NFCU Secured CC ??

[mo15473]

So back again with another question for my fellow fico members. I have 2 secured CC with NFCU open the same month. They have both cut there 13th statement but have not converted to unsecured. I recently just Recived a go rewards with a fairly large limit. Would it be a bad idea to close them? I dont really want to keep them if they are not going to convert to unsecured. Both only having 1k limits, But I also dont want to lower my AAOA or have them hold on to my deposits. Any suggestions would be great thanks. PS I have a total of 4 CC 2 of them being new, HSN and NFCU go rewards.

[MT936]

It won't lower your average account age until 10 years after. In other words the card will stay in your report for 10years after you cancel it. The only immediate impact would be utilization % because it would lower your total available credit limit. I recommend canceling if you can get unsecured cards 

[leegreen]

I would SM them to ask first...NFCU is very member friendly, or call the credit card team during business hours.

[Jarnog]

I have had mine over 2 years and it still won't unsecure.  I have an auto refi with them, recently got a cash rewards $3000 and still a no go.  I put a pretty good amount through the $600 I have on the card and usually leave a balance, just because.  I tried the SM route and they just came back and said that they review it after the 13th statement and if it doesn't "qualify" then they review it periodically (come to find out monthly) to see if it qualifies.  Apparently not yet for me, even though I was good enough for a 15k auto refi and a brand new unsecured card from them LOL.

I even went into a branch and the rep called in and asked why it hasn't, she was just as confused as to why I am good enough for 3k in unsecured credit but not good enough to have $600 in secured credit unsecure.  Shrug.  I keep it open just to have another positive tradeline (I know it will still report for 10 years even when closed).  Plus it just continues to help me build that relationship with NFCU.

Little annoying, but I can't really complain. 

[Scupra]

A csr once said they convert at 13th statement or never. Take it for what it's worth though! Ymmv

[mo15473]

I called them and they told me the same. If it doesn't convert after the 13th statement then I have to wait till every month when it's reviewed to see if I qualify. Excuse me what. I don't think so.. I went on to send a secure message. I will wait to see what they have to say. If any thing I am going to just pay them off and probably close one to get my deposit back. I don't feel the need to have 3 cc with Navy Federal with 2 of them have a mesely 1k credit limit that I had to put up. So fingers crossed will see what happens when they respond back.

[mo15473]

well here was there responce.

Navy Federal Response 07/18/2014 : Thank you for your message. Be advised, Navy Federal reviews your account monthly when your statement is mailed and if the account meets our internal criteria and credit score requirement, then the account will be converted to an unsecured account. If the criteria is not met, we will continue to review your account automatically each month until it does. 

We are unable to convert your Secured nRewards Visa account at this time. Instead, you may apply for a new unsecured credit card online. On Navy Federal's homepage, select "Credit Cards" under the Products & Services tab. From the various card options offered, choose the account type that is best for you. You may then apply through your Navy Federal Online Account Access by clicking on the "Account Services" tab. Select "Apply for a Credit Card," under the Credit & Debit/Visa Check Cards heading, and follow the instructions from there. You may also make this request by calling us toll-free any time at 1-888-842-6328. The Lending Committee will review your application and notify you in writing of its decision.

Upon approval of your application, a new credit card account will be established. You may choose to retain the existing Secured account in addition to the new one. Alternatively, you may request closure of the Secured account, and use only the new card. If you request closure of your Secured account, the funds on hold will be applied to any outstanding balance. Rewards points are not transferable and are forfeited, so no longer eligible for redemption, on closed accounts.

I just called and closed the account after that. Have a bad taste in my mouth about that situation. Dont know if I want to take another HP at the moment. I did however add that deposit to the other secured card after closing it. So will see after a couple of months if Navy can actually hold there end of the deal or if they just want another new unsecured account open.