Converting Navy Federal cashRewards

Anonymous · ‎10-13-2020

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

AllZero · ‎10-13-2020

@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

Anonymous · ‎10-14-2020

Thank you for the advice.

AllZero · ‎10-14-2020

You are.welcome.

spiritcraft1 · ‎10-14-2020

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

$30k, approved for 15k 10/11/21 @ 807 EX FICO 08 - 61 day 2x cli

$15k, approved after 2 weeks 5/21 @ 698 EX FICO 09 Bankcard

$19k, started as a $5k secured card in 2016 @ 408 FICO, unsecured 12/18 @ 600 FICO

$10k (10/23) @ 785 TU08 - Denied, Approved after Recon

$10k - approved (12/19) at $1k @ 648 FICO

Biz |

Business $9k - 04/06/21 @ 686 SP FICO, 61d 3x CLI to $9k

Business $28k - 07/6/21 @ Instant 689 SP FICO

Business $15k - 03/1/22 @ Instant 795 SP FICO

$15k Biz 2% card, approved after 5 days 7/21 @ 685 EX FICO 09 Bankcard, 93 Biz EX score

$25k Biz instant approval 10/21 @ 790 EQ FICO, 99 Biz EX score

$23k Biz instant approval, ID Verification 10/22 @ 802 EX FICO

$14k Biz instant approval 10/22 @ 802 TU FICO

Elan Hawaii National Bank Biz Visa- $8k instant 10/22 @ 806 TU FICO

US Bank Triple Points Visa - $20k in branch 11/3/22 @ 809 TU FICO, 1/12 new accounts, no USB history

Elan Business Visa from Midland Bank for new LLC, Instant $17k 11-22

PNC Business Visa for new LLC, $15k, took a week. EX 820 HP! 11-22

FNBO Evergreen Business MC for new LLC, $13.7k, instant EX HP 805 EX BC09 4-22

Chase Ink Premier $8.8k Flex, $44k Spend, instant EX HP 756 | 09-23

Barclays AA Business MC - Measly $2k SL but got the 80k Sub, 819 TU | 03-23

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

rostrow416 · ‎10-14-2020

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.

Anonymous · ‎10-15-2020

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.

spiritcraft1 · ‎10-15-2020

@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

Anonymous · ‎10-15-2020

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.

Anonymous · ‎10-16-2020

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.