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hausfrau
Posts: 178
Registered: ‎04-06-2013
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Question about getting Navy FCU cc

My hubs score was 616 before I disputed 3 items on his report, now it is 602. I learned from this site that NFCU has great credit for people with less than stellar scores, and he has no revolving credit at this point. With all baddies except lvnv paid off, we realized it was time to start building instead of just repairing. My question is, would it be better to ask for secured or unsecured? Has anyone been denied unsecured, and immediately offered secured? I don't want to risk getting a HP for the unsecured and then take another just to get the secured.

Starting my rebuild!


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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Question about getting Navy FCU cc


hausfrau wrote:
My hubs score was 616 before I disputed 3 items on his report, now it is 602. I learned from this site that NFCU has great credit for people with less than stellar scores, and he has no revolving credit at this point. With all baddies except lvnv paid off, we realized it was time to start building instead of just repairing. My question is, would it be better to ask for secured or unsecured? Has anyone been denied unsecured, and immediately offered secured? I don't want to risk getting a HP for the unsecured and then take another just to get the secured.

Hi there!  Welcome to MyFico forums, and to Navy Federal.

My suggestion would be to approach the rebuilding in two ways.

 

First, with a secured installment loan to build positive installment history.

Then, with either a secured or unsecured credit card from Navy Fed.

 

They have a lot of options for rebuilders. 

 

First, does your husband see any "offers" under his "My Offers" tab?

 

If there is a pre-selected offer for an unsecured card in his box, that is a good sign that he should apply for an unsecured card.

 

If there are no offers, then he should call them and ask if they can recommend products based on his score... Their representatives are usually pretty helpful


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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New Contributor
hausfrau
Posts: 178
Registered: ‎04-06-2013
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Re: Question about getting Navy FCU cc

He currently has an auto loan opened May 2012, never late, and a student loan (it was actually broken down into 3 loans) that have been positive since 2010. Is his installment history fine with those?

Starting my rebuild!


New Contributor
hausfrau
Posts: 178
Registered: ‎04-06-2013
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Re: Question about getting Navy FCU cc

I will have him check it when he gets home, he just opened the account late last week and is in the field with the army til tonight. I had him open the account on his own because I had 2 HP in the last 6mo and didn't want another. I've also got a bunch of PIF that wouldn't delete that I'm just sitting on right now on mine, waiting to fall off, so I didn't want to jeopardize his account with my shadier report. I got kind of buck wild with CC on his last deployment. Totally my own fault.

Starting my rebuild!


Regular Contributor
scarzy
Posts: 230
Registered: ‎04-08-2008
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Re: Question about getting Navy FCU cc

If it was me, I would take a chance. NFCU has been approving people with Fico scores less than 600! :smileysurprised:

starting EQ FICO : 526 current EQ FICO : 640 starting TU FICO: 538 current TU FICO : 656

My wallet: Capital One cash rewards $1,300- ~ NFCU signature cash rewards $5,000- ~ NFCU nRewards $5,000- ~ NFCU LOC $1,000- ~ Target $200- ~ Kohl's $300- ~ Walmart $800- ~ Amazon $900- ~ Updated 6/2013

Discharged Ch7 Nov.16, 2012

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Question about getting Navy FCU cc


scarzy wrote:

If it was me, I would take a chance. NFCU has been approving people with Fico scores less than 600! :smileysurprised:


I agree. also, look at a refi with Navy on the car loan... They may be able to save you some $$, and give you $250 for refinancing with them


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Question about getting Navy FCU cc

If you have a car loan that's fine for installment history,  so just look at doing a regular credit card.

 

Platinum and nRewards seem to have the most lenient approval requirements... but that may just be speculation on my part.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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hausfrau
Posts: 178
Registered: ‎04-06-2013
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Re: Question about getting Navy FCU cc

I think we were looking at the nRewards. I am absolutely looking at them for refi as well. Current rate is nearly 18%. Think it would be best to do the cc app and the refi app at the same time, to avoid the inquiries impacting the score instead of waiting 6 mo to refi when (hopefully) the score will be boosted by having the mix of credit along with a good history? Or would it be more detrimental to wait, given that there would be the HP from the card and a lowered aaoa?

Starting my rebuild!


Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Question about getting Navy FCU cc

[ Edited ]

hausfrau wrote:
I think we were looking at the nRewards. I am absolutely looking at them for refi as well. Current rate is nearly 18%. Think it would be best to do the cc app and the refi app at the same time, to avoid the inquiries impacting the score instead of waiting 6 mo to refi when (hopefully) the score will be boosted by having the mix of credit along with a good history? Or would it be more detrimental to wait, given that there would be the HP from the card and a lowered aaoa?

My advice, because I have done this before... 

 

Apply for the auto refinance first.... send in all documents that they request, after the refinance is approved at a good rate... then you can apply for the card.  You will likely get better terms and initial Credit line on the card, due to the file they have created with all of your verified income from the auto refi.

 

I did this back in march 2012. I got the auto refi which brought my APR down to 4.09% from 7.5% originally.  I applied for the cashRewards card 3 days later and got the $22k initial CL with no documentation required.  They probably at least partially determined this CL because of my info being all verified, but that's just speculation


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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New Contributor
hausfrau
Posts: 178
Registered: ‎04-06-2013
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Re: Question about getting Navy FCU cc

I will definitely bring that up to my hubs tonight. If they really factor in DTI, we should be golden. Salary is over 90k, and only $510 total coming out, $460 for the bike, and the rest SL.

Starting my rebuild!



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