topic Re: NFCU Secured or wait? in Credit Cards

NFCU Secured or wait?

Anonymous — Sat, 07 May 2016 02:04:56 GMT

I just recently joined NFCU and opened a savings account. The lady on the phone said I had been approved for a secured nRewards card. I already have 2 secured cards so I declined. I have been wanting to close my open sky secured and get a discover secured and close my credit one card. Should I open a secured card with NFCU once I close a couple of my other cards or should I wait until I can get approved for a unsecured card through NFCU?

Re: NFCU Secured or wait?

Kennie02 — Sat, 07 May 2016 18:16:25 GMT

I say definitely get the NFCU secured! They are amazing! I started with low scores and after 1 year of rebuilding it went unsecured. I was able to do a PC to the cashRewards and now that unsecured has a limit of $11.5K. It is definitely worth it.

Re: NFCU Secured or wait?

Anonymous — Sat, 07 May 2016 23:23:56 GMT

@Kennie02 wrote:
I say definitely get the NFCU secured! They are amazing! I started with low scores and after 1 year of rebuilding it went unsecured. I was able to do a PC to the cashRewards and now that unsecured has a limit of $11.5K. It is definitely worth it.

Thank you for your input. I have heard alot of great things about NFCU. I will get i thier secured program once I close my other cards. I want to start building with reputible companies and lose the builder cards. They have served their purpose and I will thank god for them. They have dug me out of a hole I never thought I could get out of, but, its time to move on.

Re: NFCU Secured or wait?

Grafton88 — Sun, 08 May 2016 22:48:07 GMT

I started March 2015 with a NFCU Secured CC. It was my start to rebuild my credit. It was PCed by them to unsecured last month with a CL of $5000. I hope to get that up to $20,000 in a couple of months.

I also got a secured savings loan from them to get a good credit mix.

Your other cards, if you close them, will still be part of your AAoA for 10 years.

I would get the NFCU secured card now. I don't think, with your present scores, they would give you an unsecured card. Start building that relationship with them. It will pay off big time in the future.

Re: NFCU Secured or wait?

Anonymous — Tue, 10 May 2016 00:05:24 GMT

@Grafton88 wrote:
I started March 2015 with a NFCU Secured CC. It was my start to rebuild my credit. It was PCed by them to unsecured last month with a CL of $5000. I hope to get that up to $20,000 in a couple of months.

I also got a secured savings loan from them to get a good credit mix.

Your other cards, if you close them, will still be part of your AAoA for 10 years.

I would get the NFCU secured card now. I don't think, with your present scores, they would give you an unsecured card. Start building that relationship with them. It will pay off big time in the future.

Thank you for the info. I will call them back next week and get a secured card. I will still close my other accounts as I do not use them. Using mostly Capital One cards for thier cash back and hoping for a good CLI.

Re: NFCU Secured or wait?

joltdude — Tue, 10 May 2016 00:21:05 GMT

Go for the NFCU card.... Now.. dont wait.... =)

They are extremely generous with scores that aren't as high as other lenders.... Try not to burn them...

That aside...

Acquaintence of mine got a NFCU Secured card... defaulted on it....

they refunded him the difference of the deposit vs CL.....

Roughly a year later.. Scores really didnt improve all that much...

Approved him for a Cash Rewards.... with a 2K limit if i recall.... And thats after messing up on the secured card!

Say Bye to the Sky..... Could still go for the Disco secured if you wanted but directly app for it, not the regular one..

Also do you have a Capital One or a Credit One card.. if its a Credit One... Ditch the Credit One after the NFCU Secured card after the application is complete/money taken out for deposit

You said you had a Capital one card as well.... Let that card marinate and keep using it.. ....

Like to see how that plays out =)

-J

Re: NFCU Secured or wait?

Creditaddict — Tue, 10 May 2016 00:19:06 GMT

NO... Never take the secured card until you have at least been declined unsecured and tried secure message recon!!

Re: NFCU Secured or wait?

Anonymous — Tue, 10 May 2016 00:30:36 GMT

@Creditaddict wrote:
NO... Never take the secured card until you have at least been declined unsecured and tried secure message recon!!

May I ask the reasoning behind this? If I go this route should I wait until my scores go up more?

Re: NFCU Secured or wait?

Anonymous — Tue, 10 May 2016 00:32:56 GMT

my first attempt to reestablish credit was with a $500 NFCU secured card. they released the deposit in exactly a year. my CL is now $14k on my nRewards Visa. NFCU helped me get my credit started again and I am grateful.

Re: NFCU Secured or wait?

Creditaddict — Tue, 10 May 2016 00:34:18 GMT

@Anonymous wrote:
@Creditaddict wrote:
NO... Never take the secured card until you have at least been declined unsecured and tried secure message recon!!
May I ask the reasoning behind this? If I go this route should I wait until my scores go up more?

your 633 is WAY high enough for an approval for unsecured.

not sure rest of your report but still!

Re: NFCU Secured or wait?

joltdude — Tue, 10 May 2016 00:44:59 GMT

CA Has Spoken...

I didn't know what the threshold was.. I just was going by the rest of his profile....

Damn... didnt realize NFCU was that low hanging fruit...

Re: NFCU Secured or wait?

Anonymous — Tue, 10 May 2016 00:45:18 GMT

Creditaddict wrote:

NO... Never take the secured card until you have at least been declined unsecured and tried secure message recon!!

your 633 is WAY high enough for an approval for unsecured.
not sure rest of your report but still!

My report has multiple serious derogs, charge offs, recent lates (a collection that all of a sudden showed up as 120+ days late, curertnly in disupute). Why should I apply for an unsecured card than if I get declined to recon for a secured?

Re: NFCU Secured or wait?

Creditaddict — Tue, 10 May 2016 00:49:53 GMT

@Anonymous wrote:
@Creditaddict wrote:

@Creditaddict wrote:
NO... Never take the secured card until you have at least been declined unsecured and tried secure message recon!!

your 633 is WAY high enough for an approval for unsecured.
not sure rest of your report but still!
My report has multiple serious derogs, charge offs, recent lates (a collection that all of a sudden showed up as 120+ days late, curertnly in disupute). Why should I apply for an unsecured card than if I get declined to recon for a secured?

You can't recon to secured... you can recon decline unsecured and if still denied you have to apply for secured.

But, what are the lates on? no sense getting more credit if current credit is behind, you don't need new credit rebuild, you are better of rebuilding with current credit.

really though in the end, 1 inq for unsecured will not hurt you so you my as well try unsecured before taking the secured card.

Re: NFCU Secured or wait?

Anonymous — Tue, 10 May 2016 00:57:22 GMT

Lates are from old credit cards +2 years old, car payments from years ago, student loans (were in deferment so getting that fixed). I have a couple lates from recent on credit cards, only lates within a year but trying to GW them off as I changed addresses and the statements got lost in the mail.