Best credit union credit cards for rebuilding credit?

[MountainHiker]

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@7774x wrote:

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@MountainHiker wrote:

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@MileHigh96 wrote:

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@mfinsmi1 wrote:

if ur dti and utilizations is low - navy federal / affinity fcu / and greenstate (my top 3 credit unions i used during my rebuild)

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Great list, I would also add PenFed to that list as well.  They approved me for a card just 4 months after my BK7 was discharged.

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Sounds like Penfed is not BK7 adverse. But they probably don't want to see any unpaid charged off accounts. I do know Penfed does use FICO9 which is advantageous for credit files with paid off or satisfied through BK, derogatory accounts but still showing on that credit report. 

I know Capital One can't be the only lender who will show love when you have one or two current existing derogatory marks. I could be wrong. 

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I got a $30+,000 auto loan from PenFed with  then unpaid chargeoffs on CR.. .. they use EQ for Auto loans .. Credit Cards....Best bet is a CU for credit ,until your CR clears... Join up quickly with a CU .. build  up some  finanical relationships ..  Paid or unpaid COs will make it difficult to obtain credit Cards.from Chase ,etc. FICO scores not going much until COs fall off CR..

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May I say how much I appreciate your post. Very helpful to see data points involving creditors that will work with a consumer who has unpaid charged off accounts. Thank you very much for that. 

Do you happen to remember what your FICO score was at the time of your auto loan?

It's still very encouraging that they approved you for a loan while your file contained unpaid debts. 

Even though your credit approval was a secured loan to some degree, because many lenders do look at auto loans that way because there is a property of value which can be confiscated in case of none payment. But despite that it's very encouraging. 

Thank you for your input. 

[7774x]

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@MountainHiker wrote:

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@7774x wrote:

---

@MountainHiker wrote:

---

@MileHigh96 wrote:

---

@mfinsmi1 wrote:

if ur dti and utilizations is low - navy federal / affinity fcu / and greenstate (my top 3 credit unions i used during my rebuild)

---

Great list, I would also add PenFed to that list as well.  They approved me for a card just 4 months after my BK7 was discharged.

---

Sounds like Penfed is not BK7 adverse. But they probably don't want to see any unpaid charged off accounts. I do know Penfed does use FICO9 which is advantageous for credit files with paid off or satisfied through BK, derogatory accounts but still showing on that credit report. 

I know Capital One can't be the only lender who will show love when you have one or two current existing derogatory marks. I could be wrong. 

---

I got a $30+,000 auto loan from PenFed with  then unpaid chargeoffs on CR.. .. they use EQ for Auto loans .. Credit Cards....Best bet is a CU for credit ,until your CR clears... Join up quickly with a CU .. build  up some  finanical relationships ..  Paid or unpaid COs will make it difficult to obtain credit Cards.from Chase ,etc. FICO scores not going much until COs fall off CR..

---

May I say how much I appreciate your post. Very helpful to see data points involving creditors that will work with a consumer who has unpaid charged off accounts. Thank you very much for that. 

Do you happen to remember what your FICO score was at the time of your auto loan?

It's still very encouraging that they approved you for a loan while your file contained unpaid debts. 

Even though your credit approval was a secured loan to some degree, because many lenders do look at auto loans that way because there is a property of value which can be confiscated in case of none payment. But despite that it's very encouraging. 

Thank you for your input. 

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TU was 645 .. EX was 636...After  I got the  Auto loan ..Next Day, PenFed offered personal loan up to $10,000 using TU for HP, I took $4,000..It was just sign the loan papers.. Money deposited next day into acccount .. no hassle..  By Contrast ,Cap One wanted 16 % .. then 18% then  finally refused  any  Auto loan... My PenFed Auto rate 4.5%...

[MountainHiker]

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@7774x wrote:

---

@MountainHiker wrote:

---

@7774x wrote:

---

@MountainHiker wrote:

---

@MileHigh96 wrote:

---

@mfinsmi1 wrote:

if ur dti and utilizations is low - navy federal / affinity fcu / and greenstate (my top 3 credit unions i used during my rebuild)

---

Great list, I would also add PenFed to that list as well.  They approved me for a card just 4 months after my BK7 was discharged.

---

Sounds like Penfed is not BK7 adverse. But they probably don't want to see any unpaid charged off accounts. I do know Penfed does use FICO9 which is advantageous for credit files with paid off or satisfied through BK, derogatory accounts but still showing on that credit report. 

I know Capital One can't be the only lender who will show love when you have one or two current existing derogatory marks. I could be wrong. 

---

I got a $30+,000 auto loan from PenFed with  then unpaid chargeoffs on CR.. .. they use EQ for Auto loans .. Credit Cards....Best bet is a CU for credit ,until your CR clears... Join up quickly with a CU .. build  up some  finanical relationships ..  Paid or unpaid COs will make it difficult to obtain credit Cards.from Chase ,etc. FICO scores not going much until COs fall off CR..

