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Member
fortunateson01
Posts: 6
Registered: ‎02-15-2013

New User Questions and Updates

[ Edited ]

Hey all,

I've been reading this forum for well over a week now and found it very helpful and informative.  A little background...

 

I'm 40 years old.  Had some issues in my early 20's with "too much credit not enough money" problem, then when all that got worked out, in my early 30's I got divorced and the ex wife did a number on my credit.  I was so worried about it that I pretty much wrote off ever having credit again.  Worried that it was so bad, I'd be lucky to get one of my dream jobs because of it.  Well low and behold, They did check my credit and told me that it wasn't good or bad, it was virtually non exsistent.  So I looked for myself and found that I had two positive accounts (a Aarons Rents and old mortgage) and one negative (medical that went to collections, btw I'm going to start working on that soon).  So I applied with my local bank for a secured credit card and got it with a 800 CL.  That was 5 months ago, 

 

So here we are and I read the forums.  I tried the VS pop up and got approved (500 CL) and after much hesitation, the Walmart app( got Discover with 800 CL).  I know these sound low to some, but for me, who hasn't really had credit in almost 20 years on my own, it's a miracle.  I plan on sitting on these cards for a while, as I have learned my lesson on spending what I do not have.  I will put little things on them and pay them off every month, just to keep them active, and with the free FICO scores from Walmart, keep me informed.

 

My questions are these:

 

1.  I have access to Navy Fed CU and was contemplating opening an account with the basis of obtaining a credit card with them.  I have read many posts here, and I am on the fence about it.  I'll post my latest scores before the recent approvals at the end of this post.

 

2. With the Secured card, it is through Elan Financial.  Is it worth the wait to see when/if they give me unsecured or should I send them some cash to bump up the limit (the lowest I can go is 500 increments which would put me at 1200 CL.  I have the funds to do this.)

 

3. With the VS and Walmart Discover...I really don't need a CL on the VS, I'll rarely use it, and 500 is plenty.  But on the Walmart Discover, I have read that it's pretty easy to get a CLI, some are even automatic.  Are my scores good enough and is income an issues on the limit.  My base is 50k a year. 

 

Finally any suggestions?  I'll take all the info I can get, pretty much on any subject. I don't need a mortgage and have a company vehicle so other than those I'm open.

 

Scores as of 2-15-13 before VS and Walmart Discover:  TU(from this website) 738  EQ(from this website) 693

 

Thank you all for the great info!

 

 

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: New User Questions and Updates


fortunateson01 wrote:

Hey all,

I've been reading this forum for well over a week now and found it very helpful and informative.  A little background...

 

I'm 40 years old.  Had some issues in my early 20's with "too much credit not enough money" problem, then when all that got worked out, in my early 30's I got divorced and the ex wife did a number on my credit.  I was so worried about it that I pretty much wrote off ever having credit again.  Worried that it was so bad, I'd be lucky to get one of my dream jobs because of it.  Well low and behold, They did check my credit and told me that it wasn't good or bad, it was virtually non exsistent.  So I looked for myself and found that I had two positive accounts (a Aarons Rents and old mortgage) and one negative (medical that went to collections, btw I'm going to start working on that soon).  So I applied with my local bank for a secured credit card and got it with a 800 CL.  That was 5 months ago, 

 

So here we are and I read the forums.  I tried the VS pop up and got approved (500 CL) and after much hesitation, the Walmart app( got Discover with 800 CL).  I know these sound low to some, but for me, who hasn't really had credit in almost 20 years on my own, it's a miracle.  I plan on sitting on these cards for a while, as I have learned my lesson on spending what I do not have.  I will put little things on them and pay them off every month, just to keep them active, and with the free FICO scores from Walmart, keep me informed.

 

My questions are these:

 

1.  I have access to Navy Fed CU and was contemplating opening an account with the basis of obtaining a credit card with them.  I have read many posts here, and I am on the fence about it.  I'll post my latest scores before the recent approvals at the end of this post.

 

2. With the Secured card, it is through Elan Financial.  Is it worth the wait to see when/if they give me unsecured or should I send them some cash to bump up the limit (the lowest I can go is 500 increments which would put me at 1200 CL.  I have the funds to do this.)

 

3. With the VS and Walmart Discover...I really don't need a CL on the VS, I'll rarely use it, and 500 is plenty.  But on the Walmart Discover, I have read that it's pretty easy to get a CLI, some are even automatic.  Are my scores good enough and is income an issues on the limit.  My base is 50k a year. 

