NavyFCU Secured Card in the WORKS!!!

[FinanceGuy007]

I thought I would share my experience on my process of applying for the SECURED card from NavyFederal Credit Union.

On 11/17/2011 -  I went to my local branch and  deposited the $500 into my savings account needed to obtain the card.  I then went home and placed the call to the toll free number to do my application over the phone. ( I did this because I didn't have the time to stay and apply at the branch ).  The representative on phone was nice and pleasant.  I had informed the representative that I had a security freeze on my credit reports.  She was very nice  and told me that I only needed to unlock EQUIFAX. ( I live in GA). She waited while I lifted the freeze.  I informed her that the freeze was lifted and she proceeded with the application. She asked if I wanted express delivery, I told her yes.  Express Delivery was an additional $12 to be deducted from my Savings Account.

After processing the application it came back that a manual review was required. ( I'm thinking this is due to the fact that I have a FRAUD ALERT on my credit files.) I had the same issue when I opened my account with NavyFederal.  The representative informed me that it will take about 3-5 days for a final  a decision, and that I should call on Monday to check on the status.  I will be checking frequently before hand.  That was standard script to me.... In the meantime, I will keep you all posted on the progress.

On 11/18/2011 -  I logged into my online banking and check the status of my credit card application and I see a message that says that I was APPROVED!  The funds in my savings account has also been adjusted, but the best part of it is that I am still earning interests on the the secured funds unlike other secured cards.  Now the test is to see how fast this Epress Delivery works.  I will keep you all updated on any changes I see until I have my card in my little hands....

On 11/19/2011  -  Received a text alert from NFCU letting me know that a credit card account was opened in my name. I logged into online banking and I see that the credit card account is listed with my other account. So far so good, and rather FAST too...

[Anonymous]

Keep me posted! I just applied for the same card too! Got the same message over the phone have to wait 3-5 days but I don't see why they would deny me when its my money

[bichonmom]

That does seem odd that you'd have to be approved, when it's a secured acct. I can't imagine why you'd be denied. They made me jump through some hoops and go into the branch in person to prove my identity (and would not accept info being faxed in). I've read good things about them here, but they do definitely seem to have their quirks. I guess like anything, it's the good with the not-so-good.

I hope you get some good news soon.

[Anonymous]

Odd that they wouldn't let you fax the info in. I had to send them a copy of my driver's license by fax. They said I could also go to a branch, but since the closest branch is about 2-2.5 hours away in Cleveland, the fax was a LOT easier for me.

[bichonmom]

For some unknown reason, despite many phone calls, they absolutely would not let me fax in the info. They said there was something on my CR that caused them to question/need to verify my identity. I freaked out and pulled my CR, but all looked fine. Like I said, they seem to be quirky. The best info I got was that they require that when someone has a thin cr file, which I do have. But I still don't understand why they wouldn't take it by fax. The closest branch was 1/2 hour away so it wasn' t huge, but it wasn't convenient, either.

[Anonymous]

Huh, really strange. I have a thin credit file too. When I applied for my cashRewards card, I only had the account open for.. maybe 2-3 months, and hadn't really been using it at all. I only started putting money into NFCU after they approved my credit card.  But they were more than happy to have me fax it in instead of going to a branch. I think it was just my driver's license, but I could be wrong.

[Anonymous]

Well I also have a thin credit file with not much credit history and applied for cash rewards and was flat out denied. So I had to app for the secured card over the phone and then was told I have to wait 3-5 days for an answer? I don't possibly see how I can get denied for a secured card

[bichonmom]

It might just depend on the person who reviewed the apps. I may have gotten someone more stringent than you. Though, maybe if I lived as far away from a branch as you, they might have taken it by fax. They required both DL and SS card.

[Anonymous]

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@Anonymous wrote:
Well I also have a thin credit file with not much credit history and applied for cash rewards and was flat out denied. So I had to app for the secured card over the phone and then was told I have to wait 3-5 days for an answer? I don't possibly see how I can get denied for a secured card

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The first time I applied for a secured card from BofA, they denied me for not having enough credit history. I mean, why do they think I was applying for a SECURED card in the first place? NFCU I was going to apply for a secured card, but decided to bite the bullet and apply for the cashRewards. I had about 8-9 months of credit history at that point.

[Anonymous]

Lol the same thing happened to me with bofa but I did call the next day and spoke to the right person who reversed the decision. Anyways I hope I get the secured card from navy federal