DCU credit card

[jbrown773]

After readying about what cards to start building credit back up, most people suggested DCU secured cards. I applied for a DCU secured credit card about a week ago and was approved with a credit limit of 7900 after verifying income, does that mean that I have to have 7900 in their saving accounts for me to get the card or the most I can have is 7900? Does anyone know about these cards?

[themizlyne]

If it's a secured card, your credit limit will end up being the amount you deposit. The minimum amount ($500 or $250 typically) to get the card should be specified in the approval letter.

[jbrown773]

Yah just figured that out, why do they set credit limits then? I was a bit confused because they asked for verication of income.. kinda weird they need that if your borrowing agaisnt what you have in their savings acc.

[DiabolicallyRandom]

Are you sure you were approved for a secured card? Or did they, maybe, counter you for a regular unsecured card? It seems a bit odd that they would give you an approval amount so specific, and large, on a secured card.

[DiabolicallyRandom]

From what I have seen, DCU tends to be a bit like NFCU. They can be fairly forgiving and generous.

[teamgray]

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@jbrown773 wrote:

After readying about what cards to start building credit back up, most people suggested DCU secured cards. I applied for a DCU secured credit card about a week ago and was approved with a credit limit of 7900 after verifying income, does that mean that I have to have 7900 in their saving accounts for me to get the card or the most I can have is 7900? Does anyone know about these cards?

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7900???   WOULD IT NOT BE BETTER TO GET TWO SECURED CARDS INSTEAD OF ONE, IF YOU HAVE THAT AMOUNT?

[jbrown773]

I got this in a email today

Good morning

Thank you for completing the membership application and Welcome to DCU!  In order to complete the Secured Visa application, the funds will need to be available in your DCU savings account and we will need to have a Secured Visa Agreement signed, we will be able to do this with an e-signature.   

Please contact the Consumer Loans department at weekdays 8am to 6pm and Saturday 9am to 3pm EST and a representative will be able to go over the remaining details of the credit card application.

Thank you for being a member of DCU!

Have a wonderful day!

Sincerely,

I did find it odd they gave me a specific amount like 7900 but I'm not sure what that amount even means because i've read it will match up to 100k in your savings. 

[DiabolicallyRandom]

Yeah, it seems confusing. I would call them and have them clarify it for you.]\\\\

[jbrown773]

Yah just following up, I called and they told me that the 7900 CL was the amount they wanted me to put on hold in their saving acc.