Should I apply for Navy Federal CC or just wait

[nikkiheaven]

I've been banking with NFCU for 10 years.  I'm 5 months away from paying off a 34K car loan; I have a paid off a personal loan with them about 3 years ago, and I was just approved for a personal loan about 1 month ago.  My EQ credit score is 580, that's what Navy Federal said it was when they approved me for a 5K personal loan.  My credit report includes several collections - all are reporting 0 balance except for Capital One and Macys.  I also have a judgement, and a tax lien.  The tax lien has been paid, and a withdrawal has been issued.  I'm waiting to received my withdrawal letter, and then I will fax to credit bureaus.  When I talked to the fiancial counselor at NF; I was advised that I need a credit card to help raise my score.  I did the VS shopping card trick and was approved for 350; should I pull the trigger with Navy Federal?  I have a LOW 6 figure salary.

[leegreen]

Yes! Apply for nRewards they will probably counter secured if you don't get it, but you probably will, do it now! Let us know.

[credithappy]

Yes, you shoild apply for the CC from Navy since you already have the car loan and the personnal loan already.  It does not hurt to try.  I would apply for the CashRewards card.  Good luck.

[SevenNEW]

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@nikkiheaven wrote:

I've been banking with NFCU for 10 years.  I'm 5 months away from paying off a 34K car loan; I have a paid off a personal loan with them about 3 years ago, and I was just approved for a personal loan about 1 month ago.  My EQ credit score is 580, that's what Navy Federal said it was when they approved me for a 5K personal loan.  My credit report includes several collections - all are reporting 0 balance except for Capital One and Macys.  I also have a judgement, and a tax lien.  The tax lien has been paid, and a withdrawal has been issued.  I'm waiting to received my withdrawal letter, and then I will fax to credit bureaus.  When I talked to the fiancial counselor at NF; I was advised that I need a credit card to help raise my score.  I did the VS shopping card trick and was approved for 350; should I pull the trigger with Navy Federal?  I have a LOW 6 figure salary.

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Maybe someone with more experience with NFCU can give a good response. To me your scores seem still very low. Do you have other cards in good standing?

Edited: grammar.

[leegreen]

The cashRewards is a solid pick for everyday shopping the nRewards has better rewards through the member mall for online shopping. Its really a toss up, I only said the nRewards because of the coresponding secured version if a 580 does not qualify for unsecured.

[leegreen]

Also I got my nRewards with a equifax in that range...6 years later it carries a 14k limit and is my oldest cc.

[nikkiheaven]

I have no other credit cards except for VS, and they have not even sent me my first bill.  My judgement is paid also, I got in removed from TU, but nowhere else as of yet.  My DTI according to Navy Federal is at 17%.  I've been making on time payments to my student loans since December.  UUm, maybe I'll co-apply with my Dad.

[Jarnog]

I'll give the same response I gave to another forum member about NFCU...This is my personal experience.  Also as an addendum - DW and I both had collections (unpaid and paid) on our reports at the time.

Do it now LOL. 

Just a little info about me and my DW.  Been with Navy for going on 3  years.  Had a secured card the whole time.  Still won't graduate it :/.  Jan this year we changed everything over to NFCU.  Checking, etc.  DW had a 578 EQ scorewatch score and app'd for the goRewards....Approved for 4k.  I app'd for my own at the time...EQ score was 550 or so...declined (no surprise).  Fast forward 3 months, got to refi our car with them....not a great rate 15.99 but it was WAY better than the 21+% we were at.  I took the plunge again and app'd for the cash rewards at the same time...score approximately 580...approved for 3k.  Yet they still won't give me a LOC HEH.

So I say GO GO for it!  Your scores are way better than ours were, and if you're correct about the removals and such, I don't see any problem with you getting approved!!

[Jarnog]

Do it now LOL. 

Just a little info about me and my DW.  Been with Navy for going on 3  years.  Had a secured card the whole time.  Still won't graduate it :/.  Jan this year we changed everything over to NFCU.  Checking, etc.  DW had a 578 EQ scorewatch score and app'd for the goRewards....Approved for 4k.  I app'd for my own at the time...EQ score was 550 or so...declined (no surprise).  Fast forward 3 months, got to refi our car with them....not a great rate 15.99 but it was WAY better than the 21+% we were at.  I took the plunge again and app'd for the cash rewards at the same time...score approximately 580...approved for 3k.  Yet they still won't give me a LOC HEH.

So I say GO GO for it!  Your scores are way better than ours were, and if you're correct about the removals and such, I don't see any problem with you getting approved!!

[leegreen]

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@nikkiheaven wrote:

I have no other credit cards except for VS, and they have not even sent me my first bill.  My judgement is paid also, I got in removed from TU, but nowhere else as of yet.  My DTI according to Navy Federal is at 17%.  I've been making on time payments to my student loans since December.  UUm, maybe I'll co-apply with my Dad.

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Apply by yourself...The HP is not going to do anything to your report, they matter more at higher scores. YOu will probably be approved!