topic Re: SDFCU Secured Card in Credit Cards

SDFCU Secured Card

Credit_Master — Sat, 27 Feb 2021 00:21:38 GMT

Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.

Re: SDFCU Secured Card

AllZero — Sat, 27 Feb 2021 03:53:12 GMT

@Credit_Master wrote:
Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.

For FICO scoring purposes there should be no difference.

However, some credit union cards may report weird if you use it for AZEO. You won't know until you try it for AZEO and get the not using revolving credit negative reason code, e.g. All Zero score penalty.

Re: SDFCU Secured Card

CH-7-Mission-Accomplished — Sat, 27 Feb 2021 03:54:19 GMT

Don't worry about it saying secured. Auto and mortgage loans are secured too and if you have bad credit, lenders understand you taking the initiative to get a secured card. And as already stated, it has nothing to do with how FICO scores it. State Departement FCU was one of my first secured cards after BK7. Back then it did not graduate so I kept it until I got better unsecured cards. The only thing I hated about SDFCU was they charged like $5/month just to maintain a checking account -- and no other credit unions I've dealt with do this -- so my small balance account ate itself up with fees.

Re: SDFCU Secured Card

Bippy_33 — Sat, 08 May 2021 01:28:35 GMT

So, I pulled my credit report today and I see that my 12th payment has posted on Experian but, EQ & TU haven't updated yet. I called member services when I got home from work and ask the nice CSR lady about getting my card unsecured according to the information given when the account opened up 1 year ago. Since I didn't get home early enough to speak with the loan department she took all my information down and said she will email it over to the loan dept. to see if it can be graduated. She said it shouldn't be a problem since I kept my utilization at 1% all year & never missed any payments. She also noted that with my other open credit card accounts I also kept them at 1% utilization since they were opened and she said that is also a plus. I told her that all I'm asking is that SDFCU keep their promise to unsecure after 1 year if the card was used responsibly ( which it was ) and she said it was totally reasonable for me to ask them to do that so, I won't have an answer until Monday or so next week and I will let everyone know what they said. She asked me if I was interested in applying for another card and I said no and that I shouldn't have to use a hard pull to try to get an unsecured card if they promised to graduate after 1 year and again she said that is totally understandable. I asked her how long out of BK do you have to be if I were to apply but, she said she didn't know so, I told her I'll sit tight and wait for them to unsecure the card. Hopefully I'll have good news next week but, I did say that I have no intentions of waiting another year if according to their website they would unsecure it after 1 year with responsible use and payments so, keeping my fingers crossed on this. I'll keep you all posted !!!

Re: SDFCU Secured Card

jmcmillan — Sat, 08 May 2021 02:25:24 GMT

@Bippy_33 wrote:
So, I pulled my credit report today and I see that my 12th payment has posted on Experian but, EQ & TU haven't updated yet. I called member services when I got home from work and ask the nice CSR lady about getting my card unsecured according to the information given when the account opened up 1 year ago. Since I didn't get home early enough to speak with the loan department she took all my information down and said she will email it over to the loan dept. to see if it can be graduated. She said it shouldn't be a problem since I kept my utilization at 1% all year & never missed any payments. She also noted that with my other open credit card accounts I also kept them at 1% utilization since they were opened and she said that is also a plus. I told her that all I'm asking is that SDFCU keep their promise to unsecure after 1 year if the card was used responsibly ( which it was ) and she said it was totally reasonable for me to ask them to do that so, I won't have an answer until Monday or so next week and I will let everyone know what they said. She asked me if I was interested in applying for another card and I said no and that I shouldn't have to use a hard pull to try to get an unsecured card if they promised to graduate after 1 year and again she said that is totally understandable. I asked her how long out of BK do you have to be if I were to apply but, she said she didn't know so, I told her I'll sit tight and wait for them to unsecure the card. Hopefully I'll have good news next week but, I did say that I have no intentions of waiting another year if according to their website they would unsecure it after 1 year with responsible use and payments so, keeping my fingers crossed on this. I'll keep you all posted !!!

