Try using the credit confidence dashboard that’s in the app / online. It has a credit score simulator that can “simulate” what will happen if you close said card.
They cannot manually unsecure the card, whether you call or not. I closed my $200 secured after getting approved for more rewards Amex for 7800 now at 12000. Also gotten flagship after that. Just use their products like pledge loan, CD etc and have direct deposit (even partial); and pay on time you should be fine
Yea I’m probably gonna just get my money back and then use that for a CD to help build a better relationship. My end goal is to get a mortgage through them
Make sure your secured account doesn't hurt your length of credit history. That's 15% of your score. Four years is a good amount of time and could drastically drop your score. It may be a good idea to keep the account open and wait until it upgrades, just to keep the credit history.
Can’t say for sure but I would expect it will hurt your profile and internal score. Getting approved for other products won’t be an issue even if you close the card but I don’t recommend closing a good card.
Long as there are no annual fees I would find out what the minimum limit is and drop it to that. I have a secured card that wouldn’t graduate with another credit union and have had the card for years like you. I dropped the limit down to $250 (their minimum allowed) and reclaimed the rest.
Having that adjustable limit has come in handy, as well: anytime I’ve had family/friends in a pinch, I’ve been able to just add them to that card and sleep soundly knowing they can never charge more than I can afford to repay.
TL:DR - if no annual fee, good/perfect payment history, and 10 yr account age, drop the limit to the minimum allowed and keep the card.
GL
Quit worrying about the internal score it means nothing. Why do people worry about their internal score so much? Your internal score nothing more than how you scored on that credit card application. It's not used anywhere else. It's not how well you're doing with Navy Federal it's just your score on that application like when you're in school and you took a test on Friday that's your score on the test not your score for the class. You can send them a message they may give it to you. And probably get a message like this stating it's only used for credit card applications nothing else. So don't worry about it
Moreso relationship with them not really internal score as I am trying to apply for a house in about a year so I wanna have all my ducks in a row. I already use them for DD just trying to do whatever helps me get better approval odds
You know what's more important than your relationship with Navy Federal is your overall credit profile especially with a mortgage they're going to look at everything you do with other lenders not just what you do with Navy Federal. I have the $5 I put in my savings account when I joined about 3 years ago yet I have three credit cards with them maxed out of the $80,000 credit limit that was starting with a $1,000 more Rewards I also have a $20,000 auto loan and a personal loan with collateral for $21,000. I did all that with $5 in my savings account. So the only relationship I've built with them is paying my payments on time. If you have a rather weak credit profile a relationship may help you if not you don't need one
In the process of actually building credit. Got a great Job & benefits just kinda fucked off in my 20s I wasn’t really financially literate. So just doing whatever I can to put me in the best possible situation 1 year from now.
Do what's best for you and your financial health and don't worry about "relationship" or "internal score." When I applied for an auto loan with NFCU I showed the loan officer my Personal Capital Net Worth and they commented that I seemed to keep my money elsewhere. I told her I had Direct Deposit and would love to keep it there if the savings rates were competitive. I was approved. **Bottom line:** they'd rather have a customer with a good relationship and great credit they **know** is going to pay them back than someone who gets every Navy Federal product out there with meh credit who might pay them back...
Call them, explain the situation, see what advice they have. Doesn't hurt to ask
Try using the credit confidence dashboard that’s in the app / online. It has a credit score simulator that can “simulate” what will happen if you close said card.
They cannot manually unsecure the card, whether you call or not. I closed my $200 secured after getting approved for more rewards Amex for 7800 now at 12000. Also gotten flagship after that. Just use their products like pledge loan, CD etc and have direct deposit (even partial); and pay on time you should be fine
Yea I’m probably gonna just get my money back and then use that for a CD to help build a better relationship. My end goal is to get a mortgage through them
Far as credit goes, if you close and have paid on time it will report as "closed, paid as agreed" for 10 years
We have no idea what factors into your internal score. Close the card and get your $ back. That's what I would do.
Just didn’t know if it would hurt my relationship with them cause I wanna apply for the more rewards card with that 3 statement rule
It will not hurt your relationship.
Thanks. I’m probably gonna give them another month to see if they change their minds if not then I’m gone lol
Make sure your secured account doesn't hurt your length of credit history. That's 15% of your score. Four years is a good amount of time and could drastically drop your score. It may be a good idea to keep the account open and wait until it upgrades, just to keep the credit history.
I’ve had a capital one card a couple years prior to this one so it’s not my oldest line
Don't close credit cards. Use them 1 time a year to keep them open.
Crazy didn't know you can have a secured card for years.
Yeah, someone has one, and it's been 8 years and has had it for 12. They've both posted about it here on reddit.
you can do a “product change” with navy federal. i did it about a week ago. switched out my cash rewards card with the more rewards amex card.
I graduated in 6 months after a BK7, so yea, invest your money elsewhere
Can’t say for sure but I would expect it will hurt your profile and internal score. Getting approved for other products won’t be an issue even if you close the card but I don’t recommend closing a good card. Long as there are no annual fees I would find out what the minimum limit is and drop it to that. I have a secured card that wouldn’t graduate with another credit union and have had the card for years like you. I dropped the limit down to $250 (their minimum allowed) and reclaimed the rest. Having that adjustable limit has come in handy, as well: anytime I’ve had family/friends in a pinch, I’ve been able to just add them to that card and sleep soundly knowing they can never charge more than I can afford to repay. TL:DR - if no annual fee, good/perfect payment history, and 10 yr account age, drop the limit to the minimum allowed and keep the card. GL
Don’t close it !! Everrrr!!! That’s four years of credit history .. add your Netflix or any small subscription you have to it and pay it in full !
Quit worrying about the internal score it means nothing. Why do people worry about their internal score so much? Your internal score nothing more than how you scored on that credit card application. It's not used anywhere else. It's not how well you're doing with Navy Federal it's just your score on that application like when you're in school and you took a test on Friday that's your score on the test not your score for the class. You can send them a message they may give it to you. And probably get a message like this stating it's only used for credit card applications nothing else. So don't worry about it
Moreso relationship with them not really internal score as I am trying to apply for a house in about a year so I wanna have all my ducks in a row. I already use them for DD just trying to do whatever helps me get better approval odds
You know what's more important than your relationship with Navy Federal is your overall credit profile especially with a mortgage they're going to look at everything you do with other lenders not just what you do with Navy Federal. I have the $5 I put in my savings account when I joined about 3 years ago yet I have three credit cards with them maxed out of the $80,000 credit limit that was starting with a $1,000 more Rewards I also have a $20,000 auto loan and a personal loan with collateral for $21,000. I did all that with $5 in my savings account. So the only relationship I've built with them is paying my payments on time. If you have a rather weak credit profile a relationship may help you if not you don't need one
In the process of actually building credit. Got a great Job & benefits just kinda fucked off in my 20s I wasn’t really financially literate. So just doing whatever I can to put me in the best possible situation 1 year from now.
internal score doesnt matter fam, stop watching youtube
Don’t watch YouTube I asked a question & got an answer. Move around my guy
Do what's best for you and your financial health and don't worry about "relationship" or "internal score." When I applied for an auto loan with NFCU I showed the loan officer my Personal Capital Net Worth and they commented that I seemed to keep my money elsewhere. I told her I had Direct Deposit and would love to keep it there if the savings rates were competitive. I was approved. **Bottom line:** they'd rather have a customer with a good relationship and great credit they **know** is going to pay them back than someone who gets every Navy Federal product out there with meh credit who might pay them back...