NFCU Secured Credit card - Increase credit limt.

[Grafton88]

I noticed that in looking at my Secured CC account that there is a line of text that says "Increase my credit limit".

Does anyone know how this works?  I put $1000 down to start the card.  I have had it for about 8 months.  Do they just add credit to the card?

I was wondering if it would be better to go for an unsecured card?  I am paying off a credit building loan with them next month.  I was thinking of going there early next year to see about a personal loan, a CLOC, and an unsecured CC.  I wonder if it would be better to just wait?

[gibeon]

Depending on scores and derogs, you may be fine for CLOC and unsecured CC.

I was approved for CLOC after having secured card for a month or two, and CashRewards after about three months.

If you have no open derogs (unpaid collections/CO's) and your scores are Mid-600's or higher, I'd go for the unsecured.

The CLOC/Loan and CC departments are totally separate so one may approve you while the other one doesn't. They will do a hard pull for each product for which you apply.

If you want to increase your CL on your secure card, you'll need to make sure you have those funds available in your NFCU savings account. I don't know if they pull for that, but I doubt it. I've never heard of unsecured CLI's on the nRewards secured.

HTH,

Gib

[Grafton88]

Thanks Gibeon,

I had never seen that or knew how that would work.  I think I will just wait until early next year and visit the branch.  I like to talk to them in person.  My scores are mid-600 and I have no derogs.  I will have paid off my loan and my Secured CC will have minimal balance.  I will just see what they can do for me.

[ktl72455]

My mom got a cc offer and applied and was declined so I am thinking of putting 1,000 in her savings account and have her apply for the secured card but I am wondering if they have ever denied a secured card with the funds right there.?

[Anonymous]

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@ktl72455 wrote:

My mom got a cc offer and applied and was declined so I am thinking of putting 1,000 in her savings account and have her apply for the secured card but I am wondering if they have ever denied a secured card with the funds right there.?

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This was my first credit card and my scores were very low. Although, I didn't apply for a credit card before the secured card and was approved. I opened the card September 2013 and closed it a few months ago because it never graduated. Never made a late payment and overall credit profile had improved tremendously. Took my $500 back and never looked back. Now look at my limits with them. 

[Grafton88]

When I got my secured card with NFCU I didn't even have a FICO score.  My file was too thin to generate one.  They approved the card anyway.

[ktl72455]

My mom said with her denial letter they told her they could give her a secured card. She didnt tell me that! So I just put 1,000 into her savings account for her to get the secured card while we fix her credit.

[Grafton88]

That is great that you are helping your Mom.  Best of luck.