Question about Credit card

[Totoro]

so i got my NFCU membership a week ago and got approved right away to refinance my autoloan with them 

Zero relationship so far just new born autoloan . Fico8 670 befor i applied but now 660 due to an inquiry i belive 

utliztion around 40% . Income 55K 

i tried prequalify for a credit card but only N secure coming up 

any chance if a waste a hard inquiry i will be approved for unsecured?

cap1 platinum card 300$ imit a year old

Citi closed 2 year old 2K limit and 1400 balance 

chime credit 700$ limit no balance 2 years old

chase amazon card 700$ limit no balance and 2 years old

VS card 300$ no balance and 1 year old

Upstart loan 5700$ balance and 16 months old and i wish if i can refinance it with NFCU 

Auto loan 1 year old and just refinanced it with NFCU

all mya ccount current and never late 

one charged off BOFA card 4 years ago 

[AndySoCal]

@Totoro  Before applying for a credit card I would work on getting your credit utilization below 10% the lower the better. 

[Bobby1081]

Congrats on the membership. The NFCU prequalify tool is not reliable. Many people on here got the same offer and then applied for a card and was approved with good limits. On the other hand the secured card is not bad. You deposit $200 and in 7 months of good history it unsecures and you get an increase to $2k. 

[Tdatb64]

I got a pre-approved mailer from NFCU for the More Rewards Amex. I apped it and they only gave me $500 (740+ FICO, no baddies). This was a couple months after joining. Immediately sent them a message to see if they could bump that up as my whole reason for opening it in the first place was that I wanted to balance transfer a couple grand. They said "no" and that $500 was all they could give me but that I could request a CLI after 3 months. A month later they sent me a pre-approved mailer for their Platinum card. I didn't bite on that one.

I got my buddy to join, as he was looking to move-on from his 7 year-old Dodge Caravan (which was doing a number of typically-bad, typically-Chrysler things) and NFCU supposedly has great rates. He picked his Certified Used Toyota, Navy quoted him a rate (his FICOs were all 800+) and then screwed him with an actual rate 2 points higher than what they quoted - which he only discovered after the purchase was finalized. Eventually they told him it was "because his account was too new" that his rate was so high and that he could try for a rate reduction come October.

I hope they didn't pull a switcheroo on your re-fi rate. If a secured card would work for you, go for it, but don't apply hoping you'll get an unsecured card with a new membership and your profile. Were I you, I'd wait 'til I'd made a year of payments on their loan (building your internal score with them) & that Upstart loan. You say that Citi card is closed with an outstanding balance of $1,400 (70% utilization on a $2,000 card)? I'm not sure but I think that once it's closed it always reports as 100% utilization until it's payed-off. Even if it means you can only make the minimum loan payments you need to take care of that outstanding Citi balance, and fast!

[titancylinder]

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@Totoro wrote:

so i got my NFCU membership a week ago and got approved right away to refinance my autoloan with them 

Zero relationship so far just new born autoloan . Fico8 670 befor i applied but now 660 due to an inquiry i belive 

utliztion around 40% . Income 55K 

i tried prequalify for a credit card but only N secure coming up 

any chance if a waste a hard inquiry i will be approved for unsecured?

cap1 platinum card 300$ imit a year old

Citi closed 2 year old 2K limit and 1400 balance 

chime credit 700$ limit no balance 2 years old

chase amazon card 700$ limit no balance and 2 years old

VS card 300$ no balance and 1 year old

Upstart loan 5700$ balance and 16 months old and i wish if i can refinance it with NFCU 

Auto loan 1 year old and just refinanced it with NFCU

all mya ccount current and never late 

one charged off BOFA card 4 years ago 

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Be patient with Navy. I started my relationship with them back in 2019 and all I could get out of them was 6500. Now, I'm near their maximum aggregate limit for credit cards. 

A few pieces of advice. 

1. Start direct deposit with them. Even 500 is sufficient. 

2. Don't think you need to charge and use the card a lot to get a credit line increase. Navy is one of the few lenders that doesn't care much about usage. 

3. Get all your cards under 30%. Ideally, 7-9% is that sweet spot..... and 0% with one card reporting a small balance is most optimal. However, Finances over Fico. So you if you can afford to get the debt down that low do it. If not, get it under 30%. 

4. Don't go on an app spree. Build what you have and be patient. 

Good luck!

[Totoro]

Yes I am planing to pay off my cap1 this statement . And will make couple of payments on my auto loan then will see . Ty 

[Totoro]

My Auto Loan was united auto credit and was my first time buyer with 18% Apr on a Toyota rav4 

after a year of payments and now with a negative equity NFCU refinanced with 13% 

I was hoping for better rate . They told mevv bc after 12 payments I can try to refinance . Will see