sounds about mine but I haven't even applied for the card. I was actually going to wait but I might try
How long did you wait after you paid off the 85% to apply for the $7500 credit card you were approved for?
Great video
I've just completed my $400 pledge loan now I'm aiming towards a bigger pledge loan to go with my cds also gotta spend big to receive big
have you tried doing the cash hack program i did cash hack just a couple of days ago and i got paid $20,000 in just a few hours
I’m so confused?? Why doesn’t everyone just get a pledge loan? If the money goes right back into your account isn’t a basically a free loan for whatever you are applying it to?
Not entirely free, but close. You are paying 2% more interest than you are receiving, but if you pay off 90% of the loan ASAP, 2% interest on a low remaining balance won't be more than a few bucks a month, which is worth it for someone who really needs to build their credit history and score.
When you pay off your pledge loans 95% the next day, is the paid off amount given back to you? As in back into your account, or do you have to wait until the full term is paid off in full to get your amount credited back?
you still will take a dip in your credit score but your not going to really see it since your paying 90% or more right away on the pledge loan. The difference between the points you earn against how much the loan will dip your score is actually greater. which is why you'll see an increase versus a dip. It dont really matter rather you pay the 90% or more right away or wait for it to first show on your credit report your still going to take some certain dip in your score.
I did a pledge load for $250. If I pay 90% back with a agreement of $40 a month. How do I pay the remaining balance if it's for 6 months?
Autopay the next payment at 5 dollars.
I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full a
I’m thinking about doing a 20k pledge loan to pay off a personal loan for a home improvement project. The interest rate on the personal loan is high 10% and I don’t want a HELOC to refinance it. My credit union is offering 4.9% interest for a pledge loan. WDYT?
Will the pledge loan count toward your DTI for lenders? Thanks for all the info Naam :)
@@sinned96 Which monthly income? The income b4 the 90% hack or the monthly income (post hack)?
Great vid bud! 🚀
Thanks I will be looking into it
@Rosemary no never heard of it
Naam, with the pledge loan, which strategy makes more sense after the 90% pay down..................a) don't make any more payments until the next due date.................OR amortize that small balance over the term of the loan using auto-pay? thanks
Update - opened 2 pledge loans paid 95% off day they posted on account. Week later reported to credit & my credit scores dropped 32 points BUT my fico 8 increased 28 points. Any reasoning for this ? Since the loans aren’t a HP don’t see why my scores dropped so drastically
Other factors in your credit report check payment history,amount owed/balance on cards, etc
Good information. But. Please. Correct me if I'm wrong. The type of person who has an extra $100k in cash laying around is also the type of person who already has a strong credit profile and doesn't need a hack like this.
It was an example, but you can do this with $1000
Correct honestly small amounts are only going to help ppl with low credit scores. If you have a high score and income all of this extra is not needed. It’s only to build a relationship with Navy federal. Other banks like to see larger amounts and longer payments. Paying 90% let’s the banks know you didn’t need it and you are relationship building with that bank. Just like you have ppl doing videos on UA-cam you also have underwriters at the banks that looks at all your financials. While this is good info to build with Navy it want help with other banks unless you have a high income 6 figures. It takes time to build credit. That’s y payment history is a big factor. Other banks are not going to give you 50k plus unsecured because you paid 90% of 250 to 1,000. What can you actually finance or buy with that. You look to other banks as high risk if life happens they know you are a risk. Sign up for my FICO keep checking your scores every month also it will tell you how much of a risk you are to banks during times like this or just based off your profile. That’s y I use credit for everything and finance everything even though I can pay cash. Most ppl are credit rich not liquid.
Thank you.
Naam can you please help me understand why it’s better to wait 45days to pay the 90% and let your score go down instead of paying the 90% within 48hrs because I heard that it typically just takes 48hrs to appear on our account and that we can avoid our credit score going down if we pay right away or before the 45days… Can you please help me under why this method is better?
Banks report to credit bureaus once a month. You have to let the bank report that 100k loan to the bureaus and let it reflect on your credit score BEFORE you pay off 90% or else the credit bureau will interpret that you only loaned 10k. It's a temporary dip for a massive gain.
@@KingDavid0606 Not true. @spirit xray is correct. If you pay the 90% before it reports the score increase is higher. It will report with your initial balance as the amount of the loan and then your current balance. I did it both ways and got the biggest impact paying the 90% right away, not waiting for it to report and take a dip.
@@mrstorres4183 oh WOW! I only did it the way I mentioned and learned that the other way worked as I stated. But you did both and have proof, I'd take your advice. Thank you for the correction!
@@mrstorres4183 hmm interesting 🤔
Thanks for gems on credit building. Would you suggest having more than 1 pledge loan reporting on your credit.
It wouldn’t hurt. But have one for at least 12 months before getting a new one
Ok Thanks I will do as advised.
Be very careful doing multiple as you have to remember the credit age will drop as it is a new account. Low credit age brings down your credit score. I agree with Naam here to wait a minimum of 12 months before doing a second one.
