NFCU Secured Approval

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
So thankful for everyone on the forum. Because of you guys I have been able to educate myself so much.

I was just approved for a 1000$ nRewards Secured Visa. This is my 2nd secured card with my fiancée. They pulled transunion. Now I just need to get 1 more secured card so we can have the 3 revolving credit card accounts.

Does anyone have any suggestions outside of capital one secured and discover secured? We would like one that will graduate. I don't think we will get approved for the discover secured because of the collections on my account and hers. She was denied when she solo apped for the student discover card because of medical collections. But we're open to suggestions and would both love to be apart of discover but are just worried to app because of her original denial. Thanks everyone

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1) Congrats on your progress so far

2) I'm going to assume you guys have an installment account to go along with the revolvers you're looking to establish (if not search my post on why a secured PL should be step1, prior to your next secured CC)

There are a few easy to join CU's with low deposits and the couple banks I like as starters including

Harley-Davidson® Visa® Secured Credit Card | U.S. Bank

Harley-Davidson® Visa® Secured Credit C...

$300

Initial deposit ($300) + fees ($0)

This is the best of the U.S. Bank sister cards (don't worry about the H.D. thing ....bottom line is it's U.S.Bank and grads)

Credit Cards | SDFCU

Credit Cards | SDFCU

$250   7.24%

Initial deposit ($250) + fees ($0)

*Their not bad to have around, for later b/c their car rates are killer!

Secured Visa Credit Card: Affinity Federal Credit Union

Secured Visa Credit Card: Affinity Fede...

$250

Initial deposit ($250) + fees ($0)

800.325.0808

Membership Is Available To Almost Everyone.

Visa Platinum Secured Credit Card | Low Rates | DCU | MA | NH

Visa Platinum Secured Credit Card | Low...

$300   11.75%

Initial deposit ($300) + fees ($0)

I'm a no AF, will graduate fan....you've already tied up a $1000 bucks in one account there is NO NEED to tie up a bunch for in others as

the only thing that matters is the % of debt vs the CL ....rotate a little use, between the 3 accounts (keeping your new relationships active)

while allowing 24 on-time payments to report with PRETTY utilization over the next 8 months (8 months x the 3 cards) and you guys will be on your way...

and the string on the recent HPs will have diminshed and any you take right now will be 4 months away from diminishing...in addition all your accounts will

be nearing a year in age ...thus your deposits, will be ready to be returned, in short order.

Best of Luck.

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I didn't see how detailed this post was until just now! Thank you so much. Is US Bank is a prime lender? If so it seems like the best option overall for the long term. Our first secured card with my local CU won't graduate unfortunately. And already having 3000$ tied up between the secured installment loans and secured cards it is important to me to have our next card graduate. Once again I really appreciate you taking your time to post. Kudos :]

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
So thankful for everyone on the forum. Because of you guys I have been able to educate myself so much.

I was just approved for a 1000$ nRewards Secured Visa. This is my 2nd secured card with my fiancée. They pulled transunion. Now I just need to get 1 more secured card so we can have the 3 revolving credit card accounts.

Does anyone have any suggestions outside of capital one secured and discover secured? We would like one that will graduate. I don't think we will get approved for the discover secured because of the collections on my account and hers. She was denied when she solo apped for the student discover card because of medical collections. But we're open to suggestions and would both love to be apart of discover but are just worried to app because of her original denial. Thanks everyone

---

1) Congrats on your progress so far

2) I'm going to assume you guys have an installment account to go along with the revolvers you're looking to establish (if not search my post on why a secured PL should be step1, prior to your next secured CC)

There are a few easy to join CU's with low deposits and the couple banks I like as starters including

Harley-Davidson® Visa® Secured Credit Card | U.S. Bank

Harley-Davidson® Visa® Secured Credit C...

$300

Initial deposit ($300) + fees ($0)

This is the best of the U.S. Bank sister cards (don't worry about the H.D. thing ....bottom line is it's U.S.Bank and grads)

Credit Cards | SDFCU

Credit Cards | SDFCU

$250   7.24%

Initial deposit ($250) + fees ($0)

*Their not bad to have around, for later b/c their car rates are killer!

Secured Visa Credit Card: Affinity Federal Credit Union

Secured Visa Credit Card: Affinity Fede...

$250

Initial deposit ($250) + fees ($0)

800.325.0808

Membership Is Available To Almost Everyone.

Visa Platinum Secured Credit Card | Low Rates | DCU | MA | NH

Visa Platinum Secured Credit Card | Low...

$300   11.75%

Initial deposit ($300) + fees ($0)

I'm a no AF, will graduate fan....you've already tied up a $1000 bucks in one account there is NO NEED to tie up a bunch for in others as

the only thing that matters is the % of debt vs the CL ....rotate a little use, between the 3 accounts (keeping your new relationships active)

while allowing 24 on-time payments to report with PRETTY utilization over the next 8 months (8 months x the 3 cards) and you guys will be on your way...

and the string on the recent HPs will have diminshed and any you take right now will be 4 months away from diminishing...in addition all your accounts will

be nearing a year in age ...thus your deposits, will be ready to be returned, in short order.

Best of Luck.

---

I didn't see how detailed this post was until just now! Thank you so much. Is US Bank a prime lender? If so this seems to be our best option for the long term. We already have $3000 tied up between the two secured cards and two secured installment loans. Our first secured card from our local CU won't graduate unfortunately. So it is very important to us that our next secured card will graduate and be with a prime lender. Once again I really appreciate you taking your time to posteoporosis. Kudos to you :]

[Anonymous]

Ok, seeing a better picture of what's in front of you IMO
Another secured account tying up funds you could use to retire debt isn't anywhere near that valuable to your profile.

