topic Re: How long to wait for NFCU Secured Card in Bankruptcy

How long to wait for NFCU Secured Card

southernblueeyes — Mon, 11 May 2020 17:04:19 GMT

I started my rebuild in March. Started with $1000 Opensky

$400 Credit One

Self Lender one year $48/month

Just joined Navy Federal Credit Union. How long should I wait to apply for the secured card? I am just trying to get my foot in the door and hopefully auto loan at the end of the year.

Re: How long to wait for NFCU Secured Card

FireMedic1 — Mon, 11 May 2020 22:42:42 GMT

They already have your score when you joined from the HP. If it was w/i 30 days. Give it a try.

Re: How long to wait for NFCU Secured Card

southernblueeyes — Mon, 11 May 2020 23:38:35 GMT

Thank you so much!! Just joined today so I'll give it a couple days and give it a shot. Savings and Checking accounts were set up today. She did ask me if I was interested in a credit card or any loans. I was a little surprised about that. Crossing my fingers!! How much should I put for the secured card? Do I get to choose or do they choose the limits? I was thinking another $1000 secured and hopefully it will graduate before the end of the year.

Re: How long to wait for NFCU Secured Card

FireMedic1 — Wed, 13 May 2020 07:44:07 GMT

Your amount is good to start with. Average grad is 7 months. Nail it!

Re: How long to wait for NFCU Secured Card

Anonymous — Wed, 13 May 2020 10:11:17 GMT

A few quick thoughts:

Expect a hard pull for a credit card application, even for a secured card.
Ensure all your credit reports are properly reporting that the bankruptcy is discharged. Applications have been denied due to incorrect reporting.
As far as the amount goes, I would put the most you can afford.
- If you're graduated after 7 months, then this amount is typically your new unsecured credit limit. I opened one for $5k immediately after discharge, and had a $5k unsecured credit line 7 months later. This limit is unheard of for most other unsecured lenders so close to discharge.

Re: How long to wait for NFCU Secured Card

ScoreHarbor — Thu, 21 May 2020 00:14:34 GMT

@southernblueeyes

I just opened an NFCU Secured this past weekend. My discharge went through in late February. They did a hard pull on Transunion when I applied for the card.

Re: How long to wait for NFCU Secured Card

southernblueeyes — Thu, 21 May 2020 02:36:37 GMT

I will apply next week. They put a 5 day hold on the deposit I made because they thought the check would not be paid. Not sure why they thought that. But it did clear my other credit union account. So now just wait for the hold to be released. Unfortunately Transunion is my lowest score at the moment but I'll cross my fingers. 😁

Re: How long to wait for NFCU Secured Card

southernblueeyes — Fri, 22 May 2020 10:48:09 GMT

Approved! Started with $1500.00. So very happy!! Now off to garden. Got my 3 cards and 1 installment loan. 😁😊

Re: How long to wait for NFCU Secured Card

AllZero — Fri, 22 May 2020 11:51:14 GMT

Congratulations on your approval!

Re: How long to wait for NFCU Secured Card

Anonymous — Fri, 22 May 2020 13:24:38 GMT

@southernblueeyes - Congratulations! Nothing but up from here!

Re: How long to wait for NFCU Secured Card

Anonymous — Tue, 26 May 2020 04:58:46 GMT

@southernblueeyes wrote:
Approved! Started with $1500.00. So very happy!! Now off to garden. Got my 3 cards and 1 installment loan. 😁😊

Congratulations!! You're off to a good start!

Re: How long to wait for NFCU Secured Card

southernblueeyes — Wed, 27 May 2020 15:58:06 GMT

Thank you so much!! Contemplating a credit line increase once I move more money to NFCU. If I do so will that incur another HP? If so it might be better to just wait. Don't want any more inquiries for at least six months.

Re: How long to wait for NFCU Secured Card

bustout — Wed, 27 May 2020 20:34:47 GMT

I'm not sure you need to tie up more money in a secured card unless you want to show utilization and you PIF. Immediately after BK7 I went for the secured card with $1000. Within a year they issued me a Rewards Card with $1500 limit and 91 days after that I converted that to a Cash Rewards card with a $2600 limit. Another 90+ days and I applied for a second card (Platinum) and received a $4300 limit. Immediately (within the hour) I requested a $400 increase on my Cash Rewards card and was approved. I'm going to wait until 190+ days to request the Flagship card. I may clear off some of the less preferable cards I currently carry. I'm hoping for at least a 15K+ limit based on the internal NFCU credit score. There is a very good NFCU forum on MyFico.com.

Congratulations and good luck.