topic Re: SDFCU Visa - Question about "Matures" and CL when graduating in Bankruptcy

SDFCU Visa - Question about "Matures" and CL when graduating

masscredit — Thu, 26 May 2022 00:46:15 GMT

My SDFCU secured Visa is now showing in my account list. It says Matures.May 1, 2026. That's something that I haven't seen before. Do any members who have or had their card have any experience with this? To me it sounds like that's the date it will graduate but I see a lot of posts here that say theirs graduated after 12-13 months.

Also, when it comes to credit limits, do you think a card with a lower limit will be more likely to graduate sooner than one that is in the $7500-$10K range? I'm considering putting my savings money into that account so it will have a higher unsecured limit when the time comes.

Re: SDFCU Visa - Question about "Matures" and CL when graduating

Papa_Bear — Thu, 26 May 2022 05:51:36 GMT

My card has a maturity date something in 2024 but my one year graduation anniversary will be in July. I do believe that some members reported that SDFCU won't graduate a card that exceeds a certain limit. Not sure if that's true as my card started with a $500 limit and my wife's had a $250 limit.

Re: SDFCU Visa - Question about "Matures" and CL when graduating

Guyatthebeach — Fri, 27 May 2022 00:51:22 GMT

masscredit,

The maturity date is simply the expiration date of your card. Generally speaking, secured cards graduate with the same CL or higher within 12 to 15 months as long as you have no late payments and your credit is improving.

I didn't get the secured card, but I got an unsecured card for $1k. I requested a CLI to $5k years ago when I had to have surgery. I regularly got automatic CLI over time and currently have a CL of $40k. SDFCU may not have Navy Federal style customer service, but I do enjoy banking with them.

Guyatthebeach

Re: SDFCU Visa - Question about "Matures" and CL when graduating

masscredit — Fri, 27 May 2022 01:06:30 GMT

@Papa_Bear wrote:
My card has a maturity date something in 2024 but my one year graduation anniversary will be in July. I do believe that some members reported that SDFCU won't graduate a card that exceeds a certain limit. Not sure if that's true as my card started with a $500 limit and my wife's had a $250 limit.

I'm going to have to dig through some threads to see what they have to say. I hope I didn't exceed the limit but I think mine is higher than most people go with.

@Guyatthebeach That makes sense. I haven't seen an account listed like that. I should have my card next week. It's nice that their cards can grow like that.

Re: SDFCU Visa - Question about "Matures" and CL when graduating

TRC_WA — Tue, 31 May 2022 21:25:13 GMT

@masscredit wrote:
My SDFCU secured Visa is now showing in my account list. It says Matures.May 1, 2026. That's something that I haven't seen before.

I have no experience with Ch 7... only Ch 13. Still I see your profile sig and can't help but wonder why does one open $17k in SECURED cards? Please don't take offense this is a legit question. I'm asking because I see so many reports of banks throwing unsecured cards at people freshly discharged from Ch 7 but you went the secured route.

Why? For the ease of being approved? Did you have issues getting unsecured cards?

For the record ALL mine are unsecured and all but a couple were opened 3+ years into the 5 year Ch 13 payment plan... before I was even discharged.

So why secured?

Thanks in advance!

Re: SDFCU Visa - Question about "Matures" and CL when graduating

masscredit — Tue, 31 May 2022 22:29:57 GMT

@TRC_WA wrote:
I have no experience with Ch 7... only Ch 13. Still I see your profile sig and can't help but wonder why does one open $17k in SECURED cards? Please don't take offense this is a legit question. I'm asking because I see so many reports of banks throwing unsecured cards at people freshly discharged from Ch 7 but you went the secured route.

Why? For the ease of being approved? Did you have issues getting unsecured cards?

For the record ALL mine are unsecured and all but a couple were opened 3+ years into the 5 year Ch 13 payment plan... before I was even discharged.

So why secured?

Thanks in advance!

That's a good question. The reason I put everything towards getting secured cards is I didn't want to start off with toy limits. I got some pre-approved offers recently. One was for a $700 limit (don't remember which lender). The other was from Credit One for "up to" $2500. I did a lot of research before I went with these. I might be wrong with my thinking. I believe starting off with higher limits will get me further ahead with my rebuild. I may be more likely to get better cards sooner. I know scores have a lot to do with that also. If anything, I doubt it will hurt the process.

The TD Bank card should graduate in about 7 months. That will give me an unsecured $5000 limit that will grow. I also moved all of my banking over to them. They have branches all around me so that makes my life much easier.

SDFCU has some decent reviews. Things don't happen as quick as I want them to but they seem like a good credit union. That card just arrived today. It should graduate in 13 months. I read a post that said it might take longer for higher secured credit limits. Hopefully I didn't get carried away with it but once it becomes unsecured, I'll be doing pretty good with the limit.

OpenSky and Andrews... They won't graduate. I went with them just to build some history and increase the thickness of my file. I actually only planned to get three cards (OpenSky, TD Bank and SDFCU). There was no credit check for Andrews and I was getting a SSL from them anyway so I figured I'd get one of their cards too. These two cards will be canceled after I get good unsecured cards to replace them. Most likely in about a year.

OpenSky started reporting last week. It has 1% utilization. The Andrews card started over the weekend. The loan isn't on my reports yet. The first set of 08 scores are from just before I filed BK and the second set is from this morning with two cards reporting.

Before BK filed

EQ - 525

TU - 519

EX - 514

With two cards reporting (1% UTI), before DC -

EQ - 628

TU - 552

EX - 568

I have comparing reports in my "to do" list to see what, if any differences are on them. All accounts that are IIB are reporting correctly.

Re: SDFCU Visa - Question about "Matures" and CL when graduating

TRC_WA — Tue, 31 May 2022 22:56:18 GMT

@masscredit wrote:
The first set of 08 scores are from just before I filed BK and the second set is from this morning with two cards reporting.

Before BK filed
EQ - 525
TU - 519
EX - 514

With two cards reporting (1% UTI), before DC -
EQ - 628
TU - 552
EX - 568

I have comparing reports in my "to do" list to see what, if any differences are on them. All accounts that are IIB are reporting correctly.

Gotcha... makes sense. Thanks for sharing. What's odd is how much lower your scores got. Mine went down to the 580 range when I filed Ch 13 but that was as low as they got.

It's really apples and oranges though... It took me 5 years of Ch 13 payments to get a discharge. Can't really compare score differences with a 7 and 13.