SDFCU Secured Card

[CH-7-Mission-Accomplished]

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@designated_knitter wrote:

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@Credit_Master wrote:

Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.

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I've attempted rebuilds using both secured and unsecured "sub-prime" cards.  I can tell you that secured is definitely the way to go assuming you have a decent secured card that doesn't take half a decade to graduate.

Sub-prime cards probably cost you as much in fees as a secured card and you get stuck in sub-prime heck.  But reputable secured cards will allow you to get rolling towards prime cards much faster.

Plus, when you get your deposit back, it feels so good... like finding 20 bucks in your pants pocket when you're doing laundry!

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Bingo.  You have nailed it.  

I got into an argument with the guy who did the 700 in 24, now many years ago, and I will tell you, getting sub-prime cards is the dumbest move you can make -- aside from doing nothing.  

I never did a subprime card  -- ever.  And my highest FICO 9 is 842, with a BK 7 reporting for three more years.    

If you open  a secured card, at least you have started a relationship with a lender who can give you an auto loan or a line of credit or a mortgage.

The guy who wrote the 700 in 24 attacked me about my position that secured cards were way better than sub-prime cards.   I will hold up my scores and record.   Sub-prime cards are a fool's errand.   Nothing like going bankrupt and making another stupid mistake again.

[designated_knitter]

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@CH-7-Mission-Accomplished wrote

The guy who wrote the 700 in 24 attacked me about my position that secured cards were way better than sub-prime cards.   I will hold up my scores and record.   Sub-prime cards are a fool's errant.   Nothing like going bankrupt and making another stupid mistake again.

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I've never heard of the 700 in 24 guy but he must hold stock in 1st premier and Credit 1!

[Guyatthebeach]

Credit_Master,

SDFCU's secured Visa does report as a secured card to all the CR's. They are a solid credit Union and one of a few financial institutions that has a solid history of approving recons. I do recommend that you use let this card report a balance and PIF after the statement closes. I checked my CR and when I leave a balance, it does report monthly, and I honestly don't remember how long it takes to rework using AZEO.

I'm a huge fan of SDFCU.  When I opened my Visa about 8 years ago, my application was declined.  I reconned and was approved for a $1000 unsecured. Now it's over $26000 and I get a preapproved offer regularly.  

Hope that answers your questions.  

Guyatthebeach

[Guyatthebeach]

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@CH-7-Mission-Accomplished wrote:

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@designated_knitter wrote:

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@Credit_Master wrote:

Hello everyone,

So was interested in applying for the Savings Secured Platinum Rewards Credit Card but read online that it reports as a secured credit card. Is the card still seen as a bank card even though it reports secured? Does it affect the scoring when it comes to FICO? I believe I read that the only way it would affect an approval for a different card is if the app went to manual review.

---

I've attempted rebuilds using both secured and unsecured "sub-prime" cards.  I can tell you that secured is definitely the way to go assuming you have a decent secured card that doesn't take half a decade to graduate.

Sub-prime cards probably cost you as much in fees as a secured card and you get stuck in sub-prime heck.  But reputable secured cards will allow you to get rolling towards prime cards much faster.

Plus, when you get your deposit back, it feels so good... like finding 20 bucks in your pants pocket when you're doing laundry!

---

Bingo.  You have nailed it.  

I got into an argument with the guy who did the 700 in 24, now many years ago, and I will tell you, getting sub-prime cards is the dumbest move you can make -- aside from doing nothing.  

I never did a subprime card  -- ever.  And my highest FICO 9 is 842, with a BK 7 reporting for three more years.    

If you open  a secured card, at least you have started a relationship with a lender who can give you an auto loan or a line of credit or a mortgage.

The guy who wrote the 700 in 24 attacked me about my position that secured cards were way better than sub-prime cards.   I will hold up my scores and record.   Sub-prime cards are a fool's errant.   Nothing like going bankrupt and making another stupid mistake again.

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You are totally right. I had to use secured cards to start my rebuild because I wasn't falling for that sub-prime fee pitfall again.  I'm glad I did get those secured cards from PNC and SCSCU, because I'm still banking with them.  They have both been great to me during my rebuild post bankruptcy.  

