I recently was approved for membership to NFCU. I applied for one of their cards right away but was denied. Should I go for the secured card to get my foot in the door? I'm hesitant to tie up $500 into a secured card but am willing to do it to establish a relationship with NFCU as I have heard great things.
When does the card usually graduate? Anything else I should know? Any help is much appreciated!!
Thank you!! How exactly does that secure loan work?
If I deposit $500 into my savings account with them and apply for a secured loan, will they then use the savings as collateral and deposit an additional $500? And what you're saying is to use that $500 for the credit card?
@itspnutbutterkellytime wrote:Thank you!! How exactly does that secure loan work?
If I deposit $500 into my savings account with them and apply for a secured loan, will they then use the savings as collateral and deposit an additional $500? And what you're saying is to use that $500 for the credit card?
The secured credit card and secured loan are really two different topics.
Most people prefer to use Alliant for their share-secured loan since their terms are better than NFCU's. You can find loads of information on that in @Anonymous's fantastic thread here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
NFCU is well-known on here for their secured credit cards that can graduate to unsecured and oftentimes quickly grow to significant credit lines. I don't have personal experience with their secured card, but many on here do and I'm sure they'll be able to chime in shortly. 
@UncleB wrote:
@itspnutbutterkellytime wrote:Thank you!! How exactly does that secure loan work?
If I deposit $500 into my savings account with them and apply for a secured loan, will they then use the savings as collateral and deposit an additional $500? And what you're saying is to use that $500 for the credit card?
The secured credit card and secured loan are really two different topics.
Most people prefer to use Alliant for their share-secured loan since their terms are better than NFCU's. You can find loads of information on that in @Anonymous's fantastic thread here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
NFCU is well-known on here for their secured credit cards that can graduate to unsecured and oftentimes quickly grow to significant credit lines. I don't have personal experience with their secured card, but many on here do and I'm sure they'll be able to chime in shortly.
Curious what terms are better at Alliant? From what I see, NFCU offers a lower rate as well as longer possible terms (up to 180 months).
Also, even if Alliant does offer better terms, if the OPs main concern is building a relationship with Navy, wouldn't it be more beneficial to have both products from the same bank to help build a history with them?
@enjoimorenow wrote:
@UncleB wrote:
@itspnutbutterkellytime wrote:Thank you!! How exactly does that secure loan work?
If I deposit $500 into my savings account with them and apply for a secured loan, will they then use the savings as collateral and deposit an additional $500? And what you're saying is to use that $500 for the credit card?
The secured credit card and secured loan are really two different topics.
Most people prefer to use Alliant for their share-secured loan since their terms are better than NFCU's. You can find loads of information on that in @Anonymous's fantastic thread here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
NFCU is well-known on here for their secured credit cards that can graduate to unsecured and oftentimes quickly grow to significant credit lines. I don't have personal experience with their secured card, but many on here do and I'm sure they'll be able to chime in shortly.
Curious what terms are better at Alliant? From what I see, NFCU offers a lower rate as well as longer possible terms (up to 180 months).
Also, even if Alliant does offer better terms, if the OPs main concern is building a relationship with Navy, wouldn't it be more beneficial to have both products from the same bank to help build a history with them?
Alliant is well-known for allowing you to pre-pay on installment loans without shortening the overall length of the loan (which can provide a FICO boost for people who don't have an installment loan reporting). That's what I meant by 'terms'... when used in this way rates aren't as important. The data on NFCU isn't as complete, and since things are always changing it's possible their installment loans can be used similarly. I'll defer to others for updated information on that.
I'm still hopeful for feedback on NFCU's secured card from people who have experience with it...
@Anonymous wrote:I opened a $500 secured card in September 2015. It didn't graduate until December 2016. When it graduated the limit was increased to $2000. I applied and was approved for a unsecured cashRewards card in October 2016. They started me with a $9500 limit and it's up to $18,500 now. When I was approved for the cashRewards I believe my fico was in the 590s range. Hope this is useful to you!
Thanks glb8... this is the type of info I was hoping for!
@UncleB wrote:
@enjoimorenow wrote:
@UncleB wrote:
@itspnutbutterkellytime wrote:Thank you!! How exactly does that secure loan work?
If I deposit $500 into my savings account with them and apply for a secured loan, will they then use the savings as collateral and deposit an additional $500? And what you're saying is to use that $500 for the credit card?
The secured credit card and secured loan are really two different topics.
Most people prefer to use Alliant for their share-secured loan since their terms are better than NFCU's. You can find loads of information on that in @Anonymous's fantastic thread here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756
NFCU is well-known on here for their secured credit cards that can graduate to unsecured and oftentimes quickly grow to significant credit lines. I don't have personal experience with their secured card, but many on here do and I'm sure they'll be able to chime in shortly.
Curious what terms are better at Alliant? From what I see, NFCU offers a lower rate as well as longer possible terms (up to 180 months).
Also, even if Alliant does offer better terms, if the OPs main concern is building a relationship with Navy, wouldn't it be more beneficial to have both products from the same bank to help build a history with them?
Alliant is well-known for allowing you to pre-pay on installment loans without shortening the overall length of the loan (which can provide a FICO boost for people who don't have an installment loan reporting). That's what I meant by 'terms'... when used in this way rates aren't as important. The data on NFCU isn't as complete, and since things are always changing it's possible their installment loans can be used similarly. I'll defer to others for updated information on that.
I'm still hopeful for feedback on NFCU's secured card from people who have experience with it...
Ahh, I understand....
FWIW I have a secured loan with NFCU and I made several payments on it in the first month so it shows next payment as due 6/15.
I did make 3 different payments on it though in one month, and not a lump sum payment 3x the amount due, so not sure if that makes a difference.
I haven't had my secured card with them for a whole month yet so don't have much info on it yet. I do like that it will let me schedule and make payments for any amount at any time, which is nice compared to capital one where I would have to wait several days for transactions to clear before it would let me schedule a payment.