topic Re: When to apply for Navy Federal CC need advice in Credit Cards

When to apply for Navy Federal CC need advice

QCS123 — Tue, 08 May 2018 23:05:27 GMT

At what point in your rebuild do you think someone is ready to apply for a Navy Federal and get a CC that is NOT secured. Here is where my DH stands.

We/he has been rebuilding for 2 years. He has some lates on reports that are four years old (4 CC, 2 of which are AU accounts) and one of those is a closed account that has a balance of $6,000 from that time period, which they factor in as owed because the CC keeps reporting to this day even though it's closed, they send in monthly updates (waiting for it to roll off the reports). He has the following cards:

1. Capitol One QS1 (2 years old) $2,300 with a $0 balance

2. Capitol One Platinum MC (4 m) $500 with a $0 balance

3. AU on AMEX (4 mo) $1,000 with $ 151 (soon to be $0)

4. AU on Discover (4mo) $10.5 with $6,500 BT for the 0% interest

5. Auto loan One year old - still owe $11K

NOTE: He won't apply until Discover is under 30% UT or I take him off as an AU on the account.

If needed we can also add him as AU on:

1. Pen Fed PCR (3mo) $10K with $0 balance (Add him as AU and take him off Discover?)

2. Wayfair (4mo) $6,500 with 0 balance

3. Amazon (4mo) $3,100 with a $500

4. Macy's (1.5yrs) $2,500 with a $0 balance

He applied for a bit of Credit in January when scores were in the 650 and got declines. He has 2 or 3 HP on each CB as a result and on HP from last year and that is it.

His TU just went up to 696 (tax lien taken off) and we are unable to get his other FICO numbers for a day or two, but before the tax lien fell off, his numbers were all within 15pts of each other. We are working on getting him off two of the CC old lates because he is the AU so that score and the others will probably go up a bit.

With that info, does anyone have any advice or a rough idea of what FICO scores he should be above before he even thinks of applying for a regular NON secured CC? Or does he need to wait until all the baddies are off his report?

Re: When to apply for Navy Federal CC need advice

fltireguy — Tue, 08 May 2018 22:41:59 GMT

Navy is hard to figure, they can be strange with approvals and SL... He might be ok at this point

Re: When to apply for Navy Federal CC need advice

EAJuggalo — Tue, 08 May 2018 23:54:46 GMT

I just got approved for a GoRewards with a 10k SL with the score in my sig. I think your relationship with Navy also has something to do with it. I've been steadily depositing since I became a member in Dec.

Re: When to apply for Navy Federal CC need advice

Anonymous — Wed, 09 May 2018 05:02:08 GMT

Which reporting company did the pull when you applied?

Re: When to apply for Navy Federal CC need advice

Anonymous — Wed, 09 May 2018 05:08:49 GMT

NFCU did TU pull for CC & CLOC. Score seems okay, but I’d focus on decreasing Utilization and if there is a closed account with a balance, I’d want that gone. It “may not” bother NFCU, but the optics seem bad. Maybe that’s just my own myopic view. Bottom line: decrease utilization, clear up debt on closed account. Good luck and please keep us posted.

Re: When to apply for Navy Federal CC need advice

QCS123 — Wed, 09 May 2018 19:36:09 GMT

@EAJuggalo wrote:
I just got approved for a GoRewards with a 10k SL with the score in my sig. I think your relationship with Navy also has something to do with it. I've been steadily depositing since I became a member in Dec.

Thanks for the info. Do you have any baddies on your report? I'm wondering how much they consider baddies and if he should just wait a little longer.

Re: When to apply for Navy Federal CC need advice

QCS123 — Wed, 09 May 2018 19:39:05 GMT

@Anonymous wrote:
NFCU did TU pull for CC & CLOC. Score seems okay, but I’d focus on decreasing Utilization and if there is a closed account with a balance, I’d want that gone. It “may not” bother NFCU, but the optics seem bad. Maybe that’s just my own myopic view. Bottom line: decrease utilization, clear up debt on closed account. Good luck and please keep us posted.

Unfortunately we can't afford to pay that outright, wish we could (I'd like it gone too) but not at the moment. I was taken off as the AU and my score went up 22pts, so imagine what his would look like with that gone!

Re: When to apply for Navy Federal CC need advice

Anonymous — Wed, 09 May 2018 23:10:42 GMT

I'm sorry, but honestly I would add him as an AU on any more accounts.... because they are going to continue to pull down the AAoA.

And I don't see anything going anywhere with anyone until the $6000 owed on the closed account being Paid In Full.

Once that is cleared and the the UTL on the Disco is paid down to under 30% doing anything else is going to only dig a deeper whole. If some good history is built on the Disco with a 10.5K limit, ut will look good to get him a high limit.

I would also work hard with Amex if there is no late on that account to rise the CLI on that to also build some good AU history.

If you clear the outstanding on the closed account that can look reponsible to a creditor even though it's an old baddie. Also, I don't think you can get a baddie removed from an AU account just because your an AU. An AU only inherits the credit history from the original account. As far as I know the account must be dealt with to reflect any changes not the AU.

Re: When to apply for Navy Federal CC need advice

EAJuggalo — Thu, 10 May 2018 00:15:12 GMT

@QCS123 wrote:
@EAJuggalo wrote:
I just got approved for a GoRewards with a 10k SL with the score in my sig. I think your relationship with Navy also has something to do with it. I've been steadily depositing since I became a member in Dec.
Thanks for the info. Do you have any baddies on your report? I'm wondering how much they consider baddies and if he should just wait a little longer.

My report is clean now. Just high utilization and short history.

Re: When to apply for Navy Federal CC need advice

QCS123 — Thu, 10 May 2018 07:56:30 GMT

@Anonymous wrote:
I'm sorry, but honestly I would add him as an AU on any more accounts.... because they are going to continue to pull down the AAoA.
And I don't see anything going anywhere with anyone until the $6000 owed on the closed account being Paid In Full.

Once that is cleared and the the UTL on the Disco is paid down to under 30% doing anything else is going to only dig a deeper whole. If some good history is built on the Disco with a 10.5K limit, ut will look good to get him a high limit.

I would also work hard with Amex if there is no late on that account to rise the CLI on that to also build some good AU history.

We are on the 6 month CLI plan with Amex due to history with them from 22 years ago, so in June we might get to 3K if we are lucky.
If you clear the outstanding on the closed account that can look reponsible to a creditor even though it's an old baddie. Also, I don't think you can get a baddie removed from an AU account just because your an AU. An AU only inherits the credit history from the original account. As far as I know the account must be dealt with to reflect any changes not the AU.

We can't change the account info. but as an AU you can get it removed from your credit report. Once we remove the two baddies that are AU accounts for him, that will leave the closed account with $6,000 owed and one late all four years old and that is it.

Re: When to apply for Navy Federal CC need advice

AverageJoesCredit — Thu, 10 May 2018 11:54:28 GMT

With Navy , no one really knows. Weve seen people with really bad profiles sporting toy limits come out apply and get 25k. Just sayin. One could always try once, a hp is a hp and the credit gods know I've wasted ones on less and worse lol.