I just recently discovered these forums and boy do I feel like an idiot!!!!
Back in the day, before I knew how important credit was, I once had a NFCU GO Rewards CC. CL of $3800 was given when opening. I knew nothing about utilization or credit scores or credit increases. I lived under a rock. I lived on the edge. I paid the.... minimum payment and I definitely maxed out the card. On a good note, I never ever missed a payment and I was never late. My credit report shows perfect payments for the 4 years it was open/active. When the card expired (date on the card) NFCU said they were not going to issue me a replacement and that they were closing my account. Bummer. It ruined my AAoA (didn't know about that at the time).
Guess what, that was in 2012 and I've been paying the minimum ever since. Matter of fact, my stupid silly self still has a balance of $2900 because of interest. What am I doing with my life. Luckily, the comments on the CRA say closed by consumer with no bad marks. Just a high @ss bill to pay.
Now that I'm little more educated on credit, have the income to repair and have much more sense. I'm READY!
I'm planning to pay the balance off of NFCU by December.
I have a few baddies but they are all student loans and tax liens. No other collections. So I'll have to really put in some work and time.
In August 2016, I started with Credit Karma FAKO scores of TU: 560 EQ: 588
I had 19 closed accounts, some good with perfect history (i.e paid off NFCU car loan, NFCU secured loan), others bad (i.e. Student Loand charge offs). No accounts open. 3 Hard Inquires for NFCU, x2 Rental Applications.
In September 2016 I apped using the SCT for 2 store cards, low limites of $250 on each. I took a HP from Cap1 Platinum Master Card (Unsecured) CL $300
So far only 1 of the comenity cards are reporting (showing a $0 balance). Once it did, my scores took a plunge:
TU: 535 EQ: 535
-- Is this a normal drop? Seems crazy to lose that many points. Or is this just a credit score adjustment because I had no open revolving accounts prior.
I wonder what my score will look like when the other 2 cards start reporting. I've already charged to the max and PIF leaving a 2% utilization for statement cut/reporting.
NFCU is my primary bank. They get my direct deposit and all. When I pay the card off, should I wait to app with them again? Like, should I focus on rebuilding those 3 cards, or should I just app right away?
Any advice to anything I said above would be nice 
@Anonymous wrote:I just recently discovered these forums and boy do I feel like an idiot!!!!
. When the card expired (date on the card) NFCU said they were not going to issue me a replacement and that they were closing my account.
Guess what, that was in 2012 and I've been paying the minimum ever since. Matter of fact, my stupid silly self still has a balance of $2900 because of interest.
Luckily, the comments on the CRA say closed by consumer (comments details are over-rated, doesn't matter...closed is closed@) with no bad marks. Just a high @Anonymous bill to pay.
Now that I'm little more educated on credit, have the income to repair and have much more sense. I'm READY!
I'm planning to pay the balance off of NFCU by December.
I have a few baddies but they are all student loans and tax liens. No other collections. So I'll have to really put in some work and time.
In August 2016, I started with Credit Karma FAKO scores of TU: 560 EQ: 588
I had 19 closed accounts, some good with perfect history (i.e paid off NFCU car loan, NFCU secured loan), others bad (i.e. Student Loand charge offs). No accounts open. 3 Hard Inquires for NFCU, x2 Rental Applications.
(Where did the Navy HPs come from? It would only show HPs over the last 2 years, have you apped since 2008?)
In September 2016 I apped using the SCT for 2 store cards, low limites of $250 on each. I took a HP from Cap1 Platinum Master Card (Unsecured) CL $300
So far only 1 of the comenity cards are reporting (showing a $0 balance). Once it did, my scores took a plunge:
TU: 535 EQ: 535
-- Is this a normal drop? Seems crazy to lose that many points.
