Best Cards for 620 FICO8

[twilliam1313]

okay, good to know. I think that might be what I need to do is just let everything age for another year or so and then get rid of the subprimes like you said.  Also i did not know that a balance transfer from my from auto loan to a balance transfer card so I will need to look into that for sure.

[twilliam1313]

I actually ended up getting approved for NFCU after doing some research because both of my grand parents were in the military.  So waiting I am about to change my direct deposit from my current BA over to NFCU once i get that debit card and everything in the mail.  Should I wait a few months of having direct deposit before i try to refi my auto with them or do you think that I would be able to potentially do that right away?

[ForwardLooking]

NFCU is great and I love them.  Best part is, even their worst interest rate is capped at 18%.  I have two cards with them, the Flagship ($9k) and the More Rewards ($25,000).  But it took a while before they would give them to me.  I had to start with their secured card and work my way up as I cleaned up my credit reports.  I did try refinancing my car with them recently, but was denied and I am waiting on my letter as to why.  I suspect I am a little upside down, but I also have a few old baddies left on y report, so that may not be helping my case.  I'll let you know what I learn from the adverse action letter after I get it.

[twilliam1313]

Yeah for sure let me know what your denial was for as I still have a few blemish's. I think I'm just going to change my direct deposit to NFCU and do a pledge loan right away. See if I have any CC preapprovals with them and then try and refi once I build my internal score 

[ForwardLooking]

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@twilliam1313 wrote:

Yeah for sure let me know what your denial was for as I still have a few blemish's. I think I'm just going to change my direct deposit to NFCU and do a pledge loan right away. See if I have any CC preapprovals with them and then try and refi once I build my internal score 

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Hi @twilliam1313 

I got the Adverse Action letter from Navy Federal and wanted to share so you might have more info to make a decision on Navy Federal auto-refinance.  I currently have a 9% auto loan, but Navy was offering me $200 if I refinanced with them, so I figured I would give them a shot.  They had been targeting me with this offer for months now.  As stated before, I have a $9k Flagship card and a $25k More Rewards card with them.  They pulled only from TransUnion and my score they reported was 705, which is what my Fico8 score is on myFico.  They denied my auto refi for the following reasons:

1) Too many inquiries in the past 12 months.

• I have 3 listed on Transunion for the past 12 months

2) Length of time accounts have been established.

• I have 3 in the last 12 months
• 9 between 13-24 months
• Oldest Account is 29 years. Average age is 6.7 months

3)  Serious Delinquency

• I have an old repo / charge-off listed that is about 5.5 years old
• Everything else is green on my report

Hope this helps you.  It is back to gardening for me and letting my stuff age like fine wine.

[twilliam1313]

Hi,

I for sure appreciate you sharing all that with me because the reasons you were denied looks like I would be denied too because I have a lot of similar situations as you

[GreyvyTrain]

Seems like everyone on here is able to get in with NFCU, except me lol.  My father in law is a veteran but I do not believe he banks at all with NFCU.

[Horseshoez]

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@GreyvyTrain wrote:

Seems like everyone on here is able to get in with NFCU, except me lol.  My father in law is a veteran but I do not believe he banks at all with NFCU.

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Your spouse can get into NFCU regardless of whether your father-in-law banks there or not; once in your spouse can add you as a member as well.  I did this very thing with my wife, I am qualified to join but she is not, but the first account I opened was a joint savings account with her and now she is free to open accounts as she pleases.

[twilliam1313]

I actually bank with USAA already through my dad who both his parents were in the army but have since passed for many years.  I ended up calling the application phone number and told them my situation and they said that I still qualify because of my grandparents.  Gave them some information over the phone and then within 30 minutes after the phone call I got an email to submit documents (gov issued ID and proof of physical address) and that was it.  Submitted those on 4/12 and it said give 5 business days to review and got my acceptance 4/16 and they said they are going to mail my membership information in the next 10 business days.

[7774x]

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@twilliam1313 wrote:

I am in the process of rebuilding my credit right now and trying to get some decent credit cards. My FICO 8 on all the bureaus is 620-624. I do have a repo/charge off from 2019 with Flagship Credit Acceptance. I have 6 late payments as well in the last 3 years. My current set up is:

Cap1 secured: $200

Cap1 quicksilver1: $400

Credit One platinum: $300

Credit One Wander: $500

premier1 : $500

milestone: $700

mission lane: $1100

Any recommendations? I can't get discover or chase as I had charge offs with them when I was 18, they are off my reports and were all paid off but they still have not forgiven me.

Also any recommendations on Auto Loan Refinance companies. Currently have a loan through Cap1 with 20.8% APR that I've had for almost 2 years now and my scores have gone up from low 500s to where I'm at now since I got that.

Any help or guidance is much appreciated as I am just at the start of my rebuild.

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Get ahold of a CU Navy .. Penfed  today !! ,,when bought my vehicle 3 years Cap1 offered 19% .. Penfed gave under 5% for full loan even with some baddies on CR