Special case -- when to pull trigger (NFCU x Chase)

[sbabs1997]

Hello all,

Joined the forums a few months ago and this was very helpful. I'm currently sitting on a 605 TU and 609 EQ both FICO 8 & 616 Experian. This is due to 2 baddie (7.6k collections which I was able to settle and get deleted for $500!!!!!) + Discover C/O from 2016 (Already settled but unfortunately can't be removed) as a high util (80%) which after tomorrow, will post down to 1%. 

My question to you all is what are your estimations of how much my score will increase?

I'm looking to upgrade from my secured NFCU secured ($1700 CL) to one of the Navy cards (suggestions would help) and a Chase Sapphire Reserve (good or bad idea?) for one spending and one travel card. 

Additionally, I'm looking to secure a Carmax loan in the near future as well and may want to open up another line of credit for the purpose of paying off loans/insurance and things of that nature (any suggestions for this would be great too, been thinking Apple card but not too sure?)

Anyways, let me know of any advice to any of the above, looking forward to a credit jump regardless and soon getting into the 700s for the first time!

Additional info:

My income is $75k (Had a rare case of a very bad credit score coming out of college but got a very good job with a solid starting income -- does this help w/ future apps?)

I only have a secured NFCU card right now. Also, any tips on other travel cards as it seems the Saph is a stretch?

[Anonymous]

If you have no derogs/lates, you'd have probably 700-750+ 

Do you only have 1 credit card? Lenders like to see multiple accounts, say like 3 cards and at least 1 installment loan.

I don't use NFCU but I believe you can get a new unsecured card with a much higher limit, since you've already got your first card with them. Provided your scores go up.

[Anonymous]

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@sbabs1997 wrote:

Hello all,

Joined the forums a few months ago and this was very helpful. I'm currently sitting on a 605 TU and 609 EQ both FICO 8 & 616 Experian. This is due to 1 baddie (7.6k collections which I was able to settle and get deleted for $500!!!!!) and a higher util which after tomorrow, will post down to 1%. 

My question to you all is what are your estimations of how much my score will increase?

I'm looking to upgrade form ym secured NFCU secured ($1700 CL) to one of the Navy cards (suggestions would help) and a Chase Sapphire Reserve (good or bad idea?) for one spending and one travel card.

Additionally, I'm looking to secure a Carmax loan in the near future as well and may want to open up another line of credit for the purpose of paying off loans/insurance and things of that nature (any suggestions for this would be great too, been thinking Apple card but not too sure?)

Anyways, let me know of any advice to any of the above, looking forward to a credit jump regardless and soon getting into the 700s for the first time!

Additional info:

My income is $75k (Had a rare case of a very bad credit score coming out of college but got a very good job with a solid starting income -- does this help w/ future apps?)

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Even if/when your credit report is cleaned up it is highly unlikely that you would be approved for a Chase Sapphire Reserve. The minimum credt limit for a CSR is $10,000 and you'd first have to demonstrate experience with limits of that amount or greater.  You wouldn't be approved if your only revolving account is a secured card.

[sbabs1997]

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@Anonymous wrote:

If you have no derogs/lates, you'd have probably 700-750+ 

Do you only have 1 credit card? Lenders like to see multiple accounts, say like 3 cards and at least 1 installment loan.

I don't use NFCU but I believe you can get a new unsecured card with a much higher limit, since you've already got your first card with them. Provided your scores go up.

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I had three others; Citi secured w/$200 limit waste of time -- paid it off and closed, Cap1 $400 limit (closed after I got NFCU secured w/tax refund), and Credit One Bank ($300 limit same situation as Cap1).

[dragontears]

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@sbabs1997 wrote:

Hello all,

Joined the forums a few months ago and this was very helpful. I'm currently sitting on a 605 TU and 609 EQ both FICO 8 & 616 Experian. This is due to 1 baddie (7.6k collections which I was able to settle and get deleted for $500!!!!!) and a higher util which after tomorrow, will post down to 1%. 

My question to you all is what are your estimations of how much my score will increase?

I'm looking to upgrade form ym secured NFCU secured ($1700 CL) to one of the Navy cards (suggestions would help) and a Chase Sapphire Reserve (good or bad idea?) for one spending and one travel card.

Additionally, I'm looking to secure a Carmax loan in the near future as well and may want to open up another line of credit for the purpose of paying off loans/insurance and things of that nature (any suggestions for this would be great too, been thinking Apple card but not too sure?)

Anyways, let me know of any advice to any of the above, looking forward to a credit jump regardless and soon getting into the 700s for the first time!

Additional info:

My income is $75k (Had a rare case of a very bad credit score coming out of college but got a very good job with a solid starting income -- does this help w/ future apps?)

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I will leave guesses on score changes to others.

Do you have any other cards? The chase sapphire reserve requires a 10k starting limit and chase is not known for being the first lender to give the first high CL. 

[sbabs1997]

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@Anonymous wrote:

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@sbabs1997 wrote:

Hello all,

Joined the forums a few months ago and this was very helpful. I'm currently sitting on a 605 TU and 609 EQ both FICO 8 & 616 Experian. This is due to 1 baddie (7.6k collections which I was able to settle and get deleted for $500!!!!!) and a higher util which after tomorrow, will post down to 1%. 

My question to you all is what are your estimations of how much my score will increase?

I'm looking to upgrade form ym secured NFCU secured ($1700 CL) to one of the Navy cards (suggestions would help) and a Chase Sapphire Reserve (good or bad idea?) for one spending and one travel card.

Additionally, I'm looking to secure a Carmax loan in the near future as well and may want to open up another line of credit for the purpose of paying off loans/insurance and things of that nature (any suggestions for this would be great too, been thinking Apple card but not too sure?)

Anyways, let me know of any advice to any of the above, looking forward to a credit jump regardless and soon getting into the 700s for the first time!

Additional info:

My income is $75k (Had a rare case of a very bad credit score coming out of college but got a very good job with a solid starting income -- does this help w/ future apps?)

---

Even if/when your credit report is cleaned up it is highly unlikely that you would be approved for a Chase Sapphire Reserve. The minimum credt limit for a CSR is $10,000 and you'd first have to demonstrate experience with limits of that amount or greater.  You wouldn't be approved if your only revolving account is a secured card.

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So shoot for a NFCU first few months and then build? Any other travel card suggestions?

[Jnbmom]

As far as scores unless ALL negatives are gone I don't see your score moving much.

i agree I would not apply for chase right now.