NFCU OR Discover iT Secured

[Anonymous]

I am approaching 5 months post Ch.7 discharge and I haven’t gotten a regular credit card yet. I was approved for Express, NY & Company, and Children’s place store cards. Everyone else has denied me. I got a preapproval in the mail for an Indigo card, but I don’t want an high fee, high interest card. So now, I’m at a point of just doing a secured card. I want something that will graduate pretty quickly. I’m looking at the discover and nfcu secured cards. Which do you all think I should go with?

After a year I think I will close one of my store cards because honestly, I don’t want a lot of credit cards. Lesson learned.

I want to do $500 total for the card. Maybe add to it later on since I just accepted a promotion at my current job, and I’m back in a much better financial situation.

I’ve had my store card for 3 months now.

[Anonymous]

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[Anonymous]

5 months post discharge with 3 months of store cards history, you have a good chance of getting approved for unsecured credit cards especially Capital One and Discover. If you haven't already tried, you should try their pre-qual sites to see if they pre-qual you for any of their cards. 

My bk7 discharge is scheduled for next week. But last month I got approved for a Cap One Platinum card and a Discover IT secured. 

[Anonymous]

Well, I would go with NFCU to build history. I had a secured card with them for about 3 months and then applied for an unsecured and was approved at $7000.

The plus side of Discover is that you may get approved for an unsecured once the NFCU starts reporting. I love Discover but if i had the choice and could only do 1, i would go with NFCU

[pizza1]

I would check the prequal pages for Discover and Cap1 first before you do a secured card.  If it says congratuations, weve prequaled or preapproved you for the following cards, and it offers you a SET apr, NOT a range, then go for it!! 

Try those two first, and see if they offer you anything. If you have to do a secured a card, I would most definitely go with Navy federal. They wiill grow with you sooner, and tremdously if you have the patience. Ive been with them for a little over 4 yrs now, (Im 4. 6 yrs post BK7), and I have 2 CC with them...$25k & $20k , CLOC-$15k, and a paid off car loan.  . Treat them well, and they will do the same!

Report back here with your findings on the prequal sites with Discover and Cap1....good luck! 

[Anonymous]

I went ahead and did the preapproval for both discover and capital one. Capital one was a no go and discover said the secured card.

I app’d for the NFCU secured card and I just got the text saying it was approved!!!

Super excited to finally get in the door with them.

[pizza1]

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@Anonymouswrote:
I went ahead and did the preapproval for both discover and capital one. Capital one was a no go and discover said the secured card.

I app’d for the NFCU secured card and I just got the text saying it was approved!!!

Super excited to finally get in the door with them.

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Thats great! Congrats to you!! Just be patient with them, and you'll find that you'll eventually be rewarded!! After you've had the secured card with them for 6 statements, app for the Plat card.

[Scupra]

You should attempt applying for an unsecured NFCU. I want to see the result, pleasssse

[Anonymous]

I applied before I decided to go the secured route. I app’d for the platinum and goRewards. Denied for both. I did all 3 the same day. The unsecured and then the secured.

[Anonymous]

For those following this thread, note that Navy Federal's general credit card policy is that a bankruptcy must be at least 1 year old before an unsecured card will be approved. The OP's BK is 4+ months old, which is likely why the unsecured card app was denied.