Got NIHFCU Secured Card Approved

Red1Blue · ‎08-13-2020

I know I should not have applied for it. I have decided to get the NIHFCU Secured Credit Card. I got approved for Secured Card and they are shipping it now. Should have it by next week. I still have 5 COs on my report. I am shy to go for main stream cards so I have decided to go for NIHFCU Secured Cards. Once I clear the remaining COs next year around this time I might go for their regular unsecured card. I was reading this card might graduate but not sure.

After studying MD/PhD now being part of NIHFCU I feel like part of a family than a Credit Union. I want to see what other programs and lending they might offer for young ( 64 year old) Doctor / Scientist like me.

Another reason I went for this card is this is my 8th secured card. 2 US Bank and 1 SDFCU cards might graduate. That still leave 4 Secured cards from Merrick, Affinity, OpenSky, First Progress secured cards which do not graudate, high interest rate and have Annual Fees.

As accounts age and as I build relationship, I going to start closing these account and collapse the security deposit from these 4 cards into NIHFCU.

Nice thing about NIHFCU Secured card is 1. It might graduate. 2. has 8.99% interest. 3. No AF, 4. It allows very high limit $25k for a Secured Card. Bad thing is it has 1% Foreign Transaction fees. For that reason I am going to keep SDFCU card which does not have Foreign Transaction Fees when I travel overseas.

Hoping to clean up the remaining COs by end of this year. I am so used to Secured Cards. I use them like Debit Card. Do not pay single $ in interest. I feel like I am the boss of my own destiny. Do not have to worry about Lenders Cancelling the Cards or Reducing the Credit Limits on me. I feel so free and very much relieved. I keep telling my self Cash is King. Focus on Making Money and Increase Income and Revenues.

BmoreBull · ‎08-13-2020

Congrats on the new card. I work at a NIH facility in Baltimore. I'm a maintenance electrician. I was qualified for membership before they opened it up to everyone. Never pulled the trigger. I had heard they were backed by Elan, so not a traditional cu and might be a little more conservative. I have a few questions for you. Did they hard pull for membership? If so did they use that same pull for your secured card? With 8 secured cards, how long have you been rebuilding? Have you received all of these cards very close together? Just curious. I've read on here that dirty scorecards don't receive a new account penalty (other than the hp). But I am still worried about amassing a large number of hps in my first year of rebuilding, that will be stuck there for 2 years. Any way, congrats again on the new card.

Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021

Goal Scores: 700 across all three

AllZero · ‎08-13-2020

Congratulations on your approval!

Red1Blue · ‎08-13-2020

@BmoreBull wrote:
Congrats on the new card. I work at a NIH facility in Baltimore. I'm a maintenance electrician. I was qualified for membership before they opened it up to everyone. Never pulled the trigger. I had heard they were backed by Elan, so not a traditional cu and might be a little more conservative. I have a few questions for you. Did they hard pull for membership? If so did they use that same pull for your secured card? With 8 secured cards, how long have you been rebuilding? Have you received all of these cards very close together? Just curious. I've read on here that dirty scorecards don't receive a new account penalty (other than the hp). But I am still worried about amassing a large number of hps in my first year of rebuilding, that will be stuck there for 2 years. Any way, congrats again on the new card.

Hi Thanks for the message. To be honest, I did not follow any rules in credit building and followed my heart and own strategies. I am probably wrong person to guide any one. I am glad I was able to join NIHFCU. Few months ago when I applied they declined my membership. I am glad they opened it to all now. I am happy. I have applied for membership, secured card, savings account and checking account at the same time. There is a hard inq on EQ on 8/10. I have no idea who pulled hard inq and why they did. I understand different groups work on the products I applied for. Initially I applied for $250 secured card and it was approved instantly. Later after talking to Loan officer I have put $1000 in my savings account and got limit of $1k now. I was going to increase the limit to $5k or $10k. ( They allow $25K max) but I have decided to wait some time and build relationship with NIHFCU and also see what my other secured cards would graduate and move that funds over over to NIHFCU. I want to wait till end of this year to sort things out.

