Navy federal and rebuilding

[chevyguy178]

Thanks to my grandfather, just opened a navy federal savings account. On the rebuild after a tough couple years, bankruptcy, collections, multiple deaths, debilitating car accident... fico scores are all low ish 500's. About 6 credit cards (all small) still open and now positively reporting for the past 4 or so months. Car was always paid on time, and was recently paid off (thanks to the idiot who rear ended me and took off) so what should I try for/do with my new navy fed account? sit on it? try for a credit card? go for secured? tips tricks and advice all appreciated. Thanks!

[FicoMike0]

Six cards is more than enough. Building a relationship with navy could help in the future. Doing azeo and managing utilization will help scores. Keep individual cards under 29% and aggregate under 9%. Make sure you understand reported balance, that's what counts.

You don't say what cards you have. If some are subprime fee

pirates, you should plan to replace them. Iow limit secured cards build credit just fine, but it's nice if they can graduate into something you actually want.

If you have no installment loan, a ssl could help, navy offers them. Search the term.

Never be late! If you are, don't be 30 days late! Time is your friend.

[FicoMike0]

Another thing, if you need a checking, navy has a free one. Builds relationship, they like that. When you want a credit card or loan from them it helps to be old friends.

[Vinjints]

When I opened a special CD with them earlier this year, the rep specifically checked to see if I had direct deposit set up. Supposedly DD helps your internal score with them, and maybe that was required for the specific CD I was setting up. But if you can swing a direct deposit to them, it seems to be highly recommended for future products.

[FicoMike0]

The dd is a great idea. I did the easystart certificate too. Only $50 to start, locks in a good rate, you can add more later. More relationship.

[jolandry]

With your history, you need to do three things: 1. Set up DD; that's the most important thing they look for. 2. Do a pledge loan of 500-100; go on YouTube, there are millions of videos that show you how to do it. 3. Complete the pre-qualification and open a secured credit card. 4. Open a 50 CD. 5. Just do all of this and be patient until January.