I exchanged words with SoulMaster over the secured card. In my opinion, I won in the long term with over $800,000 in personal and business unsecured credit, with rates lower than what I before my bankruptcy.  I still believe the 700 in 24 plan is a solid guide, but you don't have to follow it verbatim.  

Guyatthebeach

[CH-7-Mission-Accomplished]

You are so right guy at the beach.

[Credit_Master]

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@Guyatthebeach wrote:

Credit_Master,

SDFCU's secured Visa does report as a secured card to all the CR's. They are a solid credit Union and one of a few financial institutions that has a solid history of approving recons. I do recommend that you use let this card report a balance and PIF after the statement closes. I checked my CR and when I leave a balance, it does report monthly, and I honestly don't remember how long it takes to rework using AZEO.

I'm a huge fan of SDFCU.  When I opened my Visa about 8 years ago, my application was declined.  I reconned and was approved for a $1000 unsecured. Now it's over $26000 and I get a preapproved offer regularly.  

Hope that answers your questions.  

Guyatthebeach

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Thank you for the reply! It was exactly what I was looking for thank you. I ended up not going with SDFCU but got OpenSky right before discharge and since discharge have the secured card from Andrews FCU (went with these two because there is no credit check for either card = no inquiry) and approved for two unsecured, Mission Lane (rewards / no AF) and Ollo (rewards / no AF). Only downside is the two secured cards I have will not graduate but I will replace them in time. Again thanks for taking the time to answer my question it is much appreciated.

[designated_knitter]

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@Credit_Master wrote:

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Thank you for the reply! It was exactly what I was looking for thank you. I ended up not going with SDFCU but got OpenSky right before discharge and since discharge have the secured card from Andrews FCU (went with these two because there is no credit check for either card = no inquiry) and approved for two unsecured, Mission Lane (rewards / no AF) and Ollo (rewards / no AF). Only downside is the two secured cards I have will not graduate but I will replace them in time. Again thanks for taking the time to answer my question it is much appreciated.

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@Credit_Master  since you are a member of Navy -- their secured nRewards is a terrific offering.  I think you may have to be 1 year post DC to apply but definitely grab that card when you are able to.  It graduates usually in 6-7 months to a Cash Rewards card with a 2K limit.  3 months after you get the nRewards, you can apply for an unsecured card and will usually be approved with a much larger limit (as in 5K or more).  

Good luck!

[CH-7-Mission-Accomplished]

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@designated_knitter wrote:

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@Credit_Master wrote:

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Thank you for the reply! It was exactly what I was looking for thank you. I ended up not going with SDFCU but got OpenSky right before discharge and since discharge have the secured card from Andrews FCU (went with these two because there is no credit check for either card = no inquiry) and approved for two unsecured, Mission Lane (rewards / no AF) and Ollo (rewards / no AF). Only downside is the two secured cards I have will not graduate but I will replace them in time. Again thanks for taking the time to answer my question it is much appreciated.

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@Credit_Master  since you are a member of Navy -- their secured nRewards is a terrific offering.  I think you may have to be 1 year post DC to apply but definitely grab that card when you are able to.  It graduates usually in 6-7 months to a Cash Rewards card with a 2K limit.  3 months after you get the nRewards, you can apply for an unsecured card and will usually be approved with a much larger limit (as in 5K or more).  

Good luck!

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You can get the Navy secured card immediately upon discharge.   It will graduate in the usual fashion but I believe you are limited to  a 2k unsecured limit until 1 year post filing. It can quickly grow to 25k and then 50k over time.   Others can confirm.   Good luck.  

[Credit_Master]

Thank you for the Navy suggestion but I burned them in my BK7 and short of me winning the lottery will more than likely never make them whole. I did just make my last car payment with them (reaffirmed) and will more than likely close my checking/savings in the near future.

[CH-7-Mission-Accomplished]

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@Credit_Master wrote:

Thank you for the Navy suggestion but I burned them in my BK7 and short of me winning the lottery will more than likely never make them whole. I did just make my last car payment with them (reaffirmed) and will more than likely close my checking/savings in the near future.

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7, 16. 44, 27 & 39.  😎