As for my credit and application spree. My worst time was 2016 - 2017. I started rebuild around May 2019. No one would even approve me a secured card. I resorted to OpenSky, Merrick, First Progress. Later Indgo gave me unsecured. Finger Hut in September 2019. I got secured cards from Affinity and SDFCU in November 2019. Secured Card from US Bank in Jan and March. Unsecured Blaze and FSCC in April 2020. Amex Optima in August. Using SCT Khols, Wayfair, Venus, Williams Sonoma. I probably added about 20 or 22 new accounts from May 2019 till today. There was a reason why I did what I did and I do not regret. Some approvals are soft pull and some are hard inqs. I think I have about 14 on EX, 7 on TU and 3 on EQ. Next year by this time all the accounts would become 1+ year old and inquires effect will go away.

In May 2019, I had about 22 COs and 7 CAs that I started cleaning up. I have 5 more COs left that I am hoping to clean up before end of this year. I have 3 kids in college that I support so making it harder to pay things off. Also Covid did not help either as business are shutting down. At this time, I am hoping to improve my scores but not for obtaining new credit. I use credit card like a debit card and pay it off in full. My focus is on improve income and be financially independent.

That is my long storey short. I am not a good role model for credit rebuilding and I did not follow the conventional rules. I have nothing to regrett. My adivce to you, if you work with NIHFCU I would say go ahead and get their secured card. You can get it for $250. Tell them you dont want a hard inq and let them do soft if they want. The inq they took for me is good for 30 days and loan officer said she can increase my limit with out another inq in 30 days if I want. I told them SDFCU and Affinity do not do hard inq for secured cards. I guess it is NIHFCU and they do things their way. For now I am happy with $1k limit. I want to start building the relationship. Next year I'll try to apply for regular credit card with them.

As as an aspiring Doctor and Scientist I am so happy to be able to get into NIHFCU. I want to see what other programs available for Doctors/ Scientists and Professionals like me. If nothing comes out, I'll be proud to carry and wave my NIHFCU Visa.

Red1Blue · ‎08-13-2020

@AllZero wrote:
Congratulations on your approval!

Thanks. I am so happy. It is only a secured card. But NIH name on the card brings so much joy to me.

FireMedic1 · ‎08-13-2020

Congrats in a way. But man. Stop apping. Especially for secured cards. Let your AOYA (Which is now 0 again) and AAoA's age some. More than 2yrs min. More cards doesnt mean higher scores. Trick is a few sub prime cards (secured) then move up to the prime cards.

Red1Blue · ‎08-13-2020

@FireMedic1 wrote:
Congrats in a way. But man. Stop apping. Especially for secured cards. Let your AOYA (Which is now 0 again) and AAoA's age some. More than 2yrs min. More cards doesnt mean higher scores. Trick is a few sub prime cards (secured) then move up to the prime cards.

Thanks @FireMedic1

Anonymous · ‎08-13-2020

@FireMedic1 wrote:
Congrats in a way. But man. Stop apping. Especially for secured cards. Let your AOYA (Which is now 0 again) and AAoA's age some. More than 2yrs min. More cards doesnt mean higher scores. Trick is a few sub prime cards (secured) then move up to the prime cards.

+1

I have to agree with @FireMedic1, 20-22 new accounts is a lot in a single year.

I kinda get what you are doing by try to water down the derogs with many positive reporting accounts, but you take hits in other ways.

Like mentioned above, if you would let some of these accounts age and build up your AAoA and AoYA (and probably not have "credit seeking", "too many new accounts", "accounts with too low limits", and "too many inquiries" as reason codes), you could probably stop putting your money into secured cards and start working towards better cards.

