Navy Federal CU Secured Card...Approved

[Creditaddict]

Just logged in and my nSecured card is showing up as one of my accounts.  I put 1k in it... so excited and can't wait to advance my relationship with them.

[Tazman81]

Congratz..  NFCU is a good credit union.  Oh, and just as an FYI, if you ever need it, for most NFCU cards you can just transfer cash from your card to your checking/savings account with no fee.

[RHAL]

Congrats,

I was just curious if you have a bk or anything? I have similiar scores to you, but the reason is high util and late cc payments. I have been getting approved for regular cards with my scores. I am just curious why you would need a secured card?

[Creditaddict]

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@RHAL wrote:

Congrats,

I was just curious if you have a bk or anything? I have similiar scores to you, but the reason is high util and late cc payments. I have been getting approved for regular cards with my scores. I am just curious why you would need a secured card?

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yes I have ch 7 and ch 13 and very high util on 3 cards and along with the high util a very high debt load... when I do score simulators it puts me closer to 700 if I paid 80% of the debt down... but that is going to take time... I will be done paying off a line of credit loan this year and hope to re-open it at that time to move another 15k off the credit cards, that would reduce me down to 1 high balance card and 1 small credit card balance on a 2nd card and no balance on 3rd card.

[RHAL]

Thanks,

Was just curious why I would get approved and you wouldn't with the same scores.

[Creditaddict]

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@RHAL wrote:

Thanks,

Was just curious why I would get approved and you wouldn't with the same scores.

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yes I believe Navy would have approved me for non secured card had I had about 50% less debt.

They had approved me for car refi pending income verification and they would not except anything other than my pay stubs for my one job which is very little of my income... so...

[Red1Blue]

Congrats. May all your wishes come true in this new year 2011.