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Established Contributor
mt2va
Posts: 531
Registered: ‎03-20-2009

7-10 message on secured credit card app

So received the 7-10 day message on a secured credit card application.  Does that mean I'm not going to be approved?? Normally when I get those it's just to allow time on me to receive my denial letter in the mail.  Or is it because they have to manually review it and confirm my funds have transferred from my checking account? 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Frequent Contributor
TheConductor
Posts: 491
Registered: ‎07-24-2012

Re: 7-10 message on secured credit card app

[ Edited ]

Check the sticky Backdoor Numbers thread and find the creditor you applied to.  Call them and ask them to reconsider (recon) your application.

 

Typically, the 7-10 day notice means your application is borderline. With many creditors, a recon can turn that 7-10 day message into an approval.

 

Don't wait for them to mail you a decision, call them now.

 

Be prepared to talk about any accounts, inquiries, and negatives on your credit reports as part of the recon.  They will want sound explanations of the things that are on your report.

 

Good luck!

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 686 (myFICO 7/14/14), EX 694 (Prosper 7/17/14) , TU 691 (WalMart 7/11/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Barclaycard Apple V $2k, Walmart (Store) $1.6k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
Established Contributor
mt2va
Posts: 531
Registered: ‎03-20-2009

Re: 7-10 message on secured credit card app

This is a smaller bank and they aren't on the backdoor sticky thread.  Since my credit sucks and hence the reason for applying for a secured card I doubt anything I could say/do would get me a recon so I guess I will just wait to see what happens.  If nothing else I can always get a 2nd secured card with USAA but wanted to have a little more diversity by having my secured cards at different lenders.  (even though USAA is a better deal as far as AF & interest rate goes)

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011

Re: 7-10 message on secured credit card app

If you aren't able to get approved with the bank you applied with, I'd suggest applying for a secured card through Bank of America. They even run their 1-2-3 Rewards programs on their secured cards.

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Established Contributor
cashnocredit
Posts: 958
Registered: ‎07-18-2009

Re: 7-10 message on secured credit card app

IIRC, I had to wait for an approval letter from both secured cards I opened so it doesn't indicate a decline. I think to just make sure whatever deposit is used to open the card clears with enough time to discover fraudsters. They also can add time before payments reduce available credit. At least the first month or so.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Established Contributor
mt2va
Posts: 531
Registered: ‎03-20-2009

Re: 7-10 message on secured credit card app

I thought about trying BofA but most people's experience on this board seems to be that they are more for establishing credit than re-building credit.  I will wait to see what happens with this card and either try them or a 2nd USAA card.  I just thought it might be better to diversify my lenders while I'm fixing my credit.

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Regular Contributor
dude11
Posts: 237
Registered: ‎06-07-2011

Re: 7-10 message on secured credit card app

[ Edited ]

mt2va wrote:

I thought about trying BofA but most people's experience on this board seems to be that they are more for establishing credit than re-building credit.  I will wait to see what happens with this card and either try them or a 2nd USAA card.  I just thought it might be better to diversify my lenders while I'm fixing my credit.


Negative!!! Unless maybe you have a BK? I had a few COs and two of them were from BOFA. One was paid off in full through a CA and the other was sold and settled through the CA that owned it. All of my COs and negative info is to drop off in 2015. Yet I was approved for the BOFA secured card which then I was able to add the rewards to it after just a few months owning it. Will be 1 year in Jan of next  year that I've had it.

 

So in my case I wouldn't say that the card is more for establishing credit than rebuilding. As always YMMV. Hope this helps.

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: 7-10 message on secured credit card app

no bankruptcy and no bad marks in 4-5 years on my reports and BOA turned me down for secured credit card with 50k in assets in their bank, and wanted to charge me $12 for a cashiers check to withdraw my funds to go to another bank..... yea I just took out ALL the cash out of the branches in my city in 1 day =)


dude11 wrote:

mt2va wrote:

I thought about trying BofA but most people's experience on this board seems to be that they are more for establishing credit than re-building credit.  I will wait to see what happens with this card and either try them or a 2nd USAA card.  I just thought it might be better to diversify my lenders while I'm fixing my credit.


Negative!!! Unless maybe you have a BK? I had a few COs and two of them were from BOFA. One was paid off in full through a CA and the other was sold and settled through the CA that owned it. All of my COs and negative info is to drop off in 2015. Yet I was approved for the BOFA secured card which then I was able to add the rewards to it after just a few months owning it. Will be 1 year in Jan of next  year that I've had it.

 

So in my case I wouldn't say that the card is more for establishing credit than rebuilding. As always YMMV. Hope this helps.


 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Regular Contributor
dude11
Posts: 237
Registered: ‎06-07-2011

Re: 7-10 message on secured credit card app


distantarray wrote:

no bankruptcy and no bad marks in 4-5 years on my reports and BOA turned me down for secured credit card with 50k in assets in their bank, and wanted to charge me $12 for a cashiers check to withdraw my funds to go to another bank..... yea I just took out ALL the cash out of the branches in my city in 1 day =)


dude11 wrote:

mt2va wrote:

I thought about trying BofA but most people's experience on this board seems to be that they are more for establishing credit than re-building credit.  I will wait to see what happens with this card and either try them or a 2nd USAA card.  I just thought it might be better to diversify my lenders while I'm fixing my credit.


Negative!!! Unless maybe you have a BK? I had a few COs and two of them were from BOFA. One was paid off in full through a CA and the other was sold and settled through the CA that owned it. All of my COs and negative info is to drop off in 2015. Yet I was approved for the BOFA secured card which then I was able to add the rewards to it after just a few months owning it. Will be 1 year in Jan of next  year that I've had it.

 

So in my case I wouldn't say that the card is more for establishing credit than rebuilding. As always YMMV. Hope this helps.


 


Well that blows!!!

Established Contributor
mt2va
Posts: 531
Registered: ‎03-20-2009

Re: 7-10 message on secured credit card app

My BK fell off a long time ago but I have several recent charge-offs/CA which I'm working on.  Also some 30 day lates about a year ago. Also judgements showing on all my reports except EQ.  (which has the most inquiries) 

 

The secured card I applied for (smaller local bank that has my mortgage) is handled by Elan Financial services.  So I'm guessing the bank itself won't have any pull about whether or not I'm approved?? 

 

I'll just keep my fingers crossed.  In the meantime I'm going to continue increasing my limit on my USAA AmEx secured card and consider a USAA MC secured card for a 2nd card if I can't get one elsewhere.  I actually had sent in to get one from US Bank previously but they returned my money stating they couldn't issue me a card because they didn't do business where I live.  (but this was not stated anywhere on their website which would have been helpful to know ahead of time) 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)




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