Should you get the pledge loan as soon as you join navy federal?
Great content Nam, thx.
Any input on how the new account reporting would affect the scores in regards to average age of accounts?
Excellent as always...
Is there any reason I couldn't do a 2k pledge loan - pay $1800 and turn around and use that for s secured NF credit card (credit bad right now). Would this help improve credit score/profile?
have you tried doing the cash hack program i did cash hack just a couple of days ago and i got paid $20,000 in just a few hours
@@sinned96 That's cool to hear. :)
Is your group accepting new members? I would like to join to get more tips on NF as I recently denied for the cash card with good credit and any suggestions on acquiring NF products would be great. TIA :)
@@sinned96 Great, I'll definitely answer all the questions. :)
Please let me know how to join the FB group. Kind regards :)
Damn this is str8 sauce right here
What if I have a few credit cards that I want to balance transfer. And wipe them out and perhaps have them all under a credit line from navy … is this possible?
If you been late to repay about 5 days, will you be able to get another loan after the pay in full?
Hey Naam…. Would you recommend the everyday checking or the flagship?
@@mrmentorcreditjamz9305 flagship is preferred
I was late 2 times on pledge loan would that hurt my credit
wow this is what I need. wow this came up like it was meant for me. I am a Navy Federal Credit Union member. my credit score is 700. I'm gonna try get a pledge load of 50,000. wish me luck.
have you tried doing the cash hack program i did cash hack just a couple of days ago and i got paid $20,000 in just a few hours
Do you have 50,000 ?
Weelll, even if you paid 90% right away (meaning the funds are available right away), it will still report as a 100k loan with a 10k balance.
Question: So assuming I have $50k in my nfcu checking account, and I use it for a $50k pledge loan, can I pay 90% of it ($45k) using the money from the same nfcu checking account? Or do I need to pay it from somewhere else?
So if 1000 is used..1000 come out of savings. My payments will total the 1000 as well...in the end 2000 is returned to me?
So is it better to wait until it reports to pay it down or do it beforehand? I've heard different tips from people
I did both ways. My score improvement was better when I didn't wait for it to report.
Should i pay off the pledge loan before i get ready to buy a house or should i leave the loan on my credit report as still almost paid off?
Thanks
Is it better to do the 6 months or the 12 months? Someone please answer.
Do they run your credit and is it a hard or soft inquiry on your credit report?
Ok, so after you pay te 90%, do you pay the minimum for the term of the loan, or can you pay the entire thing off in a few months?
How many pledge loans can you have at once? As these max at 100K?
So if I have $20,000 cash I deposited in my savings account then I go into the branch and say I would like to get a loan for 20,000 I signed the loan agreement for 20,000 for seven years. They release the funds the next day back into my savings account so I go back the next day and give them 15,000? I’m confused.
Does the payment you make get released back to you as soon as you make the payment?
It takes a business day or 2
Hi Naam, who made your Military box?
Question. So once I pay back the 80-90% of the loan, once the amount I paid off is returned to my account, am I then able to withdraw that money or does it have to sit in the account in which it was returned?
I don’t get why you can’t pay the 80 to 90% off right away why do you need to wait for it to report?
Just called navy fed and requested a $2000 pledge loan. I will keep you updated on the outcome.
So the representative that did the initial pledge launch application for me somehow messed it up had the recent minute today the money immediately was withdrew from my savings account and then put into my checking account. For a $2000 loan the payments are roughly $43 a month however within a week I will pay off 85 to 90% of the loan and take it from there
@Anthony Givens ; How was your outcome?
@@TraderDT all is well I opened 2 loans and paid 90% off now I have made payments up to 11/24
@Anthony I did the 2k pledge too and had them deposit in my checking- I then too out 1k- should I pay the 90% back into the checking or savings account?
@@agnesakioyamen2576 yes
Great 👍🏻
Should I apply for the NFCU Flagship card 1st before the Pledge Loan or vise versa? I’m want to get approved for the highest limit possible with the Flagship.
Kinda sad everyone has to jump through so many hoops just to live
Would you prefer everything just be handed to you? If that were the case there would be no value in doing these things. Be thankful that your one of the ones willing to seek the information and take action. And be thankful someone above us created this relatively easy “hoop” for us to jump through.
Grow up
@@fuzezenitsu5496 simmer down there keyboard warrior.
Do you keep your money or lose it with the pledge loan when you pay it off
You keep it. It's your money minus any interest
When you do the pledge loan and then pay the 90% do you have a monthly payment due ?
what about if I do not qualify to open an account with them? I have not serve in the military or have a family member who served. Is it really NO OPTIONS for me as far as applying with NFCU?
So it works like certain life insurance cash-value policies but reports to the credit bureaus
In a way
Using this method ; does the 90 percent stay locked after paying ? Or is the money accessible before the loan is paid off. For example, I take out a 10k pledge loan and pay 9k after 45 days. The money is gone from my checking account. Is it locked in my savings because I have a loan? Or is it accessible since I’ve paid it back to the loan?
