So I called today to check on receipt of my application I emailed in on Saturday. I was really only wanting to confirm receipt but they were so nice and actually processed my application on the phone and gave me my online banking login. So I'm a member and good to go!!
@enjoimorenow wrote:Ok guys, so I got into NFCU a little while back, and opened a share secured loan with them. I've been wanting to apply for a CC, but have been waiting to hopefully improve my odds. Well I knew my Capital One statement would cut on the 13th and report a couple days later. It has never reported more than a $30 balance, and that was only due to a pending charge they wouldn't let me make a payment on.
Anyways, I paid the card off last week but left $1 thinking it would report the small balance. Well it turns out, they decided to credit my account $1 instead, and I got a notification that my Experian dropped 18 points this morning.
I know the points will eventually come back, but never been more mad that someone gave me a dollar haha
Well, knowing TU usually takes at least an extra day to update, I pulled the trigger and apped for cash rewards a few minutes ago, got this message....
"Your application has been accepted and is currently being reviewed.
The processing time for a credit card application is 24 hours unless additional information is needed."
Anyone know if this is a good or bad sign?
Should I try to recon right now or wait it out?
Is there a best number to call for recon?
Thanks for any help, it's greatly appreciated!
Thank you guys for your help. Just to follow up on this....
So, my application was denied, which is kind of what I was expecting with the recent BK.
Funny thing was their letter said I was denied for too many inquiries (I only have 2 on TU one from CapOne and one from NFCU for membership) and "Number of balance decreases on non-mortgage accounts over last 3 months" which i'm not sure how paying down balances would be a negative, but oh well.
Recon'd over SM and they still denied, said I should do the secured card instead. Asked them if they would re-use the pull and they agreed. Got set up with the secured card. Now I have a couple questions about it.
I've seen some people say it takes 13 months to unsecure, but others saying it only took 4-5 months. What is your guys' experience with this?
Is it best to just charge a small amount to the card, then pay it off each month? Or would they rather see a lot of spend on the card with multiple payments? I'm currently running about $3,000 a month through my CapOne card (also $500 limit) with 6-7 payments a month, so I could easily switch my spend over to Navy if they like to see the same thing, or I can just charge something small and pay it off each month.
What is consensus on getting another card with navy? Best to wait a couple months and then apply? Wait until this card unsecures first then apply? Do they have a waiting period like CapOne only lets you open a new card after 6 months?
Thanks again for all your guys' help, I really appreciate it!
@enjoimorenow wrote:
@enjoimorenow wrote:Ok guys, so I got into NFCU a little while back, and opened a share secured loan with them. I've been wanting to apply for a CC, but have been waiting to hopefully improve my odds. Well I knew my Capital One statement would cut on the 13th and report a couple days later. It has never reported more than a $30 balance, and that was only due to a pending charge they wouldn't let me make a payment on.
Anyways, I paid the card off last week but left $1 thinking it would report the small balance. Well it turns out, they decided to credit my account $1 instead, and I got a notification that my Experian dropped 18 points this morning.
I know the points will eventually come back, but never been more mad that someone gave me a dollar haha
Well, knowing TU usually takes at least an extra day to update, I pulled the trigger and apped for cash rewards a few minutes ago, got this message....
"Your application has been accepted and is currently being reviewed.
The processing time for a credit card application is 24 hours unless additional information is needed."
Anyone know if this is a good or bad sign?
Should I try to recon right now or wait it out?
Is there a best number to call for recon?
Thanks for any help, it's greatly appreciated!
Thank you guys for your help. Just to follow up on this....
So, my application was denied, which is kind of what I was expecting with the recent BK.
Funny thing was their letter said I was denied for too many inquiries (I only have 2 on TU one from CapOne and one from NFCU for membership) and "Number of balance decreases on non-mortgage accounts over last 3 months" which i'm not sure how paying down balances would be a negative, but oh well.
Recon'd over SM and they still denied, said I should do the secured card instead. Asked them if they would re-use the pull and they agreed. Got set up with the secured card. Now I have a couple questions about it.
