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Mega Contributor
Creditaddict
Posts: 19,524
Registered: ‎10-23-2007
0

BofA Secured Still Declining?

Anyone applied for the secured card and been denied lately?  I am still waiting outcome on the First National Bank of Omaga but wouldn't mind "maybe" stepping back to BofA again even though I said I never would many years ago after I did secured, got unsecured and then 6 months or so later they suddenly closed stating "With the economy they had to reconsider lending standards"

I tried I think about 1.5 or so years ago and was denied, I believe for my bk so not sure I want to try again because obviously my bk is still on my reports!

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
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New Member
jzon450
Posts: 24
Registered: ‎05-03-2013
0

Re: BofA Secured Still Declining?

I wasn't aware that you could be declined for a secured since it's... secured.  

Valued Contributor
jsucool76
Posts: 2,895
Registered: ‎12-11-2011
0

Re: BofA Secured Still Declining?

I got declined for the cap1 secured a little over a year ago, needless to say i was surprised. I thought the same way as jzon450.

Don't you have better cards than needing a BoA secured?
Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 3500CL, Chase Slate: 1000CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG
Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
0

Re: BofA Secured Still Declining?


jzon450 wrote:

I wasn't aware that you could be declined for a secured since it's... secured.  


Exactly, you would think right? But unfortunately not all CC companies see it this way.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
0

Re: BofA Secured Still Declining?


jzon450 wrote:

I wasn't aware that you could be declined for a secured since it's... secured.  


some states law prevent them from touching your security deposit in the event of certain types of bankruptcy.

 

some secured card deposits are less than the full CL they extend to you (i.e. capital one).

 

some banks just don't want to do business or have anything to do altogether with certain individuals, such as those blacklisted.

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Moderator
Revelate
Posts: 8,891
Registered: ‎12-30-2011
0

Re: BofA Secured Still Declining?

[ Edited ]

enharu wrote:

jzon450 wrote:

I wasn't aware that you could be declined for a secured since it's... secured.  


some states law prevent them from touching your security deposit in the event of certain types of bankruptcy.

 

some secured card deposits are less than the full CL they extend to you (i.e. capital one).

 

some banks just don't want to do business or have anything to do altogether with certain individuals, such as those blacklisted.


Also courts can seize a security deposit as an asset.  Open judgements are a problem, though anecdotally tax liens aren't.   Could theorize on it, but it's an odd splitting of hairs in my mind.

 

 

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