No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I don't quite understand it, however, I was declined for a secured credit card through my credit union Indiana University credit union. When I reached out to them they advised that I have too few trade lines reporting? I have two auto loans, and three credit cards. How many trade lines do they want to see? A secured credit card has no risk. It is secured by the funds I provide. So why offer this type of account if you are going to decline applications? Makes zero sense!!
Some banks and credit unions are extremely, extremely conservative.
A few years ago, I had a checking and savings balance of SIX FIGURES with a credit union and they declined me for a $500 secured card. They also hit me with 4 inquiries. I closed my accounts after a week of arguing with one of the branch managers who told me "you are a credit risk" even though I had all that money sitting in their accounts for literally 18 months.
Conservative banks and credit unions will love you when your credit is spotless, but they will probably hate you for anything but near perfect credit.
There are some reall tight ones around. The bank next to our office requires tripple pull fico scores all abover 750, no chex systems, no returned checks ever for remote deposit. I can't imagine what their loan requirements must be. DW and I keep a small account there since its next door just for check cashing. They will cash a check upto $1000 with out a hold. We use a bank about 100 miles away that has a strong onlne system.
+1 ABCD
A few years ago I had my BoA branch manager submit an app for me for their secured cc. I was denied and on recon I offered to fund a secured savings account $5000 for a $500 credit line. The answer was no
@Anonymous wrote:
There are inherent COST and HASSLE in housing and maintaining lines of credit....and ABSOLUTELY there are RISK... it's amazing that folks constantly TELL businesses what their risk & cost....
Quite frankly, secured accounts are a FAVOR to consumers (a wonderful gift of the tool, we can use to build a profile, where otherwise many would be lock out, with a much tougher road to hoe back in, truth be told) on the up side generally there's not that much profit to be made on clients that use them properly just as a way back up the ladder
They have some record keeping expense, sure. But if you miss one payment they either 1) suck up $30 or so, or 2) suck up your ENTIRE deposit. And rebuilders are going to do that disproportionately to the rest of the customer base. You won't see them on the forums here, but I know of people who missed a $20 payment and got their $500+ deposit sucked up for good. Not to mention that the bank is making interest off your deposit (I've only seen a handful of CU's which pay you the interest), and quite possibly to the secured card customer' if they carry a balance athey're re paying 24% or so on their own money. They still make money off swipe fees too. So yes, if you assume every customer is well-informed, the banks are doing us a favor. Alas, they still make out better in the end, on average.
I see the point to some extent. I just prefer to have a secured credit card to ensure worst case scenario that I never get over my head. I dont have any credit issues...No BK's, lates, excessive utilization, etc. I have one through USAA with a $5000.00 limit, State Dept. FCU with a $2000 limit, and Citibank with a $2500.00 credit limit. USAA and State Dept. FCU are both over 5 years old, and Citi is a little over a year old. I don't carry a balance on any of the three cards, and I PIF each month. So they would not be making as much money from me for the product. I think I was just more ticked that I wasted a hard pull on a crazy decline reason.
@Anonymous wrote:I see the point to some extent. I just prefer to have a secured credit card to ensure worst case scenario that I never get over my head. I dont have any credit issues...No BK's, lates, excessive utilization, etc. I have one through USAA with a $5000.00 limit, State Dept. FCU with a $2000 limit, and Citibank with a $2500.00 credit limit. USAA and State Dept. FCU are both over 5 years old, and Citi is a little over a year old. I don't carry a balance on any of the three cards, and I PIF each month. So they would not be making as much money from me for the product. I think I was just more ticked that I wasted a hard pull on a crazy decline reason.
What are your FICO scores btw?
Find it intriguing that CITI has never offered to unsecure your card....
Id like to know a little more about your profile...
Are all your balances 0 after statement date or before? ... im wondering if your being hit because you have no utilization ..
Heres what the conservative CU might be seeing.. You have no experience with unsecured credit.... even if your score is X... noone wants to offer you an unsecured account... we arent going to be first... and we think somethings funny with your credit profile so we dont even want the marginal liability of a secured card.
Basically i think your being pigeonholed for having only secured credit....
-J
im really thinking the CU isnt seeing usage or seeing any unsecured cards and they are like.. **bleep** is wrong with this person... that they cant get unsecured cards..
-J
@Anonymous wrote:
@Anonymous wrote:
There are inherent COST and HASSLE in housing and maintaining lines of credit....and ABSOLUTELY there are RISK... it's amazing that folks constantly TELL businesses what their risk & cost....
Quite frankly, secured accounts are a FAVOR to consumers (a wonderful gift of the tool, we can use to build a profile, where otherwise many would be lock out, with a much tougher road to hoe back in, truth be told) on the up side generally there's not that much profit to be made on clients that use them properly just as a way back up the ladderThey have some record keeping expense, sure. But if you miss one payment they either 1) suck up $30 or so, or 2) suck up your ENTIRE deposit. And rebuilders are going to do that disproportionately to the rest of the customer base. You won't see them on the forums here, but I know of people who missed a $20 payment and got their $500+ deposit sucked up for good. Not to mention that the bank is making interest off your deposit (I've only seen a handful of CU's which pay you the interest), and quite possibly to the secured card customer' if they carry a balance athey're re paying 24% or so on their own money. They still make money off swipe fees too. So yes, if you assume every customer is well-informed, the banks are doing us a favor. Alas, they still make out better in the end, on average.
Most charge a annual fee$$$ as well...