Navy Federal Secured Card?

Anonymous · ‎08-04-2015

I recently began working on my credit. I have signed up for a Wells Fargo Secured Card (500 CL) and a Capital One Secured Card (200 CL). I signed up for the Capital One before I knew it never graduates (Doh!) My brother will also be adding me as an AU on a Quicksilver card with a $6K CL and 3 years of perfect payment history. (I'm hoping this will provide a nice bump for my scores)

i have 3 questions.

1. Should I sign up for the Navy Federal Secured Card? I've had the NFCUaccount for about a month. I'm considering a $1K limit since it seems like this card graduates like clockwork if you treat it right.

2. I was told they do not use a hard pull to open up the Secured Card by a woman in the Loans Dept at NFCU. Is this correct? It seems suspect to me since they're know for hard pulling for everything.

3. When the card unsecures, I understand it's possible to have it PC'd to a different product. I wouldn't want an nRewards in the long run and would likely PC it. Do they generally allow you to PC to anything? Or do they require a hard pull and approval for that too?

thanks so much! New to all this and trying my best to make the right choices.

jkt1975 · ‎08-04-2015

1. Yes. they IMO are the best rebuilder card out there. Once it unsecures they are great about good size increases.

2. They may use the same pull they used to open your account assuming that was a fairly recent occurrence, other than that..its a hard pull

3. Yes, they will allow you to pc it. i just PC'd my nrewards to a flagship card.

good luck

NFCU Flagship-18k, PenFed Amex-5k, FNBO Visa-5k, Hyatt Visa-5k, Mileage Plus Club-5k, Barclay Rewards-3k, Regions Visa-5k, Lowes 6k, CreditOne 1150, VS-1100, WalMart-5k, QS1-1300, Cabellas 1k
Starting Scores 2/14 - TU 506 EX 447 EQ 459
Current Fico Scores - 12/3/15 - EX 653, TU 689, EQ 667 in the garden til 6/16/2016

gibeon · ‎08-04-2015

I have the Navy Secured for a $1,000 for a couple months now. I like the CSRs there. Looking forward to the card graduating soon.

I do not recall if they HPd for the secure. They seem to HP for everything though.

On the up side, they did approve me for a CLOC last month for $3,500. On the down side, I think I have a few more months with the secured before they will approve me for an unsecured card. (CSR said to wait six months with the secured then try again.)

23 Open Bank Cards / 7 Open Store Cards / TOO many inquires / Mid/High 600's

tbque · ‎08-04-2015

I'm trying to pull $500 together now so I can apply for the nRewards secured card. From what I read on these forums it's the secured card to have if you're rebuilding and eligible for it.

BOA Customized Cash Rewards Visa Platinum Plus | $300

Navy Federal CU Refinance | $23,492 @ 5.29%

Capital One Auto Finance | $14,068 @ 9.12%

Anonymous · ‎08-04-2015

Thanks everyone for the info! Does anyone know for certain whether they use a hard pull? Or if they might be able to use the same one from opening my account a couple of weeks ago? (It's been less than 30 days)

needtodobetter · ‎08-04-2015

Mine was definitely a hard pull. I just opened it last month. It was a HP for membership (TU) and then they did a HP for the secured card (EQ).

Good luck!

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
Second Goal Score: 640

needtodobetter · ‎08-04-2015

I should add - I was a member for about 2 weeks before I applied for the secured card.

I did add a shares loan with them and that was the one thing they did not do a HP for.

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
Second Goal Score: 640

Anonymous · ‎08-04-2015

@needtodobetter wrote:
Mine was definitely a hard pull. I just opened it last month. It was a HP for membership (TU) and then they did a HP for the secured card (EQ).

Good luck!

Thank you! I think I'm going to bite the bullet tomorrow and do it. I'll try to call and see if they can use the same pull. That would be wonderful. If not, it'll be worth it. 3 secured cards is plenty. I wish I had done more research and not applied for the CO Secured. Seems like such a dud. I should have waited to try for the Discover Secured. Oh well...

empiror22 · ‎08-04-2015

I got a NFCU secured card a year, just to see how it works. I already had regular NFCU cards.

Yes the card will grad after approx 13 months (if you improve your credit reports/ treat NFCU well)

I'm 95% sure it will be a HP on EQ, (most people have a HP for secured NFCU card)

I PC'd mine the day i found out it grad,

So that should answer the questions, to be honest i only did the secure card to see if it would grad. I did receive a letter about 3 weeks after it graduated saying that they were going to increase my limit to 1K (this happens if you have 1K or less), I asked for a CLI got 15k (i had another card with 20k). It was very much worth it as far as i wish i would have used them when i was actually rebuilding instead of USAA. So i would do it again, I love NFCU

Anonymous · ‎08-04-2015

@empiror22 wrote:
I got a NFCU secured card a year, just to see how it works. I already had regular NFCU cards.
Yes the card will grad after approx 13 months (if you improve your credit reports/ treat NFCU well)
I'm 95% sure it will be a HP on EQ, (most people have a HP for secured NFCU card)
I PC'd mine the day i found out it grad,
So that should answer the questions, to be honest i only did the secure card to see if it would grad. I did receive a letter about 3 weeks after it graduated saying that they were going to increase my limit to 1K (this happens if you have 1K or less), I asked for a CLI got 15k (i had another card with 20k). It was very much worth it as far as i wish i would have used them when i was actually rebuilding instead of USAA. So i would do it again, I love NFCU

Thank you so much! It seems this answers all questions I have!