With this type of credit profile...ABSOLUTELY could be considered 'normal'...I 'get' that ppl get 'excited' about the whole SCT thing but remember ppl are happy about avoiding a rejection = Yes but many forget that, the section is actually ' New credit/Inquiries'...so again you 'duck' the Inquiry/HP part but you can't 'duck' the fact, that 'this' profile just ADDED credit, period. And 'more' credit = more risk on ANY profile...that being said, all things equal YES...a shaky looking already questionable profile adding more 'possible' risk...you're darn right the risk model is going to YELL 'hey, hey...take NOTICE..' = point drop...especially if as you've mentioned there had been really no new accounts added in quite some (just paying on the old debt) the model is set to kinda freak out b/c 'things have changed' and some profiles 'have to' get more attention when they change many times just b/c they change.
On the bright side is point rebound...and just so we're clear ....this type of hit 'could' happen with a 835 credit score of an old lady, with prefect payment history (sorry Mom) if she OPENS an account b/c... ALL OF A SUDDEN a file that hasn't had any NEW movement (in terms of additional accounts to manage) in years ADDS something NEW...the new account = new behaviour = rocking of a boat, one that hasn't rocked in ages
= possible risk = risk model doing it's job = Mom's score drops to 805
Or is this just a credit score adjustment because I had no open revolving accounts prior.
I wonder what my score will look like when the other 2 cards start reporting. I've already charged to the max and PIF leaving a 2% utilization for statement cut/reporting.
NFCU is my primary bank. They get my direct deposit and all. When I pay the card off,(If it were me I'd ask them to please ISSUE my 'replacement' please, thank you....and 'wait' for them to fumble around and scratch their heads...like what?
Yeah, I know it's been a while but I've finally paid it off...wow didn't want to bother anybody for the replacement til it was paid ...so happy I'm finally done btw, will my account # be the same, guys?
Let them say , well.... (and they'll most likely figure a way to get you taken care of)
Had my girl do this 'Columbo' routine (kids look it up , TVLand perhaps) on an old VS account and bam! a 'dormant' like account reappears (aged since 1998 btw)
play a little dumb and see what they do before just cold apping)
@*Again this is AFTER the zero balance like @Creditaddict said
should I wait to app with them again? Like, should I focus on rebuilding those 3 cards, or should I just app right away?
Any advice to anything I said above would be nice
Remember you're confused about the account being statused as 'open'....same thing on my girl's VS account...that's why I had her carry it 'as if'
and yes many times CRs have 'ghost' accounts and their CLs calculated into utlization...I've allowed the 'help' on my own CR often
My philosophy is if the error and there are MANY ....works in my favor ....mum the word
These reporting agencies are huge and deal with zillions of pieces of data daily, weekly whatever and oversite undersites are all over the place...
we must bang our own calculators to make sure it jives....as long as the 'error' has me smelling better I keep the extra change or jockey things in my or my client's favor. The CRAs don't give a rip, they make dough either way ...the more data, the more value they have... to them all data is good data corect or not...I tell ppl all the time if ACCURATE data ( no matter what the government says) were 'that' important to the CRAs or the lenders for that matter
These reports would be 'pristine' but since both are gonna make $$$ either way and even more than they would if things were pristine they will NOT give this stuff the attention required to be anywhere near prefect...
Think of it this way....IF the info were vetted as good as it 'could' be ...ya know as in they 'really' wanted it right, it'd be much better...in today's world? please
If Stanford and Yale or NFL teams doing background like it MATTERED for finite positioning these 3 mega data collectors 'could' do a better job...but it'd be BAD for business.
Again, for both parties
The CRA wants to claim 'we got ALL THIS data to crunch....LOOOOOK at ALLLLL this STUFF........Wow this is hard work, too much work for you to do just leave it for us and of course PAY US b/c we 'need' us....we see they 'tried' to cut FICO out by creating Vantage right? they know how addicting the status quo is and they aim to keep it that way...good luck Congress....
