NFCU secured - $750 approved

[TRC_WA]

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@SUPERSQUID wrote:

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There is no sub for graduating to unsecured. They will give you back your 750 deposit and then 6 months later or at least 181 days and 6 full statements you can request a credit limit increase and every 6 months going forward.

after 1 year you can request an interest reduction. 

I beleive you can ask for card number 2 after you graduate but im not 100 pct positive, perhaps someone will chime in.

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@SUPERSQUID 

Well that blows...  so I graduate to a cashRewards without a SUB.  *yawn*

I'm glad to be in the door with NFCU but it's frustrating what I had to do to get there... how I have $4k and $6k unsecured cards for a year or more and they wouldn't give me $500 with the "deposit account status" and "direct deposit status" BS excuses.

Can't say I'm doing cartwheels at the present time especially given the fact I was just told earlier by a guy with scores similar to mine that he got a $3500 unsecured card the day he joined.  I set up DD and probably could have skipped the secured card altogether and just waited 6 months and applied again but I went with the secured card because somehow I think they would come up with another BS denial.

So frustrating how $40k+ in unsecured credit didn't get me approved for even $500 and they approve people daily who aren't far removed from a Chapter 7.

In addition to the above denial reasons I also got a "insufficient variety of secured loan accounts" as a 3rd reason.  Huh?  I have a $60k car loan and a history of previous car loans.  Am I supposed to have a mortgage too?

Shouldn't I be excited?  LOL... ugh.  Just thinking back on the entire experience I'm happy to be in the door but super annoyed at how it's played out.

[mfinsmi1]

@SUPERSQUID @TRC_WA i know people who dont graudate after 6 months and they dont want to wait and apply for card number 2 and get approved even with them still having a secured card 

[mfinsmi1]

@TRC_WA ive learned on here real quick to never compare to someone else becasue it can drive you up a wall... i see people who have huge limits and it only motivates me to keep up the work ive been doing so i can eventully get those huge SL

[TRC_WA]

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@mfinsmi1 wrote:

@SUPERSQUID @TRC_WA i know people who dont graudate after 6 months and they dont want to wait and apply for card number 2 and get approved even with them still having a secured card 

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Thanks for that info @mfinsmi1 .  My annoyance level mentioned in my previous post just went down a couple clicks.  

I've already been told there's a chance the cards don't graduate after 6 months... and could take as long as 12-24 months.  I think my history is good enough (and will be even better when the baddies drop in 2023) that it isn't gonna take that long... but then again I also thought I'd get approved for a card even if it was $500.

My first secured card EVER... LOL... if it was anyone else but NFCU they'd get the middle finger like everyone else does who has offered me secured.

[mfinsmi1]

@TRC_WA secured cards are a great way to leverage credit limits - you can put 10k in one if you want and have a 10,000 positive tradeline reporting - think of the positives  

edit - probably not 10k most max at 5k but you get my point

[TRC_WA]

@mfinsmi1 wrote:

@TRC_WA ive learned on here real quick to never compare to someone else becasue it can drive you up a wall... i see people who have huge limits and it only motivates me to keep up the work ive been doing so i can eventully get those huge SL

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Oh I know.  Seeing the Ch 7 filers get huge limits and seeing someone like me with a Ch 13 not even get approved strikes a nerve... I'm like "you people know that I at least made an effort to pay the debt back right?"

LOL

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@mfinsmi1 wrote:

@TRC_WA secured cards are a great way to leverage credit limits - you can put 10k in one if you want and have a 10,000 positive tradeline reporting - think of the positives  

edit - probably not 10k most max at 5k but you get my point

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Yeah didn't think about it that way.  Good point.

[CreditAggie]

Congratulations on your NFCU approval!

[SUPERSQUID]

Dont over think it, you are in and will have a great experience once nfcu warms up to you. remember your 2nd card  can get a sub when the time comes. I couldnt get a card with nfcu until i was 2 years post bk7, you have some cards i still cant get, wells fargo for example wont touch me.

I have a small Self installment loan that seems to satisfy that loan diversity issue, self and strong give small secured loans that have monthly payments and then pay a lump sum at the end. my self loan was 2 years at 25 per month and matures sept 23rd at 500 bucks.

[SUPERSQUID]

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@mfinsmi1 wrote:

@TRC_WA ive learned on here real quick to never compare to someone else becasue it can drive you up a wall... i see people who have huge limits and it only motivates me to keep up the work ive been doing so i can eventully get those huge SL

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There are also cases where the secured card doesnt graduate and then the person applies for the second card and gets 25k unsecured

[SUPERSQUID]

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@TRC_WA wrote:

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@mfinsmi1 wrote:

@SUPERSQUID @TRC_WA i know people who dont graudate after 6 months and they dont want to wait and apply for card number 2 and get approved even with them still having a secured card 

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Thanks for that info @mfinsmi1 .  My annoyance level mentioned in my previous post just went down a couple clicks.  

I've already been told there's a chance the cards don't graduate after 6 months... and could take as long as 12-24 months.  I think my history is good enough (and will be even better when the baddies drop in 2023) that it isn't gonna take that long... but then again I also thought I'd get approved for a card even if it was $500.

My first secured card EVER... LOL... if it was anyone else but NFCU they'd get the middle finger like everyone else does who has offered me secured.

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Dont feel so insulted by denials. before my bk  paid off a comenity card for 4k, it took me over 2 years post dc to get a decent card from them. in the past i paid off several accounts with citi, they wont touch me, there are a whole slew of lenders that treat me like i have the plague, amex, boa, citi etc

i started out with 300 sl cards with fees up the ying yang and of course fingerhut