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Converting Navy Federal cashRewards

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Anonymous
Not applicable

Converting Navy Federal cashRewards

Hi, 

New to the group and looking for advice.  Navy Federal has offered to convert my cashRewards card to the Amex MoreRewards.  Would it be better for me to just apply for the Amex and add a second card to my NFCU profile or just do the conversion?  

 

Current Stats

BK filed - 1/2019  -  Discharged 4/2019

 

Fico 8 as of 10/7/2020

EQ - 651   TR - 626   EX - 657

 

Cards

cashRewards CL $3000 - Bal $740 (Last CLI was June 2020)

Credit One - CL $800 - Bal $31

Credit One Amex - CL $800 - Bal $25

 

 

 

Message 1 of 13
12 REPLIES 12
AllZero
Mega Contributor

Re: Converting Navy Federal cashRewards

@Anonymous  If you are not seeking a mortgage or auto loan, then, I would go for another revolver with NFCU. Reason, you may get more credit. Plus, it may be a good replacement for any fee harvester card(s).

 

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

Message 2 of 13
Anonymous
Not applicable

Re: Converting Navy Federal cashRewards

Thank you for the advice.  

Message 3 of 13
AllZero
Mega Contributor

Re: Converting Navy Federal cashRewards

You are.welcome.
Message 4 of 13
spiritcraft1
Valued Contributor

Re: Converting Navy Federal cashRewards

There is also a $250.00 SUB on the More Rewards.  You do not get that when converting.  Good luck.


Biz |
Current F08 -
Current 2,4,5 -
Current F09 -
No PG Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k, B&H Photo, $5k

Message 5 of 13
rostrow416
Established Contributor

Re: Converting Navy Federal cashRewards

Go for the 2nd card.  All signs for Navy Federal point to expect a big limit.  Plus nail down the bonus.  Cash Rewards is a good compliment to the More Rewards as you don't have to worry about categories or anything with it.

AMEX Gold | Purdue FCU $20,000 | FNBO Evergreen $15,000 | TFCU Plat Visa $15,000 | PenFed Platinum Rewards $15,000 | PenFed Pathfinder $15,000 | Citizen's Bank Cash Back+ $15,000 | Synchrony Premier MC $10,000 | SG Visa $10,000 | NFCU MoreRewards $7,000 | NFCU cashRewards $17,000 | Discover IT $6,000 | Capital One BuyPower $950 | AMEX BCP $5,000 | AMEX Amazon Prime Business $3,000

B&H Payboo Card $15,000 | Amazon Prime Card $10,000 | PC Richard Card $15,000 | Target RedCard $2,000 | Walmart Store Card $1,400 | Shell Gas Card $1,200 | Overstock Store Card $7,000 | Kohl's Store Card $3,000


Spring Cleaning:
C̶a̶p̶i̶t̶a̶l̶ ̶O̶n̶e̶ ̶Q̶u̶i̶c̶k̶S̶i̶l̶v̶e̶r̶ ̶$̶1̶,̶0̶0̶0̶ | C̶r̶e̶d̶i̶t̶ ̶O̶n̶e̶ ̶V̶i̶s̶a̶ ̶$̶1̶,̶2̶0̶0̶ | M̶e̶r̶r̶i̶c̶k̶ ̶B̶a̶n̶k̶ ̶$̶2̶,̶7̶0̶0̶ | M̶a̶r̶v̶e̶l̶ ̶M̶a̶s̶t̶e̶r̶c̶a̶r̶d̶ ̶$̶1̶,̶̶2̶0̶0̶ | C̶o̶m̶e̶n̶i̶t̶y̶ ̶M̶a̶s̶t̶e̶r̶C̶a̶r̶d̶ ̶$̶1̶,̶1̶8̶0̶
Message 6 of 13
Anonymous
Not applicable

Re: Converting Navy Federal cashRewards

I was just approved for the SSL and will apply for the 2nd card once the loan hits my CR.  This should give my scores a bump and hopefully get me that big credit limit.    

Message 7 of 13
spiritcraft1
Valued Contributor

Re: Converting Navy Federal cashRewards


@Anonymous wrote:

I was just approved for the SSL and will apply for the 2nd card once the loan hits my CR.  This should give my scores a bump and hopefully get me that big credit limit.    


Good plan!


Biz |
Current F08 -
Current 2,4,5 -
Current F09 -
No PG Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k, B&H Photo, $5k

Message 8 of 13
Anonymous
Not applicable

Re: Converting Navy Federal cashRewards

No real advice but happy to see people getting credit after BK. I have a secured NF card and hoping for a CLI soon. We are freshly discharged and waiting to get a "new" used car after 5 years. 

Message 9 of 13
Anonymous
Not applicable

Re: Converting Navy Federal cashRewards

Hi Hazel, 

Getting credit after a BK is a slow process but not difficult if you follow all the great advice within this forum.  Your secured card should graduate to unsecured after about 6 months with a CLI to $2000 if you are making on-time payments and keeping your utilazation at an acceptable level. I kept my card at 3% utilization and was graduated at 6 months to $2000. 

Message 10 of 13
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