topic Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval! in Credit Card Approvals

Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Boribori — Wed, 07 Apr 2021 18:04:46 GMT

Got approved for this card today with a 551 FICO Experian score. 10 delinquent charged off accounts. I have 1 Cap One Platinum unsecured Card $500 no AFand 1 OpenSky Visa secured $200 w/ $35 AF. I've had my capital One for 1 month and my OpenSky for 11 months. AF is coming soon. Should I cancel the OpenSky now or keep making payments on it? The Navy Fed card will graduate and it's no AF.

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

AllZero — Wed, 07 Apr 2021 18:17:54 GMT

Congratulations on your approval!

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

AllZero — Wed, 07 Apr 2021 18:20:01 GMT

@Boribori wrote:
Got approved for this card today with a 551 FICO Experian score. 10 delinquent charged off accounts. I have 1 Cap One Platinum unsecured Card $500 no AFand 1 OpenSky Visa secured $200 w/ $35 AF. I've had my capital One for 1 month and my OpenSky for 11 months. AF is coming soon. Should I cancel the OpenSky now or keep making payments on it? The Navy Fed card will graduate and it's no AF.

If annual fee is coming up on the Open Sky, it may be best to close it before it arrives.

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Boribori — Wed, 07 Apr 2021 18:26:17 GMT

Yeah I'm probably going to close but just to reiterate, how much is closing it going to hurt me? Is having 3 revolving cards better than 2? Does it matter?

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

AllZero — Wed, 07 Apr 2021 18:32:26 GMT

@Boribori wrote:
Yeah I'm probably going to close but just to reiterate, how much is closing it going to hurt me? Is having 3 revolving cards better than 2? Does it matter?

For scoring purposes it is better to have 3 open compared to 2 revolving accounts.

However, you're in with good lenders e.g. NFCU. You will be able to get better cards in the future.

Think of the long game. Open Sky was a stepping stone for you.

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

gdale6 — Wed, 07 Apr 2021 18:48:30 GMT

@Boribori wrote:
Got approved for this card today with a 551 FICO Experian score. 10 delinquent charged off accounts. I have 1 Cap One Platinum unsecured Card $500 no AFand 1 OpenSky Visa secured $200 w/ $35 AF. I've had my capital One for 1 month and my OpenSky for 11 months. AF is coming soon. Should I cancel the OpenSky now or keep making payments on it? The Navy Fed card will graduate and it's no AF.

Since you will still have your 3 open revolvers I dont see a problem with canceling the Open Sky at the one year mark so you dont have go pay the AF anymore. Grats on getting in with Navy!

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

M_Smart007 — Wed, 07 Apr 2021 19:20:41 GMT

Congratulations on your nRewards approval! ...

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

CreditAggie — Wed, 07 Apr 2021 19:34:40 GMT

Congratulations on your NFCU approval!

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

HindSight_20_20 — Wed, 07 Apr 2021 20:18:41 GMT

Congrats on your NFCU CC! You're in now 😊

Oh and - yes indeed I'm closing the Sky card before that AF hits.

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

MyFault — Wed, 07 Apr 2021 20:35:19 GMT

Congrats!

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

kittycreditmeow — Wed, 07 Apr 2021 22:48:00 GMT

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Anonymous — Wed, 07 Apr 2021 22:48:09 GMT

@Boribori wrote:
Got approved for this card today with a 551 FICO Experian score. 10 delinquent charged off accounts. I have 1 Cap One Platinum unsecured Card $500 no AFand 1 OpenSky Visa secured $200 w/ $35 AF. I've had my capital One for 1 month and my OpenSky for 11 months. AF is coming soon. Should I cancel the OpenSky now or keep making payments on it? The Navy Fed card will graduate and it's no AF.

Congratulations on your NFCU Approval! Personally, and you'll see this in a number of places around here at the MyFico Forum, I feel that OpenSky is a 12 month card. If you see where you can get one more no AF secured card, say Discover It and you have $500 or more to secure fund it, apply for it. There may be a Pre Approval page. Dip your toe in the water. When you get it, close OpenSky.

If not, $35 is not that bad. Keep it as backup. It's not a LTR Keeper. It will never graduate 👨🏿‍🎓.

Either way, aim to acquire, do some research in the Credit Application area and others, on no AF cards which you could keep for a long time.

I think I've seen folks with two Discover It secured cards. Maybe nRewards, too.

Your score can probably get to at least around 620-640 within maybe 2-4 months. Your 10 delinquents, have you tried the saturation method yet? The problem is removing one-8 of them will take some doing and then will only improve your scores a wee bit each. It's when the last one goes that really the majority of the improvement will be realized. Still, tidying it up now is worthy for later. Unless they're falling off in a few-several months. I have two left. They fall off in about 12 months. It's still worth it to me to go after them to clean up now/this 3-6 months it could take to clean them off.

Maybe just for the short boost it will give you in about 2-3 months, consider a Buy Now, Pay Later store like FingerHut. They are probably the best of them. They really do report to all 3 credit bureaus. Just keep your purchase small. A basic t shirt. Sandals. It helps a lot of us get our score up maybe 15-35 points. It's a loan technically, so the credit mix factor will give your score a lil boost.

