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SDFCU Secured Card Graduated


californiadreamin
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I logged on to the app to pay my bill this month (second payment of the month actually) and noticed that my Secured Visa Platinum was now listed as Graduated Visa Platinum. I also noticed that my Share Savings account now has the entire balance showing available to me. I had never heard of this card unsecuring, so I called in and they confirmed that my card is showing as a regular Visa Platinum card on their end. So if anyone else had this card, you might want to see if you’ve been graduated. I never received a letter that I was graduating nor did any of my statements reflect this.
 

Background:

I filled for Chapter 7 in October, 2018 and received discharge in February, 2019. Two weeks later, I applied for a $500.00 share secured loan and a $1,000 share secured Visa. I paid the loan off fairly quickly (around 9 months) and would either pay the Visa in full each month or carried a small balance. My plan was to keep the Visa opened for two years and then close it at the 2 year mark. 
 

In June I was approved for a Target credit card with a $500 limit. I received two CLI...up to $700 in the Fall and it’s now at $1,000.

 

In November I applied for a Kohls store card because I live near one and shop there all the time. I was approved with a $300 limit. I’m not eligible for a CLI until 6 months passes. I did include Kohl’s in my BK.

 

In November I got “pre-selected” for that stanky Indigo card with a $300 limit. I never activated it, but it’s still reporting. There is no annual fee.

 

I applied for and was approved for Discover with a 12k limit. They were also included in my BK. This card has no annual fee.
 

I then was later approved for a Penfed Power Rewards VISA with a 15k limit.

 

i purchase a new Toyota at the end of December and was approved with 0 down with Toyota Financial at 6.9% for 72 months but ended up going with a local credit union at 4.74% for 72 months. 


So my post was about the SDFCU card graduating, but I also wanted to let others know that there is life after BK.
 

My Fico 9 is currently 652 (Penfed Score)

My Fico 8 is currently 648 (Discover Score)

 

 

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Congrats! Great work on the rebuilding. We all make some mistakes (Indigo), but overall it looks like you've been heading in the right direction. Have you also been working on getting rid of the BK and cleaning up your reports? 

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42 minutes ago, shifter said:

Congrats! Great work on the rebuilding. We all make some mistakes (Indigo), but overall it looks like you've been heading in the right direction. Have you also been working on getting rid of the BK and cleaning up your reports? 

I have not. I pulled paper reports to verify that all of my trade lines were reporting. I haven’t even tackled the BK. I was trying to read through the guide on how to get rid of it, but it seemed like the op had a new address and I don’t see myself moving from my current place until I’m called to meet my maker.

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You don't have to physically move to get a new mailing address and shift all your credit accounts to start using it. It'll take a minute but you can scrub your credit of all mention of the address associated with the BK

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I used a physical address, but I think others have had success with a PO Box. UPS Store addresses are often not very useful because they keep databases of those addresses and some places will not allow them because they know they are not real. 

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Congrats, however you don't clarify which credit union SDFCU is and I never assume!

 

Would this in fact be State Department FCU? https://www.sdfcu.org/

 

Well if this is State Department FCU, then this is significant news as it has been widely understood for years that they do NOT graduate their secured cards!

 

Guess they do in fact now graduate, right here: https://www.sdfcu.org/savings-secured-credit-card

 

Use card responsibly and you can be automatically graduated to a Visa Platinum Credit Card

 

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Yes. State Department FCU.  
 

A couple of data points:

 

I applied over the phone in February, 2019 with no credit report pulled. The website was updated since then, but I didn’t recall the line about graduation.

 

My interest rate remains the same 13.49%
 

My credit report still shows secured,  it it may update at the end of this month.

 

I hope this helps someone trying to rebuild who doesn’t want to go (or perhaps cannot go to due to BK or charge off) some of the big  banks who offer secured cards that graduate.

Edited by californiadreamin
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8 hours ago, californiadreamin said:

Yes. State Department FCU.  
 

A couple of data points:

 

I applied over the phone in February, 2019 with no credit report pulled. The website was updated since then, but I didn’t recall the line about graduation.

