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NFCU secured card deposits

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NFCU secured card deposits

My discharge date is about a month away and I had started adding money to my checking and savings  at NFCU. I was checking out the rest of the site and when I looked at the  secured card because thats the first thing I will go for. I noticed that each time I add a deposit to it, I will get another HP. I didnt realize that before. So my original deposit was going to be $500 and then a couple months later I planned to add another $500 and keep it going until I maxed out to the $5000 limit. Now learning that each deposit is another HP, I realize my plan wont be so good. I dont want to go crazy with HP as I plan to go for 2 other cards as well. So in yalls opinion how long should I wait in between deposits. How many HP are too many? across the board I have none.  

Message 1 of 17
16 REPLIES 16
Established Member

Re: NFCU secured card deposits

I do believe that is true. You may want to just make one big deposit.
Message 2 of 17
New Contributor

Re: NFCU secured card deposits

I will be doing a $1000 deposit to start. after that I will have about $250 extra a month that I can put toward another deposit. Maybe wait 6 months between  the deposits. I just want to add as much as possible before the  card graduates.

Message 3 of 17
New Contributor

Re: NFCU secured card deposits

I didn't realize there was an HP for each increase.. I suggest putting that extra 250 (or however much more you can) into your NFCU savings every month and maybe putting it in at about the 4-5 month mark. I think taking one more HP to get that limit up there before it graduates is worth it.. I wouldnt want to do a whole bunch of them tho.


2/25/19 FICO 08 = EX-580, EQ-559, TR-610
Current FICO8 as of 5/21/19 = EX 621, EQ?, TR?
Exp mortgage score 607!
Message 4 of 17
New Contributor

Re: NFCU secured card deposits

Thanks for your reply. I ws thinking along the same lines as you. I as well didnt realize the HP for each deposit.  I know its best to keep HPs low but how many is too many per year? 

Message 5 of 17
New Contributor

Re: NFCU secured card deposits

I think the preffered number will vary from person to person but the basic idea is the less you have the better... so 0 in the last 12 months is ideal when apping for anything major. but say you have 3 total... 1 from getting the NFCU card, 1 for adding money to it, and 1 more for graduating it (I assume they HP for graduation?)... if you only have those 3 your still looking pretty good.. if you garden for 6 months or so before apping for anything big they wont matter as much but will still be worth a few points.. and after 12 months they practically wont affect your score anymore at all. The way I understand it, if all of your HPs are from the same lender they wont really worry a lender while underwriting bc they will know it was all for that one card.. especially once a few months have passed and there isnt any other new account reporting.

Maybe someone else will chime in with some info that i dont yet know.. keep us posted on your progress Smiley Happy


2/25/19 FICO 08 = EX-580, EQ-559, TR-610
Current FICO8 as of 5/21/19 = EX 621, EQ?, TR?
Exp mortgage score 607!
Message 6 of 17
Moderator

Re: NFCU secured card deposits

There is no set number of inquiries that a creditor considers too many.. If a creditor likes what they see when they pull your credit profile they are going to most likely do business with you irregardless of the number of inquiries. We have members here whos' inquiry count is laughable and they still get approved for new credit. The stronger your profile the less they would use an inquiry count to deny you.
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Message 7 of 17
Valued Contributor

Re: NFCU secured card deposits


@bandlp08 wrote:

... I was checking out the rest of the site and when I looked at the  secured card because thats the first thing I will go for. I noticed that each time I add a deposit to it, I will get another HP. .  


My searchfoo is poor & I couldn't find that verbiage anywhere -- would you mind screenshotting or linking?

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2019): FICO 08 EXP: 747; TU: 749; EQ: 747
2019 Goal Score: 800 across the board


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Message 8 of 17
New Contributor

Re: NFCU secured card deposits

I have been on there plenty of times and a couple of days ago was the first time I came across it. It was one of the fine print things at the bottom of the page. That’s when I did a online chat with a rep to confirm it. I don’t know what I clicked on to see it but I’m positive that it was on the secured card part. If you go on their site and click on credit cards there will be something that says chat now that pops up on the left side of the page that will allow you to talk with customer service they will be able to confirm it. Hope that helps!
Message 9 of 17
Valued Contributor

Re: NFCU secured card deposits


@bandlp08 wrote:
I have been on there plenty of times and a couple of days ago was the first time I came across it. It was one of the fine print things at the bottom of the page. That’s when I did a online chat with a rep to confirm it. I don’t know what I clicked on to see it but I’m positive that it was on the secured card part. If you go on their site and click on credit cards there will be something that says chat now that pops up on the left side of the page that will allow you to talk with customer service they will be able to confirm it. Hope that helps!

I looked in the fine print and couldn't find it, which is why I asked. Also because I was given contrary information by an in-branch banker. He opened & funded a secured card for a friend without a credit pull at all. He also said increasing the card was as simple as bringing in some more money (in $50 increments). 

 

I'm inclined to take the in-branch banker's word over a chat CSR (plus the experience of my friend, who told me he got no HP). But if my friend's experience was an aberration and there's official Navy wording to the contrary, I'd love to see it. I don't want to be spreading false information even if I did get it from a reputable source. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2019): FICO 08 EXP: 747; TU: 749; EQ: 747
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 10 of 17
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