topic Re: Navy Fed CU Secured Card in Credit Cards

Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 00:37:58 GMT

Does anyone know the requirements to get the Navy Fed secured card? Other than providing a deposit that will be held as security for the card, are they looking for anything else. I am unsure of my scores but I know the lowest one is 514 so this may be too low to qualify. I am also post Ch 7 discharged in July 09. Any info you can provide would be appreciated. As always, thank you.

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 17:27:22 GMT

@Anonymous wrote:
Does anyone know the requirements to get the Navy Fed secured card? Other than providing a deposit that will be held as security for the card, are they looking for anything else. I am unsure of my scores but I know the lowest one is 514 so this may be too low to qualify. I am also post Ch 7 discharged in July 09. Any info you can provide would be appreciated. As always, thank you.

Hi ER_Tech,

I spoke with a NFCU CSR this morning and the results to your questions are as follows:

Provided no NFCU account was included in your BK7 discharge,

1. You first must deposit an amount into your NFCU savings account..for example $500.

2. You must then call NFCU and apply for a secured card for this amount.

3. NFCU will then place a hold on the amount you request for the secured card.

4. NFCU will then run you EQ CR and you will go through an approval process.

5. NFCU will then determine your APR, typically between 15.9% to a maximum of 17.9%, based on you credit score.

6. NFCU will approve any NFCU member under this scenario.

7. NFCU will report your secured CC activity to all three major credit bureaus.

8. After 18 to 24 months( example used by CSR ) if your EQ score increases enough NFCU will unsecure the card. You will keep the same account number and all your secured savings on hold will be released for your use.

If you included any NFCU account in your BK 7 discharge NFCU will require you to pay those funds first, to be in a "positive status" with NFCU, before you can proceed with a secured CC. If you do this, presuming this scenario applys, NFCU will allow you to be eligible for a secured CC.

Note: I did not ask what the maximum or minimum amout NFCU will approve on a secured CC. However, when you are ready with an amount you are comfortable with in your NFCU savings account, contact NFCU and provide them with the amount you want to secure, they will will be pleased to assist you in this regard. The $500 amount I used, as an example above, was the example used by the NFCU CSR.

edited for clarity: changed the word "anyone" to "any NFCU member" for #6.

Message Edited by plasticman on 10-04-2009 10:27 AM

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 15:59:17 GMT

This is very valuable information!

Did you happen to ask about increasing the CL on an already issued secured card?

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 16:35:32 GMT

@Anonymous wrote:
This is very valuable information!

Did you happen to ask about increasing the CL on an already issued secured card?

I did not ask, however, the CSR did volunteer that the secured CC amount can be increased by further savings deposit. The CSR used an example of, "after 6 months from $500 to $1000". I did not ask if it could be done sooner. I am positive it can be increased after 6 months based on my conversation with the CSR.

edited for clarity

Message Edited by plasticman on 10-04-2009 09:35 AM

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 19:03:10 GMT

@Anonymous wrote:
@Anonymous wrote:
This is very valuable information!

Did you happen to ask about increasing the CL on an already issued secured card?
I did not ask, however, the CSR did volunteer that the secured CC amount can be increased by further savings deposit. The CSR used an example of, "after 6 months from $500 to $1000". I did not ask if it could be done sooner. I am positive it can be increased after 6 months based on my conversation with the CSR.

edited for clarity
Message Edited by plasticman on 10-04-2009 09:35 AM

CWCID and OP,

I spoke with a NFCU CSR again today, the results are as follows:

1. The minimum amount NFCU will issue a secured CC for is $500. You can have a secured CC CL up to a maximum of $50,000, provided you have the funds deposited in your savings account that NFCU can "hold", and all your accounts with NFCU are in good standing.

2. You can increase your secured CC CL at anytime, provided you have the funds in your savings account to secure it, and all your accounts with NFCU are in good standing.

