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NFCU secured card deposits

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Established Contributor

Re: NFCU secured card deposits

It may have been a different story because it was done in person and not online.






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Message 11 of 17
New Contributor

Re: NFCU secured card deposits

Im not trying to spread false information at all. When I get home from work I will look for where I found it. I really hope your friends way is the true way as I dont want any extra HPs. I remember reading online with a credit increase application you get a HP.  Maybe I read it wrong but thats what got me to reach out to them. I do know that when I was in the branch last week I asked could I increase the limit at a later date they told me yes I would just have to apply to increase it. I didnt think she really meant "APPLY" as in HP. She said it was increased with $50 increments like you stated. So at least we got that part right...

Message 12 of 17
New Contributor

Re: NFCU secured card deposits

I recently started a secured CC w/ NFCU for $500. Should I be trying to to get more into savings and increasing the CL before graduation in hopes of a larger unsecured limit when the card graduates?

 

OP seems to think/know that this will help get them a larger unsecured limit at graduation, is that legit?

Message 13 of 17
New Contributor

Re: NFCU secured card deposits


@Twitchrdrm wrote:

I recently started a secured CC w/ NFCU for $500. Should I be trying to to get more into savings and increasing the CL before graduation in hopes of a larger unsecured limit when the card graduates?

 

OP seems to think/know that this will help get them a larger unsecured limit at graduation, is that legit?


Yes.. or at least this is how it was explained to me. When it graduates they return your deposit to your savings account and the card becomes unsecured with the same limit as you had (or possibly with a CLI, idk if they do them at the same time or not). 


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 14 of 17
New Contributor

Re: NFCU secured card deposits

NFCU is awesome. The secured card is just to build credit and relationship with a bank or CU. IMHO, you just need enough on the card to keep your utilization under 10%. Navy will graduate your card around 8 months with a decent increase. At 91/3 apply for their unsecured card or when you are 12 months post discharged and they will give you the brinks trucks.

Navy really cares about relationship and they have their own internal scoring model, so if you put the extra money into savings or checking, they factor that when giving out credit products.
Message 15 of 17
Established Member

Re: NFCU secured card deposits

I believe when the card graduates the limit will be at minimum $2000 or more.
Message 16 of 17
Established Member

Re: NFCU secured card deposits

More than 6 is too many on each CR!
Message 17 of 17
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