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Help! Relaxed CU...?

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Regular Contributor

Help! Relaxed CU...?

Here's the deal. I'm REALLY trying to find a CU that will give me a chance... I do not expect huge SL or anything crazy. Honestly even $500 - $2,500 would be great. Just something to START with and allow me to PROVE myself and GROW...

 

Also REALLY need an Auto Loan. Small auto loan ($10,000 - $15,000).

 

My scores are low. About 600-610.

 

Surely SOMEONE will give me a shot...? Allow me a small CC and an Auto Loan.

 

P.S.: I'm not interested in a secured card. As I want a CU that will give me a chance. And secured is a slap in face.

 

What are a couple of EASY/RELAXED CU's?

 

Thank you all very much!

Message 1 of 12
11 REPLIES 11
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Valued Contributor

Re: Help! Relaxed CU...?

Welcome to the forums!

 

Any Military affiliation (personal or family member)? If so, then Navy Federal (NFCU) is the place to start. 

 

If not, then perhaps DCU - but wait for other forum members that have experience with non-military CUs to respond with suggestions. 

 

It would be helpful if you offered more detail about your credit -  like why is it in the low 600s, are those FICO scores you're referencing, any derogatory accounts, etc.?

 

Also - secured cards are not a slap in the face - the right kind (ones that graduate to unsecured) are often a solid starting point - just the chance you need to build. 

 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 05/2020: EX 780 ✦ EQ 758 ✦ TU 781
Current FICO 9s | 04/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.1 years not incl. AU / 3.5 years incl. AU
My AoOA: 7.3 years not incl. AU / 9.3 years incl. AU
Inquiries: EX 1/6 | 1/12 ✦ EQ 1/6 | 1/12 ✦ TU 1/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 12
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Regular Contributor

Re: Help! Relaxed CU...?

What are the lowest scores NFCU will usually give a CC and Auto Loan to...?

Message 3 of 12
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Moderator

Re: Help! Relaxed CU...?

Hi and welcome to the forums 

 

Secured cards are not slap in the face. By your own admission,  your scores are low. That makes you a very high risk borrower.  You said you want to prove yourself...well, secured credit cards are how you do that. 

There are some lenders that might approve you, but those lenders are worse than you can possibly imagine.

With some, you might get approved for $300, but after fees and such, you'd be left with $95 in available credit, no grace period, APRs approaching 30%.

If you had brand new clean profile, unsecured card might have been an option. I really dont think you're there yet

 

As far as auto loans, you're probably going to ve able to secure some kind of financing, but more often than not, predatory auto lending leads to repossessions. 

 

I'm not sure which credit unions are in your area, but you should check them first. Do not fall for internet "everyone approved" advertising. It has potential to get you in a situation worse than your current one. 

If you join a CU, grab a secured card, then try for auto loan later, you might improve your chances. 

However, you are going to have to consider secured credit cards. That's how most of us build or rebuilt.

I still have my first one. 

You might be sleep deprived if you try opening car door with Samsung Pay
Message 4 of 12
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Super Contributor

Re: Help! Relaxed CU...?


@thornback wrote:

If not, then perhaps DCU - but wait for other forum members that have experience with non-military CUs to respond with suggestions. 


DCU as mentioned above. https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/DCU-Application/m-p/5782693

 

IIRC EQ5 580 may or may not be minimum required for membership. Not quite sure on the auto loan. You'll have to ask the CSR.

 

Best to dress up your credit report as much as you can or you might not be approved or given undesirable APR %

Message 5 of 12
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Valued Contributor

Re: Help! Relaxed CU...?

Depends on your overall credit profile and they're really big on DTI (debt to income). DTI is more important than scores to them.   You can start off with a low $500 limit and in 3 months get increased or app for a 2nd card and get $25k - building a relationship matters.   

 

Don't know much about their auto loans. 

 

There's a huge thread all about Navy you can read to get all the data points you need.  You'll see scores at time of approval range anywhere from 580 to 800s+; and starting limits are all over the place.   Just skip to the more recent pages of posts starting in 2019 and go from there.

 

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional...

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 05/2020: EX 780 ✦ EQ 758 ✦ TU 781
Current FICO 9s | 04/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.1 years not incl. AU / 3.5 years incl. AU
My AoOA: 7.3 years not incl. AU / 9.3 years incl. AU
Inquiries: EX 1/6 | 1/12 ✦ EQ 1/6 | 1/12 ✦ TU 1/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 6 of 12
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Regular Contributor

Re: Help! Relaxed CU...?

Okay... I'm warming to the secured card Avenue. Lol SO... If I decide to choose a secured card...

 

1) Which CU should I choose?

2) Will it change to an UNsecured if I manage it correctly?

3) On average, how long until it becomes UNsecured?

4) Is there a magic number as to how much I should secure? Or its all the same?

 

Thanks!

Message 7 of 12
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Regular Contributor

Re: Help! Relaxed CU...?

As far as your question regarding my Credit. It's kind of empty... I do have 2 small negatives ($1,300 & $300) that are very old (6.5 years) and fall off Dec and Jan. I have a 4 year old and 3 year old Capital One (only $500 each) 1 is NEVER LATE and 1 was 90 days late (12 months ago and never since) and I JUST OPENED a $300 Macy's and a $750 CFNA. I have only $234 in credit usage. Only 2 or 3 inquiries. And NO installment, auto, or mortgage accounts... Very thin...

Message 8 of 12
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Valued Contributor

Re: Help! Relaxed CU...?


@Charmante wrote:

Okay... I'm warming to the secured card Avenue. Lol SO... If I decide to choose a secured card...

 

1) Which CU should I choose?

2) Will it change to an UNsecured if I manage it correctly?

3) On average, how long until it becomes UNsecured?

4) Is there a magic number as to how much I should secure? Or its all the same?

 

Thanks!


1.  If you qualify for NFCU, that'd be my recommendation.

 

2. Yes, an NFCU secured card will unsecure. 

 

3. Depends on the issuer.  With Navy, could be 4 months, could be a year.  But, many have reported apping for a second card after 3 or 6 months and getting approved for an unsecured even though their 1st secured card hasn't yet graduated. 

 

4. Nope. A $200 limit has the same scoring benefit as a $20k limit.  What matters, scorewise, is the utilization reported to the bureaus. You want to keep it below 29% of the credit limit. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 05/2020: EX 780 ✦ EQ 758 ✦ TU 781
Current FICO 9s | 04/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.1 years not incl. AU / 3.5 years incl. AU
My AoOA: 7.3 years not incl. AU / 9.3 years incl. AU
Inquiries: EX 1/6 | 1/12 ✦ EQ 1/6 | 1/12 ✦ TU 1/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 9 of 12
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Community Leader
Mega Contributor

Re: Help! Relaxed CU...?

I thought like you back when I started my rebuild in May 2018. I had a secured discover but didn't want another secured card. Opened a checking and savings at NFCU. 15 mins later applied for a cash rewards and was approved for a $500 limit with a 555 score. I didn't get a CLI until September of last year. Just got my second CLI a few days ago and finally broke $2k. The sad part is everyone on here that got a $500 secured card from them, had it graduate in 6 months with an increase to $2000. Not one person I've seen on here got less. I kick myself for not taking a secured from them at the beginning.







Message 10 of 12
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