topic Re: SDFCU Secured Card in Credit Cards

SDFCU Secured Card

Cotton_Britches — Sat, 15 Aug 2015 03:58:17 GMT

Does sdfcu approve for a secured card if there are still baddies on the report? If not. which secured issuers do?

Re: SDFCU Secured Card

Anomalous — Sat, 15 Aug 2015 04:28:49 GMT

According to their site:

EMV Savings Secured Visa Platinum Card

This is the perfect card to establish or rebuild your credit with the comfort of having funds secured by your Regular Share Savings Account. This card works like a credit card, but is available for lower limits. Simply deposit the amount you want on the card into your savings account, and apply for your card. Plus, your money will earn interest in your savings account.
Low 6.99% APR*
No income verification or credit check required
Limits as low as $250
Secure chip-enabled technology
No foreign transaction fees
No annual fees
Flexpoints Rewards for every $1 spent

Re: SDFCU Secured Card

CH-7-Mission-Accomplished — Sat, 15 Aug 2015 04:58:11 GMT

They soft pull for membership and do Chex. No credit check for secured cards.

Re: SDFCU Secured Card

NRB525 — Sat, 15 Aug 2015 05:16:37 GMT

@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.

Re: SDFCU Secured Card

gibeon — Sat, 15 Aug 2015 08:35:57 GMT

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.

Re: SDFCU Secured Card

tbque — Sat, 15 Aug 2015 13:40:12 GMT

@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.