topic Re: App with Navy or Cap1 first in Credit Cards

App with Navy or Cap1 first

starry1 — Mon, 18 Feb 2013 19:37:48 GMT

I'm nervous! Anyway, my bk7 discharge was entered on Friday and 2/3 bureaus have updated. I'm torn whether to app with navy or cap1 first. I've only been a navy member since Saturday, so I may want to give them some time. Does navy ask for bank statements for a cc or just the navchek? I'm not sure what my eq score is today. I saw on another site that they had updated, but I haven't gotten a sw yet. Hopefully over 600 now since I was 599 as of last week.

Re: App with Navy or Cap1 first

starry1 — Mon, 18 Feb 2013 19:42:01 GMT

Oops, sorry. I meant to put this in credit cards.

Re: App with Navy or Cap1 first

Shogun — Mon, 18 Feb 2013 19:57:11 GMT

Moved.

Re: App with Navy or Cap1 first

shols44 — Mon, 18 Feb 2013 21:02:45 GMT

Starry, might be worth starting with somone other than navy first. It may lead to a higher/unsecured product with navy in say a few months time. Navy will likely approve you for a secured card first, which won't unsecure for 12 months but will grow.

The alternative: Start with Capone/Creditone. Within three-4 months, get an unsecured navy. It will likely be around 1k, and will grow like crazy. Somone just CLI a 1k Navy card to 17.5k, with his first request.

I hope you see my point. Navy is a sure thing, how you want to go about it is up to you.

Re: App with Navy or Cap1 first

LS2982 — Mon, 18 Feb 2013 21:17:58 GMT

Go with Cap1 stay FAR away from creditone!

Re: App with Navy or Cap1 first

shols44 — Mon, 18 Feb 2013 21:28:11 GMT

LS2982 I have to disagree about creditone.

They are a horrible blood sucking company, but they have a purpose. In a post-BK rebuild, they serve very very well. They use a soft-pull preapproval. This means, you won't burn a HP just to find out you are denied after the fact. $75 AF is horrendous but the goal post-Bk is to have three revolvers reporting. Creditone can get you there. I paid, got my three revolvers and scored a 6.5K visa sig 6 months post discharge.

As starry knows, we've covered this extensively in the appropriate thread, this card MUST be cancelled in month 11! This is essential.

All that being said, its not a good card, and definitely deserves to rot in a sock drawer (exactly were mine is) but it can be used effectively to achieve new credit freedom.

Re: App with Navy or Cap1 first

Creditaddict — Mon, 18 Feb 2013 21:28:15 GMT

@starry1 wrote:
I'm nervous! Anyway, my bk7 discharge was entered on Friday and 2/3 bureaus have updated. I'm torn whether to app with navy or cap1 first. I've only been a navy member since Saturday, so I may want to give them some time. Does navy ask for bank statements for a cc or just the navchek? I'm not sure what my eq score is today. I saw on another site that they had updated, but I haven't gotten a sw yet. Hopefully over 600 now since I was 599 as of last week.

So you currently have 0 Credit Cards? and 580 TU Fico?

I would start with Navy because if approved for unsecured with anything over $500, I would not even apply to Capital One!! Although we are seeing Capital One slowly bringing long time customers up to realistic areas, we don't know if that will change the LONG process as a new customer with fresh rebuilding credit... and at 3 HP's (IF you are a person unlike me who does not throw caution to the wind for HP's) I would not burn 3 for one $300 Cap1.

Get Navy

Get Walmart

umm... MAYBE if you really don't care about the HP's do the pre-qual from Capital One but I would skip it if it does not offer you a card off that pre-qual.

Re: App with Navy or Cap1 first

starry1 — Mon, 18 Feb 2013 21:40:12 GMT

My TU score has gone up, my last pull was mid-January. I'm just too cheap to pull a new score when my quarterly report and score is due on March 6th. I think all three are probably sitting right about 600 plus or minus a few.

And no, I don't have any cards and haven't since 2003-ish. I can't do a Cap1 prequal because I'm opted out, so the soft pulling doesn't work.

I think Walmart is out for 6 months or so because I'm told GE prefers to see some other revolving first. My two choices for now are Navy and Cap 1. Only the really bad ones like Continental or First Premier will give me a chance otherwise.

Re: App with Navy or Cap1 first

starry1 — Mon, 18 Feb 2013 21:59:25 GMT

Any thoughts on one of the Comenity/WFFNB cards?

Re: App with Navy or Cap1 first

LS2982 — Mon, 18 Feb 2013 22:39:24 GMT

Stay away from those for now they will decline for no history.

Re: App with Navy or Cap1 first

shols44 — Mon, 18 Feb 2013 22:49:19 GMT

double post

Re: App with Navy or Cap1 first

shols44 — Mon, 18 Feb 2013 22:48:10 GMT

Actually all the comenity cards are soft pull only as long as you use the shopping cart trick. Its an easy way to quickly increase your amount of available credit without burning a single HP.

I would suggest, express, buckle, VS, roamans and Jcrew. You might have to try a few times, but all easily gotten.

They help your healing CR but the goal should still be 3 revolvers I'd say over 6 months is a good goal.

My vote is Creditone, Capone at the same time, followed by Navy. Alternatively, two secured CU cards with an app for an unsecured at the 5-6 month mark.

