Edited -- I was approved! Next steps??
I want to use it to replace one of my existing cards... my options are:
- Secured Citibank -- 1000 deposit. Opened 18 months ago and got a letter that they would be keeping my deposit for another 12 months.
- Secured USBank -- 800 deposit. Opened 18 months ago and no indication that it will unsecure anytime soon.
- Unsecured Credit 1 -- 600 limit that I have had for just over a year.
- Avant -- 300 starter limit
- Mission Lane -- 400 limit but probably will get a small bump this month.
Is it better to keep the secured "big boy" bank cards and hope to cultivate those relationships or get my money back and keep the toy cards for now and then apply for the "big boys" down the road as my scores improve?
Also, if I understand correctly, should I apply for another credit card or line of credit in 90 days?
Thanks in advance for any words of wisdom.
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So I joined NFCU last week. I applied for the CashRewards credit card and was told that if I was denied for that, I would automatically be considered for a secured card.
Waited 24 hours and got a message that I was denied for the CashRewards and would get a letter in 7-10 days. The message said nothing about the nRewards secured card.
I sent a secure message asking if I would qualify for an nRewards secured card -- crickets -- never got a response. I figured maybe it was because I didn't have money in my accounts yet and NFCU requires that the money already be sitting in your account at the time of application.
My TU score last week was 643 and had some baddies so knew it would be close. Got the letter, though, and the only reason they gave was "Limited Credit Experience" (despite having 12 open tradelines including 2 car loans) -- yes, most of my credit cards are less than about 18 months old but at least one car loan and 2 credit cards going back to 2015.
Today, I went to the branch and made a deposit (I had applied for an auto refinance and that was approved and needed to pick up the check today anyway). I deposited 800 bucks into savings so I could be considered for a secured card.
Came home and called and she checked the prequalifying offers and it said I was qualified for everything -- just like the online tool. She said it would be another hard inquiry if I wanted to apply. I decided to bite the bullet and apply and got the "pending review" message.
So is that a "no?"
Baddies: 1 collection from over 3 years ago, and 4 COs also from 3-4 years ago. I have 1 30-day late that is less than a year old but no other lates in over 18 months.
CCs include:
Secured Citibank
Secured USBank
Unsecured Disco
Amazon store card
Paypal credit
Sony Visa
Credit One
Mission Lane
I was really hoping to get this secured card and to replace either USBank or Citibank (since I doubt they will ever graduate). My TU score today is 638.
The strange thing is the only hard inq that I have from NFCU was from yesterday when I applied for the auto loan refinance. I may have missed it but don't I have a hard inquiry from last week for the unsecured. Haven't gotten any alerts yet about any other hard inquiries yet.
Assuming it is a "no", what's my best strategy: wait 90 days after the auto loan ages some and try again? I really would love to get a credit card open with NFCU because I would like to prepare for a mortgage in 2022 and need to let everything age leading up to that.
Sorry for the long post -- just a little frustrated.
Yaay!! Just got a message that I was approved for the secured nRewards card!
I'm so relieved!
Congratulations!! NFCU is amazing!
Congratulations on your approval!
