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Change to NFCU secured card?

Valued Member

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.
-ch7 discharge 11/18 scores mid 400s EQ EX TU-
current scores EX 595 EQ 592 TU 589 - Jan 2019

Started rebuilding 11-2018
(Starting Secured)
GreenDot $200, Opensky $3000, Discover $2500, NFCU $5000, Unify CU visa $2500

(Unsecured)
Capital One $300

(Auto)
COAF $18K horrible 18.99% (Dec 2018)

(Income)
6 figure Business Owner

(Inquiries) - LOL
Dec 2018 - +100 combined

(Loans)
Resource One CU CB Loan $500 PAID (for relationship), Self lender $500 PAID

Credit boosting with jewelers club and new coast direct $10k unsecured
Credit Card Limits $23,500
Ok let’s go green February 2019 to February 2020 (help lol)
Message 1 of 10
9 REPLIES
Community Leader
Super 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
Message 2 of 10
Valued Member

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!

-ch7 discharge 11/18 scores mid 400s EQ EX TU-
current scores EX 595 EQ 592 TU 589 - Jan 2019

Started rebuilding 11-2018
(Starting Secured)
GreenDot $200, Opensky $3000, Discover $2500, NFCU $5000, Unify CU visa $2500

(Unsecured)
Capital One $300

(Auto)
COAF $18K horrible 18.99% (Dec 2018)

(Income)
6 figure Business Owner

(Inquiries) - LOL
Dec 2018 - +100 combined

(Loans)
Resource One CU CB Loan $500 PAID (for relationship), Self lender $500 PAID

Credit boosting with jewelers club and new coast direct $10k unsecured
Credit Card Limits $23,500
Ok let’s go green February 2019 to February 2020 (help lol)
Message 3 of 10
Community Leader
Super 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
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
Established 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.


Starting Score: 647 TU/670 EX/680 EQ
Current Score:706 TU/671 EX/685 EQ
Goal Score:760/760/760

Take the myFICO Fitness Challenge


Scores 1/1/19:
Current scores:

Hover over my cards to see my limits!
Goal: Garden time until 2020!
Message 6 of 10
Community Leader
Super 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
Message 7 of 10
Valued Member

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.
-ch7 discharge 11/18 scores mid 400s EQ EX TU-
current scores EX 595 EQ 592 TU 589 - Jan 2019

Started rebuilding 11-2018
(Starting Secured)
GreenDot $200, Opensky $3000, Discover $2500, NFCU $5000, Unify CU visa $2500

(Unsecured)
Capital One $300

(Auto)
COAF $18K horrible 18.99% (Dec 2018)

(Income)
6 figure Business Owner

(Inquiries) - LOL
Dec 2018 - +100 combined

(Loans)
Resource One CU CB Loan $500 PAID (for relationship), Self lender $500 PAID

Credit boosting with jewelers club and new coast direct $10k unsecured
Credit Card Limits $23,500
Ok let’s go green February 2019 to February 2020 (help lol)
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
Established 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.


Starting Score: 647 TU/670 EX/680 EQ
Current Score:706 TU/671 EX/685 EQ
Goal Score:760/760/760

Take the myFICO Fitness Challenge


Scores 1/1/19:
Current scores:

Hover over my cards to see my limits!
Goal: Garden time until 2020!
Message 10 of 10