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Finally recovering from bad credit. Need advice on Navy Federal credit cards

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New Visitor

Finally recovering from bad credit. Need advice on Navy Federal credit cards

Hello, 

 

Long story short... In 2015 my job and financial situation took a serious hit. During this time I had the following credit cards:

 

Navy Fed Go Rewards: CL 15k

Navy Fed nRewards CL 12k

Chase Sapphire Preferred CL 7.5k

Capital One CL 2.5

 

All 4 of these accounts went to collections and charged off. My credit score tanked to 483. 

 

I decided to "settle" all the accounts and I just completed my payment plan with NFCU ( who were absolutely terrific and helpful every step of the way). 

 

Currently my TU and Equifax is 644. 

 

I have 0 hard inquiries, no loans (last auto loan was 2005 with NFCU), no revolving accounts, household income $140k

 

Should I apply for a secured card or go for an unsecured? I was interested in the Flagship Visa.  I have been with NFCU since 1999.

 

Also I really loved my Chase Sapphire card. Since I burned them I probably have no shot of getting approved for that card again right?

 

Thanks for your help!

 

Message 1 of 7
6 REPLIES 6
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Frequent Contributor

Re: Finally recovering from bad credit. Need advice on Navy Federal credit cards


@spitfiresd wrote:

Should I apply for a secured card or go for an unsecured? I was interested in the Flagship Visa.  I have been with NFCU since 1999.

 

Also I really loved my Chase Sapphire card. Since I burned them I probably have no shot of getting approved for that card again right?

 


NFCU secured vs. unsecured: call NFCU and ask them.

 

Chase: Chase is a bank, and banks are for-profit businesses. Dunno about your chances of getting approved again for a Chase credit card, but your instinct/knowledge regarding the difference between banks and credit unions is correct. NFCU is a credit union, and credit unions are non-profit member-owned (with membership restricted to specific geographic areas, etc.) bank-like  alternatives to for-profit banks. Banks have profit as their reason for existence, so everything else being equal, credit unions are generally less expensive for their members and more "forgiving."

Credit Scores: (FICO 8) 834 Experian April 2020, 827 TransUnion May 2020 | (FICO 9) 850 Equifax May 2020
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $3000 | Simmons Bank VISA Platinum $7500 | Capital One No Hassle Rewards VISA Platinum $500
Message 2 of 7
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Moderator

Re: Finally recovering from bad credit. Need advice on Navy Federal credit cards

I dont know about NFCU, but Chase is not happening for a while.
If you have no revolving credit, check Discover and Capital One (stay away from QS1). Their prequal pages are fairly reliable.
Message 3 of 7
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Frequent Contributor

Re: Finally recovering from bad credit. Need advice on Navy Federal credit cards

@remedios what is wrong with the capital one qs1?
Message 4 of 7
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Community Leader
Senior Contributor

Re: Finally recovering from bad credit. Need advice on Navy Federal credit cards


@debtguy3939 wrote:
@remedios what is wrong with the capital one qs1?

It's the annual fee, along with the fact that the QuicksilverOne is ridiculously hard to upgrade into a no-fee card. On the other hand, people have found it easy to upgrade a Capital One Platinum into a no-fee Quicksilver when the card is a few months old.

Message 5 of 7
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Valued Contributor

Re: Finally recovering from bad credit. Need advice on Navy Federal credit cards

Depending on how much you burned Chase for, have you thought of repaying them? If not, then I wouldn't app for any Chase product. I think the black list for them goes upto 7-10 years.


Scores - All bureaus 756 +
TCL - Est. $275K
Message 6 of 7
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Community Leader
Super Contributor

Re: Finally recovering from bad credit. Need advice on Navy Federal credit cards

Chase will never forget, but you may be able to get back in with them in 10 years. They'll also probably only give you a card or 2 and keep those limits low while reminding you about how you settled rather than paid in full.

 

I believe NFCU will require you to pay it all off before they give you a card again, if I remember correctly from people posting. And even then, you'll have to wait a bit or write a letter to the board.







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