Hello:
I am currently lost on how to proceed forward. These are my FICO scores three months post discharge.
I have the following:
US Bank Secured $300 ( keep around a $9 balance on it when statement hits and then PIF
NFCU Secured Rewards $300( use a ton and have PIF for threee months before statement reports.
Capital One Quicksilver $300( Use quite a bit and PIF before statement reports, that has occurred for three months as well, was denied a credit increase a few days ago)
Student Loans- $67000, have never paid anything on them. Currently in deferment, been on time for a year and half)
NFCU Pledge Loan $250- Paid down to $45 as monthly payment is $41.99, pay off completely in mid May.
Income $85000
Shouls I get another installment loan, a better one that I can get to 8.9% right away? I realize it might not help much with my student loans but perhaps will with my internal score with Navy Federal and prompt a credit card line increase?
Does anyone know what goes into that internal score? When should I apply for a second card with them?
Sorry in advance for all the questions, and I would truly appreciate any help or advice. Hope everyone's else's credit journey is going well. This site is awesome!!
@Anonymous wrote:
Hello:
I am currently lost on how to proceed forward. These are my FICO scores three months post discharge.
I have the following:
US Bank Secured $300 ( keep around a $9 balance on it when statement hits and then PIF
NFCU Secured Rewards $300( use a ton and have PIF for threee months before statement reports.
Capital One Quicksilver $300( Use quite a bit and PIF before statement reports, that has occurred for three months as well, was denied a credit increase a few days ago)
Student Loans- $67000, have never paid anything on them. Currently in deferment, been on time for a year and half)
NFCU Pledge Loan $250- Paid down to $45 as monthly payment is $41.99, pay off completely in mid May.
Income $85000
Shouls I get another installment loan, a better one that I can get to 8.9% right away? I realize it might not help much with my student loans but perhaps will with my internal score with Navy Federal and prompt a credit card line increase?
Does anyone know what goes into that internal score? When should I apply for a second card with them?
Sorry in advance for all the questions, and I would truly appreciate any help or advice. Hope everyone's else's credit journey is going well. This site is awesome!!
@Anonymous You don't need another installment loan. It would be redundant to your current SSL and student loans. You have enough to start on your journey. You just need time.
The nRewards should be eligble to graduate around ~7 months. One is eligble for another card at 91 days and 3 full statements from account open. However, I would recommend you wait until your nRewards card graduates. That should allow ample time to build up history with NFCU.
For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
For your reading pleasure. https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-...
When your nRewards does graduate, try the double dip CLI.
https://ficoforums.myfico.com/t5/Credit-Card-Approvals/NFCU-Secured-Graduated/td-p/6012852
@Anonymous wrote:Thanks AllZero, your contribution to this site is immense, thank you sincerely from an avid reader in here. Also thx for the advice on my NFCU journey. If my card happens to graduate before the 7 month mark, should I attempt to apply for a second card at that point and a double dip? A
It's my pleasure.
If you feel like you need another card, then yes, you can try to apply for another NFCU card. My guesstimate is the longer you wait, the better it is to build that payment and internal history with NFCU. The goal should be to have one that has a decent starting limit.
If you have not done so, consider other products with NFCU, such as DD Direct Deposit (they allow 1 day early DD), certificates, etc.
@Anonymous wrote:Thx AllZero, yes have DD with them since November, in certificates are you referring to CD's?
Yes the goal is to get a higher limit card, so I am going to wait at least your suggested 7 months. Any other suggestions on that front, besides waiting and the CD's?
Yes, I'm referring to the CD. However, you should be good with those 3 current products; DD, CC, SSL.
Maybe become a member of other Credit Unions during your down time?
@Anonymous wrote:Hi All Zero:
Thanks for all your responses, appreciate your time greatly. I had a few quick questions, unclear when my NFCU 91/3 is, my third statement dropped yesterday 2/12. However my first one may have been a partial,
unsure? I applied and was approved 11/24. I received the card 12/4 and made a charge that day, my first statement dropped 8 days later on 12/12, is that considered a statement? Also when do I count 91 days from?
And finally I plan on requesting a Cli at 91/3 and three months later app for a new card does that sound like a reasonable plan? My final question is what is sending recon? Is that a secured message to credit department?
i am sorry for all the questions, trying to do this right. Take care and thank you
@Anonymous In general, best practice is to have 91 days and 3 full statements. Some members have gotten away with 2 1/2 partial statements. It usually is recommend for the 3 full statements. Start date should be your approval date 11/24. Which should bring you to 2/23/2021. However, you need the 3 full statements, which brings it to your next closing date whenever that may be.
Since you have a secured nRewards, I do not believe you are eligible to request a CLI on it until it graduates to an unsecured card, which usually happens around 7 months. You can try to request a CLI on it the day the card graduates. In between that time, NFCU has been known to give auto CLIs.
Your time line may be a little bit off at 6 months total from approval date. You may want to consider your 2nd card application to be at least the time when the nRewards graduates or later. Slow and steady should yield better results.
Recon is reconsideration. Example, you applied and were denied credit. The applicant would request the lender to reconsider the denial decision and hopefully, get it overturned into an approval. With NFCU, one can request a recon via a secure message.