Two things, having 3-5 Revolving CC's is useful. Visa. MC. Discover. (Amex when you can get it.) are what I mean. And then having 5 or more TL's is considered something like the minimum "thickness" of a Credit Profile.

You're going to want to aim to add a few. The question is just which ones. And then how soon can you get each?

If you decide to keep OpenSky for another year, it's only $35, not $59 or $99. And it's only holding up a few hundred bucks.

When you aim for another secured card w NFCU or Discover It, perhaps, see about how large a secured deposit you can make to give you a leg up on your SL and from there your graduating CL. Those TL's which you're going to keep LT, start them as high as you can manage. 🙏🏻🙏🏻🙏🏻

Congratulations on what you got!!!🥳🥳🥳🥳

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Mr_Mojo_Risin — Wed, 07 Apr 2021 23:06:59 GMT

You got one of the best secured CC's out there, maybe the best cause it's with Navy.

Take care of that CC and Navy tends to reward you.

Congratulations!

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Boribori — Thu, 08 Apr 2021 00:44:31 GMT

@Anonymous That was incredibly useful information. I did however burn Discover so they wont give me an unsecured card. But. When I go in to cancel the OpenSky and they decide to waive the AF, should I still keep it?

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

AllZero — Thu, 08 Apr 2021 00:50:07 GMT

@Boribori wrote:
@Anonymous That was incredibly useful information. I did however burn Discover so they wont give me an unsecured card. But. When I go in to cancel the OpenSky and they decide to waive the AF, should I still keep it?

Do they charge you a monthly fee?

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Boribori — Thu, 08 Apr 2021 01:24:20 GMT

@AllZero No They don't, My AF is coming up. Ive had the card since 5/7/2020

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

AllZero — Thu, 08 Apr 2021 01:29:04 GMT

@Boribori wrote:
@AllZero No They don't, My AF is coming up. Ive had the card since 5/7/2020

If they are offering to waive the annual fee, it's a nice incentive to keep the card open until the next annual fee arrives. Repeat closure steps as necessary. 😊.

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Boribori — Thu, 08 Apr 2021 01:45:14 GMT

@AllZero I just got off the phone with them. They offered to waive the AF so I decided to keep it open for now. I have a small $10 charge recurring on it every month, it's on AP. So I get a whole other year to build credit. This paired with my Capital One Platinum (unsecured) & my soon to come NCFU n Reward secured card which will graduate within the year that'll give me a solid foundation I think? Then I'll cancel OpenSky Next year. I'm sure I'll be able to get something better then.

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

AllZero — Thu, 08 Apr 2021 02:04:12 GMT

@Boribori wrote:
@AllZero I just got off the phone with them. They offered to waive the AF so I decided to keep it open for now. I have a small $10 charge recurring on it every month, it's on AP. So I get a whole other year to build credit. This paired with my Capital One Platinum (unsecured) & my soon to come NCFU n Reward secured card which will graduate within the year that'll give me a solid foundation I think? Then I'll cancel OpenSky Next year. I'm sure I'll be able to get something better then.

@Boribori Congratulations on your fee waiver! Job well done. Maybe next year around this time, they'll waive the fee again if you ask. If not, enjoy the benefits for now.

In general, depending on profile, the nRewards graduates to unsecured in ~7 months. Typically, they do an auto product change to the Cash Rewards.

If you have not done so, for your reading pleasure. Navy Federal Thread for CLI and Additional Cards

Re: Navy Federal Credit Union N Rewards Secured Credit Card Approval!

Anonymous — Thu, 08 Apr 2021 04:08:43 GMT

@Boribori wrote:
@AllZero I just got off the phone with them. They offered to waive the AF so I decided to keep it open for now. I have a small $10 charge recurring on it every month, it's on AP. So I get a whole other year to build credit. This paired with my Capital One Platinum (unsecured) & my soon to come NCFU n Reward secured card which will graduate within the year that'll give me a solid foundation I think? Then I'll cancel OpenSky Next year. I'm sure I'll be able to get something better then.

Oh that is good to know. I may keep mine for a second year if they offer me that. It's not a bad card. You're welcome about the info. I'm glad to hear it was helpful. Yes, I have Discover It card is secured. It's worth a phone call and some research around here in the Credit Card application area to see if/what others have had a similar experience and happened with repairing that. For instance, if you do a secured card with burn history, will it ever graduate? Take 12 months not 6 plus... Reality from others did it graduate? Never graduate... you understand.

Here's one such thread:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Disco-likes-me-again/m-p/6294706#M740116

I know I burned who knows who over 12 years ago. I'm rebuilding. Most of mine are secured. I'm willing for awhile.

Maybe then a second nRewards w NFCU? 🤔 Or a second CU relationship to start like maybe at PenFed or someplace local to you. Or with your existing bank. It's not marriage. We're to have a few relationships. 😃😁 🙏🏻