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Commissioning Loans?
- Thread starter fltlll
- Start date
I took out the USAA 25K loan when I comissioned back in 05. It was great for paying off debt, but man.....
I'm abouut to pin on captain and I'm still paying on that damn loan! Don't take it unless you really need it. I'm still paying $440/mo and I have nothing to show for it.
I'm abouut to pin on captain and I'm still paying on that damn loan! Don't take it unless you really need it. I'm still paying $440/mo and I have nothing to show for it.
Pickle and I have awful credit. It's the $120k in school loans and trying to pay off said loans on an E3 salary. Your chances are pretty good. They said they couldn't approve him right away, but they did approve him within 24 hours.
We switched from Navy Federal to USAA. We LOVE USAA. You can call them about anything, 24 hours a day. We have our checking, savings (what little there is), car insurance (on the Picklemobile and POS f150) and our renters insurance. We have moved from JAX, to P-cola to Vance to Corpus to JAX (and soon to Whidbey) since Sept 2006. They've been total rockstars about the whole thing. One phone call, everything is changed. I highly recommend them!
pm me if you have any specific questions about them. I was seriously skeptical, but am a changed woman!
Wait... what? You're putting on o6 in less than 5 years from comissioning? You're a rockstar.
I will agree, though. We paid off our suv at the time and Pickle bought a boat (worst investment EVER!). We paid off a bunch of other bills and pissed a bunch of it away. It's scary how fast you can go through 25k. We needed the money big and bad at the time, though. We were drowning in debt from OCS (and PSD royally screwing up our pay- you can't go to no dependants, just because you go to OCS! you can still be married!)
The moral of the story-
1) Whether you get the loan or not, go with USAA. They rock!
2) Take the loan, but remember that 5 years is a long time.
3) PSD sucks
fltlll
New Member
Pickle and I have awful credit. It's the $120k in school loans and trying to pay off said loans on an E3 salary. Your chances are pretty good. They said they couldn't approve him right away, but they did approve him within 24 hours.
We switched from Navy Federal to USAA. We LOVE USAA. You can call them about anything, 24 hours a day. We have our checking, savings (what little there is), car insurance (on the Picklemobile and POS f150) and our renters insurance. We have moved from JAX, to P-cola to Vance to Corpus to JAX (and soon to Whidbey) since Sept 2006. They've been total rockstars about the whole thing. One phone call, everything is changed. I highly recommend them!
pm me if you have any specific questions about them. I was seriously skeptical, but am a changed woman!
Wait... what? You're putting on o6 in less than 5 years from comissioning? You're a rockstar.
I will agree, though. We paid off our suv at the time and Pickle bought a boat (worst investment EVER!). We paid off a bunch of other bills and pissed a bunch of it away. It's scary how fast you can go through 25k. We needed the money big and bad at the time, though. We were drowning in debt from OCS (and PSD royally screwing up our pay- you can't go to no dependants, just because you go to OCS! you can still be married!)
The moral of the story-
1) Whether you get the loan or not, go with USAA. They rock!
2) Take the loan, but remember that 5 years is a long time.
3) PSD sucks
Thank you so much for the insight! Much appreciated
torpedo0126
Member
if you are looking just to get a car with the USAA loan then don't. With the deals you can find now, you can probably get good car financing at 0.0% for awhile.
if you are taking the loan out to invest, this would be the time to do it. the market 'seems' to be hitting a bottom (at least according to 'experts). in order to profit from this, you will have to beat the new USAA interest rate AND inflation--entirely possible.
if you are taking the loan out to invest, this would be the time to do it. the market 'seems' to be hitting a bottom (at least according to 'experts). in order to profit from this, you will have to beat the new USAA interest rate AND inflation--entirely possible.
torpedo0126
Member
SIDE NOTE: if any of you are coming in with credit card debt, remember there is some sort of mandatory program called something like the 'servicemember's civil relief act' that you should take advantage of.
basically, you let your credit card companies know you are active duty...you will have to prove it some how (fax military ID--remember to cover up your chip according to IA on NKO!!!) and your previously accrued interest on balances you had will be reduced to something like 6%.
my friend just went from owing something like $6000 to $800 because instead of owing 18% on debt, it was recalculated to ~6%.
Here is an overview (look at third paragraph): http://www.military.com/benefits/legal-matters/scra/overview
basically, you let your credit card companies know you are active duty...you will have to prove it some how (fax military ID--remember to cover up your chip according to IA on NKO!!!) and your previously accrued interest on balances you had will be reduced to something like 6%.
my friend just went from owing something like $6000 to $800 because instead of owing 18% on debt, it was recalculated to ~6%.
Here is an overview (look at third paragraph): http://www.military.com/benefits/legal-matters/scra/overview
PSD does suck. Ive been married for over 6 months, and my wife has been in the DEERS system since then, and despite countless emails and phone calls, I am still getting single BAH. And since I'm BDCP, there's really no place I can go to get it fixed (or if there is, I don't know of it). Can't complain too much considering the sweet deal I'm already getting, but it's important that it gets fixed before I go to OCS or my wife wont be getting the BAH while I'm gone.. And if it hasn't been fixed in 6 months, I don't have too high of hopes that it will be before August/September.
When I first got commissioned, I wasn't in the system as an O-1E. I went in 3 consecutive months complaining that the change hadn't been made. After four months of getting nowhere, I went into PSD and asked to speak directly to a Chief. Problem fixed. The backpay of getting shorted $700 a month was nice.
So, next time you call them to attempt to fix the problem, I'd ask to speak to a Chief. They usually take care of problems.
BurghGuy
Master your ego, and you own your destiny.
Off-topic: Well stated. You are wise beyond your rank (I guess that's what the -E is for though). A good Chief is worth his weight in gold.