The lender community LOVES data that helps keep scores less than prefect b/c that's where the $$$ is
Sure they'll SAY they prefer the best credit worthy client but c'mon that's fool's game...they want that but they prefer the PRICES they can charge the NOT prefect
so if the data causes more NOT perfect situations the money is better
Ex:
It's the 87% rule
6.5% of customers outright suck
6.5% are prefect machines
That leaves that WONDERFUL middle 87% of consumers available to FLEECE in the best way possible
the bottom 29% stive to survive the earn their way to the next rung or live their entire lives SURVIVING or not
the mid 29% consist of folks moving rung-to-rung on the way up or down depending on life's quirks...some live within the confines their entire lives
the upper 29% are ALMOST there, their within reach,they basically 'made' it or are about to but either way their better than the vast majority,
Why is 'prefect credit' a # way less than 850?
Where would the PROFIT be in THAT....No, no, no there MUST be 'room' for improvement...there has to be space between what can be charged and what ppl are going toactually pay...if not business becomes charity...
Wells, BoA nor dept store operates as a charity...even our beloved CUs are businesses no doubt....all this talk of non-profit is quite cute but c'mon now most hospitals are nonprofits have you seen an emergency room bill for aspirin or a simple cast....USC and Notre Dame are non-profits too ...yeah tell it to City college
Point being at Stanford vetting matters, they care if the info is right, so it's more accurate...even knowing darn well after all that only 30-35% of the admits will actually attend....lucky too b/c they only had space for 25%....
In lending same thing...they only have 'space' for just 'so many' "excellent" 'no good profit' clients....there more money in the 'almost' as good, pretty good, trying to be good , half as good, trying to prove as good clients and that's for the 'good' lenders the bottom to middle feeders price based upon their rungs.....
Ppl always yak about 'prime lenders' prime lenders want clients to 'think' prime be prime to VALUE being 'with' THEM but the lender just wants most of their clients to be near-prime or striving for prime clients not actually 90% prime priced clients there NO MONEY in that...everybody can't validate a COUPON are you nuts...but if they FEEL better and understand that b/c they are 'only' at 760 or 790 or whatever they were 'just' outta reach but keep up the good work and remember 'girl'...you are here...fight to BE with us...be PROUD of yourself, you borrowing from US....get yourself something 'nice' honey....and clean yourself up when you're done down there....
That's why marketing 'buys minds'....ppl 'have to THINK' that the 10k CC from HERE is a different KIND of 10k CC from there....even if the actuall term contract terms are basically the same.....you mind has to say BUT XYZ is a 'prime lender' or the jig is up...the jets...and mansions..the gajillions are at stake....somebody better NAME a new card, get another phrase, grab another actor ....we need MORE LIPSTICK....Where are the piiiiigs?
@Creditaddict wrote:
Paying the minimum never look like you can handle the credit line and I would focus your rebuilding indevors with navy not Cap1. get it paid off and open a new one
In regards to the OP's posting on another thread, answering my question.. (Didn't realize this one existed myself)
Hey There. Yes, Navy Federal is my primary bank. Direct Deposit, paid off 5 yr car loan with no lates. Paid off secured loan with no lates. The Credit Card was a Joint Account that I refused to be responsible for because they weren't my charges and I no longer talk to the joint owner. We live and we learn. In the end, I'm making minimum payments, no lates ever reported on the card. I haven't tried to app for a New Credit Account because of it.
Original Poster,
I know of someone who has singed Navy Federal CU (Don't call it a burn because he paid them back).... and games his debit card....
Hes still a member of NFCU...
That said. he defaulted on his SECURED card.... they cashed out the final payment and refunded the rest to his checking....
Roughly a year later he apped and was accepted for an UNSECURED card...
He had it for 8-10 months then was going to default on it... set up a payment plan.. deactivated the card, and gave him an ultralow apr....
But they setback by transferring the check he deposits into his savings back into his checking so they can pull it...
The general morale of this story is...
I predict if you pay them back... and id stop with the minimums, throw money at it... wait a month or two after...
Youd likely be considered for a card.. Might have to recon and may give you a little leeway due to it being a joint... but your still responsible for the joint users *issues*
Not wanting to give you false hope but iv seen bigger... messes that NFCU still tolerated...
-J
