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Got NIHFCU Secured Card Approved

FireMedic1
Super Contributor

Re: Got NIHFCU Secured Card Approved


@Red1Blue wrote:

Hi @FireMedic1 and @ 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. Even though you now say you dont care about scores. FICO doesnt care what your limit is. Its whats reported each. You say you pay it all off to $0. As you know have at least 1 card report something. Someone with a total of $1000 in credit benefits by on time payments and low util reporting just as much as someone who has $100,000 in available credit. Number of cards just make a thicker file. Noting more nothing less.

 

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. More credit doesnt make negs any less damaging. Time does that for you. Thats why we say 3 cards is enough to get it going. 17+ accounts doesnt do much no matter what the credit line is.

 

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. Store cards dont replace bank credit cards. Unless they are a MC/Visa.

 

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.


Yes savings is top of the list. Pay yourself in savings 10% ancd place it into the savings account. I did this since BK. Thats how I was able to pay cash for a home. No mortgagem no interest. But IMO no more cards for 2 yrs at least. Pay the past and enjoy the future. You have more than enough cards for a long time.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 11 of 14
Red1Blue
Super Contributor

Re: Got NIHFCU Secured Card Approved

Hi @FireMedic1 and @LaHossBoss, I know you both meant well. I agree with your suggestions. No more new accounts. I had to do what I had to do when I opened the new accounts and hits I took. I have no regrets. They served their purpose. I feel ashamed for my credit situation as one of the highly educated MD/PhD and leading professional in the country. This happend when I was in Medical School and did not have room to maneuver. Now, fortunately, I have income potential and I am going to make the best use of it and save, save and save for the future. And never get into this bad credit situation. I learned my lesson.

 

I have paid most of the COs and remaining are in process to be paid off in the next few weeks. I am living up to my obligation. I am not going to keep worrying about my FICO scores up and down or some lender is going to feel sorry for me and give me credit. I have passed that stage in my life. The COs will wear off over the time when ever they loose their effect. I am going to depend on my own two feet and my income. Most of the secured cards I have do not grow and I maxed them out with deposits. I have to keep putting the money away. So I have opened other secured. Soon I’ll close some of the secured cards and collapse them into accounts that allows large secured cards.

 

I know with $50k I can more money some where else. I am happy for now my secured cards are FDIC insured. Don’t have to loose my money. Some accounts earn interest and some do not. When I collapse them and put $50-$100k in deposit with them, I am sure lot of Small Banks or CUs would be happy and drule to give me preferential terms on secured cards with them and throw in add in benefits. Even other wise my money is safe and FDIC insured. The secured cards are only small part of my income that I have invested. I am making massive investments in other areas where I can generate large amounts of revenues.

 

I have no idea where my scores stands. I am going to stand on my own two feet and try to maximize my income and savings. In the mean time, I am going to continue pumping cash into secured cards. Keep paying off the Student loans I have. They are costing me interest. I am going to start paying off the student loans and chop off the interests on student loans.

 

Hoping for this in time lines. Might happen in the same sequence or not. At least I have a plan until October 2021.

October2020: 6 months CLI. Blaze, FSCC
September 2020: Close Indigo Card at 12 months.
November 2020: SFDCU might graduate. Move Deposit over to NIHFCU
January 2021: Harley secured card might graduate. Move Deposit over to NIHFCU
March 2021: US Bank secured card might graduate. Move Deposit over to NIHFCU. Close Wayfair/Cominity card after 6 monthly payments
April 2021: Annual fee waiver and cli on Blaze, FSCC.
May 2021: Merrick Bank Secured card. Turns two years old. Close the card and move deposit over to NIHFCU
June 20210: First Progress secured card. Turns two years old. Close the card and move deposit over to NIHFCU
July 2021: OpenSky Secured Card. Turns two years old. Close the card and move deposit over to NIHFCU
August 2021: Amex Optima turns 12 months. Apply and get Amex Charge Card. Amex Blue Cash Credit Card.
September 2021: Affinity Secured Card turns 24 months. Request unsecured card. Move deposit over to NIHFCU
October 2021: Apply for NIHFCU unsecured card a 18 month mark.

 

It might happen or not happen. By October 2021, I am hoping to at least have
Amex Charge, Amex Credit Card, US Bank Credit Card, Harley Credit Card, NIHFCU, Blaze

Worst case, I’ll still have couple of secured cards with 25k in limits, my beloved Blaze, FSCC and Amex Charge and Credit Card.

Message 12 of 14
LaHossBoss
Senior Contributor

Re: Got NIHFCU Secured Card Approved


@Red1Blue wrote:

Hi @FireMedic1 and @LaHossBoss, I know you both meant well. I agree with your suggestions. No more new accounts. I had to do what I had to do when I opened the new accounts and hits I took. I have no regrets. They served their purpose. I feel ashamed for my credit situation as one of the highly educated MD/PhD and leading professional in the country. This happend when I was in Medical School and did not have room to maneuver. Now, fortunately, I have income potential and I am going to make the best use of it and save, save and save for the future. And never get into this bad credit situation. I learned my lesson.