---

May I say how much I appreciate your post. Very helpful to see data points involving creditors that will work with a consumer who has unpaid charged off accounts. Thank you very much for that. 

Do you happen to remember what your FICO score was at the time of your auto loan?

It's still very encouraging that they approved you for a loan while your file contained unpaid debts. 

Even though your credit approval was a secured loan to some degree, because many lenders do look at auto loans that way because there is a property of value which can be confiscated in case of none payment. But despite that it's very encouraging. 

Thank you for your input. 

---

TU was 645 .. EX was 636...After  I got the  Auto loan ..Next Day, PenFed offered personal loan up to $10,000 using TU for HP, I took $4,000..It was just sign the loan papers.. Money deposited next day into acccount .. no hassle..  By Contrast ,Cap One wanted 16 % .. then 18% then  finally refused  any  Auto loan... My PenFed Auto rate 4.5%...

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Absolutely brilliant!

Those data points are also in line what I've recently learned online. 

Thank you 7774.

Your post and those of other posters have helped me to gain clarity. Honestly I now realize that I've been approaching my rebuilding process with a few missing ingredients. 

I've been so focused on trying to get prime credit options with only the bigger best banks. When really I should have been looking at the credit union option the whole time. They offer prime cards and CUs tend to come with the better interest rates. 

I will reach out to Navy Federal and Penfed and get the 411 on membership requirements. 

I need a lender who is willing to work with me warts and all. 

[sznthescore]

I was the same way until I did a major revamping of my credit file. It's a slow and steady process now that I'm on a roll. 

Best of luck. Patience and consistency is the key.

[7774x]

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@MountainHiker wrote:

---

@7774x wrote:

---

@MountainHiker wrote:

---

@7774x wrote:

---

@MountainHiker wrote:

---

@MileHigh96 wrote:

---

@mfinsmi1 wrote:

if ur dti and utilizations is low - navy federal / affinity fcu / and greenstate (my top 3 credit unions i used during my rebuild)

---

Great list, I would also add PenFed to that list as well.  They approved me for a card just 4 months after my BK7 was discharged.

---

Sounds like Penfed is not BK7 adverse. But they probably don't want to see any unpaid charged off accounts. I do know Penfed does use FICO9 which is advantageous for credit files with paid off or satisfied through BK, derogatory accounts but still showing on that credit report. 

I know Capital One can't be the only lender who will show love when you have one or two current existing derogatory marks. I could be wrong. 

---

I got a $30+,000 auto loan from PenFed with  then unpaid chargeoffs on CR.. .. they use EQ for Auto loans .. Credit Cards....Best bet is a CU for credit ,until your CR clears... Join up quickly with a CU .. build  up some  finanical relationships ..  Paid or unpaid COs will make it difficult to obtain credit Cards.from Chase ,etc. FICO scores not going much until COs fall off CR..

---

May I say how much I appreciate your post. Very helpful to see data points involving creditors that will work with a consumer who has unpaid charged off accounts. Thank you very much for that. 

Do you happen to remember what your FICO score was at the time of your auto loan?

It's still very encouraging that they approved you for a loan while your file contained unpaid debts. 

Even though your credit approval was a secured loan to some degree, because many lenders do look at auto loans that way because there is a property of value which can be confiscated in case of none payment. But despite that it's very encouraging. 

Thank you for your input. 

---

TU was 645 .. EX was 636...After  I got the  Auto loan ..Next Day, PenFed offered personal loan up to $10,000 using TU for HP, I took $4,000..It was just sign the loan papers.. Money deposited next day into acccount .. no hassle..  By Contrast ,Cap One wanted 16 % .. then 18% then  finally refused  any  Auto loan... My PenFed Auto rate 4.5%...

---

Absolutely brilliant!

Those data points are also in line what I've recently learned online. 

Thank you 7774.

Your post and those of other posters have helped me to gain clarity. Honestly I now realize that I've been approaching my rebuilding process with a few missing ingredients. 

I've been so focused on trying to get prime credit options with only the bigger best banks. When really I should have been looking at the credit union option the whole time. They offer prime cards and CUs tend to come with the better interest rates. 

I will reach out to Navy Federal and Penfed and get the 411 on membership requirements. 

I need a lender who is willing to work with me warts and all. 

---

 You need just $ 5 to open a PenFed Savings  account .. do it soon to start relationship  

[MountainHiker]

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@sznthescore wrote:

I was the same way until I did a major revamping of my credit file. It's a slow and steady process now that I'm on a roll. 

Best of luck. Patience and consistency is the key.

---

Thanks for the support and congratulations on your rebuild. Starting over is more than just a song. 

[MountainHiker]

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@7774x wrote:

---

@MountainHiker wrote:

---

@7774x wrote:

---

@MountainHiker wrote:

---

@7774x wrote:

---

@MountainHiker wrote:

---

@MileHigh96 wrote:

---

@mfinsmi1 wrote:

if ur dti and utilizations is low - navy federal / affinity fcu / and greenstate (my top 3 credit unions i used during my rebuild)

---

Great list, I would also add PenFed to that list as well.  They approved me for a card just 4 months after my BK7 was discharged.

