topic Re: Hi Everyone! I got approvals!!!!.. in Rebuilding Your Credit

Hi Everyone! I got approvals!!!!..

Anonymous — Sat, 06 May 2017 05:06:53 GMT

I started my credit repair journey not too long ago.. starting in the low 500's. I have 2 secured cards, one through Wells Fargo ($300) and one through my American Airlines Credit Union account ($400). I just opened a Navy Federal Credit Union account and applied for their cash rewards unsecured card and was approved for $24,000! Wells Fargo wouldnt give a unsecured card at all! I was floored with NFCU's approval! Ive been gaining a lot of knowledge from you guys and I believe what I gather is that I need 3 CC with 2 being at zero and 1 being less than 10%. So tonight I did the pre-qualification for Capitol One and the Platinum card came up, I applied and got a $3000 limit! I then went to Discover and got approved for DiscoverIt $5,500!!

My Question's are ..Do I close my 2 secured cards? Ive had them for 2 yrs, do I lose that history if I close them? Is it beneficial to leave them open?

Also does a major bank credit card pull more weight than a Credit Union credit card?

Navy Federal Cash Rewards $24,000

Capitol One Platinum card $3000

DiscoverIt $5,500

Current Fico Scores:

Equifax: 667

TransUnion: 628

Experian: 661

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Sat, 06 May 2017 05:35:29 GMT

Congratulations on those wins!!! That's awesome!

I'm just a neophyte in the credit repair game, so I can't offer good advice. But I did want to say 'way to go!'

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Sat, 06 May 2017 05:51:56 GMT

Lol well Thank you!!

Re: Hi Everyone! I got approvals!!!!..

cmony787 — Sat, 06 May 2017 10:00:50 GMT

@Anonymous wrote:

My Question's are ..Do I close my 2 secured cards? Ive had them for 2 yrs, do I lose that history if I close them? Is it beneficial to leave them open?
Also does a major bank credit card pull more weight than a Credit Union credit card?

If either of those cards have the option to graduate to unsecured, keep them and request conversion. If no conversion available then cancel because you would still have optimal 3 Open revolving tradelines. Those potentially closed cards stay on your report for 10 yrs after closing, so you lose Ultilization of Credit Lines toward calculation (given your great new SL no issue) but keeps all good payment history.

Don't specifically know answer to other question, but my experience is Bank or CU cards are same and both better than Retail cards.

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Sat, 06 May 2017 10:32:45 GMT

Thank you so much cmony787! I will definitly do that, I will be calling my banks to find out. Its good to know that if I can't graduate these cards, closing will not hurt me. I really appreciate your response!

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Sat, 06 May 2017 12:09:37 GMT

Congratulations on your approvals and progress on your journey.....great job!!

Re: Hi Everyone! I got approvals!!!!..

Sandman771 — Sat, 06 May 2017 15:35:58 GMT

That is awesome news!!! Way to go! I'm where you used to be, but with an actual money-maiking job, hopefully things will look up sometime this year. I'm older and should know better, but sometimes life happens. Anyway, great job!

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Sat, 06 May 2017 17:20:06 GMT

Congratz on your rebuild over the past Two Years.

During that time your two secured cards served you very well, they can still unsecure, and are currently adding to your overall credit limit.

You needn't hurry to throw them away.

* prior to the other day, you didn't have the $24k from Navy.

That previous picture is part of what Wells & others were looking at. They were also looking at your Utilization % per card, and the total of all cards.

Take a moment and look at what they were looking at. Two secured cards, and two starter cards. They were also seeing a TransUnionFico of 628.

My first thought when looking at this picture is what is the Utilization Rate? Is it High? What is reflected on this $9,200 lines of credit. Is there anything else under the surface they are looking at which we are not aware of? What is your AAOA? Length of oldest card?

This is not a judgement on you, rather an analysis of what it currently presented. What is your AAOA? Length of oldest card?

In my rebuild, I opened checking & savings with Wells, and later applied for a Secured Card. I was my desire to have a relationship with one of the Big Four Banks. I was in it for the long term, and accepted the fact that it would never sky rocket in credit line as large or as quickly as I could achieve with Navy or Pen Fed, or Capital One.

To my surprise I was informed my Wells would unsecure at 6 months. I was in shock, but accepted this. More importantly, it didn't change any of my other plans. Wells was just a part of my long term plan, and while serving its purpose, it blossomed and provided fruit much quicker than I expected.

Take some time to consider your situation, and your longterm goals. Wells offers you diversity amongst your current collection of vendors, and that never hurts.

Best Wishes!!!

* your data below

Wells Fargo - Secured $300
American Airlines CU - Secured $400
Navy Federal Cash Rewards $24,000
Capitol One Platinum card $3,000
DiscoverIt $5,500

Current Fico Scores:
Equifax: 667
TransUnion: 628
Experian: 661

Tiffnie903 wrote:
I started my credit repair journey not too long ago.. starting in the low 500's. I have 2 secured cards, one through Wells Fargo ($300) and one through my American Airlines Credit Union account ($400). I just opened a Navy Federal Credit Union account and applied for their cash rewards unsecured card and was approved for $24,000! Wells Fargo wouldnt give a unsecured card at all! I was floored with NFCU's approval! Ive been gaining a lot of knowledge from you guys and I believe what I gather is that I need 3 CC with 2 being at zero and 1 being less than 10%. So tonight I did the pre-qualification for Capitol One and the Platinum card came up, I applied and got a $3000 limit! I then went to Discover and got approved for DiscoverIt $5,500!!

My Question's are ..Do I close my 2 secured cards? Ive had them for 2 yrs, do I lose that history if I close them? Is it beneficial to leave them open?
Also does a major bank credit card pull more weight than a Credit Union credit card?

Navy Federal Cash Rewards $24,000
Capitol One Platinum card $3000
DiscoverIt $5,500

Current Fico Scores:
Equifax: 667
TransUnion: 628
Experian: 661

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Sun, 07 May 2017 15:47:17 GMT

Congratulations with Nacy Federal. Treat them right and they will treat you right.

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Mon, 08 May 2017 01:28:48 GMT

Congratulations.

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Mon, 08 May 2017 18:24:52 GMT

@Anonymous wrote:
I started my credit repair journey not too long ago.. starting in the low 500's. I have 2 secured cards, one through Wells Fargo ($300) and one through my American Airlines Credit Union account ($400). I just opened a Navy Federal Credit Union account and applied for their cash rewards unsecured card and was approved for $24,000! Wells Fargo wouldnt give a unsecured card at all! I was floored with NFCU's approval! Ive been gaining a lot of knowledge from you guys and I believe what I gather is that I need 3 CC with 2 being at zero and 1 being less than 10%. So tonight I did the pre-qualification for Capitol One and the Platinum card came up, I applied and got a $3000 limit! I then went to Discover and got approved for DiscoverIt $5,500!!

My Question's are ..Do I close my 2 secured cards? Ive had them for 2 yrs, do I lose that history if I close them? Is it beneficial to leave them open?
Also does a major bank credit card pull more weight than a Credit Union credit card?

Navy Federal Cash Rewards $24,000
Capitol One Platinum card $3000
DiscoverIt $5,500

Current Fico Scores:
Equifax: 667
TransUnion: 628
Experian: 661

Congrats tiffnie903, welcome to the journey. i just recently got a nfcu card myself. no where near your SL tho ;-)

Re: Hi Everyone! I got approvals!!!!..

Anonymous — Tue, 09 May 2017 08:40:29 GMT

Thank you @Jago22! I was surprized myself at the sl they gave me. You will be there soon! I see they increase pretty well. Im excited to grow with them.