Thoughts on NFCU Secured card time frame after bk7 close

[Anonymous]

Hi All,

@Phoenixupwardthanks for the information and time frames you used. At @Anonymous I already have a reaffirmed auto loan from cap1 that has now starting showing up again so I do not believe I need a second installment loan ( never late), at least from what I have read. I am still waiting for them to confirm my identity, once that's done and I am certain I am good to go, i'll apply for the secured card in a few weeks. Thanks again everyone

[Scupra]

Get the secured card ASAP in my opinion. I applied the day of my discharge and sent a copy of discharge because it wasn’t reporting yet. They only care that it has been discharged. NFCU seems to be upgrading secured cards fairly quick compared to the “old” days. This should give you a nice shoe in for your 2nd NFCU card good luck!

[Guyatthebeach]

Jaffoman,

Congratulations on your discharge. It's great that your car loan loan is already reaffirmed and reporting on your credit report. 

I would go on and apply for the secured Visa at Navy Federal. They have a fantastic track record of graduating those secured cards to unsecured cards. 

Something else that I would do is since you're in the beginning stages of your rebuild, get a secured loan for $1000 for a year term. The reason I'm suggesting this is you can use this to add another non-revoling credit tradeline to your post-bankruptcy CR. It will show lenders you're serious about your rebuilding efforts and give you more positive payment history. It will pay divdends in your future. 

Best of luck and keep us updated. Just remember that all of us have been right where you are. We overcame this and so will you!

Guyatthebeach

[FireMedic1]

I disagree with getting another loan for a year. With the possibly of 1 card if NFCU's secured goes thru.  If you didn't burn Cap1. Give them a pre qual check. More cards will do more good than 2 loans. I also reaffirmed my truck with Cap1 and all went well after DC. In time you'll want 3 cards and you got the loan already for best FICO scoring.

[Anonymous]

Hi All once again,

Thanks @Guyatthebeach for the information, I think the 1 loan i have with my car will be good as it is 1.5 years reporting with no lates and 3.5 left but will probably pay off a little sooner.

@FireMedic1I agree on the loan, the car will do.

Wouldn't you know it, because I was having so many issues with NFCU verifying my identity for some reason and no branches within 3 hours ride, I pulled the trigger on Credit One and was approved for 400 SL $75 first year and $99 second year at $8.25 per month for the annual fee. I already payed off the $75 balance. I will cancel at the year if I have a better card by then. Then as soon as the card arrives NFCU finally approves me for membership, so I bit the bullet and went ahead and applied for the secured card today, they are reviewing it atm and will let me know if I am approved. NFCU pulled a TU on me which is the one I only have 2 inquiries and 1 falls off this year. If I am approved for the NFCU secured card I will sit for a while.

On the car, if i pay it off early, would that hurt or help me. I have it at 5% and 3.5 more years left but was thinking on paying it off in 3.5 or so. Just curious, thanks all.

[Scupra]

Bummer.. You had an amazing path to revolvers with no AF's. Stay on top of things and axe that card as soon as you can. Remember, your rebuild is a marathon - not a race. Take it slow and you will have a much better looking credit profile 5 years from now

[Anonymous]

Hi All,

Thanks @Scupra for your comments. I did get approved for the NFCU secured card for $400 today so that's a positive start. I will now sit on credit one and this one for the next 11 months or so. I will wait at least till sept before I start looking at prequels as that's when most of my inquiries fall off for the 3rd card. I will be canceling the credit one on the 11th month unless things don't go well for me. I am not really in any rush to do much at this time so its a good time to just sit. Thanks again all.

[Anonymous]

Hi Everyone once again,

Just an update for anyone that is interested in Credit One Card and how they reported the $75 dollar yearly fee. I paid it once i received the card and the online access was available, maybe 2 days after I signed in. I paid the $75 dollars in full at the time which was about a 7 business days after getting approved. The $75 dollars was reported to the bureaus and put it at 19% usage, which is not optimal. I also see that they take the payment but do not actually apply it to the balance for several days unless you pay some crazy fee which gets charged to the card. I have since paid it off in full including the 2 gas charges i did, I am just waiting to see if interest will be on the next bill, if so ill have to over pay it to get it to zero and then just put the card away for 11 months.

On the NFCU, does anyone know if they prefer heavy usage and weekly payments in full or does it not matter. I want to put my netflix sub on it and just pay it every month in full but I can use it for the business and cash and just pay it weekly.

The credit one info was for anyone who wants to know how they report from the start, thanks agan everyone.

[FireMedic1]

Congrats! I'm so tempted to say close it. Escpecially the 8 bucks a month thing. But for that amount it is building a profile so in 11 months you can kick it to the curb. I'm new too to NFCU with my More Rewards card for when I can ask for a CLI. Look llike 3 full statements. It averages around 7 months from what I've read for graduation. Dont know who got burned. But once cap1 or Disco bites, C-Ya!

[Anonymous]

Hi @FireMedic1,

The $8.25 per month starts next year, this year its a one time $75 dollars billed when the card is first opened so no way to avoid it. It will be good for 11 months then I'll close it. Burned Cap1 for 8.5k so probally a no go with them but I do still have my car so we shall see, I am looking for hopefully Ollo or discover in the future. Thanks again