The last couple years have brought on a series of unexpected financial hardships and my score has fallen from 670 to the mid 400s. Just last year I had multiple cards charged off that remain unpaid. I plan to do PFD for each of them. I'm more financially stable now, and have been securing a nest egg of savigns in case I run into any other issues (that way I won't be dependent upon my credit cards again!). The only creditor relationship that is important for me to keep is with Navy Federal. I have 2 credit cards with them both of which were closed so that I can participate in their PFM program which I am currently in. Each has a balance of 9000 with 10K limits. That being said, those two credit cards are still in the process of being paid off but are currently in good standing. I also have two auto loans with them that are in good standing, and a small NavCheck, $1400 bal, which is suspended (due to PFM program). I am working on paying down my current debts, and like I said, attempting to PFD for my charge offs.
It might still be too soon to start trying to reestablish positive credit history, but I want to start as soon as possible since my AAoA is essentially starting over. I was declined for a secured card with BofA and Discover. 2 of my CO are with Capital One and Credit One so those aren't options right now. I would like to get a secured card with Navy Federal, but is there any chance of approval with them while I am still paying down my old cards? For reference, they won't be PIF for another 3 years. I don't plan to apply for at least another 6 months.
Any other suggestions for a secured card that will graduate so that I can start rebuilding some positive credit history?
Mod note: I've updated your subject to reflect your approval; feel free to change/edit if you would like. --UB
