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Contributor
QueenofReinvention
Posts: 104
Registered: ‎12-01-2012
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Question: State Department Federal Credit Union Max for Secured Credit Card

Hi all, I wanted to see if anyone had any information regarding State Department Federal CU's max allowed for a secured credit card. I read somewhere that it was 100k???? Is that true? I don't have 100k, but if they go that high, then it's a good one that I could build on with time, and get a large credit line amassed.

 

Also, if anyone has applied and/or gotten accepted recently, can you let me know what CR they pull for membership, and if they do another pull for share secured loans/credit cards? I'm looking at joining the CU once I've paid down some of my debts, and closed a couple of cards.


Thanks to all, in advance!

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McArthur
Posts: 249
Registered: ‎12-24-2012
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card


QueenofReinvention wrote:

Hi all, I wanted to see if anyone had any information regarding State Department Federal CU's max allowed for a secured credit card. I read somewhere that it was 100k???? Is that true? I don't have 100k, but if they go that high, then it's a good one that I could build on with time, and get a large credit line amassed.

 

Also, if anyone has applied and/or gotten accepted recently, can you let me know what CR they pull for membership, and if they do another pull for share secured loans/credit cards? I'm looking at joining the CU once I've paid down some of my debts, and closed a couple of cards.


Thanks to all, in advance!


When I joined, they only placed a soft inquiry. If you apply for the secured card online, you may get a hard inquiry.  If you apply over the phone it will be a soft.

Contributor
QueenofReinvention
Posts: 104
Registered: ‎12-01-2012
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card

Thanks so much! That helps a lot, and I will make sure when I want to open my account and get the secured card, that I do everything all at once and over the phone, so that may lower my chances of HP's. I know nothing is EVER guaranteed, but anything I can do to lessen the chances, I'll do it!:smileywink:

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Revelate
Posts: 9,648
Registered: ‎12-30-2011
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card


QueenofReinvention wrote:

Thanks so much! That helps a lot, and I will make sure when I want to open my account and get the secured card, that I do everything all at once and over the phone, so that may lower my chances of HP's. I know nothing is EVER guaranteed, but anything I can do to lessen the chances, I'll do it!:smileywink:


Would you mind letting me know how that works out?  I researched them at one point (secured EMV, bonus!) but never got around to actually pulling the trigger.  

 

Not certain I need them anymore assuming I can get the EMV/PIN from BOFA but their secured card might be a neat trick for the future anyway if I can't figure out another way above 5K.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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McArthur
Posts: 249
Registered: ‎12-24-2012
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card


Revelate wrote:

QueenofReinvention wrote:

Thanks so much! That helps a lot, and I will make sure when I want to open my account and get the secured card, that I do everything all at once and over the phone, so that may lower my chances of HP's. I know nothing is EVER guaranteed, but anything I can do to lessen the chances, I'll do it!:smileywink:


Would you mind letting me know how that works out?  I researched them at one point (secured EMV, bonus!) but never got around to actually pulling the trigger.  

 

Not certain I need them anymore assuming I can get the EMV/PIN from BOFA but their secured card might be a neat trick for the future anyway if I can't figure out another way above 5K.

 


What is neat about their secured card is that the APR is 6.99%, no CA, BT or FTF fees and you get rewards.  Mind you, not stellar rewards, but better than a poke in the eye with a sharp stick.  And no INQ.  :smileywink:

Moderator
Revelate
Posts: 9,648
Registered: ‎12-30-2011
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card


McArthur wrote:

Revelate wrote:

QueenofReinvention wrote:

Thanks so much! That helps a lot, and I will make sure when I want to open my account and get the secured card, that I do everything all at once and over the phone, so that may lower my chances of HP's. I know nothing is EVER guaranteed, but anything I can do to lessen the chances, I'll do it!:smileywink:


Would you mind letting me know how that works out?  I researched them at one point (secured EMV, bonus!) but never got around to actually pulling the trigger.  

 

Not certain I need them anymore assuming I can get the EMV/PIN from BOFA but their secured card might be a neat trick for the future anyway if I can't figure out another way above 5K.

 


What is neat about their secured card is that the APR is 6.99%, no CA, BT or FTF fees and you get rewards.  Mind you, not stellar rewards, but better than a poke in the eye with a sharp stick.  And no INQ.  :smileywink:


Cash Advances though typically take the money straight out of the deposit on secured cards I thought?  