@Bippy_33 please let us know what happens. I got two of their secured cards after my bankruptcy, and i'm curious how easy the graduation is.

Re: SDFCU Secured Card

designated_knitter — Sat, 08 May 2021 02:25:33 GMT

@Credit_Master wrote:
Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.

I've attempted rebuilds using both secured and unsecured "sub-prime" cards. I can tell you that secured is definitely the way to go assuming you have a decent secured card that doesn't take half a decade to graduate.

Sub-prime cards probably cost you as much in fees as a secured card and you get stuck in sub-prime heck. But reputable secured cards will allow you to get rolling towards prime cards much faster.

Plus, when you get your deposit back, it feels so good... like finding 20 bucks in your pants pocket when you're doing laundry!

Re: SDFCU Secured Card

jmcmillan — Sat, 08 May 2021 02:26:30 GMT

@AllZero wrote:
However, some credit union cards may report weird if you use it for AZEO. You won't know until you try it for AZEO and get the not using revolving credit negative reason code, e.g. All Zero score penalty.

I can confirm that AZEO works with the SDFCU secured card. I got a 20-point increase on my FICO 8 with 8% reporting with SDFCU.

Re: SDFCU Secured Card

AllZero — Sat, 08 May 2021 02:33:47 GMT

@jmcmillan wrote:
@AllZero wrote:
However, some credit union cards may report weird if you use it for AZEO. You won't know until you try it for AZEO and get the not using revolving credit negative reason code, e.g. All Zero score penalty.

I can confirm that AZEO works with the SDFCU secured card. I got a 20-point increase on my FICO 8 with 8% reporting with SDFCU.

Good to know. Thank you for sharing the data point.

Re: SDFCU Secured Card

jmcmillan — Sat, 08 May 2021 02:35:19 GMT

@designated_knitter wrote:
@Credit_Master wrote:
Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.
I've attempted rebuilds using both secured and unsecured "sub-prime" cards. I can tell you that secured is definitely the way to go assuming you have a decent secured card that doesn't take half a decade to graduate.

Sub-prime cards probably cost you as much in fees as a secured card and you get stuck in sub-prime heck. But reputable secured cards will allow you to get rolling towards prime cards much faster.

Plus, when you get your deposit back, it feels so good... like finding 20 bucks in your pants pocket when you're doing laundry!

This could not be more accurate. There’s that thread going around…. BK to 700 in two years, which recommends against secured cards and pushes you to apply for Credit One and others. I’m sorry, but I would rather have thousands of dollars in secured cards for 5 years versus paying $100 in fees for a $500 credit line sub-prime credit card. Having my $1,000 in an SDFCU secured credit card with no annual fee vs a high-fee card is like a 200% APR.

Re: SDFCU Secured Card

Bippy_33 — Sat, 08 May 2021 02:48:17 GMT

@jmcmillan Count on it my friend.

Re: SDFCU Secured Card

CH-7-Mission-Accomplished — Sat, 08 May 2021 04:49:17 GMT

@designated_knitter wrote:
@Credit_Master wrote:
Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.
I've attempted rebuilds using both secured and unsecured "sub-prime" cards. I can tell you that secured is definitely the way to go assuming you have a decent secured card that doesn't take half a decade to graduate.

Sub-prime cards probably cost you as much in fees as a secured card and you get stuck in sub-prime heck. But reputable secured cards will allow you to get rolling towards prime cards much faster.

Plus, when you get your deposit back, it feels so good... like finding 20 bucks in your pants pocket when you're doing laundry!

Bingo. You have nailed it.

I got into an argument with the guy who did the 700 in 24, now many years ago, and I will tell you, getting sub-prime cards is the dumbest move you can make -- aside from doing nothing.

