topic Re: Help in Credit Card Applications

Help

Anonymous — Thu, 30 Mar 2017 08:33:37 GMT

Trying to build credit.. score is currently 550. Applied for a go rewards card from navy fed and was approved. What is the time frame that I can apply for another card or increase the limit?

Re: Help

Anonymous — Thu, 30 Mar 2017 09:01:47 GMT

90 days is the recommendation

Re: Help

Anonymous — Fri, 31 Mar 2017 03:50:18 GMT

With a 550 score??? It's a miracle if you were approved for an unsecured card even with Navy. I would wait minimum 6 months or 90 days but only if your scores drastically improve.

Re: Help

Aduke1122 — Fri, 31 Mar 2017 06:18:06 GMT

+100 with Matt4200 it's really a miracle that Navy Fed approved you but they are known for this sort of thing , treat it well , keep your utilization low and don't app for anything else until you get a big change in your scores . I would recommend reading the big thread for Navy fed CLI by CreditAddict it's a long long read but well worth the amount of knowledge you will gain from it . You didn't mention what your starting CL was ?

Re: Help

Anonymous — Sat, 01 Apr 2017 04:03:09 GMT

They started me out with a 1,700 limit..... to say in shocked is an understatement! Utilization should be under 30%?

Re: Help

Anonymous — Sat, 01 Apr 2017 04:06:26 GMT

I'm disputing a lot of things off my credit now so hopefully it moves fast. I wanted to look into debt consolidation with navy fed also and maybe refinancing my car loan in the future.

Re: Help

Aduke1122 — Sat, 01 Apr 2017 04:59:14 GMT

Should be kept under 10 % on one card , any other then ccs should ups report at zer balance to get optimal scores for fico

Re: Help

Aduke1122 — Sat, 01 Apr 2017 04:59:30 GMT

Congrats to you

Re: Help

Anonymous — Sat, 01 Apr 2017 06:16:12 GMT

@Anonymous wrote:
Trying to build credit.. score is currently 550. Applied for a go rewards card from navy fed and was approved. What is the time frame that I can apply for another card or increase the limit?

Congrats on the success. Is that a FICO score or one from credit karma or the like? Some suggest waiting 3 months, 3 statements, plus an AR before requesting a CLI. Orhers suggest waiting six months. Whatever you decide, in the meantime I'd keep working on the things that are holding your scores down such as the disputes you mentioned etc.