Starting from 0 - Looking for some advice on gameplan

[Anonymous]

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@HRZ780 wrote:

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@Anonymous wrote:

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Most credit unions are going to require a hard pull to get a card, some even for a membership, but that's the cost of playing the game. As stated many credit unions allow you to get multiple products within 30 days from one pull. 

read the SSL threads in the Primer and that will guide you to institutions besides the ones I named. A personal loan thats unsecured from US Bank works as well I believe, as well as some other institutions.

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I've been finding this to be true after doing some more research into the subject.  I just happened to luck out with Redstone being the first as they only did SP's for everything (membership AND secured card - Experian only).  As I understand it, Redstone does not offer a SSL.  I have a few banks/cu's in mind now, I'll hit them up on Monday and see what I can do.

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@HRZ780 some credit unions call ssls other names such as credit builder loans or just secured loans.

[Anonymous]

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@HRZ780 wrote:

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@Anonymous wrote:

@HRZ780   Forgive me if you already stated and I missed it, but where are you getting your scores from....are you getting true FICO scores or are they Vantage scores?  If Vantage, this may be why you are receiving an EQ score.....true FICO scores will take the 6 months to generate.  

For NFCU, immediate relatives with Military background should qualify you to join....a parent, grandparent, sibling, child, spouse?  If any of these apply whether the relative is active duty or not you should be able to join.  Give them a call, they have great reps and will help you determine eligibility.  Good luck! 🛳💙

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You are correct, it's the Equifax VantageScore 3.0 - I'm sure that makes more sense now.  I've been holding off on sigining up for the full fico access suite until I have something a little more substantial going on with my credit.

Thanks for the info. I'll give NFCU a call this week and see where that leads me.

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@HRZ780 no need to spend the money until you get a score which won't be until after six months of recorded history. 

The anti-abuse algorithm is only in version eight and nine, dsometimes it ignores authorized user accounts; it was created as a result of tradeline renting.

also sounds like you qualify for navy. 

[HRZ780]

I spoke with NFCU and they immediately informed me of everything that would be required during the call (which would also included me sending something to them through the mail at some point).  The requirements included a DD214 and there was no way around it.  I don't have a copy, so I'm going to have to track it down.  Already filled out an SF180 and sent it out to the NPRC.  That's going to take awhile.  In the meantime, I'm pestering family for any paperwork/documents they might have handy.

[Anonymous]

Sometimes they require the DD 214 sometimes they do not. Do you have a branch close by? And getting the DD 214 is fairly easy you can do it online, request and St. Louis will mail it to you stat.

[HRZ780]

Moving this over to "Rebuilding your Credit" forum.... Seems more appropriate there.

[HRZ780]

(NOTE:  I moved this post from a different forum as this one seemed more appropriate.)

Hi everyone,

First, I want to thank everyone here for the advice and direction.  The help I have received here has been excellent and very much appreciated.  I have been building up and I think I'm doing well considering where I started in August 2020.  I'm excited to work with credit again.  Being able to watch my credit reports daily has changed my view of credit as a whole quite a bit.

Here's the latest on my rebuild.

- I started (re)building my credit on Aug 25th 2020.

- I began with a blank slate with all CRA's. Nothing reporting at all. No HP's, no SP's, no positvies, no negatives, etc! Just completely blank.

- At this point, EX showed no score of any kind (too soon) and EQ showed a Vantage 3.0 score of 0. TU not accessible to me at this point. (Credit Freeze)

- I began (re)building with a $250 secured card with RedStone Federal Credit Union.

- So after RFCU (8% utilization) reported on Aug 30th, my EX showed no score of any kind (too soon) and EQ showed a Vantage score of 679. TU still not accessible to me at this point. (Credit Freeze)

- I then added a Kikoff account. Not sure I made the right choice, but....wanted to add ANY kind of installment loan to try and help (re)build.

- Once Kikoff reported on the Sep 3rd, my EX still showed no score (still too soon) and my EQ dropped to 646 (-33pts!). TU still not accessible to me at this point. (Credit Freeze)

- Sep 30th, 2020 - RFCU (4% utilization) reported, my EX showed no score of any kind (too soon) and EQ bumped up to 656 (+10pts). TU still not accessible to me at this point. (Credit Freeze)

- After looking over all the forums and soaking it in, I decided to try prequal with Discover It Cash Back. I was preapproved. Soft pull on EX.

- I went for it and was approved for the Discover It Cash Back with a starting SL of $1000. Hard pull on EQ.

- October 2020 - It occurred to me that I might try getting a CC through BofA since I've been a long-standing customer of theirs since 1989 and I pump most of my income through them. I don't know why I didn't think of this sooner.  They approved me for CashRewards w/ a SL of $30K!!  This decision was definitely a matter of relationship w/ them and nothing to do with credit report scores (or lack thereof).