I never did a subprime card -- ever. And my highest FICO 9 is 842, with a BK 7 reporting for three more years.

If you open a secured card, at least you have started a relationship with a lender who can give you an auto loan or a line of credit or a mortgage.

The guy who wrote the 700 in 24 attacked me about my position that secured cards were way better than sub-prime cards. I will hold up my scores and record. Sub-prime cards are a fool's errand. Nothing like going bankrupt and making another stupid mistake again.

Re: SDFCU Secured Card

designated_knitter — Sat, 08 May 2021 04:10:13 GMT

@CH-7-Mission-Accomplished wrote

The guy who wrote the 700 in 24 attacked me about my position that secured cards were way better than sub-prime cards. I will hold up my scores and record. Sub-prime cards are a fool's errant. Nothing like going bankrupt and making another stupid mistake again.

I've never heard of the 700 in 24 guy but he must hold stock in 1st premier and Credit 1!

Re: SDFCU Secured Card

Guyatthebeach — Sat, 08 May 2021 04:31:37 GMT

Credit_Master,

SDFCU's secured Visa does report as a secured card to all the CR's. They are a solid credit Union and one of a few financial institutions that has a solid history of approving recons. I do recommend that you use let this card report a balance and PIF after the statement closes. I checked my CR and when I leave a balance, it does report monthly, and I honestly don't remember how long it takes to rework using AZEO.

I'm a huge fan of SDFCU. When I opened my Visa about 8 years ago, my application was declined. I reconned and was approved for a $1000 unsecured. Now it's over $26000 and I get a preapproved offer regularly.

Hope that answers your questions.

Guyatthebeach

Re: SDFCU Secured Card

Guyatthebeach — Sat, 08 May 2021 05:08:14 GMT

@CH-7-Mission-Accomplished wrote:
@designated_knitter wrote:
@Credit_Master wrote:
Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.
I've attempted rebuilds using both secured and unsecured "sub-prime" cards. I can tell you that secured is definitely the way to go assuming you have a decent secured card that doesn't take half a decade to graduate.

Sub-prime cards probably cost you as much in fees as a secured card and you get stuck in sub-prime heck. But reputable secured cards will allow you to get rolling towards prime cards much faster.

Plus, when you get your deposit back, it feels so good... like finding 20 bucks in your pants pocket when you're doing laundry!
Bingo. You have nailed it.

I got into an argument with the guy who did the 700 in 24, now many years ago, and I will tell you, getting sub-prime cards is the dumbest move you can make -- aside from doing nothing.

I never did a subprime card -- ever. And my highest FICO 9 is 842, with a BK 7 reporting for three more years.

If you open a secured card, at least you have started a relationship with a lender who can give you an auto loan or a line of credit or a mortgage.

The guy who wrote the 700 in 24 attacked me about my position that secured cards were way better than sub-prime cards. I will hold up my scores and record. Sub-prime cards are a fool's errant. Nothing like going bankrupt and making another stupid mistake again.

You are totally right. I had to use secured cards to start my rebuild because I wasn't falling for that sub-prime fee pitfall again. I'm glad I did get those secured cards from PNC and SCSCU, because I'm still banking with them. They have both been great to me during my rebuild post bankruptcy.

I exchanged words with SoulMaster over the secured card. In my opinion, I won in the long term with over $800,000 in personal and business unsecured credit, with rates lower than what I before my bankruptcy. I still believe the 700 in 24 plan is a solid guide, but you don't have to follow it verbatim.

Guyatthebeach

Re: SDFCU Secured Card

CH-7-Mission-Accomplished — Sat, 08 May 2021 04:52:23 GMT

You are so right guy at the beach.

Re: SDFCU Secured Card

Credit_Master — Sat, 08 May 2021 11:23:20 GMT

@Guyatthebeach wrote:
Credit_Master,

SDFCU's secured Visa does report as a secured card to all the CR's. They are a solid credit Union and one of a few financial institutions that has a solid history of approving recons. I do recommend that you use let this card report a balance and PIF after the statement closes. I checked my CR and when I leave a balance, it does report monthly, and I honestly don't remember how long it takes to rework using AZEO.

