First off thanks to all who support and carry this forum. I have been rebuilding for years but am finally in a financial space to do so without setbacks. I've lurked this forum for years and you all are a life send and the only ones I trust to verify sometimes shady info. Anywho enough rambling. I just wanted to give someone someone some hope. I've been with Navy for 2 years but recently switched them to my main bank. I opened a 60 month secured loan about on 5/3 to try and give me a boost as I want to purchase a home this year. Paid it down to right under 8% the next day. Started reading about a cc and decided to app tonight for the rewards card based on everyone's stories. Instant approval of $10,000 w/ 17%apr (high but grateful). If you're rebuilding keep going it pays off . File listed below. If you can get in with Navy do so because no one shows this type of love. Do you all suggest gardening or applying for 2nd card after 91 days?
Fakos - Ex 593, EQ 602, TR 615
Congrats on your approval! This forum has some much knowledge. Great job on the rebuild as well. As far as the 91/3, in my opinion, it depends on you. If you think you need a 2nd card I would do it. I know some people with be against it since you plan to apply for a mortgage but it varies per person.
@Britneynp Welcome to the forum! Super Congrats on your Navy Fed approval!
Since you plan on apping for a mortgage later this year, I'd chill for a minute.
You're still in rebuild mode, so you know full well that boosting scores is all
about 1) adding positive tradelines and 2) removing negative ones. I see that
you're in the process of disputing some of your collections. That's a smart move.
Between removing your baddies and adding new positive tradelines like your
Navy Fed card, by year's end you should be in much better shape for your mortgage app.
Congrats again on your success. Please keep us posted
on your progress. Thanks so much for sharing!!!
... Instant approval of $10,000 ... If you can get in with Navy do so because no one shows this type of love ...
Indeed! That's a great approval -- Congrats! & thanks for the DPs. Many will benefit.
@Britneynp. Congratulations on your approval!
I'm sure you probably all ready know, you can request for APR reduction on the anniversary date of account open.
Congrats and welcome to the myFico community! Thanks for sharing all the DP's, it is very much appreciated!
The thing that I am learning during my build is that time is my friend and aging my current lines is critical. IMHO, I would use the heck out of the new card, pay in full before the statement cuts, rinse and repeat for six months and then evaluate your options. One thing's for sure, take care of your accounts and the 2nd card will be waiting for you when the time is right! I look forward to following your journey!!
Wow! Congrats on that MONSTER CL! Really goes to show just how much Navy pays attention to your relationship with them!! Plenty of people with stronger credit profiles only get approved for $500-$1000 all the time when they open an account and then a credit card back to back!
I would think (based on your approval) that at 91/3 they will approve you for another card (if you need one)! As far as gardening goes, If you have 3 revolvers, and all the credit cards you NEED, I would garden until mortgage!
Congrats again, I hope to one day have a line that big, and I know with navy, it will happen!