01-27-2013 07:39 PM
Need some advice.
I opened a NFCU secured card last year with a 1000 CL. Always paid on time for the year and kept utilization low and I have seen my score grow from 480 to a 596 as of today.
Since then I called to try and have them to remove the secured portion, got a new card in the mail. I figured this was just normal, I logged into my NFCU web site and see that its showing up as a second card with a 1000 CL originally but today its showing up as 2500! . I called them and they said they dont graduate cards any more and I can either apply AGAIN for a new card or close the account. I am very happy with NFCU and the increased 2500 CL on the unsecured card.
On my credit report:
Sallie Mae C/O which is going to fall off next month 12k
2x First Premier Charge Off - totaling 800 wont fall off until 2017
2x Medical Charge Offs - Just offered PFD waiting to hear back from them. Total 200
1 Education Charge Off - Just offered PFD. Total 400
NFCU Secured Card 1k Limit / 200 balance
NFCU Credit Card 2500 Limit / 100 balance
NFCU Secured Loan - 1k - Closed paid in full always on time.
Authorized User - Amazon / Chase - 800 Limit / 50 Balance
Questions: Should I close the secured card or just keep it open? I am looking to raise my score as I would like to purchase a vehicle in the next year or so.
01-28-2013 05:13 AM - edited 01-28-2013 05:17 AM
If the secured card is your oldest acct (at only a year old) then closing it wouldn't hurt 'as bad'. You would feel it in your FICO but not as bad as lets say "a five year old acct" your AAOA should be okay with the others 'if the Secured card is in fact the oldest'. IMO
Its been a year and its done its job, you now have Unsecured credit - so use those accts to continue building your portfolio. Great job by the way!
EDIT** Just to be clear... If you are looking to 'raise your FICO' quickly then keep the secured card until you've accomplished your goal of purchasing a vehicle. Your avail credit vs.. Your usage <9% is good for the health of you score. (although you'd be okay closing such a young acct) you'd still take a hit on both your FICO and AAOA, so play your hand right and put the cards to work 'for you'.
01-28-2013 05:45 AM
I appreciate the insight. I have decided to keep it open. There is no annual fee while it would be nice to get the 1k back I can live without it to keep an open account.
I was on their website and applied for their NAVChek (overdraft LOC) and was instantly approved for 8000! I cant beleive how lenient they have been. I remember last year I coudlnt get approved for anything.
Now its time to wait until the end of the year and go for a car loan. I am hoping to be in the 650 - 675 range by the end of the year for the car loan.
I find myself checking these boards much more often always coming with ways to improve my credit worthiness. Its ADDICTING!
04-17-2013 05:05 AM
Question: Does the secured card report 'Secured'?
no the NFCU cc reports as a regular cc.