---

Sounds like Penfed is not BK7 adverse. But they probably don't want to see any unpaid charged off accounts. I do know Penfed does use FICO9 which is advantageous for credit files with paid off or satisfied through BK, derogatory accounts but still showing on that credit report. 

I know Capital One can't be the only lender who will show love when you have one or two current existing derogatory marks. I could be wrong. 

---

I got a $30+,000 auto loan from PenFed with  then unpaid chargeoffs on CR.. .. they use EQ for Auto loans .. Credit Cards....Best bet is a CU for credit ,until your CR clears... Join up quickly with a CU .. build  up some  finanical relationships ..  Paid or unpaid COs will make it difficult to obtain credit Cards.from Chase ,etc. FICO scores not going much until COs fall off CR..

---

May I say how much I appreciate your post. Very helpful to see data points involving creditors that will work with a consumer who has unpaid charged off accounts. Thank you very much for that. 

Do you happen to remember what your FICO score was at the time of your auto loan?

It's still very encouraging that they approved you for a loan while your file contained unpaid debts. 

Even though your credit approval was a secured loan to some degree, because many lenders do look at auto loans that way because there is a property of value which can be confiscated in case of none payment. But despite that it's very encouraging. 

Thank you for your input. 

---

TU was 645 .. EX was 636...After  I got the  Auto loan ..Next Day, PenFed offered personal loan up to $10,000 using TU for HP, I took $4,000..It was just sign the loan papers.. Money deposited next day into acccount .. no hassle..  By Contrast ,Cap One wanted 16 % .. then 18% then  finally refused  any  Auto loan... My PenFed Auto rate 4.5%...

---

Absolutely brilliant!

Those data points are also in line what I've recently learned online. 

Thank you 7774.

Your post and those of other posters have helped me to gain clarity. Honestly I now realize that I've been approaching my rebuilding process with a few missing ingredients. 

I've been so focused on trying to get prime credit options with only the bigger best banks. When really I should have been looking at the credit union option the whole time. They offer prime cards and CUs tend to come with the better interest rates. 

I will reach out to Navy Federal and Penfed and get the 411 on membership requirements. 

I need a lender who is willing to work with me warts and all. 

---

 You need just $ 5 to open a PenFed Savings  account .. do it soon to start relationship  

---

Thank you 👍

[Deity606]

I would recommend Navy Federal as that is the only credit union that I have worked with. It is a credit union for military personnel BUT when I signed up for my account, I called in, spoke to a rep, and was asked two simple questions; does anyone in my family have military affiliation? and Who? I used my dad and said that he served in the Marines. They did not ask for any documentation, verification, or for any of my dad's info. Sign-up was quick about 5 - 10 minutes.

I opened a savings and checking account in July 2023. NF has an internal credit score that goes up to 450. The internal credit score ways a little heavier than your actual credit score but your credit still plays a role. You should be fine. To be an internal score you need to utilize their products. For me, I just had bi-weekly direct deposits and signed up for their credit monitoring services. Some people have suggested opening a CD for $50 bucks and/or after several deposits getting a small personal loan and paying it back using a 90/10 rule. Payback 90% immediatley then payments on teh remaining 10%. I did neither of those. I opened the accounts, had a portion of my check direct deposited bi-weekly for several months.

That said, I read somewhere that it was better to go through the prequalifaction process for a credit card as opposed to applying straight out. I did the prequalification and was told the cards I prequalified for. I had a specific card in mind. I also was able to do a balance transfer during the application which took all of 1 minute to complete. Bam, I was approved for 20K. My current FICO score is 725 but my transunion score is 650, I believe NF uses transunion. After receiving my card a letter came in the mail explaining that I had recently applied for a credit card and that there decision was made using their internal credit score and my personsonal credit score. On the back of the letter it provided my internal credit score which was like 320 or 330 out of the possible 450.  

If you decide on this route. When you are ready, simply Google Navy Federal Prequalification. It really does not give you the option from the website, I found it through Google. 

Good Luck!!

[Horseshoez]

@Deity606, there are reports around here from folks who joined NFCU without any family participation in the military and while they were able to create accounts and start using the services, apparently they do an audit from time to time and weed out folks who really aren't qualified to be members.

I'm from a military family (father, uncles, cousins, myself, and my son) and only joined NFCU last night as they have really good mortgage rates.  Funny thing, I don't have my father's information (he bailed on us back in about 1965), and after living in 13 cities spread across 7 states since I left the Marines, I could not for the life of me find my DD-214 yesterday, so I used my son's access code to join NFCU.

Regarding their credit cards for rebuilding, this site is full of NFCU success stories when it comes to rebuilding, so I agree with everyone here, they are a great place to start for folks eligible to join.  Funny thing though, even though I'm a member now, I have no need/want/desire for another credit card, so I probably won't be applying for a card from them.