Navy Federal Go Rewards card APPROVED 20k SL! Recovery from 410 credit score!

[Anonymous]

Long story short, I’ve slightly revived my credit score from the 400’s after having a bunch of recent charge offs and lates causing my perfect credit to tank. I went from a 760 credit score down to 410. After paying off a bunch of debt and getting all 3 scores above 650, Navy federal has approved me for 20k at 15.24 APR! Equifax Fico 8 was 668 when I applied and I had 1 inquiry.

Here’s the long story for anyone in a similar boat

Boy oh boy has it been a interesting journey lol. I’ve always been a good credit activist and had scores between 750 and 770 since 2013. I never had 1 late and I took care of any collections before it was reported so no negatives. In August 2017, I came into a rough patch due to a business investment gone south and had to sacrifice a handful of my cards to keep my sanity. I chose 6 out of 18 credit accounts to default on and settle for less later. I hired a law company to handle the accounts going into default so that I wouldn’t have to deal with the harassment and to avoid lawsuits. The cards/accounts sacrificed were....

1. Barclays Mastercard 6k limit maxed out
2. Discover personal loan 32k balance
3. Lending club loan 28k balance
4. American Express 23k balance from 43k (Tried to keep this one but gave up after paying 20k)
5. Patelco credit card 5k balance 7.5k limit
6. Patelco sig credit line 5k balance 7.5k limit

I was left with a utilization of 110% and a 410 credit score once the accounts were closed! I had about 24k worth of maxed revolving cards spread across 10 cards and student loans on my profile. I’ve settled all but discover and lending club for less than the balance. I worked my tail off to pay off my open credit accounts left, pay off about 40k of business debt, and settle majority of the defaulted debts within these two years while living in the expensive Bay Area. This month, I paid off my last 2 cards which were my Bank of America platinum 2.3k balance and PayPal extras 4.8k balance. Such a relief to be free of revolving debt! I’ve come a long way and it admittedly did hurt seeing my credit go up into flames but the score comes back up eventually! I believe keeping the handful of cards I had left in complete good standing saved me.

Once my statements posted with that 0% utilization, I took a leap and applied for the navy federal card. I had just applied for a car loan so I figured I might as well. I was so shocked to see a approved 20,000 limit! That was such a awesome welcome back into the game.

That approval pumped up my confidence and I applied for a chase card but was denied so I’ll take what I can get and go back under my rock lmao 😂 . I know the charge offs are too fresh but I tried it. Will probably have better chances once the last two charge offs are settled. I will now spend the next 6-12 months gardening to apply for the navy flagship card and a checking line of credit. Hoping I can get my scores between 720-750 by then.

I’ll update my scores once the new card is reported! Hoping it gives me a little boost 😉!

[Anonymous]

Absolutely an amazing story and comeback. Thanks for sharing and congratulations on a stellar starting limit!!!

[Marz2002]

You...REALLY...

From one Rebuilder to another, I am a relatively new member to the FORUMS (January 2018) and, your story is a stunning comeback from the 400s!!!

CONGRATULATIONS on your Approval, the LEGENDARY SL, and your Rebuilding Success!!!

[Anonymous]

Congrats and that is an absolutely inspiring  story!! So happy for you on your approval with NFCU!!! 

[Anonymous]

Thank you for sharing your story!  Truly amazing and I admire your tenacity to be responsible with your credit.  That is a lovely SL with NFCU!
Like you, I'd like to do more business with NFCU so doing similar as you for the next year.  I would have never been able to clean up my file and my husbands credit without these boards and everyone sharing their stories of defeat and success!

[Anonymous]

Congrats on a very deserved reward for busting your butt and working so hard to recover. Your story could be a blueprint for many out there on The Way To Do It. Enjoy (28.9% or less of) that big limit lol - you dang sure earned it!

[AverageJoesCredit]

Great story and job Navy truely does reward

[gdale6]

Great work and welcome to the board

[Anonymous]

Congrats on your NFCU Go Rewards approval and monster SL! Great job with your credit rebuild! 

[mikesonthemend]

Bam!

Thanks for sharing. Sounds like you faced everything and had a plan to deal with it. Very glad you are seeing the results you desired.

Congratulations!