NFCU Graduation North of 2k ?...

[AverageJoesCredit]

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@Andy77 wrote:

@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.

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regardless of what you spend, a fresh bk7 will hold a lot of weight with most lenders. It is what it it is. 

[NeverTubetheGoose]

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@Anonymous wrote:

@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. 

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I wasn't thinking maxing out the secured card would affect my chances of graduation. I just worried about my SL being decreased whe it does. I pay for everything through my NFCU card for the points. It's a lot easier to manage $5k than $2k. I pay it off daily but if I forget a day it's no big deal. If my limit is cut by more than half I will have to make sure I don't forget a day. It just makes life easier.

im pretty sure the money that's being used to secure the card is collecting interest so I wouldn't say it's interest free but even if it were there's the intrinsic value of improving my credit so I don't mind having a larger amount just sitting there to secure the card. Sure, there are other ways to earn more interest but those don't really help my credit scores.

I appreacite all of the info and opinions everyone has given. Hopefully in the next month something will change.

[NeverTubetheGoose]

I graduated over the weekend! To add a DP, they graduated me to a cashRewards card with a $5000 CL.

@Andy77 hopefully you get the same.

[Andy77]

@NeverTubetheGoose that is GREAT. Congrats. So you were at 3k before you graduated ?

[NeverTubetheGoose]

@Andy77 thank you. No, I've been at $5000 since the end of August.

[Andy77]

Ahhh... ok so they graduated you with the 5k secured limit and didn't CLD you, that is great !!. 

Mine is up to graduate on 11/20/20

[NeverTubetheGoose]

I feel like mine graduated a little early so fingers crossed for you. Let me know how it goes!

[pip3man]

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@NeverTubetheGoose wrote:

I feel like mine graduated a little early so fingers crossed for you. Let me know how it goes!

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You just gave me some hope. Mine is at $5k as well but I opened it back in August with a BK7 discharged this July. Fingers crossed

[Andy77]

Hello,

I am confused as to when my NFCU N Rewards will possibly graduate. 

Is it after six statements or after 6 months ?

My card was opened on 5/22/20.

Six statements will be on 11/19/20

Six months will be on 11/22/20 (after November statement cuts)

December 19th statement will be just shy of having the card open 7th months 

Do I have to then wait until December for the card to possibly unsecure since the six months does not fall before the statement cuts in November ?

Thank you.

[Girlzilla88]

@Andy77     I would make sure your first Statement is an actual statement/Full Statement and if it is count the 5 more from there so if your first one doesn't say amount due or have much on it it may not be counted as a statment for you.      If I am reading it correctly the 19th is your Statment?!     I would wait til Dec 20th or even the 21st or 22nd or so a few days after your 6 Statements to be sure