Which NFCU Card is Best for me?

[Anonymous]

Hi there. I've been looking through a lot of the threads in this section, and the Rebuilding Credit section, and was hoping someone could offer advice.

I got divorced a couple years back and my credit took a beating from it. I haven't really paid attention to it until recently, when I decided that I wanted to live in a house I owned rather than a house someone else owned. Jumping to the end, I closed on my house yesterday. But I'd still like improve my credit. Part of that is getting a credit card. At the moment, I only have one credit card, Military Star card (charge card with the Army-Air Force Exchange), which I have had since 1995. It has a $8k limit on it with around $64 balance and always paid on time. 

A credit report I pulled in December 2018, lists:

- USAA Credit Card: 180 days late in April 2015. CO in May 2015. Sold to Collections. Paid less than balanced owed in settlement in Oct/Nov 2018. (on EQ, TU, EX)

- USAA Car loan: 60 days late in April 2015 and 2016. Paid off in Aug 2016. (on EX, TU)

- Four medical collections: Placed in collections 8/2014, 9/2014, 7/2017, 12/2015. All paid and closed. (TU, 12/2015 one is also on EX)

My FICO scores are (as of 5/13/2019): 

Experian: 634
Equifax: 681
Transunion: 642

The only hard pull was for my mortgage, which was pulled in mid-March 2019.

I would like to get a NFCU credit card but I'm not sure if I would risk trying for an unsecured or just get a secured card. I can put up to $2000 on it but would only really be using it for gas and maybe the occasional food item. I read that I should maintain it around 5% usage but was confused as to whether this means I just need to pay it down during the month so it is always at 5% or that I need to keep it until 5% at all times. 

Any advice would be helpful.

[Anonymous]

Congrats on the house!

Start here https://www.doctorofcredit.com/view-personalized-credit-card-offers/

NFCU will always be there as a fall back

[FicoGuy2019]

With your 12/2008 credit report being 5 months old, you should get your new report and then apply.  NFCU isn't relying 100% on score for approval, they look at DTI heavily in their decision making.

I'd check your reports 1st.  SpecificallyTU which they will pull for a new card.  You could go for any except the Flagship, which some people have been getting lately as their first card but it has a minimum of 5000 SL and is not "usually" given as a first card.

Good luck!

[AverageJoesCredit]

Any Navy card that works for your spend is best. Scores arent really important with Navy more so your income and dti. If you go for Navy, shoot for an unsecured card they might just suprise you and well worth the risk of hp which you would recieve. Secured card could always be option 2

[CreditInspired]

Congratulations on your home purchase! Did you get your mortgage through NFCU? If yes, you may be pleasantly surprised to be approved for an unsecured CC. 

Since you’re only initially looking to use for gas and restaurants, I suggest starting out with the GoRewards. It’s a Visa and offers points albeit can only be redeemed once it hits $50. 

Just my 2cents. 

[Anonymous]

I wanted to post a quick update and a datapoint I had forgotten to include.

I opened my checking/savings account at NFCU in 1998. I let it go dormant for a good while because I had switched to USAA. Just after I got divorced, I called NFCU and re-activated my membership and moved all my accounts there. My accounts page on NFCU shows I've been a member since 1998.

I called today in hopes of getting an unsecured card but with the funds ready to apply for a secured card. I was approved for $25K Go Rewards card at 11.9% while on the phone. My FICO/credit hasn't changed since what I posted above.

Thank you guys for the advice and motivation.

[CreditInspired]

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@Anonymous wrote:

I wanted to post a quick update and a datapoint I had forgotten to include.

I opened my checking/savings account at NFCU in 1998. I let it go dormant for a good while because I had switched to USAA. Just after I got divorced, I called NFCU and re-activated my membership and moved all my accounts there. My accounts page on NFCU shows I've been a member since 1998.

I called today in hopes of getting an unsecured card but with the funds ready to apply for a secured card. I was approved for $25K Go Rewards card at 11.9% while on the phone. My FICO/credit hasn't changed since what I posted above.

Thank you guys for the advice and motivation.

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I'm singing Hallelujah for you. Life is good.

CONGRATULATIONS!

[FinStar]

Congrats on the nice approval @Anonymous.  Well done!

Locking this thread as you have been approved.  Feel free to start a new approval thread in the Approvals forum if you would like to do so.