 

Finally any suggestions?  I'll take all the info I can get, pretty much on any subject. I don't need a mortgage and have a company vehicle so other than those I'm open.

 

Scores as of 2-15-13 before VS and Walmart Discover:  TU(from this website) 738  EQ(from this website) 693

 

Thank you all for the great info!

 

 


You are off to a good start.   

 

I suggest you put the extra deposit on secured card.   Larger CL can help get larger CL in the future.  

 

You only have 5 months history and I suggest you wait until you have over a year before the next application.

 

Opening an account with a CU now so you can get credit is a good idea, reagardless of CU.

 

Since there are no negatives on your CR, a little time and you will have good credit.

 

 

Frequent Contributor
Cleanmachine
Posts: 395
Registered: ‎04-30-2008

Re: New User Questions and Updates

If you are eligible to become a member of the Navy Credit Union, by all mean, join.

 

At the time of your application you can apply for their credit card.

 

I have seen numerous posters with lower credit scores obtain their credit card.

 

You really have nothing to loose.

 

If you are denied, wait 3-moths and apply again.

 

In the meantime start placing money in to your share account at least once a month.

 

The best of luck to you.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: New User Questions and Updates


fortunateson01 wrote:

Hey all,

I've been reading this forum for well over a week now and found it very helpful and informative.  A little background...

 

I'm 40 years old.  Had some issues in my early 20's with "too much credit not enough money" problem, then when all that got worked out, in my early 30's I got divorced and the ex wife did a number on my credit.  I was so worried about it that I pretty much wrote off ever having credit again.  Worried that it was so bad, I'd be lucky to get one of my dream jobs because of it.  Well low and behold, They did check my credit and told me that it wasn't good or bad, it was virtually non exsistent.  So I looked for myself and found that I had two positive accounts (a Aarons Rents and old mortgage) and one negative (medical that went to collections, btw I'm going to start working on that soon).  So I applied with my local bank for a secured credit card and got it with a 800 CL.  That was 5 months ago, 

 

So here we are and I read the forums.  I tried the VS pop up and got approved (500 CL) and after much hesitation, the Walmart app( got Discover with 800 CL).  I know these sound low to some, but for me, who hasn't really had credit in almost 20 years on my own, it's a miracle.  I plan on sitting on these cards for a while, as I have learned my lesson on spending what I do not have.  I will put little things on them and pay them off every month, just to keep them active, and with the free FICO scores from Walmart, keep me informed.

 

My questions are these:

 

1.  I have access to Navy Fed CU and was contemplating opening an account with the basis of obtaining a credit card with them.  I have read many posts here, and I am on the fence about it.  I'll post my latest scores before the recent approvals at the end of this post. NFCU has the potential to be your best friend in credit. I wouldn't app just yet give it 6 months to a year then go for it You'll get a very nice CL!

 

2. With the Secured card, it is through Elan Financial.  Is it worth the wait to see when/if they give me unsecured or should I send them some cash to bump up the limit (the lowest I can go is 500 increments which would put me at 1200 CL.  I have the funds to do this.) Make deposits as often as you can on this card. The bigger the CL you have to more bargaining power you have to get bigger CL's from prime lenders.

 

3. With the VS and Walmart Discover...I really don't need a CL on the VS, I'll rarely use it, and 500 is plenty.  But on the Walmart Discover, I have read that it's pretty easy to get a CLI, some are even automatic.  Are my scores good enough and is income an issues on the limit.  My base is 50k a year. GE will also be a big player in your credit file. Every 4 months make sure you request a CLI. They are SP's not HP's. Your line will grow QUICK with usage and payment history. 

 

Finally any suggestions?  I'll take all the info I can get, pretty much on any subject. I don't need a mortgage and have a company vehicle so other than those I'm open. Be patient and garden your new accounts. If you play your cards right (pun intended) you'll be shi**ing in high cotton next year with awesome cards and CL's.

 

Scores as of 2-15-13 before VS and Walmart Discover:  TU(from this website) 738  EQ(from this website) 693

 

Thank you all for the great info!

 

 


Welcome to the forums!!!!

 

Answers are colored above.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Member
fortunateson01
Posts: 6
Registered: ‎02-15-2013

Re: New User Questions and Updates

Just thought I'd update you guys, I posted this as a new topic, but wanted to share in this thread as well... here is the link

 

http://ficoforums.myfico.com/t5/Credit-Cards/Wow-now-to-the-Garden/m-p/1915789


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