I understand you still have 5 COs akd trust me, I have bad credit me and my SO are navigating too, so it sux that we can't make that move quicker. I feel badly having 4 new accounts for each if us the past year that is going to drag us down for a bit, but if we keep adding more, I know it won't make those baddies disappear any quicker or get us better credit products any faster. We just have to bide our time by oeeping up with positive reporting history with the accounts we have, work on letting the hits from the inq age off, and let our AAoA and AoYA build back up. We are also being hit with our oldest TLs dropping off this year (many already and the now the next several oldest accounts are on the chopping block in Oct for us both), making patience and no apps even more important.

I know you want the inq all to age off together, but for them to age off, you have to stop getting inq.

Good luck, you are making solid progress on all the COs you have dealt with (17 now, right?) and that is huge in itself! You also do have a few cards that may or will graduate to focus on and many that will just help you along the way that you will axe later. So I get your plan. Just stick with it! I just want you to know I am not judging, we each take our own unique path and that is ok! We are all here to support each other in that journey and sometimes give advice we don't want to hear, which happens to me all the time, too!

Congrats on your approval with NIH, I am happy that it makes you happy to be in with them! Here's to better credit products with them in your future!

Red1Blue · ‎08-14-2020

Hi @FireMedic1 and @LaHossBoss I know you meant well. I am fedup with FICO and Scores and credit approvals. It was a shock for me in 2016-2017 how they started chopping off my limits especially I am in school and family medical emergencies. It was a hell. One thing I learned is Cash is king and I do not want to be at the mercy of Lenders giving me credit or reducing the limits or canceling tradelines. Fortunately, I have invested time and money on unique education and raised my income potential. I am blessed in many ways. My motto now is Save. Save and Build up cash Reserves. Make as much money as I can make and put it away for retirement.

In 2018 my scores were trashed. In 2019 I could not even get a secured card. I took Rambo approach. I dont care about the scores and dings any more and hopefull approvals from a lender. I want to have security and confidence that I have available credit that I can use for daily use and professional purposes. I am done with credit playing game.

1. My util was 98%. I am taking care of COs ( I cleared 17 COs and 7 CAs) 5 more left that should be clearned in the next few weeks. That is drastically reducing my Utilization. All my COs will come down to $0 by end in the next few weeks and I'll be debt free. I know it will take some time for scores to improve. Who cares for the scores.

2. I am putting obsene amount of money ( I really mean obsene amount) into my Secured Cards and Maxing out all the accounts deposits to max they will allow. This is drastically increasing my available credit and reducing my Util. 3 Cards might gradaute and 4 others do not graduate. As these accounts age I'll collapse them into 2 cards with $25k each in limits. I am using Credit Cards as debit cards. $0 new debt and paying it off in full every month. I am not going to depend on any lender to give me any thing. With 2 secured cards with $25k limit each and paying it off in full every month, I have so much control on my finances.

3. There is a wave of Fintechs who are approving credit based on the income and not on credit reports. I got Grain, Oxygen now. They will grow in the limits as they see my income and bank account balances. They do not depend on the credit scores.

3. Yes I did apply for lot of new cards. Beleive it or not I have 14 cards+ cards reporting ontime payments for last 19 months. That is washing away some of the old derogs. Not completely but at least it is showing positive credit. Once they reach 24 months of good payments they will start washing my old bad credits.

4, Yes some cards are low in limit so what. They will organically grow. I also applied and obtained cards for my needs. Blaze, FSCC, Khols, Venus and other cards will grow over the period of time. They are serving their purpose.

5. I got Amex Optima turn 30 days. In 11 months I should be able to get regular Amex Card. The I can have a good Amex Charge card and Amex Blue Cash credit Card. US Bank and SDFCU secured cards might graduate and provide me good credit.

6. The only new cards I want to get is Apple Credit Card if and when I can get approved. Even otherwise what do I have to loose.

