@Cotton_Britches wrote:
Does sdfcu approve for a secured card if there are still baddies on the report? If not. which secured issuers do?
SDFCU doesn't look at the credit report at all, except for identity verification. The savings account security is the security. All the cardholder has to do is deposit $250+ to savings. It's then an easy next step to get the card, and responsibility of the cardholder to just pay as usual.
It's best not to think of SDFCU Secured card as going through an "approval" process. Deposit to the savings, request the card, the card is issued.
Yes they will approve with baddies (no credit score minimum or clean report required).
They are super nice on the phone and by email, and have always been very quick to answer SMs. However, their website is pretty archaic, and the the rewards section is painful to navigate (I have not actually tried toncash in any).
Also, my banks can't send them payments by ACH for some reason, so my billpay mails them a check - I had forgotten how slow paying mail is - so you will need to be careful about due dates.
On the plus side, it is a SUPER low interest rate, and you can add funds at any time (in $50 increments) by adding to your savings account.
They are super nice on the phone and by email, and have always been very quick to answer SMs. However, their website is pretty archaic, and the the rewards section is painful to navigate (I have not actually tried toncash in any).
Also, my banks can't send them payments by ACH for some reason, so my billpay mails them a check - I had forgotten how slow paying mail is - so you will need to be careful about due dates.
On the plus side, it is a SUPER low interest rate, and you can add funds at any time (in $50 increments) by adding to your savings account.
@NRB525 wrote:
@Cotton_Britches wrote:
Does sdfcu approve for a secured card if there are still baddies on the report? If not. which secured issuers do?SDFCU doesn't look at the credit report at all, except for identity verification. The savings account security is the security. All the cardholder has to do is deposit $250+ to savings. It's then an easy next step to get the card, and responsibility of the cardholder to just pay as usual.
It's best not to think of SDFCU Secured card as going through an "approval" process. Deposit to the savings, request the card, the card is issued.
Although I believe everyone who applies for a SDFCU secured card is approved unless they are in ChexSystems they do have an underwriting and approval process. Also, subsequent CLI increases go through the underwriting process before they are granted. Probably only a formality but nevertheless that is their process.
