NFCU CC, CLOC app now or wait?

[Anonymous]

Thanks. My util should be down under 30% after the most recent round of payments. Then, in a couple more weeks, I can pay it down to about 10-15%. My biggest worry is just an outright denial, since I do have recent bad things on my report. Explainable bad things, but nonetheless, bad things. Of course, I'm actively getting as much stuff paid off as I can. So that does help a manual review when they see that yes, an account went bad but the debtor made good on it. Doesn't help one whit for automated scoring models though.

[Anonymous]

Now, the interminable wait for updates to my reports. 7 cards PIF'd.

[USF813]

OP - Do you have an actual need for the LOC? I'm not an advocate of opening credit that you won't use. If the reason is to lower utilization ask yourself if your likely to rack up balances since the LOC will allow you to charge more while staying under 10%. 

[Anonymous]

I'm not sure if it's something I'd use or not. In undecided on the CLOC. I *DO* need a better card with a higher limit to replace my Credit One & Merrick cards that need to be closed.

[USF813]

Ok in that case I would definitely app for a CC because NFCU is known for their limits. I wouldn't app for the LOC though. If you can't find an actual need for it then it's just a waste. I use my NFCU card like crazy, and if I ever get close to exceeding 9% of my total credit limits on all cards combined I make a quick payment before they report. It's only happened twice in the last three years but now I'm trained on to watch my balances closely. I think adding the LOC would add a level of complacency that I'm I'm not comfortable with. I also have a use for all my cards. DCCU got me started on rebuilding and it's my oldest CC post BK so I keep it for age. I travel a lot so the $49 AF on IHG is worth it for the annual free night. U.S. Airways is good for "you don't use us much but if you do for a few months we'll throw you some miles". NFCU is great for building a payment history so when the time comes for a car loan I'm golden.

I wouldn't open more than four cards. When I hit four my credit score dropped.

[juggalo9er]

the navcheck reports  similar to a credit card

higher limits beget higher limits, thus the reason i am telling you to apply for it

i went from 1300 average line to just over 5k after i opened my navcheck

[Anonymous]

5 accounts still have to update.