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Closing a CU Secured card, will opening something else with them help?

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nitrov
Established Contributor

Closing a CU Secured card, will opening something else with them help?

No PC available on this card. I've had it about 2 years with a $1500 CL, 110% cash secured, so I'm ready to get my money back since I have plenty of unsecured CLs now. Would getting another card with them help at all? I know I can't backdate like my friends at Amex, so I figure I'll probably close it and be off on my merry way, but I figured I'd see if anyone has any pointers with CUs.

 

Gracias!

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 1 of 14
13 REPLIES 13
FinStar
Moderator Emeritus

Re: Closing a CU Secured card, will opening something else with them help?


@nitrov wrote:

No PC available on this card. I've had it about 2 years with a $1500 CL, 110% cash secured, so I'm ready to get my money back since I have plenty of unsecured CLs now. Would getting another card with them help at all? I know I can't backdate like my friends at Amex, so I figure I'll probably close it and be off on my merry way, but I figured I'd see if anyone has any pointers with CUs.

 

Gracias!


This would really depend how much you value your relationship with that particular CU.  You'd also have to consider, could you get something comparable if not better somewhere else?  Are they conservative enough that you'd be stuck with a moderate CL, albeit unsecured?  Other items to consider would be whether getting a larger line is a plus for you or is it about the APR, or maybe it's the rewards.  Just some items to think about.

Message 2 of 14
nitrov
Established Contributor

Re: Closing a CU Secured card, will opening something else with them help?


@FinStar wrote:

@nitrov wrote:

No PC available on this card. I've had it about 2 years with a $1500 CL, 110% cash secured, so I'm ready to get my money back since I have plenty of unsecured CLs now. Would getting another card with them help at all? I know I can't backdate like my friends at Amex, so I figure I'll probably close it and be off on my merry way, but I figured I'd see if anyone has any pointers with CUs.

 

Gracias!


This would really depend how much you value your relationship with that particular CU.  You'd also have to consider, could you get something comparable if not better somewhere else?  Are they conservative enough that you'd be stuck with a moderate CL, albeit unsecured?  Other items to consider would be whether getting a larger line is a plus for you or is it about the APR, or maybe it's the rewards.  Just some items to think about.


I honestly haven't gotten much of anything from the CU. I called today to tell them I want to cancel everything and apparently I have to wait for a call back from someone in order to do it. They're usually pretty open about what credit score is required for what CL approval on a credit card, so I figure I'll ask them what my possible approved CL would be if I app for an unsecured card with the present state of my CR. If they say something decent, like $5000ish, I'll prob app, otherwise, I'm officially in the garden!

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 3 of 14
Revelate
Moderator Emeritus

Re: Closing a CU Secured card, will opening something else with them help?


@nitrov wrote:

@FinStar wrote:

@nitrov wrote:

No PC available on this card. I've had it about 2 years with a $1500 CL, 110% cash secured, so I'm ready to get my money back since I have plenty of unsecured CLs now. Would getting another card with them help at all? I know I can't backdate like my friends at Amex, so I figure I'll probably close it and be off on my merry way, but I figured I'd see if anyone has any pointers with CUs.

 

Gracias!


This would really depend how much you value your relationship with that particular CU.  You'd also have to consider, could you get something comparable if not better somewhere else?  Are they conservative enough that you'd be stuck with a moderate CL, albeit unsecured?  Other items to consider would be whether getting a larger line is a plus for you or is it about the APR, or maybe it's the rewards.  Just some items to think about.


I honestly haven't gotten much of anything from the CU. I called today to tell them I want to cancel everything and apparently I have to wait for a call back from someone in order to do it. They're usually pretty open about what credit score is required for what CL approval on a credit card, so I figure I'll ask them what my possible approved CL would be if I app for an unsecured card with the present state of my CR. If they say something decent, like $5000ish, I'll prob app, otherwise, I'm officially in the garden!


I personally like having CU's, and multiples of them in fact.  You can keep your membership by simply leaving some money in a share account; I'll have the same issue with DCU in the future as my $2000 secured card isn't doing me a tremendous amount of good right now, but figure I'll leave it there till after I get mortgaged and then maybe look towards them for a reasonable balance carrying card assuming they still have a decent low APR target card.




