topic Re: BECU Secured Card Thoughts - in Credit Card Applications

BECU Secured Card Thoughts -

Andy77 — Tue, 07 Jun 2022 21:00:39 GMT

I love airplanes so I wanted to get a Boeing credit card and I am sure I don't qualify for their regular cards (Bk Discharged 5/20/20) so I am not going to apply for a regular card and I was thinking of applying for their secured card, but how would it look if I have all of these cards with high limits for a few years during my rebuild and then all of a sudden I have a "secured card", will that look bad on my CR ?

Thank you.

Re: BECU Secured Card Thoughts -

TRC_WA — Tue, 07 Jun 2022 22:00:05 GMT

If you already have unsecured cards I wouldn't waste my time with secured cards. I certainly haven't.

BECU is a nice credit union to get in with (gotta be WA state resident I believe) but your best bet is to wait til your profile improves a bit and if you burned them in a BK you are blacklisted as is the case with most CUs.

Re: BECU Secured Card Thoughts -

Andy77 — Tue, 07 Jun 2022 22:11:16 GMT

I think I can qualify if I am a member of the UW Alumni Assoc, which I am.

I am two years post BK and I saw where another memeber here was four years post bk dischard and applied with BECU, they denied him and he did a recon and they approved 1k on an unsecured card.

Waiting two more years for an unsecured card with a 1k limit, when I could get the secured card with a higer limit, seems like a long tme, but I know I have to be patient.

Re: BECU Secured Card Thoughts -

CH-7-Mission-Accomplished — Tue, 07 Jun 2022 22:26:03 GMT

@Andy77 wrote:

I love airplanes so I wanted to get a Boeing credit card and I am sure I don't qualify for their regular cards (Bk Discharged 5/20/20) so I am not going to apply for a regular card and I was thinking of applying for their secured card, but how would it look if I have all of these cards with high limits for a few years during my rebuild and then all of a sudden I have a "secured card", will that look bad on my CR ?

Thank you.

I applied one year post discharge and got a $10K unsecured limit Visa. I have banked with them for a long time. They underwrite secured credit cards nearly the same as unsecured -- they require a 620 or 625 TU 8 as I recall even for a secured card. Today that Visa card has a $28K limit and I also have a $10K unsecured LOC with them. Before I knew what I was doing, I did open two six month SSL's with them right after filing and paid them off. Maybe that gave me some cred, I don't know, it's been a very long time now.

I agree there is no need to go the secured route with them. Just make sure you don't have too many recent apps and go for the unsecured credit. They are not BK friendly for the first year, but after that if your scores and income are okay, and they like your profile, you're good.

Re: BECU Secured Card Thoughts -

CH-7-Mission-Accomplished — Tue, 07 Jun 2022 22:27:39 GMT

@Andy77 wrote:

I think I can qualify if I am a member of the UW Alumni Assoc, which I am.

I am two years post BK and I saw where another memeber here was four years post bk dischard and applied with BECU, they denied him and he did a recon and they approved 1k on an unsecured card.

Waiting two more years for an unsecured card with a 1k limit, when I could get the secured card with a higer limit, seems like a long tme, but I know I have to be patient.

Oh and anybody can join, but there are many reports on this forum and other forums about BECU's insane "financial crimes department," which is a sort of a verification hell. Once people get into that hell, it's pretty much hopeless. This does not apply to people in their footprint.

Re: BECU Secured Card Thoughts -

Andy77 — Tue, 07 Jun 2022 22:51:24 GMT

Thank you for all the DP's. I hope I don't get looped into that financial hell verification. SDFCU (State Dept Fed Credit Union) did that to me and the only way around that was for me to fly back East to Washington DC or Virginia and go into a branch, no thanks.

Re: BECU Secured Card Thoughts -

TattnallTrio — Wed, 08 Jun 2022 03:36:02 GMT

There are a few ways you can join BECU. I was denied a credit card with them originally and had them reconsider me for a secured card. It later unsecured (hard pull). As for the card with the Boeing Airplane on it, they consider it an affinity card and require you to be a Boeing Employee, either past or present.
Also, only the Cash Back card has a signature version.

Re: BECU Secured Card Thoughts -

Janneman — Sun, 12 Jun 2022 03:51:22 GMT

Does anyone know if joining them is a sp or hp? Not seeking any credit, only wanna join them..or perhaps a deposit a/c maybe??

Denied BECU CC ..

Andy77 — Sat, 18 Jun 2022 12:54:37 GMT

I just joined BECU about two days ago and I pulled the trigger on one of their credit cards. I was denied and not offered a secured card.

The analyst told me I had too many new accounts and it was denied due to my bk

When should I reapply, I was thinking at a minimum six months, but think a year would be best, what do you think ?

My newest account is a month old

BK discharged 5/20/20

TU 685

Re: Denied BECU CC ..

CH-7-Mission-Accomplished — Sat, 18 Jun 2022 18:16:09 GMT

@Andy77 wrote:

I just joined BECU about two days ago and I pulled the trigger on one of their credit cards. I was denied and not offered a secured card.

The analyst told me I had too many new accounts and it was denied due to my bk

When should I reapply, I was thinking at a minimum six months, but think a year would be best, what do you think ?

My newest account is a month old
BK discharged 5/20/20
TU 685

I have done great with BECU. If that is a Tu8, that's a great score for them. That's not the issue. They gave me a $10K Visa one year post discharge so that's not an issue. They require one year post discharge. So the issue is the number of accoounts you have opened. How many have you opened? If it's a lot (like more than 5), I would wait at least 12 months to re-apply.

Re: Denied BECU CC ..

Andy77 — Sat, 18 Jun 2022 18:31:41 GMT

Thank you. I think in the last six months I opened 3-5. I have 12 inq spanning from 11/2021 through present. So, I will wait a year and try agian.

Thank you.

Re: BECU Secured Card Thoughts -

SouthJamaica — Sat, 25 Jun 2022 19:15:44 GMT

@Janneman wrote:
Does anyone know if joining them is a sp or hp? Not seeking any credit, only wanna join them..or perhaps a deposit a/c maybe??

No HP for membership.