- I fixed the credit freeze issue w/TU so they are reporting a VS3.0 now.  At this point, I still have no FICO score w/ EX - only some Vantage 3.0 scores w/ TU (708) and EQ (714). 

- I added funds to my RFCU Secured Card.  It's at $2500 now. This definitely looks better on my reports.

- November 2020 - After going back and forth with NFCU for some time, I ended up qualifying for membership.  I applied for membership and deposited $100 in savings.

- December 2020 - I applied for CashRewards w/ NFCU and I was denied.  (Reason codes in subsequent letter:  Deposit Balances At Navy Federal, Months Since Oldest Account Opened).  NFCU Internal score: 326.  I was offered the nRewards secured card, but I declined it.  I'm thinking now that I should have accepted it.

- January 2021 - To alleviate denial reason one, I started depositing funds into my NFCU accounts.  All CC's reporting a 2% utilization.

- February 2021 - All CC's reporting a 2% utilization.  My EX is now showing a FICO score.  EX 737 (FICO8), EQ 720 (VS3.0) and TU 723 (VS3.0).

I have been considering getting a $5K - $10K SSL (pledge loan) w/ NFCU since I've got the money for it....whatever it takes to get the 60mo term.  This would add to the credit mix which I need, plus I could build a better relationship with NFCU at the same time.  The kickoff account is pretty lame as it stopped reporting on TU and it's about to be pulled from EQ soon, too... so, it's almost worthless if it will only report to EX.  Anyhow, after paying down 92% on the SSL, I was thinking of trying for a NFCU CC again (Cash Rewards)....and if denied, then just get the secured card through them.  From that point, it'd be just sit and wait (garden?) for awhile.

With regard to the NFCU SSL (Pledge Loan), does the dollar amount have any effect on FICO scoring aside from the term once it's paid down to 8%?  For instance, a 60mo term $3100 SSL compared to a 60mo term $5000 SSL or 60mo term $10000 SSL?

With regard to the cards I currently have, I tend to use them through the month, paying no attention to the utilization until it comes time to settle up.  At that point, I pay it down to 2%.  The only exception has been with the Discover It, I use it up to maybe 80%, PIF well before the due date, then use it again up to 80% or so, then pay it down to 2% for reporting.  For me, I can easily spend $1K just about anywhere I go.  I seem to be using it more like a debit card....spend, pay...spend, pay... etc.  Is this approach bad?  I always make sure to pay down ALL cards to 2% before they report.

This part is a bit off topic, but.... with regard to NFCU.....I do not have a branch anywhere nearby, but there are plenty of Co-Op ATMs in the area.  Does anyone have direct information on depositing CASH at one of these Co-Op networked ATM's?  I've been to several of them after speaking to NFCU service reps and I cannot deposit cash into any one of them.  I can only DD into the account or ACH from Redstone or BofA....or talk to a rep and pay with a debit card.  Not being able to deposit cash is a little annoying, but I can deal with it if I must.

[HRZ780]

(NOTE:  I moved this post from a different forum as this one seemed more appropriate.)

Hi everyone,

First, I want to thank everyone here for the advice and direction.  The help I have received here has been excellent and very much appreciated.  I have been building up and I think I'm doing well considering where I started in August 2020.  I'm excited to work with credit again.  Being able to watch my credit reports daily has changed my view of credit as a whole quite a bit.

Here's the latest on my rebuild.

- I started (re)building my credit on Aug 25th 2020.

- I began with a blank slate with all CRA's. Nothing reporting at all. No HP's, no SP's, no positvies, no negatives, etc! Just completely blank.

- At this point, EX showed no score of any kind (too soon) and EQ showed a Vantage 3.0 score of 0. TU not accessible to me at this point. (Credit Freeze)

- I began (re)building with a $250 secured card with RedStone Federal Credit Union.

- So after RFCU (8% utilization) reported on Aug 30th, my EX showed no score of any kind (too soon) and EQ showed a Vantage score of 679. TU still not accessible to me at this point. (Credit Freeze)

- I then added a Kikoff account. Not sure I made the right choice, but....wanted to add ANY kind of installment loan to try and help (re)build.

- Once Kikoff reported on the Sep 3rd, my EX still showed no score (still too soon) and my EQ dropped to 646 (-33pts!). TU still not accessible to me at this point. (Credit Freeze)

- Sep 30th, 2020 - RFCU (4% utilization) reported, my EX showed no score of any kind (too soon) and EQ bumped up to 656 (+10pts). TU still not accessible to me at this point. (Credit Freeze)

- After looking over all the forums and soaking it in, I decided to try prequal with Discover It Cash Back. I was preapproved. Soft pull on EX.

