topic Re: which way should I go? in Credit Cards

which way should I go NFCU?

ktl72455 — Fri, 17 May 2013 17:09:54 GMT

Hello everyone!

Really needing some input on which direction to take: This is for DH. Member of NFCU and getting savings account set up so he can app for CC.

TU 563 | EQ 568

Chase:7400 CL ~7000.00 Bal

Sams Disc 8500CL ~7854.00 Bal

Discover 6600 CL ~5330.00 Bal

Sams and Discover had Higher CL until recent. Cards were 90% + UTL so after being here I realized the balances needed to come down to up his scores.

I paid down and they balance chased. Which in the end helped him ZERO other than lower balances.

I thought having him apply for a CC and do a BT, but what are the chances after he does the BT they close the card? At first it was important to me to keep them even if they chased the balance, but realize they are only making interest and he gains nothing.

I am thinking it would be better for him to apply and do a BT as opposed to just apply for a new card. The high UTL might scare them, which I understand but if they continue to balance chase which I fear they might, we are better off just doing a BT and let them do what they are going to do with the cards.

If they dont close them or drease the CL, they are still staying in the sock drawer where they are now.

If NFCU wont appove a card w/BT , I am fine with him starting out with a secured card.

Should he app for a N Rewards MC and do BT for Sams

and then app for NRewards VC and do BT for Dicover?

Chase has not done a CL decrease as of yet.... knock on wood.

Ideas? Suggestions?

Re: which way should I go?

nicholasyud — Fri, 17 May 2013 16:30:01 GMT

He better off not apply for anything right now......his score and utility won't get approved for anything but maybe low limit with approval......
I see u have NFCu with 20k limit. I would add him as authorize user and find a way to paid off his debt.
He max out everything and looking for more debt.

Re: which way should I go?

calihlove75 — Fri, 17 May 2013 16:40:04 GMT

@nicholasyud wrote:
He better off not apply for anything right now......his score and utility won't get approved for anything but maybe low limit with approval......
I see u have NFCu with 20k limit. I would add him as authorize user and find a way to paid off his debt.
He max out everything and looking for more debt.

You mean transfer his debt onto her card? I don't think she should jeopardize her credit. Been there, done that!!

Re: which way should I go?

ktl72455 — Fri, 17 May 2013 16:56:45 GMT

I plan on adding him as AU on mine, but it is a new card ( hasnt arrived) so theres no age on it. And from what I read it takes up to about 3 wks to report on my CR.

But it will help over all.

Not asking for more credit, dont need it :-) .... thats why I was thinking BT

I could have go for NFCU Secured and that would help his score while we tackle the balances. We can increase his limit and it will unsecure.

Open Sky secured will not pull credit but reports to all 3... so that would help him as well. It will not unsecure.