topic Re: NFCU nRewards graduation datapoint! in Credit Cards

NFCU nRewards graduation datapoint!

ThetoriParadox — Sun, 12 Feb 2023 18:25:29 GMT

I asked NFCU for an APR reduction, on my sercured nRewards card that I have had for over a year, via secure message.

The response included some helpful info about graduating to an unsecured card (which might already be floating around on the forums but I wanted to share nonetheless)

Navy Federal Response 02/12/2023 : Thank you for using Navy Federal's eMessaging Service. Our Secured nRewards VISA accounts are not eligible for a rate evaluation until they have been converted to an unsecured account. After being open for six months, Secured accounts undergo an automatic review to determine if the account can be converted to an unsecured account. This process is done as a courtesy and is not a guarantee the account will be converted. The review of your account will be based on an evaluation of your Equifax credit files, including credit card account history at Navy Federal. Factors such as, but not limited to, outstanding balances, payment amounts, payment frequency, and payment history may also be considered in your review. Since this process is automated, we do not manually review accounts for un-securing.

If an account meets all required criteria, the conversion is processed systematically and the card is converted to an unsecured account at the same APR. The hold is released on the secured funds as part of the process. If the account does not qualify at the sixth month anniversary of the card, it is subsequently reviewed each month thereafter until it does qualify for conversion.

Re: NFCU nRewards graduation datapoint!

GZG — Sun, 12 Feb 2023 18:37:27 GMT

@ThetoriParadox wrote:
The review of your account will be based on an evaluation of your Equifax credit files, including credit card account history at Navy Federal. Factors such as, but not limited to, outstanding balances, payment amounts, payment frequency, and payment history may also be considered in your review. Since this process is automated, we do not manually review accounts for un-securing.

Good information to know, nice to have a message from them specifically stating they use EQ for graduation.

I've heard conflicting DPs here that they only use TU, or that they use TU for new apps and EQ for CLIs

Re: NFCU nRewards graduation datapoint!

TRC_WA — Sun, 12 Feb 2023 18:45:09 GMT

My $750 nRewards graduated to a $2000 CashRewards a few weeks ago. My 6th statement cut with a $0 balance and I emailed them asking about the upgrade... and the next day I got a response saying it was being upgraded.

From what I understand $2000 is the starting limit unless your secured deposit was higher.

Re: NFCU nRewards graduation datapoint!

OmarGB9 — Sun, 12 Feb 2023 21:43:09 GMT

@TRC_WA wrote:
My $750 nRewards graduated to a $2000 CashRewards a few weeks ago. My 6th statement cut with a $0 balance and I emailed them asking about the upgrade... and the next day I got a response saying it was being upgraded.

From what I understand $2000 is the starting limit unless your secured deposit was higher.

Correct.

OP, thank you for the DP. It is fairly well known they start evaluating for graduation at 6 months and keep checking monthly until you finally qualify, however, the bit of info on them using EQ along with account history to determine if an account is ready for graduation is new info I believe. So thank you for that.

Re: NFCU nRewards graduation datapoint!

Rx7mike — Fri, 03 Mar 2023 17:40:09 GMT

Have a secured card with 5k currently nonth 18 March 6 will be month 19

Regular usage and payment history will it. Also have flagship and go rewards both they increased limits without asking.

All my auto and personal loans are ontime no lates 770 ficos. This thing will not budge

In branch rep mentioned I should close it and open a platinum or navy amex as she was amazed it was not graduated yet.

My other 2 cards started as secured cards graduated after 6 months and 8 then did brand swap to Flagship on one. Fast forward 2 years opened the secured to add my kid as a au to start teaching them credit habits and it will not change.

Re: NFCU nRewards graduation datapoint!

GZG — Fri, 03 Mar 2023 18:09:50 GMT

@Rx7mike wrote:
Have a secured card with 5k currently nonth 18 March 6 will be month 19
Regular usage and payment history will it. Also have flagship and go rewards both they increased limits without asking.
All my auto and personal loans are ontime no lates 770 ficos. This thing will not budge
In branch rep mentioned I should close it and open a platinum or navy amex as she was amazed it was not graduated yet.
My other 2 cards started as secured cards graduated after 6 months and 8 then did brand swap to Flagship on one. Fast forward 2 years opened the secured to add my kid as a au to start teaching them credit habits and it will not change.

best guess is that you're at the maximum unsecured cap, so they check if you can have 5k additional unsecured, system decides no, so you don't graduate.

Close it out and get a third card and 5k back if you want it

Re: NFCU nRewards graduation datapoint!

Rhino71 — Fri, 24 Mar 2023 03:30:44 GMT

Well it happened to me today. I got an Email from NFCU that my secure Nrewards got converted to cashrewards. $500 /$2000

open in 8/9/2022 to 3/23/2023

Re: NFCU nRewards graduation datapoint!

sznthescore — Fri, 24 Mar 2023 15:08:15 GMT

@Rhino71 wrote:
Well it happened to me today. I got an Email from NFCU that my secure Nrewards got converted to cashrewards. $500 /$2000
open in 8/9/2022 to 3/23/2023

Same here. I got the email this morning. $500 to $2,000. Took about 20-21 months but it finally happened.

Re: NFCU nRewards graduation datapoint!

Rhino71 — Mon, 12 Jun 2023 11:50:09 GMT

Coming to the 3 months after graduating to Nrewards card.

should I ask for a CLI after and what should I expect of increase credit.

Re: NFCU nRewards graduation datapoint!

OmarGB9 — Tue, 13 Jun 2023 00:51:59 GMT

@Rhino71 wrote:
Coming to the 3 months after graduating to Nrewards card.
should I ask for a CLI after and what should I expect of increase credit.

It's actually 6 months between CLIs. The 91/3 is only when opening a new card.