I want to apply at Navy Federal.... but...

[scrubs]

navy might give you a secured cc. if navy does give you a cc dont never be late or worst a chargeoff because navy will be your worst nightmare. i agree with o6 good advice.

[Anonymous]

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@scrubs wrote:

navy might give you a secured cc. if navy does give you a cc dont never be late or worst a chargeoff because navy will be your worst nightmare. i agree with o6 good advice.

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Excellent idea!

She has somewhat of a chance for a Navy Federal secured card and can always get a share-secured loan.  While nurturing these two tradelines, she has some time to start dealing with her unpaid collections & chargeoffs while letting those late payments age.  Once those three things are taken care of, she'll probably find Navy Federal willing to extend additional credit.

Besides, it's virtually impossible to get approved for a mortgage with unpaid collections and chargeoffs on your credit report ... not to mention the risk of getting sued.

[TraumaMomm2]

I guess I forgot to mention that all these charge-offs and collections are OLD. And most (if not ALL of them) are outside the SOL in our state. Like I said, I AM trying to repair, but I guess I jumped the gun a bit on rebuilding (well, in my personal opinion, I still think what I did was a great idea). Also, as I said before, we are not trying to get a mortgage anytime soon. One (or likely TWO) years from now.During that time we will get the rest of what we can off of our credit, while simultaneously building NEW accounts with the ones we just got. 

I was also considering a secured loan or credit card with Navy Federal or USAA. I assume a secured loan might be the better option since we already have a few credit cards. I'm still not sure which way to go with that yet.

Thank you for your responses  

[DI]

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@TraumaMomm2 wrote:

I guess I forgot to mention that all these charge-offs and collections are OLD. And most (if not ALL of them) are outside the SOL in our state. Like I said, I AM trying to repair, but I guess I jumped the gun a bit on rebuilding (well, in my personal opinion, I still think what I did was a great idea). Also, as I said before, we are not trying to get a mortgage anytime soon. One (or likely TWO) years from now.During that time we will get the rest of what we can off of our credit, while simultaneously building NEW accounts with the ones we just got. 

I was also considering a secured loan or credit card with Navy Federal or USAA. I assume a secured loan might be the better option since we already have a few credit cards. I'm still not sure which way to go with that yet.

Thank you for your responses  

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Just because the charge offs are old and passed the SOL doesn't mean you shouldn't pay them.   You created the debt and now feel you don't have to pay?  Any bank that lends you money is setting themselves up to get taken.    As suggested, you should be visiting the rebuilding forum and not the credit card forum. 

[TraumaMomm2]

wait.... WHAT? When did I say THAT? I was referring to the comment that I will get SUED. Jeeze. 

[TraumaMomm2]

THIS is why I NEVER post..... I didnt come here for a lecture.

[Datx]

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@DI wrote:

Just because the charge offs are old and passed the SOL doesn't mean you shouldn't pay them.   You created the debt and now feel you don't have to pay?  Any bank that lends you money is setting themselves up to get taken.    As suggested, you should be visiting the rebuilding forum and not the credit card forum. 

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Part of rebuilding is to establish open tradelines to help rebuild your credit.

[DI]

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@MyCreditStinks wrote:

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@DI wrote:

Just because the charge offs are old and passed the SOL doesn't mean you shouldn't pay them.   You created the debt and now feel you don't have to pay?  Any bank that lends you money is setting themselves up to get taken.    As suggested, you should be visiting the rebuilding forum and not the credit card forum. 

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Part of rebuilding is to establish open tradelines to help rebuild your credit.

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How can one rebuild with unpaid collections?

[RockinRay]

Is there any way that you can work those unpaid collections down?

I have to agree with DI on this. No one is pounding down on you for what you are trying to do here, but you should at least attempt to make things right.

Just my thoughs and not meant as a "direct hit".

Ray

[Datx]

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@DI wrote:

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@MyCreditStinks wrote:

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@DI wrote:

Just because the charge offs are old and passed the SOL doesn't mean you shouldn't pay them.   You created the debt and now feel you don't have to pay?  Any bank that lends you money is setting themselves up to get taken.    As suggested, you should be visiting the rebuilding forum and not the credit card forum. 

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Part of rebuilding is to establish open tradelines to help rebuild your credit.

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How can one rebuild with unpaid collections?

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I guess I have been doing it the wrong way then. I had about 3 unpaid collections on my CR when I joined this forum. I started to dispute lates, collections, etc and also obtained secured cards to help me rebuild. As I went along those collections were paid/settled and were removed. I only have one unpaid collection left to go, which im trying to take care of. In the mean time, im adding postive items to my CR as im tackling my last unpaid collection item. If I had to take care of all collections first, I wouldnt have the cards I have now.