I've seen some people say it takes 13 months to unsecure, but others saying it only took 4-5 months. What is your guys' experience with this?
Completely dependent on your profile - Navy does account reviews (AR) at the beginning of every other month (next is 1st of May). Unsecuring can occur at AR anytime after the card has been open for at least 3 full statement cycles. When it will actually occur is again a function of your profile and score at the time they run AR.
Is it best to just charge a small amount to the card, then pay it off each month? Or would they rather see a lot of spend on the card with multiple payments?
Others opinions will differ, but my own experience with Navy is that they could not care less about what you do with the card itself, as long as your overall credit profile looks good. My own major increase with them happened after a full 3 months in the sock drawer, lol
I'm currently running about $3,000 a month through my CapOne card (also $500 limit) with 6-7 payments a month, so I could easily switch my spend over to Navy if they like to see the same thing, or I can just charge something small and pay it off each month.
Keep your spend with Cap One, since they're proven to love that sort of thing - as long as your overall credit profile improves, you'll do well with both lenders.
What is consensus on getting another card with navy? Best to wait a couple months and then apply? Wait until this card unsecures first then apply? Do they have a waiting period like CapOne only lets you open a new card after 6 months?
There's no waiting perior per se, but they can be wonky about second cards. My preferred course of action is highlighted above.
Thanks again for all your guys' help, I really appreciate it!
My comments are above - grats and good luck going forward! 
After paying them down, the new balance on my last card just updated. Gained 8 pts on EQ, 1 on TU and 12 on EX! (TU continues to be my credit nemesis. LOL.)
Following advice here to app for the max CLOC, I requested the $15k and was called back with an offer of $2k. Happily accepted!
App is still pending on cash rewards. Cross your fingers for me
@Anonymous wrote:After paying them down, the new balance on my last card just updated. Gained 8 pts on EQ, 1 on TU and 12 on EX! (TU continues to be my credit nemesis. LOL.)
Following advice here to app for the max CLOC, I requested the $15k and was called back with an offer of $2k. Happily accepted!
App is still pending on cash rewards. Cross your fingers for me
Congratulations! What's the verdict with the credit card?
@Guyatthebeach wrote:
@Anonymous wrote:After paying them down, the new balance on my last card just updated. Gained 8 pts on EQ, 1 on TU and 12 on EX! (TU continues to be my credit nemesis. LOL.)
Following advice here to app for the max CLOC, I requested the $15k and was called back with an offer of $2k. Happily accepted!
App is still pending on cash rewards. Cross your fingers for me
Congratulations! What's the verdict with the credit card?
@I woke up to it- approved for $1000 @ 11.15% interest
I have my foot in the door, I don't actually *need* a lot of credit, but I'd by lying if I didn't say I was hoping for more. I requested a $1200 balance transfer that can't even go through now. Although I am VERY happy to have an 11% interest rate CC. I never had anything close to that even before BK.
While my scores are as optimized as much as they can be right now, I'm seeing if PenFed shows me any love before I garden for the rest of the year. I'll keep you posted!
Received a call from Navy Fed this morning from a very nice lady wanting to help finish setting up my account. I didn't know there was anything left to do but she helped me put a code and passcode on my account. After finishing with setup she went into sales mode on the cash rewards card. I immediately said I know I don't have the scores to get approved right now but that I wanted to try in 3-6 months. She went into hard sell mode. Was saying things like "Why don't you just give it a try?" and then she asked me my scores. I told her 590s and she said I should try and that you never know and at least I know where I stand with them. She was a good salesperson as I almost pulled the trigger. She was trying to get me to app for the platinum card, not the cash rewards. I asked if I would have a better chance with that card and she wouldn't respond just saying it had a lower APR. Then at the last minute I said no, I need to wait. Just throwing this out here in case anyone else gets the same phone call.
Probably best that you waited.... I was denied for cash rewards with TU 640! Nice job staying strong and not giving in haha. I would definitely try for the secured card if I were you and you can put away $500 for a couple months until it unsecures.