I'm a huge fan of SDFCU. When I opened my Visa about 8 years ago, my application was declined. I reconned and was approved for a $1000 unsecured. Now it's over $26000 and I get a preapproved offer regularly.

Hope that answers your questions.

Guyatthebeach

Thank you for the reply! It was exactly what I was looking for thank you. I ended up not going with SDFCU but got OpenSky right before discharge and since discharge have the secured card from Andrews FCU (went with these two because there is no credit check for either card = no inquiry) and approved for two unsecured, Mission Lane (rewards / no AF) and Ollo (rewards / no AF). Only downside is the two secured cards I have will not graduate but I will replace them in time. Again thanks for taking the time to answer my question it is much appreciated.

Re: SDFCU Secured Card

designated_knitter — Sat, 08 May 2021 20:38:23 GMT

@Credit_Master wrote:
Thank you for the reply! It was exactly what I was looking for thank you. I ended up not going with SDFCU but got OpenSky right before discharge and since discharge have the secured card from Andrews FCU (went with these two because there is no credit check for either card = no inquiry) and approved for two unsecured, Mission Lane (rewards / no AF) and Ollo (rewards / no AF). Only downside is the two secured cards I have will not graduate but I will replace them in time. Again thanks for taking the time to answer my question it is much appreciated.

@Credit_Master since you are a member of Navy -- their secured nRewards is a terrific offering. I think you may have to be 1 year post DC to apply but definitely grab that card when you are able to. It graduates usually in 6-7 months to a Cash Rewards card with a 2K limit. 3 months after you get the nRewards, you can apply for an unsecured card and will usually be approved with a much larger limit (as in 5K or more).

Good luck!

Re: SDFCU Secured Card

CH-7-Mission-Accomplished — Sat, 08 May 2021 21:13:08 GMT

@designated_knitter wrote:
@Credit_Master wrote:
Thank you for the reply! It was exactly what I was looking for thank you. I ended up not going with SDFCU but got OpenSky right before discharge and since discharge have the secured card from Andrews FCU (went with these two because there is no credit check for either card = no inquiry) and approved for two unsecured, Mission Lane (rewards / no AF) and Ollo (rewards / no AF). Only downside is the two secured cards I have will not graduate but I will replace them in time. Again thanks for taking the time to answer my question it is much appreciated.
@Credit_Master since you are a member of Navy -- their secured nRewards is a terrific offering. I think you may have to be 1 year post DC to apply but definitely grab that card when you are able to. It graduates usually in 6-7 months to a Cash Rewards card with a 2K limit. 3 months after you get the nRewards, you can apply for an unsecured card and will usually be approved with a much larger limit (as in 5K or more).

Good luck!

You can get the Navy secured card immediately upon discharge. It will graduate in the usual fashion but I believe you are limited to a 2k unsecured limit until 1 year post filing. It can quickly grow to 25k and then 50k over time. Others can confirm. Good luck.

Re: SDFCU Secured Card

Credit_Master — Sat, 08 May 2021 22:56:03 GMT

Thank you for the Navy suggestion but I burned them in my BK7 and short of me winning the lottery will more than likely never make them whole. I did just make my last car payment with them (reaffirmed) and will more than likely close my checking/savings in the near future.

Re: SDFCU Secured Card

CH-7-Mission-Accomplished — Sat, 08 May 2021 23:51:11 GMT

@Credit_Master wrote:
Thank you for the Navy suggestion but I burned them in my BK7 and short of me winning the lottery will more than likely never make them whole. I did just make my last car payment with them (reaffirmed) and will more than likely close my checking/savings in the near future.

7, 16. 44, 27 & 39. 😎