topic Re: Citi Secured or NFCU nRewards Secured? Or both? in Credit Card Applications

Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 23:30:01 GMT

Hey folks!

I am currently in an aggressive season of rebuilding my credit and I have the following open TLs:

Comenity: $200, 30% UTI, will be 0% next week

Open Sky: $350, 10% UTI

First Bank (through my credit union): $500, 0% UTI

I am not sold on the quality of those cards, although I understand a positive TL is a positive, any way you slice it. My question is this, I was approved for Citi secured a while back, but never sent the deposit, and I'm a member of NFCU and can open a secured card with them. Would you do one over the other? Would you recommend both? I don't really plan on using any of these cards for anything special, just carrying a small balance on 1 or 2 (after reading the forums, I see that <10% is best).

Also, are there any advantages vs. disadvantages to securing a higher limit card for one of those? I was thinking $2500.

Suggestions?

Re: Citi Secured or NFCU nRewards Secured? Or both?

Scupra — Tue, 15 Aug 2017 19:56:15 GMT

My vote is for NFCU secured IF you cant get a unsecured card from them.. I don't know if you have tried but it might be worth a shot. NFCU card has the ability to graduate around the 1 year mark and I think Citi is 18 months. The nRewards card also has, wait for it, rewards From the quick research I've done it looks like NFCU will have a lower interest rate if that matters to you. Good luck

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 20:04:48 GMT

@Scupra wrote:
My vote is for NFCU secured IF you cant get a unsecured card from them.. I don't know if you have tried but it might be worth a shot. NFCU card has the ability to graduate around the 1 year mark and I think Citi is 18 months. The nRewards card also has, wait for it, rewards From the quick research I've done it looks like NFCU will have a lower interest rate if that matters to you. Good luck

Thanks for your reply! I'm currently hovering around 500 FICO scores, so I doubt very seriously that I can qualify for an u/s card with them. I figure the secured card would be the way to go, but I didn't know if there were any other benefits to going with Citi and if I should get both because the ones I have are such...ugly ducklings, lol.

Re: Citi Secured or NFCU nRewards Secured? Or both?

medicgrrl — Tue, 15 Aug 2017 20:06:26 GMT

+1 on the NFCU card.

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 21:10:56 GMT

+1 for NFCU.

I have the card and bank with NFCU and love them.

Re: Citi Secured or NFCU nRewards Secured? Or both?

Scupra — Tue, 15 Aug 2017 21:11:53 GMT

I don’t want to give you false hope but, NFCU is so unpredictable. Don’t take the chance to surprise you away from NFCU

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 21:12:08 GMT

But, do you have a installment loan?

If not, I would recommend Selflender.com

I think you have a good enough mix of secured credit cards.

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 21:14:22 GMT

@Anonymous wrote:
But, do you have a installment loan?

If not, I would recommend Selflender.com

I think you have a good enough mix of secured credit cards.

Yes, I have an auto loan in good standing and a self lender account (started in July).

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 21:16:05 GMT

High interest car loan I'm guessing?

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Tue, 15 Aug 2017 21:18:50 GMT

@Anonymous wrote:
High interest car loan I'm guessing?

11.95%, I owe ~$14k

Re: Citi Secured or NFCU nRewards Secured? Or both?

AverageJoesCredit — Tue, 15 Aug 2017 23:16:47 GMT

NFCU, secured . Build history then watch how awesome they can be

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:06:48 GMT

My question/issue is WHY are you tying up all this cash in security deposits...

You have 3 TLs, you say you'll keep 1 at sub 10%, with the others at 0...along with your installment account.

You're doing the thing, you're running the play perfectly already...why the push for a 4th secured CC, when it gives no meaningful additional bump?

If you keep up the good fight, with the team you have now you'll be fine w/o the extra cash output, especially for Navy, their minimum is $500.

That $500 is why although I love Navy knocks their product down a notch IMO for the cash conscience.

Especially, considering Navy would be a great 1st suitor after building a little history with secured cards from elsewhere.