The money is accessible. I opened mine with 250. The next day I paid 90% back via the website. Now I'm waiting to see what it will do for my score. It hasn't showed up yet until it cycle thru
Do you have any videos about bussiness credit cards with navy federal ?
Great work Cynext solution so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable scammers! Kudos to YOU!! You deserve the Nobel prize for keeping us safe big up brother.
So once the 90% is paid is it readily available or still locked in the certificate for the length of the term?
How do i qualify if i do not have a family member who have served in the military or a family member at NFCU?
I was approved for 25k on the flagship card
Let’s go!
Could this work with an auto loan? I have a $40k loan and am waiting for it to report to the credit bureau and would like to do the 90% payment.
Good evening all has anyone’s credit score been impacted once the loan is paid off if so by how much?
Question I have 4 mortgages on my credit profile will this make since for me ? Or would it help me only as building that relationship with Fnavy for larger credit amounts when applying with them?
A pledge loan and a collateral loan is the same thing, right ?
So it’s better to pay the 90% off after it reports instead of before it reports?. Wont that show a large unpaid debt if you pay it after it reports?.
NF IS cracking down on proof of a relative in the service/ or military Veteran like husband father parents that are military 🎖️ in order to open up a account So it used to be opened up to everyone but seems that has changed 🔥⚡
I called a couple weeks ago to become a member and had no problems. My late father was in the Air Force and I was prepared to furnish proof, but it was never requested. I still have it if they want it later, but they never asked me for it.
so when i open the pleadge loan and they put the money into my bank account do i use that money to pay 90% ?
Yes
Can u tell me how to do it
How u do it
So. Clear this up for me. If I get a 5k pledge loan. They hold it for a few days then deposit it back. So does that leave me with 10k? Or just a 5k credit line?
If you plege 5,000 it gets held for about 1-2 hrs while the create the loan then it get released into your account savings or checking which ever you decide on the time of agreeing to the terms and conditions … so on the loan side you owe 5k …. So think of it as -5k you paying navy fed … on the other side savings /checking you have a +5k So essentially you could take the money that your originally pledged with to pay down or loan …. If you take the +4k from your checking and you pay the loan …. On the loan side you will have a remaninding balance of 1k
But the 4k that you pay get refund back to you bec it’s just a play of numbers it’s a “fake loan “ to help build credit .. and relationship with the bank
Once the 90% is paid off, do we call back in to setup installment payment again? Or leave it and wait until the original installment is due?
Best thing to do is to make schedule payments on the minimum due. Keeps the account active and longer profile, from what I’ve been seeing
@@mxooxy_9299 ok thx
Wait... I have a pledge loan... if I pay it down, they'll adjust my monthly payment amount??? Hmm... 🤔
So I do the pledge loan say for $2,000 they give me $2,000 cash right afterwards after 72 hours. If I pay 90% off and then pay the rest off over time Will I get that $2,000 back again? Not the money that they loaned me but the money that was in the freeze?
So if I have have high utilization with my navy federal credit card, should I pay it down to about 4% first so i get a better chance of being approved? Or do I have to wait until it reflex’s that the utilization was dropped to 4%?
It doesn’t affect your credit cards so you can still apply for pledge loan. However I do recommend you paying down you can to less than 10% , 1% is optimal to show some usage.
@@JohnSmith-ut8sv thanks 😊
@katty hernadez katty.....explain the cash. Hack......What time do I apply after midnight
@katty hernadez I contact her at tabbot
@katty hernadez I. Will email her
Yet forgetting to join is you have to be or know someone with proof ( ID military # ) to join navy federal
She’s lying yall
When you pay the 90% of do they give you the money rite back to your account?
I got a pledge loan for 1,500 3 months ago, i waited a month for it to report and paid it down to 125 and its shown on my cr but no increase in score. Idk what i did wrong. Also thinking about doing another one for 3k and a long term. Any advice?
Do I become a member with navy fed jus by opening up a flagship CHECKING account?
With a Navy Federal Pledge Loan is there a minimum you can get this loan with?
@Charles Bell $250 minimum.
If I took out the pledge loan would the bank decide how much I pay back each month and for how long or do they allow the borrower to decide this?
Do you have to be in the military ?
No
Hey Naam, what interest rate does Navy Federal typically have for this type of loan?
2%.....to......3%
Just took one out for $500. Lets see what happens....
What ??? I’m so confused
I looked up "pledge loan" for navy federal and It does not come up. So what is the actual name of the loan?
@Jeremy Wallace. Don't think u will find any info on their website. This is a type of product u apply for with a phone rep.
You call and let them know you want to apply for a pledge loan.
Secured Savings Loan
What if I want to do $5000 how many months or years should I do
Does the amount of peldge loan matter?
Navy Federal is not my main credit union but I do have credit cards with them. I’ve been with them 2yrs do they require you to have funds available for the pledge loan?
Yes you will need fund in your checking or savings account
I wonder if I pay the minimum the first month then 90%+ will it increase my score like the hack ??