NFCU Graduation North of 2k ?...

[Andy77]

Hello,

My secured cards have been open for 5 months, one is at 3k limit, one is at 5k limit.

I know @NeverTubetheGoose and I are in the same boat, secured limits abouve 2k and cards still secured.

Has anyone had their NFCU card with a secured limit above 2k graduate and if so, how many months did it take ?

[NeverTubetheGoose]

I'm coming up on 5 months and haven't heard anything other than the email saying it's almost time but that was about 1.5 months ago. I don't think I'm going to apply for anything, just hope they give it away, since I will probably be looking for an autoloan in Jan/Feb and don't want to add any more HPs until then. @Andy77 fingers crossed for you.

[Shaw83]

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@Andy77 wrote:

Hello,

My secured cards have been open for 5 months, one is at 3k limit, one is at 5k limit.

I know @NeverTubetheGoose and I are in the same boat, secured limits abouve 2k and cards still secured.

Has anyone had their NFCU card with a secured limit above 2k graduate and if so, how many months did it take ?

I just received the "almost time to review your account" a few weeks ago. My 6month will be December, I know it takes at least 6months to graduate. Some people have had their NFCU cards for 2years and still haven't graduated. I know they started doing partial increase on secured cards. 

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[Andy77]

Two years is a while. If mine don't graduate at the 1 year mark, I am going to close the accounts.

I know AU's don't matter, but I am an AU on my mothers chase card, opened in 1965, never late, 22k limit, 2k balance.

Also an AU on my friends M-Life card, 16k limit, zero balance, opened 2016.

Even though being an AU does not do much, I am sure it is doing something for my thin file. I know my 5 month old BK takes the cake, but I want to think the AU accounts on there and my responsible use of the NFCU cards will help me graduate faster.

[Anonymous]

@Andy77 @NeverTubetheGoose I just wanted to point out that your secured cl should not affect your graduation chances. Regardless of whether your limit is $200 or $2000, it shouldn't affect your chances.

Personally I'm against putting up a huge deposit on secured cards, since you are locking up money interest free for a while.

Once you hit 6 months, Navy should review your account. I am interested if they review your Transunion report since they recently switched everything to Transunion. 

My secured card graduated after 7 months since my Equifax report was still dirty at 6 months.

Also I wanted to point out that you may not get an auto cli once your card does graduate. This seems pretty consistent among other lenders like Discover as well. Usually you see a bump to at least $1800-$2000. 

If your initial deposit was high, you might see a small bump or no bump. 

Last thing, once it does graduate, immediately apply for a cli. It is possible to get a cli after graduation. 

I only saw a $500 increase. If you check the master Navy CLI thread, during the pandemic Navy only seems to be approving smaller increases from $300 to $4000. 

Good luck! Hopefully both your scores have been improving over the past few months as well. 

[Andy77]

@Anonymous thank you for the info. What do you mean dirty ? One thing I did not mention is I have a BK7 that was discharged in May of this year. Again, not sure if that bomb on my CR will hold me back, but I have run thousands upon thousands though my NFCU card....example... ran 13k through the card, limit is 5k and paid off multiple times in the 5 months had it open. I did let a few large balances report, but I paid those off, too during the month. They did allow me to go over my CL by 1500.00 (had 6500.00 in authorizations) on month so that was a good sign, at least I thought.

I guess I will have to wait to see if the BK will affect how long they hold my deposits.

[Anonymous]

@Andy77 I had an unpaid chargeoff reporting and a medical collection that was paid but hadn't been removed yet.

I do not have a solid answer for you but I read 2 (fairly) recent threads involving Chap 7 bks where their secured cards graduated.

My guess is that your card will still graduate but there is a chance it might take a bit longer.

I would like to point out that a decent number of folks have actually applied and been approved for an unsecured card with Navy while their secured card hadn't graduated yet.

Don't let the lack of a graduation, dissuade you from applying for another card with Navy if it is within your plan to do so.

[coldfusion]

A dirty file means that you have derogs reporting.

You may want to check out this thread.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional...

I understood that NFCU wouldn't extend unsecured credit if one was within a year of BK7 discharge but you need to fact-check that.

[Andy77]

That 1 year mark might be correct.

I have applied a few times for their cards and the single denial reason I get is "bankruptcy"

[pip3man]

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@Andy77 wrote:

Hello,

My secured cards have been open for 5 months, one is at 3k limit, one is at 5k limit.

I know @NeverTubetheGoose and I are in the same boat, secured limits abouve 2k and cards still secured.

Has anyone had their NFCU card with a secured limit above 2k graduate and if so, how many months did it take ?

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Hey we are in the same boat except that my nRewards was opened this August right after my BK7 discharged in July. I secured the limit with $5k but already ran $7k through the card. I paid $1500 for each two statements period so far and card currently has a $4k balance... also I see u mentioned having a thin file. Also by any chance, have u checked out Dell Financing? I was prequalified for up to $3k but was actually approved for $3,500 after I submitted an app (EXP pull). I love that u can use it on Microsoft.com so I may use the account to finance either a new Samsung Note 20 or a replacement laptop. Also was approved for a Mission Lane card for $1k no annual fee (Pre-approved through CK). Definitely check these two out! Good luck and I'll be following ya post cos I'm interested to know the outcome of ya nRewards card.