IMO before one ( not the OP, you've got plenty 😊) looking to build with secureds blows $500 cash on securing 1 account, when we know we need a few

It just seems more prudent to open a $200 ( Citi/Discover) and a $300 (several) using the same $500 would be easier on the pocketbook.

Again, if cash is NO OBJECT
Of course I love NFCU

But when multiple accounts, cash outlay and saving NFCU as a 1st caller once a bit of history is built is considered it's an I question IMO

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:28:40 GMT

@Anonymous wrote:
My question/issue is WHY are you tying up all this cash in security deposits...

You have 3 TLs, you say you'll keep 1 at sub 10%, with the others at 0...along with your installment account.

You're doing the thing, you're running the play perfectly already...why the push for a 4th secured CC, when it gives no meaningful additional bump?

If you keep up the good fight, with the team you have now you'll be fine w/o the extra cash output, especially for Navy, their minimum is $500.

That $500 is why although I love Navy knocks their product down a notch IMO for the cash conscience.

Especially, considering Navy would be a great 1st suitor after building a little history with secured cards from elsewhere.

IMO before one ( not the OP, you've got plenty 😊) looking to build with secureds blows $500 cash on securing 1 account, when we know we need a few

It just seems more prudent to open a $200 ( Citi/Discover) and a $300 (several) using the same $500 would be easier on the pocketbook.

Again, if cash is NO OBJECT
Of course I love NFCU

But when multiple accounts, cash outlay and saving NFCU as a 1st caller once a bit of history is built is considered it's an I question IMO

Mainly because I thought that since the ones I chose (without doing enough research) are "ugly duckling" cards, I thought it would be good to have a "better looking" card in my arsenal, even if it is secured. I have heard great things about the secured option at NFCU, even that when treating them right for a few months, they are likely to reward you. I wanted to start courting them now, lol. You do, however, make a good point about maybe waiting a few months and proving myself. Maybe try the unsecured route for NFCU in a few months.

I recently have more disposable income, so I figured I'd round up a few secured TLs while getting rid of my baddies and saving, that way my TLs can age together and my AAoA doesn't get hit 6 months from now.

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:31:23 GMT

OH, and to answer the question about the amount, I just thought it would look better to have more available credit, especially on a NFCU card, which will unsecure at some point. I'm all about saving money, so if I'm going to save it and not touch it anyway, I might as well be building a credit relationship with NFCU (I wouldn't put that much on a Citi card).

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:33:36 GMT

@Anonymous wrote:
Hey folks!

I am currently in an aggressive season of rebuilding my credit and I have the following open TLs:

Comenity: $200, 30% UTI, will be 0% next week
Open Sky: $350, 10% UTI
First Bank (through my credit union): $500, 0% UTI

I am not sold on the quality of those cards, although I understand a positive TL is a positive, any way you slice it. My question is this, I was approved for Citi secured a while back, but never sent the deposit, and I'm a member of NFCU and can open a secured card with them. Would you do one over the other? Would you recommend both? I don't really plan on using any of these cards for anything special, just carrying a small balance on 1 or 2 (after reading the forums, I see that <10% is best).

Also, are there any advantages vs. disadvantages to securing a higher limit card for one of those? I was thinking $2500.

Suggestions?

Everyones profile is different and YYMV, but i have seen several including myself get an unsecured card from navy with low 500 scores. Navy does count your DTI very high so as long as you have low DTI you should be good. I had a 504 and sub 30k income then and i got a unsecured 1k card. with navy anything is possible.

Good luck, this journey is a "fun" one lol

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:40:03 GMT

@Anonymous wrote:
@Anonymous wrote:
Hey folks!

I am currently in an aggressive season of rebuilding my credit and I have the following open TLs:

Comenity: $200, 30% UTI, will be 0% next week
Open Sky: $350, 10% UTI
First Bank (through my credit union): $500, 0% UTI

I am not sold on the quality of those cards, although I understand a positive TL is a positive, any way you slice it. My question is this, I was approved for Citi secured a while back, but never sent the deposit, and I'm a member of NFCU and can open a secured card with them. Would you do one over the other? Would you recommend both? I don't really plan on using any of these cards for anything special, just carrying a small balance on 1 or 2 (after reading the forums, I see that <10% is best).