You have 4 TLs with the 2 CCs and the 2 secured PLs
that's enough (of I would have advised using that locked up secured money to secure the CCs you wanted in the 1st place....for those doing this in the future)
We work from where we stand TODAY...so based upon where you are now...IMO you are fine, as you are. Makes little sense to tie up even more funds in secured accounts, the 4 you have will get the job done.

Your focus should shift towards your
Clean up &
Pay up portions of your rebuild
Your Build up is going well and will be just fine, if you
Pay on time and keep the balances low, the only other ingredient you need is TIME

Which works out well because you've got Paying up & Cleaning up to do....

Within 6-9 months you'll both qualify for a 3rd card with decent terms, so just WAIT on adding another revolver

I know you hear us say the ideal profile will have 3-5 revolvers, 1-2 installers and 1-2 mortgage accounts reported but it doesn't mean you need to rush or go overboard getting them .

Over the next 2 years your profile and your GFs are still gonna be new/young no matter what, you can't rush TIME, so having the 3rd card be 6-7 months younger ain't gonna kill and may put you in a better financial position

Being that waiting to early next year to add it may open some doors not open to you right now.

IMO your money is better used elsewhere vs trying to secure yet another deposit driven account...no way.

Trust me you get unsecured approvals soon enough if you handle your business correctly regarding the things in front of you, especially your girl, once her scores pop up, within a few payments she'll be good to go IMO save your money and work on keeping your debt loads down

It's August and your obsessing over this stuff by Valentine's day or St. Pattys your outlook will be different guaranteed!😃

[Anonymous]

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@Anonymous wrote:
So thankful for everyone on the forum. Because of you guys I have been able to educate myself so much. I was just approved for a 1000$ nRewards Secured Visa. This is my 2nd secured card with my fiancée. They pulled transunion. Now I just need to get 1 more secured card so we can have the 3 revolving credit card accounts. Does anyone have any suggestions outside of capital one secured and discover secured? We would like one that will graduate. I don't think we will get approved for the discover secured because of the collections on my account and hers. She was denied when she solo apped for the student discover card because of medical collections. But we're open to suggestions and would both love to be apart of discover but are just worried to app because of her original denial. Thanks everyone

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Congratulations to you!...Thanks for sharing.

[Anonymous]

First of all thanks for all the replys. I should have said that the secured card/secured loans from my local CU have only been reporting since june. So for her, citi and American express are not an option because of limited credit. We pulled her three scores and reports from CCT. She doesn't have a score on any of the bureau's yet and from what I've read she will need to have established credit for at least six months before she gets her scores.

All of my collections DOFD are around the same time December of 2013. Since I still owe money to both Capital One and Bank of America they are both unfortunately not an option for us. All of my collections are within SOL.

@Gemini101

I didn't see how detailed your first post was until just now! Thank you so much. Is US Bank a prime lender? If so this seems to be our best option for the long term. We already have $3000 tied up between the two secured cards and two secured installment loans. Our first secured card from our local CU won't graduate unfortunately. So it is very important to us that our next secured card will graduate and be with a prime lender. Once again I really appreciate you taking your time to post. Kudos to you :]

[Anonymous]

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@Anonymous wrote:
Ok, seeing a better picture of what's in front of you IMO
Another secured account tying up funds you could use to retire debt isn't anywhere near that valuable to your profile.

You have 4 TLs with the 2 CCs and the 2 secured PLs
that's enough (of I would have advised using that locked up secured money to secure the CCs you wanted in the 1st place....for those doing this in the future)
We work from where we stand TODAY...so based upon where you are now...IMO you are fine, as you are. Makes little sense to tie up even more funds in secured accounts, the 4 you have will get the job done.

Your focus should shift towards your
Clean up &
Pay up portions of your rebuild
Your Build up is going well and will be just fine, if you
Pay on time and keep the balances low, the only other ingredient you need is TIME

Which works out well because you've got Paying up & Cleaning up to do....

Within 6-9 months you'll both qualify for a 3rd card with decent terms, so just WAIT on adding another revolver

I know you hear us say the ideal profile will have 3-5 revolvers, 1-2 installers and 1-2 mortgage accounts reported but it doesn't mean you need to rush or go overboard getting them .

Over the next 2 years your profile and your GFs are still gonna be new/young no matter what, you can't rush TIME, so having the 3rd card be 6-7 months younger ain't gonna kill and may put you in a better financial position

Being that waiting to early next year to add it may open some doors not open to you right now.

IMO your money is better used elsewhere vs trying to secure yet another deposit driven account...no way.

Trust me you get unsecured approvals soon enough if you handle your business correctly regarding the things in front of you, especially your girl, once her scores pop up, within a few payments she'll be good to go IMO save your money and work on keeping your debt loads down

It's August and your obsessing over this stuff by Valentine's day or St. Pattys your outlook will be different guaranteed!😃

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Once again thanks for your reply. I completely agree with you and my focus will be paying down my debts that I have currently versus opening more secured CC's. However before you posted this I took the previous advice and applied for the US Bank secured HD card. I said I would deposit the minimum of $300 just to get the 3rd revolver established for the both of us. I didn't get an instant approval :[ it gave me the dreaded they will let me know in 5-7 days of the decision. I called the underwriter number on the backdoor thread and it says my application is still processing. Which does give me some hope that I didn't waste a HP for the both of us. I will call during the day today and try and get a human on the phone so I can explain our situation and hope for the approval. If we are declined oh well not a huge deal. I will continue to keep our accounts looking good. I plan to pay off all my debts within the next 2 months. In addition to that I will try and get her medical collections removed by whychats process. If that doesn't work then pfd. Either way we're headed to the garden 

[fltireguy]

ANother option might be for her to open the secured card, and then add you as an AU...