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So, I'm helping a relative repair and rebuild credit. This is going to be an arduous task. They have 2 positive installments reported $0 bal on TU and EQ, and one reported on EX. Of major concern, they have 2 adverse entries: one delinquent child support on EQ (Closed 2019 with. $0 bal), and an unpaid $6K charged-off auto loan (Open, still reporting monthly, not within the SOL, scheduled for deletion Oct 2022).
I was able to get some useful info from:
They stated they have no interest in paying off their delinquent auto loan. Which of the two lenders is the best option for a secured CC between USB and NFCU? Which, if any, of these two lenders is more likely to bucket an orginally secured CC account once graduated given the above? Thanks in advance for any/all feedback!
>>They have 2-year relationship with NFCU - Checking, Savings, Paycheck Direct Deposit
go with NFCU. US Bank is a known very conservative bank.
Navy 6 days a week, twice on Sundays
Thanks @gdale6 and @AverageJoesCredit. Your info was useful as I do not have a personal experience with either of the two lenders. Before I give them this information, I am encouraging a serious budget be in place first.
Por que no los dos?
As for USBank, while they pull the bejeesus out of you for thinking about them, my $500 secured card is now a 10k limit Cash+, so I'm fairly certain they don't bucket.
No contest! Navy. Had USBank and will take at Least 18 months and will require a hard pull to graduate. Growth has been non existent. Graduated at the same 300-dollar limit as the security deposit.
I haven't graduated from Navy yet but they offer rewards and no hard pull to graduate it. I've also been able to get 2 large limit unsecured cards in the 6 months since I opened the nRewards.
@designated_knitter: Thanks! I am going to recommend NFCU based on the feedback in this thread. I was checking out your siggy, "Started Over Again after Cap1 Death Penalty." They will definitely not be apping for Cap1 products for sure. I'm not a fan of theirs, so I wouldn't recommend Cap1. Three HPs to app for a secured CC. #Bit much