 

I have paid most of the COs and remaining are in process to be paid off in the next few weeks. I am living up to my obligation. I am not going to keep worrying about my FICO scores up and down or some lender is going to feel sorry for me and give me credit. I have passed that stage in my life. The COs will wear off over the time when ever they loose their effect. I am going to depend on my own two feet and my income. Most of the secured cards I have do not grow and I maxed them out with deposits. I have to keep putting the money away. So I have opened other secured. Soon I’ll close some of the secured cards and collapse them into accounts that allows large secured cards.

 

I know with $50k I can more money some where else. I am happy for now my secured cards are FDIC insured. Don’t have to loose my money. Some accounts earn interest and some do not. When I collapse them and put $50-$100k in deposit with them, I am sure lot of Small Banks or CUs would be happy and drule to give me preferential terms on secured cards with them and throw in add in benefits. Even other wise my money is safe and FDIC insured. The secured cards are only small part of my income that I have invested. I am making massive investments in other areas where I can generate large amounts of revenues.

 

I have no idea where my scores stands. I am going to stand on my own two feet and try to maximize my income and savings. In the mean time, I am going to continue pumping cash into secured cards. Keep paying off the Student loans I have. They are costing me interest. I am going to start paying off the student loans and chop off the interests on student loans.

 

Hoping for this in time lines. Might happen in the same sequence or not. At least I have a plan until October 2021.

October2020: 6 months CLI. Blaze, FSCC
September 2020: Close Indigo Card at 12 months.
November 2020: SFDCU might graduate. Move Deposit over to NIHFCU
January 2021: Harley secured card might graduate. Move Deposit over to NIHFCU
March 2021: US Bank secured card might graduate. Move Deposit over to NIHFCU. Close Wayfair/Cominity card after 6 monthly payments
April 2021: Annual fee waiver and cli on Blaze, FSCC.
May 2021: Merrick Bank Secured card. Turns two years old. Close the card and move deposit over to NIHFCU
June 20210: First Progress secured card. Turns two years old. Close the card and move deposit over to NIHFCU
July 2021: OpenSky Secured Card. Turns two years old. Close the card and move deposit over to NIHFCU
August 2021: Amex Optima turns 12 months. Apply and get Amex Charge Card. Amex Blue Cash Credit Card.
September 2021: Affinity Secured Card turns 24 months. Request unsecured card. Move deposit over to NIHFCU
October 2021: Apply for NIHFCU unsecured card a 18 month mark.

 

It might happen or not happen. By October 2021, I am hoping to at least have
Amex Charge, Amex Credit Card, US Bank Credit Card, Harley Credit Card, NIHFCU, Blaze

Worst case, I’ll still have couple of secured cards with 25k in limits, my beloved Blaze, FSCC and Amex Charge and Credit Card.


How did it go getting the US Bank secured CC? I have really been interested in that card for the potential of getting the Cash+ PC after graduating! I have a new checking/savings account with them, if that makes a difference.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 7•21 | EQ [F8 645] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 643] | EX [F8 714] [F9 675] [EX2 681] [VS3 674]
Goal Score: 670 [X] TU [X] EX

Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 7•21 | EQ [F8 670] [F9 622] [EQ5 706] [VS3 639] | TU [F8 676] [F9 673] [TU4 652] [VS3 620] [VS4 598] | EX [F8 707] [F9 711] [EX2 680] [VS3 656]
Goal Score: 670 [X] TU [X] EX




Message 13 of 14
Red1Blue
Super Contributor

Re: Got NIHFCU Secured Card Approved


@LaHossBoss wrote:

How did it go getting the US Bank secured CC? I have really been interested in that card for the potential of getting the Cash+ PC after graduating! I have a new checking/savings account with them, if that makes a difference.

Just applied online. US Bank secured card is very easy to apply and get approved for. They have low credit score requirements. I applied for Harley Davidson Secured Card issued by US Bank in January 2020. However this we can not product change and remains as Harley card even after graduates.  Harley card does not have AF.  So I applied US Bank Secured Card in March 2020 and once it graduates  I can product change this card to some thing different. US Bank Card does have an AF. It might graduate after 12 months and we can call ask for AF waiver and also Product Change. I beleive min amount is $250 and max amount we can have in each US Bank secured card is $5k. Once we get the card for 6 months we can not add additional deposit and ask for CLI. Also each time we ask for CLI there will be a hard inq. For me it is on EX. Could be different where you live. I maxed out the deposit on both cards. Hoping they will graduate some time in the future. If you are interested in US Bank secured card go for it. They are easy to get approved and chances of graudation at 12 months is very high.

Message 14 of 14
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