With Navy Federal do you have to apply for a new card or does their secured cards graduate to a non-secured one at some point?
Thanks for the response. I’ve had mine for along while now but it never graduated. I think I will call them and inquire about it.
@tbque wrote:
Thanks for the response. I’ve had mine for along while now but it never graduated. I think I will call them and inquire about it.
I actually just inquired about this myself with NFCU last week. I went in to my loocal branch on April 22nd to increase my limit to $1500.00 and then I started reading on Myfico that the card can graduate. I have had my card since June of 2017 and it never graduated. After I applied for the increase last week I was told not to touch the money in my saving for 3 to 5 business days because it would be pulled to be placed into a savings account to cover my credit limit increase. Hours later I noticed my credit limit increased to the $1500.00 but the $800 do get it there was still inmy savings. I figured, they said to give it 3 to 5 business days so I'll just wait. Today is April 30th and if my math is correct, this is the 5th business day and my money is still in my savings account.
Now lets back up a little. A day after I applied for the secured card limit increase I wrote a private message to NFCU telling them I would like to know my Internal NFCU score because I want to know how close I am to getting my card graduated to an unsecured card. This is the response they sent me verbatim......
"Secured accounts undergo a review to determine if the accounts can be converted to unsecured accounts. This process is done as a courtesy and is not a guarantee the account will be converted. This review includes not only a review of your Navy Federal accounts but also your credit report. If an account passes the review process, the conversion is processed systematically and the account is converted to a standard nRewards account at the same APR. The hold is released on the secured funds as part of the process. If the account does not qualify during the review process, it is subsequently reviewed each month thereafter until it does qualify for conversion."
Now, my money is still in my savings and I still have no idea whether my card has been graduated or not. It is very encouraging to know that after a certain time period they automatically review your account for graduation though. Hope this helps some people because it certainly helped me.
Starting Score: 549
Mine did finally g
@Anonymous wrote:
ch8ngeurstars
I did the same thing. Just know if it graduates the initial money you put into the savings to open the account should be released as well.
It's been about 7 months since you wrote this, Has it graduates to a standard card or is it still secured
Mine did finally graduate but I actually got a 2nd Navy Card (Cash Rewards) before it did.
Mine still has not graduated. It’s honestly very disappointing, but I’ll keep trucking and hope in happens some time in the next 6 months