 

Interesting bit about the no BT fees though, and if I really could get that APR, hrm.  Might be a good financial defense play regardless, have to look into that this weekend.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
McArthur
Posts: 249
Registered: ‎12-24-2012
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card


Revelate wrote:

McArthur wrote:

Revelate wrote:

QueenofReinvention wrote:

Thanks so much! That helps a lot, and I will make sure when I want to open my account and get the secured card, that I do everything all at once and over the phone, so that may lower my chances of HP's. I know nothing is EVER guaranteed, but anything I can do to lessen the chances, I'll do it!:smileywink:


Would you mind letting me know how that works out?  I researched them at one point (secured EMV, bonus!) but never got around to actually pulling the trigger.  

 

Not certain I need them anymore assuming I can get the EMV/PIN from BOFA but their secured card might be a neat trick for the future anyway if I can't figure out another way above 5K.

 


What is neat about their secured card is that the APR is 6.99%, no CA, BT or FTF fees and you get rewards.  Mind you, not stellar rewards, but better than a poke in the eye with a sharp stick.  And no INQ.  :smileywink:


Cash Advances though typically take the money straight out of the deposit on secured cards I thought?  

 

Interesting bit about the no BT fees though, and if I really could get that APR, hrm.  Might be a good financial defense play regardless, have to look into that this weekend.


6.99% is the only APR they offer on their secured card and it applies to purchases, cash advances and also balance transfers.  Unless the prime rate jumps, there is no way you can get anything but 6.99%.

 

I have yet to see a secured card that allow access directly to the secured funds for a cash advance.  If you take a CA, it comes directly from your CL and must be repaid as a CA from a non-secured card Is.  As with most secured cards, the secured funds (deposit) remain untouched until either you default or the card somehow becomes unsecured or canceled.  

 

As far as unsecured cards go, this is one of the best.  Only drawback is that it will NEVER unsecured.  

Contributor
QueenofReinvention
Posts: 104
Registered: ‎12-01-2012
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card

[ Edited ]

Revelate wrote:

QueenofReinvention wrote:

Thanks so much! That helps a lot, and I will make sure when I want to open my account and get the secured card, that I do everything all at once and over the phone, so that may lower my chances of HP's. I know nothing is EVER guaranteed, but anything I can do to lessen the chances, I'll do it!:smileywink:


Would you mind letting me know how that works out?  I researched them at one point (secured EMV, bonus!) but never got around to actually pulling the trigger.  

 

Not certain I need them anymore assuming I can get the EMV/PIN from BOFA but their secured card might be a neat trick for the future anyway if I can't figure out another way above 5K.

 


Yep, I'll definitely report back! Unfortunately, it won't be for a few months, because I have some stuff to pay off first.

 

@McArthur - thanks for all of the information. I didn't realize that it was 6.99% rate, that's great. I'm not upset about the unsecuring part, because, I would imagine once my credit (hopefully) improves, then at some point, I could just app for another card. I would still retain that secured one probably too; simply for the AAoA, as long as I could afford to keep that amount locked up. My goal is to open with around 2k-2.5k in July'ish range, and then add more to get it to 5k by the end of the year. By the end of the year, I should have all my other accounts PIF, and the ones I want closed, should be closed by then.

 

Contributor
QueenofReinvention
Posts: 104
Registered: ‎12-01-2012
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card

FYI - I did go read their disclosures, and stuff, and the rate is anywhere from 6.99% to 14.99%; based on your credit: https://www.sdfcu.org/Library/Documents/Schumber%20Box%202.1.pdf That's the link to the CC information on rates & fees. There is other disclosure information on their site too.

Moderator
Revelate
Posts: 9,648
Registered: ‎12-30-2011
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Re: Question: State Department Federal Credit Union Max for Secured Credit Card


QueenofReinvention wrote:

FYI - I did go read their disclosures, and stuff, and the rate is anywhere from 6.99% to 14.99%; based on your credit: https://www.sdfcu.org/Library/Documents/Schumber%20Box%202.1.pdf That's the link to the CC information on rates & fees. There is other disclosure information on their site too.


Actually that's for the non-secured version; that disclosure agreement actually confirms what McArthur says about the interest rate being a flat 6.99% for the secured card.

 

Ah heck, I stll have my old BOFA deposit sitting around and since I have a while before getting mortgaged, may well just get it as I've racked up a number of inquiries in January already.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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