@starry1 wrote:
Any thoughts on one of the Comenity/WFFNB cards?

Re: App with Navy or Cap1 first

Anonymous — Mon, 18 Feb 2013 22:50:07 GMT

What are the requirements to get in with Navy?

Re: App with Navy or Cap1 first

Anonymous — Mon, 18 Feb 2013 22:53:50 GMT

I filed bankruptcy twice (in 2003 & 2005) and I waited until I could qualify for an Orchard Bank card. I dodged First Premier like the plague. CreditOne is awful charging people $19.99 for their CLI. Unbelievable! I waited and paid cash until I could get in with a decent company first. I would try Capital One first.

Re: App with Navy or Cap1 first

j_casteel — Mon, 18 Feb 2013 22:56:00 GMT

@Anonymous wrote:
I filed bankruptcy twice (in 2003 & 2005) and I waited until I could qualify for an Orchard Bank card. I dodged First Premier like the plague. CreditOne is awful charging people $19.99 for their CLI. Unbelievable! I waited and paid cash until I could get in with a decent company first. I would try Capital One first.

damn....why?

to the OP...i'd go for Navy and Cap1

Re: App with Navy or Cap1 first

LS2982 — Mon, 18 Feb 2013 22:56:59 GMT

@shols44 wrote:
LS2982 I have to disagree about creditone.

They are a horrible blood sucking company, but they have a purpose. In a post-BK rebuild, they serve very very well. They use a soft-pull preapproval. This means, you won't burn a HP just to find out you are denied after the fact. $75 AF is horrendous but the goal post-Bk is to have three revolvers reporting. Creditone can get you there. I paid, got my three revolvers and scored a 6.5K visa sig 6 months post discharge.

As starry knows, we've covered this extensively in the appropriate thread, this card MUST be cancelled in month 11! This is essential.

All that being said, its not a good card, and definitely deserves to rot in a sock drawer (exactly were mine is) but it can be used effectively to achieve new credit freedom.

There are so many other options out there instead of paying their ridiculous fees and interest. Open up a secured account. They should be a last resort if you cant get secured cards.

Re: App with Navy or Cap1 first

j_casteel — Mon, 18 Feb 2013 22:59:51 GMT

@LS2982 wrote:
@shols44 wrote:
LS2982 I have to disagree about creditone.

They are a horrible blood sucking company, but they have a purpose. In a post-BK rebuild, they serve very very well. They use a soft-pull preapproval. This means, you won't burn a HP just to find out you are denied after the fact. $75 AF is horrendous but the goal post-Bk is to have three revolvers reporting. Creditone can get you there. I paid, got my three revolvers and scored a 6.5K visa sig 6 months post discharge.

As starry knows, we've covered this extensively in the appropriate thread, this card MUST be cancelled in month 11! This is essential.

All that being said, its not a good card, and definitely deserves to rot in a sock drawer (exactly were mine is) but it can be used effectively to achieve new credit freedom.
There are so many other options out there instead of paying their ridiculous fees and interest. Open up a secured account. They should be a last resort if you cant get secured cards.

Re: App with Navy or Cap1 first

starry1 — Mon, 18 Feb 2013 23:06:54 GMT

I have a grand ready to plunk down at navy if I have to. I also can get membership at another local cu called Bellco if I need a second secured card. Something inside me balks at the idea of getting secured at cap1, so I'll stick with credit unions if I have to start secured.

Re: App with Navy or Cap1 first

Anonymous — Mon, 18 Feb 2013 23:12:12 GMT

Oh boy! Complicated story. Lost my mother due to cancer when I was a teenager and put myself through college mostly with scholarships at first but most were only for 2 years. Started racking up student loan debt and there wasn't much left to eat. I worked part time while in school but I only made like $200 bucks every other week. Graduated with monstrous debt that my entry salary was no match for and declared a Chapter 7. Next one was a Chapter 13 which was due to mostly my stupidity. I bought a house with a 2 year ARM that a predatory broker said he would refinance me out of. That never happened and the payment ballooned. So I filed a Chapter 13 to get a stay put on the property and that gave me another year to get through my complicated pregnancy and try to secure financing but I failed...DTI was too high. Broker knew putting that imaginary renter in the basement would screw us over but I was too naive and young to believe it. Early twenties...didn't know much about the mortgage process and it foreclosed. But over 10 years later, I finally am getting prime cards again, closed on a mortgage 2/6/13, and leased a new luxury sedan late last year. I paid cash for a very very long time and mostly let the subprime auto loans pull my score enough out of the abyss so that I could qualify for an unsecured card. I never had a secured card...not knocking them, just never got one but looking back, it probably would have helped.

Re: App with Navy or Cap1 first

LS2982 — Mon, 18 Feb 2013 23:18:07 GMT

@starry1 wrote:
I have a grand ready to plunk down at navy if I have to. I also can get membership at another local cu called Bellco if I need a second secured card. Something inside me balks at the idea of getting secured at cap1, so I'll stick with credit unions if I have to start secured.

Cap1 really isnt that bad for secured but just make sure you understand that they do NOT graduate to unsecured and you'll have to close it to get deposit back when ready. It's really good if you plan on using it for a year and beefing up the deposit to set yourself up for prime lenders and big CL's.