ETA: One may want to keep in mind the secured amount should be no more than an amount one hopes to unsecure, once one has an EQ FICO score appropriate for the unsecured amount, at the time one applies to unsecure. IMHO

Message Edited by plasticman on 10-04-2009 12:03 PM

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 20:24:34 GMT

I called and was told that I would have to apply for an unsecured card first and if I did not qualify, I would be sent a letter telling me why and the letter "could possibly" include a counter offer to open a secured card. I applied online and was not approved. So, I guess I will have to wait for the letter to show up with a "possible" counteroffer.

FYI--I did have to open a savings acct with them and deposit $5 which I put on my debit card.

Thanks!!!!!!!

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 20:30:32 GMT

@Anonymous wrote:
I called and was told that I would have to apply for an unsecured card first and if I did not qualify, I would be sent a letter telling me why and the letter "could possibly" include a counter offer to open a secured card. I applied online and was not approved. So, I guess I will have to wait for the letter to show up with a "possible" counteroffer.

FYI--I did have to open a savings acct with them and deposit $5 which I put on my debit card.

Thanks!!!!!!!

You have to become a member of a CU before you can app for credit with them. $5 deposited in a "Share Account" is usually all that is required as long as you are qualified within the field of membership.

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 20:53:11 GMT

@Anonymous wrote:
I called and was told that I would have to apply for an unsecured card first and if I did not qualify, I would be sent a letter telling me why and the letter "could possibly" include a counter offer to open a secured card. I applied online and was not approved. So, I guess I will have to wait for the letter to show up with a "possible" counteroffer.

FYI--I did have to open a savings acct with them and deposit $5 which I put on my debit card.

Thanks!!!!!!!

Sounds like a typical response when denied for a unsecured card. Based on my conversations today with NFCU CSRs, if you are member you will indeed qualify for a secured card, provided all past/current accounts with NFCU are in good standing.

You may want to confirm my conversations with another NFCU CSR. If you are a member, you have an access number, use your access number to gain access to the NFCU CC department. You do not need to wait for the unsecured denial letter to ask questions of the CC department. I have not once had questions of mine unanswered by a NFCU CSR even if the question(s) did not apply to my specific account.

ETA: Are you positive your EQ credit report shows all accounts in the BK7 have been discharged? Do you have any accounts on you CR which do not show this end result?

Message Edited by plasticman on 10-04-2009 01:53 PM

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 20:54:42 GMT

After I qualified based on my DH's military experience. I did become a member by depositing the $5.

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 20:57:15 GMT

I called them and am going to send them a check to dep to my share account so that I can then qualify for the secured card. You have to have the money in your account obviously before they will initiate the secured card process so I am good on this end.

Yes, all accounts on my report show they were IIB and are discharged and show a 0 balance. None of my previous accounts were with NFCU.

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 21:23:29 GMT

@Anonymous wrote:
I called them and am going to send them a check to dep to my share account so that I can then qualify for the secured card. You have to have the money in your account obviously before they will initiate the secured card process so I am good on this end.

Yes, all accounts on my report show they were IIB and are discharged and show a 0 balance. None of my previous accounts were with NFCU.

@Anonymous wrote:
I called them and am going to send them a check to dep to my share account so that I can then qualify for the secured card. You have to have the money in your account obviously before they will initiate the secured card process so I am good on this end.

Yes, all accounts on my report show they were IIB and are discharged and show a 0 balance. None of my previous accounts were with NFCU.

Great!

You should be good to go with your secured application once you have the $500 in your savings account for the secured CC mimimum amount.

Were you told anything different than I was today by a NFCU CSR regarding the secured card?

edited for clarity

Message Edited by plasticman on 10-04-2009 02:23 PM

Re: Navy Fed CU Secured Card

Anonymous — Sun, 04 Oct 2009 21:10:12 GMT

@ plasticman

Nope, all info you provided was the same that I was provided. The only extra little thing that I can think of is that I was told the deposit is not available for you to apply for the secured card until at least 10 days after it is deposited. I guess that is to ensure that no fraudulent activity is taking place which makes sense which is not a problem. What is 10 days in comparison to the rest of your life.

I just drove the four short blocks to the post office and dropped the check in the box.

Thanks for making that call...that was very, very, very nice of you!!!!!!!!!

ER Tech