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Secured NFCU Card Limit


CreditRepairLady
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The last post in this topic was posted 1041 days ago. 

 

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I've had a secured card with NFCU for over a year with a $500 limit. It still hasn't graduated which I was hoping it would once it hit the year mark.

I was wondering if I upped the secured limit to $2500, if that would help improve my credit as it would be a higher limit? Only downside is they would be doing a hard pull (not sure why since its MY money I'm putting into the card to begin with). Would the higher card limit still offset the inquiry and improve my score or should I leave it as is?

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I cannot speak to their graduation process, but the issues of score offsets are driven by far more than the limit.  What is the utilization of this card as well as all of the other cards in your portfolio?  An inquiry will cost you a few points.  A maxed card costs far more than that but a $2 balance on a $2K card would likely offset the inquiry presuming no other cards are reporting with a balance.  Hopefully you are not revolving a balance close to the limit. 

 

The best way to find out about graduation is to call and ask.  The phone jockey may not be able to discuss nuances about scoring, but they could likely give an indication about the graduation process of the product...

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From what I've read the card usually graduates after the 5th statement, of course YMMV.  Best advice, as stated, call and find out what's going on.  They'll probably give you the spill that they do a soft pull on your credit every month and then determine if they're going to graduate you.  I have the same card and we'll see next month if my card graduates after my 5th statement.

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24 minutes ago, CreditRepairLady said:

Yes, I called and they say they monitor it monthly for eligibility to graduate but still nothing. It has been open since Aug of 2017. This is my only active credit card and has $0 balance as I pay it off every month to avoid any interest.

You say it is the only ACTIVE card...what else is reporting and with what balances? 

 

By $0 balance, are you saying you are paying it in full prior to the statement cutting so that it reports with a zero balance or you are paying as soon as the statement cuts?  If the former, the lack of no other active cards means you are losing out on some scoring issues, which COULD (with an anorexic file) be part of the hindrance.  You need to also be focusing on the other half of credit repair...a file needs to have more than one account active...

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8 hours ago, CreditRepairLady said:

I've had a secured card with NFCU for over a year with a $500 limit. It still hasn't graduated which I was hoping it would once it hit the year mark.

I was wondering if I upped the secured limit to $2500, if that would help improve my credit as it would be a higher limit? Only downside is they would be doing a hard pull (not sure why since its MY money I'm putting into the card to begin with). Would the higher card limit still offset the inquiry and improve my score or should I leave it as is?

 

To increase the amount on your existing secured card they pull your credit reports?

 

In any event, just because a certain amount of time has passed does not mean they have to graduate a card.  My guess is that you have a lot of crap on your reports that makes you look bad to them.

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Yes, they hard pull when you look at them.  Thank said, mine @ $5k took two years to graduate.  They approved me for a $8k Flagship though before my secured graduated.  They pull TU for new accounts but rely heavily on their "internal score".  You may have an internal score that will give you an approval for that second card.

 

I would not increase the secured as they will likely bump you to $2k upon graduation.  After graduation, you can then product change easily to a Go Rewards, Cash back card etc..  No HP.

 

What is your free EQ 09 FICO?

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The last post in this topic was posted 1041 days ago. 

 

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