DCU Credit Card Does NOT Unsecure!

[mendelssohn]

July 2012 I opened a secured credit card with DCU. Members on CB mentioned that it had the possibility to unsecure, and I also confirmed this with DCU reps before even applying for DCU membership. I clarified that the secured card would maintain the payment history and have the deposit released upon approval, and that no new account would be created. I confirmed this again about 4-5 months ago when I called to see how soon I would be eligible to unsecure (I was told sometime after 1 year).

 

Yesterday, I called and started the process to unsecure my card. Unfortunately, DCU uses a third-party service to process applications when they are busy, and the two times I spoke with someone yesterday, they were reps for the third party company. Today, I called to see where my application was and to let them know that I had uploaded my 2 most current paystubs for income verification. When I confirmed that they were simply unsecuring my current credit card and not creating a new account, I was told that they do NOT unsecure credit cards and never have. I asked to to speak to a manager in underwriting, and he stated the same thing. I mentioned to him that multiple reps had confirmed that they DO unsecure, and he said no, they do not. I then directed him to a question on their own website (scroll down):

 

http://answers.dcu.org/answers/5511-en_us/product/4-3/dcu-visa-platinum-secured-questions-answers/questions.htm

 

 

Question: Can I change my secured Visa to unsecured?

Answer: It is possible to change your secured Visa credit card to an unsecured
credit card. Please be aware that conversion to an unsecured card is
dependant upon credit history and is not guaranteed. DCU will require a
current credit report before this conversion can be performed, and
additional documentation may be required. To begin this process, please
contact us at 800.328.8797, option 3.

 

After speaking with his boss, he said that they were going to make an exception in my case and unsecure the card. No new card, I get to keep the payment history and my funds will be released within the next 48 hours. I had a $500 CL and they are converting it to $1000 CL unsecured, so I'm not thrilled with it, but at least I am keeping the history I have already built. They said that I can request a CLI every 6-12 months, so I will see how that goes.

 

I created this thread to warn those of you who do have secured cards with DCU that you better take a screen shot of that question before it gets taken down and either call and get notes on your account that you can unsecure your card, or start the process ASAP. I did take a screen shot of that question and answer, and anyone who needs it can send me a PM.

 

[mendelssohn]

I would appreciate it if one of the mods could change the title to: DCU Secured Credit Card Does Not Unsecure!

[mendelssohn]

Uploaded with ImageShack.us

[cv91915]

I don't read that as a "no". I read that as a standard "you must meet credit guidelines in order for your card to unsecure", which seems wholly appropriate to me. What am I missing?

[mendelssohn]

I don't read that as a "no". I read that as a standard "you must meet credit guidelines in order for your card to unsecure", which seems wholly appropriate to me. What am I missing?

The screenshot is posted for people to use as proof when asking for it to unsecure, because it clearly states that conversion is possible. The underwriting department, including the VP, stated that it does NOT unsecure. They were wanting to give me the approval for a new account, not unsecure my old account. These answers come from the top of the underwriting department, not a low-level rep.

 

I just checked my account, and my deposit is available and my card reflects the new credit line.

Edited August 9, 2013 by mendelssohn

[BDK]

I had a $500 CL and they are converting it to $1000 CL unsecured, so I'm not thrilled with it, but at least I am keeping the history I have already built. They said that I can request a CLI every 6-12 months, so I will see how that goes.

I think you should be.

 

Congrats on the unsecuring and CLI!

[mendelssohn]

/>

 

I had a $500 CL and they are converting it to $1000 CL unsecured, so I'm not thrilled with it, but at least I am keeping the history I have already built. They said that I can request a CLI every 6-12 months, so I will see how that goes.

I think you should be.

 

Congrats on the unsecuring and CLI!

Thanks!

[BDK]

Hang in there, be good to them, give 'em some time, and watch your CL GROW!!!!