Also, are there any advantages vs. disadvantages to securing a higher limit card for one of those? I was thinking $2500.

Suggestions?
Everyones profile is different and YYMV, but i have seen several including myself get an unsecured card from navy with low 500 scores. Navy does count your DTI very high so as long as you have low DTI you should be good. I had a 504 and sub 30k income then and i got a unsecured 1k card. with navy anything is possible.

Good luck, this journey is a "fun" one lol

Oh wow! Well maybe I'll just wait a month or 2 and go for the unsecured NFCU card. I will likely be around 520 across the board when my statements close later this month. I now make about $90K annually, but have VERY low monthly expenses currently, that should count in my favor!

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:43:57 GMT

DoBetterSis wroteh wow! Well maybe I'll just wait a month or 2 and go for the unsecured NFCU card. I will likely be around 520 across the board when my statements close later this month. I now make about $90K annually, but have VERY low monthly expenses currently, that should count in my favor!

Oh wow indeed, i could see you getting a much higher starting limit with that kind of income, but even not at least it would be an unsecured card with navy so its a great step in the right direction.

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:48:29 GMT

@Anonymous wrote:
DoBetterSis wroteh wow! Well maybe I'll just wait a month or 2 and go for the unsecured NFCU card. I will likely be around 520 across the board when my statements close later this month. I now make about $90K annually, but have VERY low monthly expenses currently, that should count in my favor!

Oh wow indeed, i could see you getting a much higher starting limit with that kind of income, but even not at least it would be an unsecured card with navy so its a great step in the right direction.

Looking at your scores in your siggy, you have made amazing progress in just a few months!! Very inspiring! I hope to be 600+ by the end of the year!

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 13:57:21 GMT

@Anonymous wrote:
@Anonymous wrote:
DoBetterSis wroteh wow! Well maybe I'll just wait a month or 2 and go for the unsecured NFCU card. I will likely be around 520 across the board when my statements close later this month. I now make about $90K annually, but have VERY low monthly expenses currently, that should count in my favor!

Oh wow indeed, i could see you getting a much higher starting limit with that kind of income, but even not at least it would be an unsecured card with navy so its a great step in the right direction.

Looking at your scores in your siggy, you have made amazing progress in just a few months!! Very inspiring! I hope to be 600+ by the end of the year!

Thank you, Everyone here has been so helpful and i couldnt have done it without them. once you get active about REALLY fixing it, it does seem to work well and quick. well as quick as you can work on the credit lol

Re: Citi Secured or NFCU nRewards Secured? Or both?

Anonymous — Wed, 16 Aug 2017 14:00:21 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
DoBetterSis wroteh wow! Well maybe I'll just wait a month or 2 and go for the unsecured NFCU card. I will likely be around 520 across the board when my statements close later this month. I now make about $90K annually, but have VERY low monthly expenses currently, that should count in my favor!

Oh wow indeed, i could see you getting a much higher starting limit with that kind of income, but even not at least it would be an unsecured card with navy so its a great step in the right direction.

Looking at your scores in your siggy, you have made amazing progress in just a few months!! Very inspiring! I hope to be 600+ by the end of the year!
Thank you, Everyone here has been so helpful and i couldnt have done it without them. once you get active about REALLY fixing it, it does seem to work well and quick. well as quick as you can work on the credit lol

I definitely concur re: everyone being helpful. I've been reading these boards nonstop! I have been dreaming about good credit the last few nights, lol. I think it's going to be my new obsession, like a game...to see how high I can go and how fast. I know it's a marathon and not a sprint, but I want to knock off as much as I can and just watch the results happen. I'm 37 and I look forward to having near-perfect credit by the time I'm 40!