 

My interest rate remains the same 13.49%
 

My credit report still shows secured,  it it may update at the end of this month.

 

I hope this helps someone trying to rebuild who doesn’t want to go (or perhaps cannot go to due to BK or charge off) some of the big  banks who offer secured cards that graduate.

When you applied in FEB/2019 were you already a member of SDFCU? And did SDFCU ever pull credit for the secured VISA? This is good info for rebuilders, another secured card option that graduates and if no hard pull, even better.....

Edited by Rogue
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I had joined them preciously by just opening a savings account. I believe it was a soft pull at opening of the savings account.

 

i has read on here before that you could call in and apply for the secured card without a credit check and when I called in, the rep did confirm that since I was already a member, she didn’t need to pull credit. She sent me the docusign and I went to a shared CU branch to made my deposit into the savings account and they did the rest with getting the card printed and mailed to me.

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55 minutes ago, californiadreamin said:

I had joined them preciously by just opening a savings account. I believe it was a soft pull at opening of the savings account.

 

i has read on here before that you could call in and apply for the secured card without a credit check and when I called in, the rep did confirm that since I was already a member, she didn’t need to pull credit. She sent me the docusign and I went to a shared CU branch to made my deposit into the savings account and they did the rest with getting the card printed and mailed to me.

dUVHHIo.jpg

 

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  • 2 weeks later...
On 3/14/2020 at 10:42 AM, californiadreamin said:

I see. I haven’t thought about it like that. I do have a PO Box, but only use it for business mail. Would that work or would a UPS store with a physical address be better? 

There is no problem with using a PO Box for the mailing purposes on credit, and the address would likely move to the credit reports within a billing cycle or three.  The issue can come in obtaining NEW credit, at least through the automated application processes. 

 

I have had some problems with a couple of banks that did not like the fact that ALL of my government-issued ID shows the Post Office Box and that I basically have nothing that attaches my name directly to the three residential addresses.  However, other banks have CSR's that grasp the issue when I speak directly to them on the phone...

 

The question you will need to answer is whether you wanted to co-mingle your personal and business issues since you reference the current PO Box being related to your business...

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1 hour ago, centex said:

There is no problem with using a PO Box for the mailing purposes on credit, and the address would likely move to the credit reports within a billing cycle or three.  The issue can come in obtaining NEW credit, at least through the automated application processes. 

 

I have had some problems with a couple of banks that did not like the fact that ALL of my government-issued ID shows the Post Office Box and that I basically have nothing that attaches my name directly to the three residential addresses.  However, other banks have CSR's that grasp the issue when I speak directly to them on the phone...

 

The question you will need to answer is whether you wanted to co-mingle your personal and business issues since you reference the current PO Box being related to your business...

That’s a good point about my P.O. Box. I’ll have to think this through some for sure. Thanks for your insight.

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3 hours ago, californiadreamin said:

That’s a good point about my P.O. Box. I’ll have to think this through some for sure. Thanks for your insight.

There is nothing to preclude having a second one for the personal stuff...I just mentioned the co-mingling element since it is a bigger deal for some than others. 

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  • 7 months later...
On 3/15/2020 at 2:31 PM, Rogue said:

Congrats, however you don't clarify which credit union SDFCU is and I never assume!

 

Would this in fact be State Department FCU? https://www.sdfcu.org/

 

Well if this is State Department FCU, then this is significant news as it has been widely understood for years that they do NOT graduate their secured cards!

 

Guess they do in fact now graduate, right here: https://www.sdfcu.org/savings-secured-credit-card

 

Use card responsibly and you can be automatically graduated to a Visa Platinum Credit Card

 


so if I'm not graduated there is no chance I could get a credit card?

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6 hours ago, samlarson said:


so if I'm not graduated there is no chance I could get a credit card?

In this context, "graduated" refers to a change in the status of the card itself (specifically it means that a secured card transitions to an unsecured card, and your deposit gets refunded).

 

We recommend secured cards that graduate because the cards can be left open indefinitely (if the card doesn't graduate, the only way to get your deposit back is by closing the card).   Other things equal, the longer a card reports the more valuable it is to your credit profile.

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