Good Day,
I am currently reading on the many benefits of Navy Federal Credit Union. I am a member. I wanted to know what scores do I need to get approve for a Credit Card or Line of Credit. I am currently rebuilding and my scores are poor. How should I start? I am fixing the issues I have currently but how do I build a relationship with them to get approve for one of their products
Thank
No I have no bankruptcy. I do have some baddies that are falling off soon. My score are low and currently rebuilding. I am 590 Ex 567 TU 534. I was thinking of getting a secured loan with them. I do have a Credit One card with $700 with no balance. I have an installment loan for $11,000
Are the baddies recent? That said.. wait for the few baddies that are going to fall off soon. Also navy does do periodic account reviews... Not sure of the schedule.... Like to see where your score goes but tend to think you will be eligible for a secured if not unsecured card... if nothing else, you can apply for the secured loan at that time if you dont go for a CC ....
My tack on it, you can get probably get something now, or get something possibly a bit more to your liking with very little wait...
-J
Just FYI.....here's what I did to start out from zero credit history in 2013....
Open a 6 month CD (certificate of deposit) with them for $500/1000. Ask for a secured loan for that same amount using that CD as collateral. Put the money from the loan back into your savings which you use to repay that same loan....in other words, keep in separated and don't be tempted to touch it. In 6 months, your CD will mature and you will be making the final payment on your loan. In the end, depending on the interest rate they give you (mine was 5% APR on a $1000 loan) you'll pay in the ballpark of $70 or so which basically "buys" yourself an open/closed installment on your credit report which will increase your scores and add to your credit mix. Well worth the investment, trust me.
The great thing about this, you can rinse and repeat. Give yourself about a month or two in between, so your scores can update, but after about 2-3 times you should see a dramatic increase in your scores and put you in good shape for some of NFCU's cards.
On Deck: Possibly Aven 3% Visa
I applied for the rewards and got approve for $500. Pretty Low but I am in rebuilding stage. I sent a secure message telling them I make $135k a year sent proof but they say they are sticking with the decision. I also applied for CLOC but they say my account is new I hve to wait 90 days. So I will sit and wait. My baddies are not recent I have some falling off next year.
@JMills wrote:I applied for the rewards and got approve for $500. Pretty Low but I am in rebuilding stage. I sent a secure message telling them I make $135k a year sent proof but they say they are sticking with the decision. I also applied for CLOC but they say my account is new I hve to wait 90 days. So I will sit and wait. My baddies are not recent I have some falling off next year.
Congrats on your approval, I can tell you if you stick it out with Navy, they will treat you well down the road.
Maybe a second card in 6 months, could yield a nice CL. I have read a lot of stories of people who started out small,
and today they have some nice limits. Navy has been very good to me
I have 3 cards.
Amex $500 Optima Card just got back in with AMEX I paid off a $3500 charge off debt
Credit One $700
Installment Loan $11,000
Navy FCU $500
I had great credit and my ex spouse ruin it and hence the reason I am back on here. Back 2013 This forumn help me tremedously to get higher credit scores and at the time I wanted to be apart of Navy FCU. I just got in recently. I am reading all the treads and making sure I am leaving no stones unturned. Now that I got approved for $500 Navy Rewards. I will work on creating a relationship with them. I add $3000k to my savings to do a secured savings loan. So I am in no rush I am pacing myselg and making sure I do everything right but the good news I at least got approve. So now I just work on working on fixing my baddies
@JMills wrote:I applied for the rewards and got approve for $500. Pretty Low but I am in rebuilding stage. I sent a secure message telling them I make $135k a year sent proof but they say they are sticking with the decision. I also applied for CLOC but they say my account is new I hve to wait 90 days. So I will sit and wait. My baddies are not recent I have some falling off next year.
Congratulations on your approval!
Thank You