confirmed nfcu no longer unsecuring cc's

rootpooty · ‎11-19-2012

After numberous phone calls this weekend and being told different things on how to unsecure my cc that ive had for around 13 mos I got a call earlier from an account manager and got a reply via the private message on their web page saying the same thing. They no longer unsecure accounts and that if i want an unsecure account I must apply for one. Bummer

daybreakgonesXe · ‎11-19-2012

It seems that's the way many card issuers are going with secured cards...I have an Orchard Bank Secured card, which is now still in the process of transferring. Used it to start building a credit history (which was dumb of me, should've done more research and gone for a student card. oh well...). I have $1500 sitting in a savings account at HSBC and no one yet know's what's going on with the transfer, if it'll be PC to a secured Capital One or unsecured capital one, what will happen to my deposit...etc. etc. Fun, right?! Especially since, as my signature shows, I already have prime cards. I'd hate to just flat out cancel it since it's my first card Oh well, can only wait and see!

rootpooty · ‎11-19-2012

Thats how I feel too. This was my first card and I wanted to maintain its relationship with them. Oh well cant complain about them they have been great to me

daybreakgonesXe · ‎11-19-2012

Though I've heard horror stories with Orchard Bank, I can't complain about them either. I only have/had two issues: 1) Took forever for them to issue my card...tons of paperwork I had to fill out and they took forever in filing! Applied the very end of March and didn't receive my card until the beginning of June XD and 2) an annual fee (only $35, but still!). All my other cards are annual fee free, and I'd like to keep it that way! My card expires on 6/13 though, and certain Orchard Bank customers were issued out new Capital One cards, so I'm itching to see what'll happen!!

What I would do for you is once all your other accounts reach the 8 year mark (not sure how long that'll be; for me it'll be forever when I considered it!), it would be acceptable to close it to get your money back without a major dink in your credit. Sure, it'll go down a bit, but within a few months will go right back up! The older your credit history, the less effect these things **bleep** your score! But then again, you never know! Maybe in the future these creditors will change their mind about the secured cards

Link2k · ‎11-19-2012

This is simply not true. Someone just had there card unsecured on November 13th.

Someone else called in to ask and they were told that it doesn't unsecure on November 14th. They asked by phone and secure message.

The person who had theirs unsecured did not request it and had the card since 01/11.

They have been saying their card doesn't unsecure for a while now (since at least September) and people keep getting theirs unsecured.

rootpooty · ‎11-19-2012

@Link2k wrote:
This is simply not true. Someone just had there card unsecured on November 13th.

Someone else called in to ask and they were told that it doesn't unsecure on November 14th. They asked by phone and secure message.

The person who had theirs unsecured did not request it and had the card since 01/11.

They have been saying their card doesn't unsecure for a while now (since at least September) and people keep getting theirs unsecured.

Subject: unsecuring credit card

Navy Federal Response 11/19/2012 : Thank you for your message. We apologize for the misinformation you have received regarding Secured account conversions. As of November 13th 2012 we no longer convert Secured accounts to Unsecured accounts. A new application must be submitted to qualify you for a regular account. If you wish to submit an application, you may do so through Navy Federal Online. On Navy Federal's Home page, hover over the Products and Services heading and select "Credit Cards." You may view the different types of credit cards we offer, and when you are ready to apply, click on "Apply" on the right under the requested card type. When the next screen appears, you will have to sign on to your Online Account Access. You may then fill out and complete the application. Should you prefer you, may also contact us anytime at 1-888-842-NFCU (6328) to submit an application. The Credit Card Lending Team will review your application and notify you in writing of its decision. If you are approved, a new account is generated, and a new trade line will be reported to the credit bureaus.

Link2k · ‎11-19-2012

@rootpooty wrote:
@Link2k wrote:
This is simply not true. Someone just had there card unsecured on November 13th.

Someone else called in to ask and they were told that it doesn't unsecure on November 14th. They asked by phone and secure message.

The person who had theirs unsecured did not request it and had the card since 01/11.

They have been saying their card doesn't unsecure for a while now (since at least September) and people keep getting theirs unsecured.
Subject: unsecuring credit card
Navy Federal Response 11/19/2012 : Thank you for your message. We apologize for the misinformation you have received regarding Secured account conversions. As of November 13th 2012 we no longer convert Secured accounts to Unsecured accounts. A new application must be submitted to qualify you for a regular account. If you wish to submit an application, you may do so through Navy Federal Online. On Navy Federal's Home page, hover over the Products and Services heading and select "Credit Cards." You may view the different types of credit cards we offer, and when you are ready to apply, click on "Apply" on the right under the requested card type. When the next screen appears, you will have to sign on to your Online Account Access. You may then fill out and complete the application. Should you prefer you, may also contact us anytime at 1-888-842-NFCU (6328) to submit an application. The Credit Card Lending Team will review your application and notify you in writing of its decision. If you are approved, a new account is generated, and a new trade line will be reported to the credit bureaus.

Right and as I said they sent out the same thing in September and someone had there card unsecured on November 13th. Its possible but a card was unsecured on the day they no longer unsecure cards but they said the same thing in September so I wouldn't count on it no longer unsecuring as this isn't the first time someone has gotten that response