Should I apply for Navy Federal CC?

[Anonymous]

NFCU is a good credit union to start a relationship with. Seeing as you have a few recent cards I don't think they would deny you but if you want to go the safe route it would be best to get the secured card to start with. It'll graduate within 5 months minimum as long as your scores are up. I'm waiting for mine to graduate myself. They also have their own internal scoring they work with so it isn't just the Fico 9 scores. 

[Girlzilla88]

@MrsF     Even if they start you with a Secured Card it's a great place to get your foot in the door and build a relationship with!    I do agree about getting rid of the Credit One Card like someone mentioned too (if you get an approval and especially if the amount is over the 400 to balance out losing that Limit)   

[MrsF]

Thanks for all the feedback everyone!

I applied online just now, and they said I can expect an answer within 24-48 hours. Seems to me that if I were approved, they would just say so. So.......guess I'll expect the tell-tale letter in the mail. ;-)

[Anonymous]

---

@MrsF wrote:

Thanks for all the feedback everyone!

I applied online just now, and they said I can expect an answer within 24-48 hours. Seems to me that if I were approved, they would just say so. So.......guess I'll expect the tell-tale letter in the mail. ;-)

---

Nah, just manual review.  Not terribly uncommon with Navy.

[MrsF]

Firm no in the email just now. Offering me the secured card. Bummer.

[Tryinghardtoimprove]

I say go for it. Your scores are better than mine and I opened a checking and savings account this am and applied for a CC this afternoon and was approved for an Amex $1000 CL.

I make 78,000. My Fico 9 TU 541 (according to Members 1st FCU), Fico 8 TU 601, Fico 8 EQ 601, Fico 8 EX 622. My credit utilization has been at 5% for the last 3 months, 3 total baddies, 1 CO, 2 collections that I'm making payments on.

I did have a secured card through Discover it for $700 for a year that switched to unsecured last month (5-2020) with a credit increase to $1500. I also have $300 milestone, $1,100 Fingerhut. 

My payment history is excellent for the last 12 months. I say go for it. Good luck. 

[Anonymous]

---

@MrsF wrote:

Firm no in the email just now. Offering me the secured card. Bummer.

---

GET the secured card.  GREAT place to start.

[MrsF]

I don't have a problem with a secured card in principle, but...

I already have one through another bank. I need to check with them to see why it never matured to unsecured, but I don't want another secured card.

I also have three unsecured credit cards. Low limit bottom feeders, but unsecured. I think by the time 5+ months rolls around (the time I'm told it would take the secured card to mature), my credit profile will be much better anyway. Some, if not all, collections should be history. The paid charge off will be gone later this year.

Rather than putting money into an account for a secured card, I think that money will be better spent paying up/settling my remaining collections. Most are medical collections. I suspect the unpaid collections are the reason I was denied.  My credit mix is good, utilization excellent, and I have on-time payments with for over a year (3 years if you don't count the late student loan payments in 2019).

Things have greatly imporoved. As I said in my original post, my scores have gone up 100+ points since around October 1019. So I'm gaining good ground. I just need to be patient and keep playing the game. The baddies are standing in my way, and I know it takes time to get them off (PFD, goodwill, disputes, time, etc).

I'm willing to wait until I qualify for a major unsecured card, and I don't think I'm that far away from it. 

However...I can certainly listen to reason. Is there any good reason why I shouldn't wait until, say, January 2021 to reapply rather than getting a secured card? At least 3 baddies will be gone.

[Anonymous]

@MrsF They denied me a month ago for a regular credit card. I got the secured and was preapproved for all of their cards today. I haven't gotten feedback on wether or not I should apply, but it doesn't seem to take long for them to offer "real" credit. Their secured is good in the fact that you do earn some rewards... 1% is better than nothing. I stopped using my cap1 for the most part. 

ETA: I got the Self builder loan, but I would've gotten the SSL had I known better, or did more research beforehand. 

[gingerflower]

@MrsF  Sorry to hear you were denied. Maybe reapply in a year hopefully you will get an approval.