        
Message 4 of 14
user5387
Valued Contributor

Re: Closing a CU Secured card, will opening something else with them help?

CU cards are definitely worth having, for example because they typically have no fees on BTs and cash advances, and low APRs.

 

Such a card is great for emergencies.

 

Message 5 of 14
bigblue7722
Valued Contributor

Re: Closing a CU Secured card, will opening something else with them help?


@user5387 wrote:

CU cards are definitely worth having, for example because they typically have no fees on BTs and cash advances, and low APRs.

 

Such a card is great for emergencies.

 


+1 the apr you can get a CU is way better in most cases then anywhere else

AMEX PRG NPSL,Lowes $17000,Capital One venture card $12,000,Us Airways mastercard $9500,Fidelity Amex $9000, Discover it $8000, Capital One Venture One $7500, BOA 123 rewards $7500 CSP $6000, Capital One Quicksliver $5500, Amazon Store card$5000,Barclay
Card Ring $5000 Chase Marriott $5000,Chase Hyatt $5000, Sallie Mae Mastercard $4400, Paypal smart connect $4000,Chase Freedom $3200, Capital one Quicksliver visa $3000, Chase IHG Rewards $2300, Chase Southwest Premier $2000, Citi Double Cash $1500, AMEX BCE $1000

Last app July 22nd 2015- No apps for two years.
Message 6 of 14
nitrov
Established Contributor

Re: Closing a CU Secured card, will opening something else with them help?

Yea, I never realized how good the rates on BTs and the purchase APR are, probably because my CL was always so low I couldn't do it anyway. I'm waiting on a call back from someone from the CU to tell me about my odds of an approval on an unsecured card based on my credit, hoping for decent news but if not I can just wait and get another card with them once my scores go up higher I guess. A big fat CL with a low APR would def come in handy in the near future!

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 7 of 14
nitrov
Established Contributor

Re: Closing a CU Secured card, will opening something else with them help?

So, I spoke to a credit card underwriter at the CU and explained my credit profile before apping and asked what my odds are for approval. I explained I had a lot of recent inquiries from buying my first house and needing credit for home improvement, etc. and she said they would NOT decline an app due to inquiries. Apped, got the HP on Equifax, score came back exactly as I said it would, she said "ok, we can approve you for $5000 at an interest rate of 16.99% right now, once your credit improves, we can look at it again, lower the rate, and increase the CL" I was excited!

 

I closed out the secured card, sent VOI and VOA, then got a call an hour later saying a 2nd and final underwriter said NO GO on the credit card because of my recent INQS! **bleep**! I called to speak with a manager and explained everything to her and am waiting to get a call back supposedly. These CUs can be so ridiculous sometimes! I was excited about a $5000 CL and now they're saying NOTHING? and a wasted inq?! UGH. Fingers crossed for recon with that mgr.

My Top 3: Amex Delta Platinum ($30k) | Amex PRG | Citi Prestige ($30k) |



Starting scores 600-640 (2013), current 765-775 (2019); It is possible!

Message 8 of 14
Kenny
Moderator Emeritus

Re: Closing a CU Secured card, will opening something else with them help?

Message 9 of 14
FinStar
Moderator Emeritus

Re: Closing a CU Secured card, will opening something else with them help?


@nitrov wrote:

So, I spoke to a credit card underwriter at the CU and explained my credit profile before apping and asked what my odds are for approval. I explained I had a lot of recent inquiries from buying my first house and needing credit for home improvement, etc. and she said they would NOT decline an app due to inquiries. Apped, got the HP on Equifax, score came back exactly as I said it would, she said "ok, we can approve you for $5000 at an interest rate of 16.99% right now, once your credit improves, we can look at it again, lower the rate, and increase the CL" I was excited!

 

I closed out the secured card, sent VOI and VOA, then got a call an hour later saying a 2nd and final underwriter said NO GO on the credit card because of my recent INQS! **bleep**! I called to speak with a manager and explained everything to her and am waiting to get a call back supposedly. These CUs can be so ridiculous sometimes! I was excited about a $5000 CL and now they're saying NOTHING? and a wasted inq?! UGH. Fingers crossed for recon with that mgr.


Sorry to hear about them changing their mind.  I hope it works out for you though.  Keep us posted.

Message 10 of 14
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