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SDFCU Secured credit limit

OnMyOwnMom

By OnMyOwnMom,
in Credit Forum

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The last post in this topic was posted 2328 days ago. 

 

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OnMyOwnMom

OnMyOwnMom

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20,000 on mine but I only asked for a 250 card?

That's what mine says too...that must be the max deposit amount for this account. I cannot imagine it reports to the CRAs as having a $20k credit line. Crazy thing is that it says Credit Limit $20k and also Avail. Credit $20k...

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graymidday

graymidday

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OK, I just looked at my boyfriend's account, which he already has the card. And his loan paperwork says $300 which is what he asked for and what he deposited. Mine says $20,000 on that same line, I have not funded my account or have my card yet, because they are waiting til my fraud alert expires on 10/19 to open my shared savings account. But, my loan/card approved application does say the 20 grand also like yours. So not sure about this?

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OnMyOwnMom

OnMyOwnMom

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OK, I just looked at my boyfriend's account, which he already has the card. And his loan paperwork says $300 which is what he asked for and what he deposited. Mine says $20,000 on that same line, I have not funded my account or have my card yet, because they are waiting til my fraud alert expires on 10/19 to open my shared savings account. But, my loan/card approved application does say the 20 grand also like yours. So not sure about this?

I have the card, got it yesterday which is when I activated it and instantly went to their online portal because I had seen the $20k on the loan docs when I signed and thought it just meant that was my max that I could deposit for this secured card...but then when I logged into their portal and it said $20k avail credit, I really started to wonder ;-) I am sure if I tried to charge over my deposit amount it would be declined...but still interested to see what my first statement says and how it reports to the CRAs...card is in my hand but account is still not showing up on credit reports yet.

 

Wish someone who has had the card for over a month or so would chime in and let us know how it reports.....???

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FromGoodtoGreat

FromGoodtoGreat

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OK, I just looked at my boyfriend's account, which he already has the card. And his loan paperwork says $300 which is what he asked for and what he deposited. Mine says $20,000 on that same line, I have not funded my account or have my card yet, because they are waiting til my fraud alert expires on 10/19 to open my shared savings account. But, my loan/card approved application does say the 20 grand also like yours. So not sure about this?

I have the card, got it yesterday which is when I activated it and instantly went to their online portal because I had seen the $20k on the loan docs when I signed and thought it just meant that was my max that I could deposit for this secured card...but then when I logged into their portal and it said $20k avail credit, I really started to wonder ;-) I am sure if I tried to charge over my deposit amount it would be declined...but still interested to see what my first statement says and how it reports to the CRAs...card is in my hand but account is still not showing up on credit reports yet.

 

Wish someone who has had the card for over a month or so would chime in and let us know how it reports.....???

 

It reports as a secured card.

 

You guys may be lucky in that it may report those amounts. Mine only reports the amount I actually deposited.

 

When I log into my account it shows what I actually deposited as well.

Edited by FromBadtoGood
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OnMyOwnMom

OnMyOwnMom

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OK, I just looked at my boyfriend's account, which he already has the card. And his loan paperwork says $300 which is what he asked for and what he deposited. Mine says $20,000 on that same line, I have not funded my account or have my card yet, because they are waiting til my fraud alert expires on 10/19 to open my shared savings account. But, my loan/card approved application does say the 20 grand also like yours. So not sure about this?

I have the card, got it yesterday which is when I activated it and instantly went to their online portal because I had seen the $20k on the loan docs when I signed and thought it just meant that was my max that I could deposit for this secured card...but then when I logged into their portal and it said $20k avail credit, I really started to wonder ;-) I am sure if I tried to charge over my deposit amount it would be declined...but still interested to see what my first statement says and how it reports to the CRAs...card is in my hand but account is still not showing up on credit reports yet.

 

Wish someone who has had the card for over a month or so would chime in and let us know how it reports.....???

 

It reports as a secured card.

 

You guys may be lucky in that it may report those amounts. Mine only reports the amount I actually deposited.

 

When I log into my account it shows what I actually deposited as well.

 

It does report as secured? I thought it might. That won't affect the scores, but won't be great for manual underwriting down the line when I go to get a mortgage at some point in the future ;-) Thanks for your story!

 

Anyone else who has that $20k limit show online? How does it really report?

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OnMyOwnMom

OnMyOwnMom

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I have charged a few things to my card and am planning on paying it off before the statement cuts on 10/29; however, I am so tempted to try a charge that is over my deposit amount...I have spent $166 total on my new card, and it says I have $19,834 avail credit of my $20k credit limit.

 

I don't want to risk the account being shut down...but it's killing me not to test! It's ok if I don't really have that available...if it reports like that to the CRAs, I will be perfectly happy!

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OnMyOwnMom

OnMyOwnMom

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I called and asked customer service when the statement and also the due date would be on my new account for "budget planning purposes" ;-)

 

You just want to get me in trouble...why don't you try it yourself??? OH - you didn't have your card yet before, did you get it yet??? I don't want to be the guinea pig...I actually NEED this chance with the secured card to rebuild! lol

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OnMyOwnMom

OnMyOwnMom

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Just wanted to let everyone know that my SDFCU secured card started to report today - well only on Experian so far - but here is how it reports:

 

Account Type Secured Credit Card Balance $0.00 Date Opened 10/1/2014
Account Status Open Mo. Payment Past Due Payment Status Current High Balance $166.00 Limit $20,000.00 Terms Revolving Comments

 

Good luck to the rest of you ;-)

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Menta33

Menta33

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Mine reports as $20,000 but I actually have that much on deposit as security, though I thought I could deposit more and go above $20k. I've had the card since 2011 and it reports the actual credit limit all along (before I bumped it up to $20k it showed the lower limit) to the CRAs as a "secured" card in the notes.

 

I really wish they would unsecure me, its been 3 years now. Each time I've inquired, they do not unsecure ever, hoping eventually they will change their mind.

Edited by Menta33
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mendelssohn

mendelssohn

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Mine reports as $20,000 but I actually have that much on deposit as security, though I thought I could deposit more and go above $20k. I've had the card since 2011 and it reports the actual credit limit all along (before I bumped it up to $20k it showed the lower limit) to the CRAs as a "secured" card in the notes.

 

I really wish they would unsecure me, its been 3 years now. Each time I've inquired, they do not unsecure ever, hoping eventually they will change their mind.

They don't unsecure. You can go as high as $100K on the limit from what they told me a few years back.

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