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Change to NFCU secured card?

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Change to NFCU secured card?

Hey guys, I’m not sure if I am late on this - haven’t seen it anywhere - but the NFCU secured card ‘as of this month’ no longer allows the limit to go up to $50k. Also, it requires a credit check for EACH time you want to do a deposited credit limit increase. The new limit total is only $5000.

 

  1. I understand not everyone wants to have such high limits for a secured card, but I was actually planning on getting mine up to $50k before it graduates via monthly deposits. That is now going to change a lot of plans for me using this card.



Started from the bottom now I'm here. Smiley Happy
Message 1 of 10
9 REPLIES 9
Community Leader
Mega Contributor

Re: Change to NFCU secured card?

Guess they dont want to be stuck having to automatically be giving out 50k in credit when it graduates. They are very comfortable giving out 25k limits, 50k no so much, even for high incomersSmiley Wink
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Message 2 of 10
Contributor

Re: Change to NFCU secured card?

lol just sucks because I built this whole plan around previous information, just for it to change at the start off 2019. I was a month too late!




Started from the bottom now I'm here. Smiley Happy
Message 3 of 10
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Community Leader
Mega Contributor

Re: Change to NFCU secured card?

Lol, yes, but i must say, even 5k is great for a secured cc. Not even Discover goes that high. Plus its Navy so you know they will take care of you when it graduates. Plus their FS goes up to 80k , others at 50k so keep doing great and with high income, their world will be your oysterSmiley Wink
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Message 4 of 10
Valued Contributor

Re: Change to NFCU secured card?

I can think of a whole lotta places that $50,000. could be earning you money-

$50,000 on a secured card seems like over-kill and a waste of funds that could be working for you. 

But it's your money...

 

0002cents.gif




Message 5 of 10
Super Contributor

Re: Change to NFCU secured card?


@Pikaboo-icu wrote:

I can think of a whole lotta places that $50,000. could be earning you money-

$50,000 on a secured card seems like over-kill and a waste of funds that could be working for you. 

But it's your money...

 

0002cents.gif


I had the same thought pattern and I am horrible about putting money in savings (although right now I'm not allowed to because I have Medicaid or I probably would now that I'm wise to finances).

 

I can't for the life of me fathom why someone would want a secured card that large.



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 6 of 10
Community Leader
Mega Contributor

Re: Change to NFCU secured card?

Oh if there credit got messed up. How many people on this board make good money, over 100k and have low limit subprime cards.If you could make your credit limit 50k by just having it graduate, thats a huge advantage out the gate. If i had 50k ,lol, id well....Smiley Wink
#ChaseCreditCardHobby Enthusiast
2022
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Message 7 of 10
Contributor

Re: Change to NFCU secured card?

My reasoning comes from the room I’d like to have when having the credit available to nuke debt via a banking technique called velocity banking. While I do invest in various markets, I am looking to increase my total available credit in secured means for many reasons.

I am only willing to do this with a card that is secured and graduates in a fair time frame. I would get a check back plus have the chance of having the $50k limit. It’s a hedge that I am willing to make.



Started from the bottom now I'm here. Smiley Happy
Message 8 of 10
Valued Contributor

Re: Change to NFCU secured card?

Gotcha..

I suppose if you have the available funds and it makes sense to you to do so-

Sorry they're blocking you from a secured with that high of limit but if you think about it; people with nefarious intentions could surely exploit that & really harm the bank/CU.

Not implying that was your intention but there are evil doers that would.

 

Ya know, you could actually have $50,000 avail credit unsecured from NFCU, in about a year, as long as your income & usage supports it. 

I'm at $35,000 in 11 months and I'm not of the income that has an extra 50k lying around to drop in a secured card... Soooo you should be able to get there with a tiny amount of patience & diligence.

 

Good Luck, with whatever direction your new plan takes you. 

 

cheersgif.gif

 




Message 9 of 10
Super Contributor

Re: Change to NFCU secured card?

Yeah high limits are really not a worry with NFCU. I have $18K income and $15K total exposure with them since I got my first card in September. If you have $50K lying around to put towards a secured limit, I have no doubt if you get the Flagship you'll be able to get it to the $80K max in no time, you just have to show them you can handle the secured card.



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 10 of 10
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