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.
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!
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...
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.
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.
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.