- I went for it and was approved for the Discover It Cash Back with a starting SL of $1000. Hard pull on EQ.

- October 2020 - It occurred to me that I might try getting a CC through BofA since I've been a long-standing customer of theirs since 1989 and I pump most of my income through them. I don't know why I didn't think of this sooner.  They approved me for CashRewards w/ a SL of $30K!!  This decision was definitely a matter of relationship w/ them and nothing to do with credit report scores (or lack thereof).

- I fixed the credit freeze issue w/TU so they are reporting a VS3.0 now.  At this point, I still have no FICO score w/ EX - only some Vantage 3.0 scores w/ TU (708) and EQ (714). 

- I added funds to my RFCU Secured Card.  It's at $2500 now. This definitely looks better on my reports.

- November 2020 - After going back and forth with NFCU for some time, I ended up qualifying for membership.  I applied for membership and deposited $100 in savings.

- December 2020 - I applied for CashRewards w/ NFCU and I was denied.  (Reason codes in subsequent letter:  Deposit Balances At Navy Federal, Months Since Oldest Account Opened).  NFCU Internal score: 326.  I was offered the nRewards secured card, but I declined it.  I'm thinking now that I should have accepted it.

- January 2021 - To alleviate denial reason one, I started depositing funds into my NFCU accounts.  All CC's reporting a 2% utilization.

- February 2021 - All CC's reporting a 2% utilization.  My EX is now showing a FICO score.  EX 737 (FICO8), EQ 720 (VS3.0) and TU 723 (VS3.0).

I have been considering getting a $5K - $10K SSL (pledge loan) w/ NFCU since I've got the money for it....whatever it takes to get the 60mo term.  This would add to the credit mix which I need, plus I could build a better relationship with NFCU at the same time.  The kickoff account is pretty lame as it stopped reporting on TU and it's about to be pulled from EQ soon, too... so, it's almost worthless if it will only report to EX.  Anyhow, after paying down 92% on the SSL, I was thinking of trying for a NFCU CC again (Cash Rewards)....and if denied, then just get the secured card through them.  From that point, it'd be just sit and wait (garden?) for awhile.

With regard to the NFCU SSL (Pledge Loan), does the dollar amount have any effect on FICO scoring aside from the term once it's paid down to 8%?  For instance, a 60mo term $3100 SSL compared to a 60mo term $5000 SSL or 60mo term $10000 SSL?

With regard to the cards I currently have, I tend to use them through the month, paying no attention to the utilization until it comes time to settle up.  At that point, I pay it down to 2%.  The only exception has been with the Discover It, I use it up to maybe 80%, PIF well before the due date, then use it again up to 80% or so, then pay it down to 2% for reporting.  For me, I can easily spend $1K just about anywhere I go.  I seem to be using it more like a debit card....spend, pay...spend, pay... etc.  Is this approach bad?  I always make sure to pay down ALL cards to 2% before they report.

This part is a bit off topic, but.... with regard to NFCU.....I do not have a branch anywhere nearby, but there are plenty of Co-Op ATMs in the area.  Does anyone have direct information on depositing CASH at one of these Co-Op networked ATM's?  I've been to several of them after speaking to NFCU service reps and I cannot deposit cash into any one of them.  I can only DD into the account or ACH from Redstone or BofA....or talk to a rep and pay with a debit card.  Not being able to deposit cash is a little annoying, but I can deal with it if I must.

[Anonymous]

 I joined Navy last summer and immediately took out a SSL for $3500 (received the 60months). I paid it down to 8% I then waited to app for a card for 4 months to establish a relationship. I didnt want a card with a small SL. After 4 months I applied for their cash rewards and was approved with a 23k SL. Navy reports to the CB's at the end of the month so if you take a  SSL out today try to pay it down before the last day in February or you will have a score drop. I paid cash for everything so my only installment is the navy SSL and I received a 37 point increase.Good luck and you came to the right place to start your (belated) credit future!! 

[Anonymous]

Also sign up for Zelle with bank of america and navy and you can deposit money into your Navy that way. Thats what I currently do.

[DebtStinks]

Congrats on your build progress so far...that BofA 30k SL is NOTHING SHORT OF PHENOMINAL. I think it's the best SL I've heard of for someone with only a couple months of credit history! Furthermore, I think you are 100% correct in saying it has to do with your 30+ year relationship with BofA. Nevertheless, a big CONGRATS! Well done! Keep it up!

[HRZ780]

Thank you for the info on NFCU.  I didn't think of using Zelle.