topic Navy Federal CC in Rebuilding Your Credit

Navy Federal CC

Anonymous — Fri, 17 Jul 2020 04:43:19 GMT

Hey Team,

About a year ago I was approved for a Navy Federal CC after only being with the bank like 6 months. I was surprised not only that I was approved for a credit card but also at the amount they approved me for. My credit wasn't that good either. Unfortunately I messed up on it and maxed the card out. I'm starting to pay them back now but my account is closed. I know it's too late to open it back up again, it's been too long, but will they approve me for another credit card? I know some credit card companies are not so forgiving. I was hoping Navy Federal was since I'm trying to pay what I owe. I'm looking to have a good relationship with them so I can get my mortgage and car loan through them. I dont want this poor choice to damage a relationship that I'm trying to build. You think they will approve me for another card once I pay this one back?

Re: Navy Federal CC

AllZero — Fri, 17 Jul 2020 06:06:43 GMT

If you made them whole on the loss incurred there may be a chance.

For your reading pleasure. Navy Federal Thread for CLI and Additional Cards

Re: Navy Federal CC

Anonymous — Fri, 17 Jul 2020 09:46:56 GMT

While there have been reported incidents of them looking past previous internal unsatisfactory relationships, these types of missteps always result in some form of damaged goods. Keep your exectations realistic and understand more than just paying them back what you owe will go into their decision (current credit profile, presence of other derogatory marks, scores, etc.).

I also wouldn't expect a lender to be falling all over themselves to quickly reissue credit to someone that is paying off a $5000 deliquency $100 at a time, for example. A lump sum replayment of the entire past due debt would most likely solicit the best luck.

Re: Navy Federal CC

FireMedic1 — Fri, 17 Jul 2020 09:57:48 GMT

They'll let you back in after full payment. Even people who burned them in bankruptcy get back in with the nSecured card.

Re: Navy Federal CC

Anonymous — Fri, 17 Jul 2020 16:44:05 GMT

Copy. Yes I am paying them back in lump sums. I have it scheduled to auto pay a certain amount but I am actively paying more each month than the alotted amount in my payment agreement. Also, I'm keeping my credit utilization under 10% for the other cc I have and all of my Bill's are being paid on time. My credit score is higher now than it was when they originally approved me so I hope that will give me a boost. I understand i may have to prove myself with them meaning they may only approve me for $1000 vs a $5000 credit limit. That's fine. I just didn't want this one mistake and poor judgment to be the end all with credit card approvals through them. As long as they take me back, I'll make better choices for sure. Thanks for your response

Re: Navy Federal CC

FireMedic1 — Fri, 17 Jul 2020 16:52:42 GMT

No problem. Be thankful they are one of the few that give a second chance. Plus get below 8%. You'll pass another scoring threshold for a small bump