I was so humilated with my credit situation. I did not listen to any advice and followed my heart and took Rambo approach. Trust me. Cash is King. All these credit cards and lenders are flyby players. Look how many people lost their limits and got accounts cancelled due to Pandamic. I am done with the Credit Game. I want to have a debt free and comfortable life. Make Money. Save. Save and Save.

Anonymous · ‎08-14-2020

@Red1Blue wrote:
Hi @FireMedic1 and @LaHossBoss I know you meant well. I am fedup with FICO and Scores and credit approvals. It was a shock for me in 2016-2017 how they started chopping off my limits especially I am in school and family medical emergencies. It was a hell. One thing I learned is Cash is king and I do not want to be at the mercy of Lenders giving me credit or reducing the limits or canceling tradelines. Fortunately, I have invested time and money on unique education and raised my income potential. I am blessed in many ways. My motto now is Save. Save and Build up cash Reserves. Make as much money as I can make and put it away for retirement.

In 2018 my scores were trashed. In 2019 I could not even get a secured card. I took Rambo approach. I dont care about the scores and dings any more and hopefull approvals from a lender. I want to have security and confidence that I have available credit that I can use for daily use and professional purposes. I am done with credit playing game.

1. My util was 98%. I am taking care of COs ( I cleared 17 COs and 7 CAs) 5 more left that should be clearned in the next few weeks. That is drastically reducing my Utilization. All my COs will come down to $0 by end in the next few weeks and I'll be debt free. I know it will take some time for scores to improve. Who cares for the scores.

2. I am putting obsene amount of money ( I really mean obsene amount) into my Secured Cards and Maxing out all the accounts deposits to max they will allow. This is drastically increasing my available credit and reducing my Util. 3 Cards might gradaute and 4 others do not graduate. As these accounts age I'll collapse them into 2 cards with $25k each in limits. I am using Credit Cards as debit cards. $0 new debt and paying it off in full every month. I am not going to depend on any lender to give me any thing. With 2 secured cards with $25k limit each and paying it off in full every month, I have so much control on my finances.

3. There is a wave of Fintechs who are approving credit based on the income and not on credit reports. I got Grain, Oxygen now. They will grow in the limits as they see my income and bank account balances. They do not depend on the credit scores.

3. Yes I did apply for lot of new cards. Beleive it or not I have 14 cards+ cards reporting ontime payments for last 19 months. That is washing away some of the old derogs. Not completely but at least it is showing positive credit. Once they reach 24 months of good payments they will start washing my old bad credits.

4, Yes some cards are low in limit so what. They will organically grow. I also applied and obtained cards for my needs. Blaze, FSCC, Khols, Venus and other cards will grow over the period of time. They are serving their purpose.

5. I got Amex Optima turn 30 days. In 11 months I should be able to get regular Amex Card. The I can have a good Amex Charge card and Amex Blue Cash credit Card. US Bank and SDFCU secured cards might graduate and provide me good credit.

6. The only new cards I want to get is Apple Credit Card if and when I can get approved. Even otherwise what do I have to loose.

I was so humilated with my credit situation. I did not listen to any advice and followed my heart and took Rambo approach. Trust me. Cash is King. All these credit cards and lenders are flyby players. Look how many people lost their limits and got accounts cancelled due to Pandamic. I am done with the Credit Game. I want to have a debt free and comfortable life. Make Money. Save. Save and Save.

i agree cash is king and imagine if you could invest or save that money and earn interest off of it? 50k could net you some nice returns. It would be best to play with someone else's money for daily purchases, PIF as to not pay them a red cent in interest, and earn interest off the fund that are tied up secured card deposits.

You may who cares about scores, but the thing is, by righting the wrongs on your credit reports, which you have been tearing through (congrats!), it in turn will increase your scores. So you should care. You talk about the time will come when you can get your apple card, so even you know you must be patient and wait for everything to reflect and update and time for new accounts to age and grow. You know all of this already, it is just about applying it.

Good luck and again, congrats on all your hard work to get back on track!