Navy - Opinions please

[Anonymous]

This topic is alot like the recent thread containg "trending data" as a denial reason.

Facts:

Bk from 2009 - Falls off CRB(s) in July (< 3 mos)

No Lates or Mishaps since 2009

Rebuild CC's  include: QS1 MC, QS1 MC, Disco, FNBO MC, Cabelas MC, Mercury MC(formerly Barclays)SYNC: Amazon, PP MC

Situation:  Ended 2018 with 24K plus revolving debt -vs- 26900 total limits - 4K was actual spending per month that was paid monthly. (not living expenses, mostly discretionary + entertainment)

Since January 1 total debt has been reduced @4K per month - 10,200 currently - 35% util (down from 85-90%)

Scores: 704 EX F8 / 715 EX F9 / 698 TU F8 / 709 EX F8

Inc: 60K

DTI: 8-12% range

At this moment, 6 zero balance + 5 with balances (3CC/1Store Card(amazon)/1Installment (student loan)

1 Inq in 2.7 years

Trending data wise, for the recent 12 months I flowed 4 to 5K total per month with no sign of payment stress, including a significant paydown in the most recent 4 months, mostly as a result of just stopped buying stuff, I guess we finally got all we needed.

BUT, the previous 12 months those balances were more static, 2x min payments at least but only about 1200 monthly ran thru across all accounts.

Thats the story, here is the queston. 

Apply for NFCU Plat with 8% DTI with a BK showing from 2009

OR

Apply for NFCU Plat in July with 13% DTI - NO BK - 20% UTIL  -  BUT I will also have a new Prosper 13,500 Loan showing

THe DTI goes back up from the Prosper monthly pmt, but my UTIL drops further

NFCU Member for 3 years, no credit products, the 1 inq in 2.7 years is the Prosper TU Inq.

Now or Later, that is the question...   Any thoughts are welcome on this one.

[AverageJoesCredit]

With current stats, i think you are fine to apply now. I wouldnt be suprised at a 25k Plat but i think you are good. You can always wait to keep lowering your utilization and maybe improve your chances of approval but with Navy, a hard pull can be well worth it

[Anonymous]

I wish I held your optimism.

Some of the recent threads dealing with possible change in underwritting or use of trending data put me on the bubble given the high util early.

Scores had been hovering 640 - 660 range with 85% Util.  I did have enough usage to warrant several CLI from Disco, FNBO, Barclays(Mercury) & several from Merrick - The high util lover.

That said, account limits are mostly between 2500 - 6000   SO....  25K would be like the old days....   ;-)

I might also mention every CLI was an auto CLI - I never asked for any that I received. 

Only after reading the wisdom found on myfico did I realize I should have been asking for CLIs along the way.

[Anonymous]

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@Anonymous wrote:

This topic is alot like the recent thread containg "trending data" as a denial reason.

Facts:

Bk from 2009 - Falls off CRB(s) in July (< 3 mos)

No Lates or Mishaps since 2009

Rebuild CC's  include: QS1 MC, QS1 MC, Disco, FNBO MC, Cabelas MC, Mercury MC(formerly Barclays)SYNC: Amazon, PP MC

Situation:  Ended 2018 with 24K plus revolving debt -vs- 26900 total limits - 4K was actual spending per month that was paid monthly. (not living expenses, mostly discretionary + entertainment)

Since January 1 total debt has been reduced @4K per month - 10,200 currently - 35% util (down from 85-90%)

Scores: 704 EX F8 / 715 EX F9 / 698 TU F8 / 709 EX F8

Inc: 60K

DTI: 8-12% range

At this moment, 6 zero balance + 5 with balances (3CC/1Store Card(amazon)/1Installment (student loan)

1 Inq in 2.7 years

Trending data wise, for the recent 12 months I flowed 4 to 5K total per month with no sign of payment stress, including a significant paydown in the most recent 4 months, mostly as a result of just stopped buying stuff, I guess we finally got all we needed.

BUT, the previous 12 months those balances were more static, 2x min payments at least but only about 1200 monthly ran thru across all accounts.

Thats the story, here is the queston. 

Apply for NFCU Plat with 8% DTI with a BK showing from 2009

OR

Apply for NFCU Plat in July with 13% DTI - NO BK - 20% UTIL  -  BUT I will also have a new Prosper 13,500 Loan showing

THe DTI goes back up from the Prosper monthly pmt, but my UTIL drops further

NFCU Member for 3 years, no credit products, the 1 inq in 2.7 years is the Prosper TU Inq.

Now or Later, that is the question...   Any thoughts are welcome on this one.

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Call TU and they will remove the BK since it is within their 6 month EE (they did it for me).  After it clears off, I'd shoot for the moon!  I did see a nice bump in my score on TU once it came off (56pts) so that could end up nailing you the temrs you want. 

[Anonymous]

I would just go for it if it was me. Lower DTI is better and seems to count more than utilization. Worst case scenario it’s a no and you have to ask later anyway. Even if they low-ball you on the limit, going for it now puts you closer to the bigger card later.

[AverageJoesCredit]

EE is not a guarantee from any CRB. Its more YMMV.

[Anonymous]

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@AverageJoesCredit wrote:
EE is not a guarantee from any CRB. Its more YMMV.

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💯 this and if you’re unlucky like I was, they’ll make a huge mess of things in the process. 

[Meanmchine]

I woud definately wait until your reports are BK free. BKs falling off result in substantial score increases. Bigger scores = better options and larger SLs

Definately call TU. Of the three, they are the best to work with. Experian is good to work with but you must be within 90-120 days of the scheduled delete date. Dont bother with Equifax.  They will only EE within 30 days

Good luck

[Anonymous]

Thats where the guessing game begins...

It would be great to plop the last 10K on 0% BT on a NFCU Plat.  THat would leave me with 2 Installment loans and 1 CC as the BK fell off in July, unless I throw the dart at TU to see if the will retire that BK early as Hasselfree mentioned.  Either way, I would be in pretty good shape

Take your pick:

Then - JULY - 750 Scores - No BK - UTIL < 25% - 2 Installment (1 Student/1 Prosper) + 3 CC < 60% --  12-13% DTI

or

Now - APRIL - 710 Scores - 2009 BK - Util 35%(after recent 4 month paydown) - 1 Install(student) + 3 CC + 1 Store (Sync Amazon) all < 68%  - 8-9% DTI

Should I just expect a mini SL and go straight for the Rewards or Cashback...   Then 3 months go for Platinum (with better everything ie. scores, ratios, NO BK) hoping for a SL large enough to roll up whats remaining?

Wee bit of a chess game we got here...

[Anonymous]

July 15 is drop day.

Waiting is also a viable and potentially very wise move indeed.

I waited 3 years to apply for credit from NFCU so my profile would be better then worse.  3 more months wont be hard.  With the recent, yet unreported, Prosper loan I wasnt sure how such a new obligation would factor into decision making.  Thats why its a go now or wait for the water to clear up and season that prosper loan at least 3-4 months payments combined with continued drop in total% CC debt.