Improving Credit

[Anonymous]

Hello everyone. I am improving my credit and my current TU is 627 Vantage Score 3.0. I have 4 credit cards. All but one secured. Navy ($900) Wells Fargo ($300) US Bank ($500). I am currently waiting on these banks to release my security deposit but its been 2 years and no activity. Should I apply for an unsecured Credit Card? If yes What would be my best bet of getting approved? Thank you all.

[SecretAzure]

If you have 2+ years of history (assuming all of these cards you've had for over 6 months without another application), I think you'd easily get an Amex ED, Amex BCE, Chase Slate, or Discover It (if you don't have any recent baddies on your credit profile. These are all decent cards for various reasons, see which one might be good for you.

[Anonymous]

I missed a payment in October last year. Is it still worth to apply?

[SecretAzure]

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@Anonymous wrote:
I missed a payment in October last year. Is it still worth to apply?

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Now you're out of my realm of expertise. 

Calling all experts! Help this person out!

P.S. They'll probably ask how many days late were you on that payment...60 days, 90, etc?

[austinguy907]

2 years of secured cards with activity and payments your scores should be higher......though your late payment knocked you to your knees as you can see.  The late and low score will make things hard to app for something new.  It's going to take some time to recover from that mistake unless you can write a letter and get them to remove it.  

[Anonymous]

It was only one 30 days late because I was deployed and didn't have a phone to call and make a payment. My usage was around 80% but all payments were made as agreed. this tax season I paid off majority of it and now I am at 41% usage. The score jumpers from 548 to 627 in 2 weeks. I'm made more payments and waiting for them to reflect. Once they do the FICO score simulator says it will jump to 677. And 2 years from July 2016 it should jump all the way to 727. But I have low credit limit. I have paid of two cars never late but only screwed up on credit cards as a dumb private. Haha. Any advice to get back from that damage will be helpful.

[austinguy907]

The Military Service Deferment is for borrowers serving on active duty military service or National Guard duty during a war or other military operation, or during a national emergency, and for an additional 180 days following the completion of the qualifying military service. You or your representative must provide your loan holder with required documentation. Military Service Deferments may apply to Stafford, PLUS loans, and Consolidation loans.

Note: If you have loans that you obtained before going on active duty military service, you may be eligible to limit the interest rate on your loans to 6 percent during the period of your active duty military service under the Servicemembers Civil Relief Act (SCRA). Contact your loan holder for more information.

You may qualify for a Military Service Deferment if you’re serving on active duty, or performing qualifying National Guard duty, during a war or other military operation or national emergency.

To apply:

1. Download the Military Service Deferment Request.
2. Complete the form. To enter information into the interactive form, place your cursor in a field or tab from field to field. Turn interactive check boxes on and off by clicking on them.
3. Print and sign the form. Have an authorized official complete Section 4 or attach a written statement from your commanding or personnel officer that includes all of the information requested or a copy of your military orders.
4. Mail the form and any required documentation directly to your loan holder.

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I would look into this since the 30 day late would fall under these terms.  Have you advised the lender of your situation and why you were late?

Anything with a "simulator" isn't giving you the real FICO you're looking for.  There are tons of sites that offer these simulators and fake scores usually based off of outlying score models that lenders don't use.  There's a reason they have disclosures that they're for "educational purposes".  See if you can get the late payment cleared up and then do your research on what's the best product to go for that matches your use.  Hearing that your tax refund only brought down your utilization by 40% is concerning when it comes down to brass tacks of being able to afford credit products in general.  

[Anonymous]

Your NFCU secured card should have been changed to unsecured after 13 statements, is that one that you were late on?  I was able to get an unsecured card within a couple of months of getting my secured card.  I suspect if you applied for a unsecured card with NFCU you would get approved.  This is the area to come for credit card advice, I would started a post with more complete information in the rebuilding section for more comprehensive advice on improving your scores.  First advice I would give you is to spend the bucks to learn your actual and complete set of scores.  This will help those providing you with advice a great deal and its well worth a few bucks to get them.  Give NFCU a try and I am sure you will get a good start as it pertains to cards but  post on the rebuild and you will get a more comprehensive strategy.  NFCU is a gift to us veterans that we should all take full advantage of.  Penfed and USAA are great also but not so much for folks rebuilding or with low scores.