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New Member
Posts: 4
Registered: ‎04-13-2008
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Court Judgements!!! PLEASE HELP!!!

I have a judgement against me for a student loan that I have yet to pay off. I just tried to open a secured cc with BOA and I got rejected. Is there anyway for me to rebuild credit while I have a judgement against me? I would appreciate all the feedback that I can get.

 

Thanks 

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
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Re: Court Judgements!!! PLEASE HELP!!!

Hi true2me! Smiley Happy

 


true2me215 wrote:

I have a judgement against me for a student loan that I have yet to pay off. I just tried to open a secured cc with BOA and I got rejected. Is there anyway for me to rebuild credit while I have a judgement against me? I would appreciate all the feedback that I can get.

 

Thanks 


From all of the recent reports here, BoA has been pretty skittish about their secured card of late. They've even been going so far as to close some after recently unsecuring them. And, as you've experienced, we've had quite a few people reporting that they've been outright rejected for the fully secured card-- indicative of BoA tightening their lending criteria, across the board, over the last six or so months.

 

The good news is that there are still other secured products out there that you can apply for. I believe that Citi still has a secured card (maybe someone can weigh in on whether it's still offered, and how lenient they may be with judgments). I know that NFCU offers a fully secured card that comes without a credit pull (I think), but you'd have to be eligible for membership. Someone was just posting about U.S. bank down below, and mentioning that they were BK friendly, so maybe they're not judgment shy either. Won't hurt to do a search here in this forum, or call to ask them. Oh, and I started a thread some time ago (loooong time ago, I think) about prime lenders that offered secured cards. The thread died out pretty quickly, but I think there were at least 7 or 8 lenders mentioned (including BoA & Citi). You might try doing a search for that thread.

 

With the judgment unpaid, you might have a tough time finding one of the more reasonable low or no fee secured cards. But, if you belong to a credit union you might want to talk to them about their offerings. It seems more and more frequent that people are mentioning secured products that are not widely advertised by their credit unions.

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Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Court Judgements!!! PLEASE HELP!!!

Welcome to the forums!  You will need get someone to add you as an authorized user to their card(s).  By doing that, the credit history of the account(s) would become part of your credit and help you  rebuild more hastily.  
New Member
Posts: 4
Registered: ‎04-13-2008
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Re: Court Judgements!!! PLEASE HELP!!!

Thankyou so much. That is definitely helpful. I shall look into your suggestions. Wish me luck...
New Member
Posts: 4
Registered: ‎04-13-2008
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Re: Court Judgements!!! PLEASE HELP!!!

@Dl, I thought that you could no longer use the piggyback method to build credit.
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Court Judgements!!! PLEASE HELP!!!


true2me215 wrote:
@Dl, I thought that you could no longer use the piggyback method to build credit.

It started back if it ever ended. 

Epic Contributor
Posts: 25,592
Registered: ‎10-23-2007
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Re: Court Judgements!!! PLEASE HELP!!!

I would look into Household Bank, Capital One, or Credit One also if you want a card on your own.
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Frequent Contributor
Posts: 259
Registered: ‎06-11-2008
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Re: Court Judgements!!! PLEASE HELP!!!

I was approved this month, January 2010, for a secured Citibank card and I have an unpaid tax lien. They pulled Equifax.
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Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Court Judgements!!! PLEASE HELP!!!

BoA is very sensitive to PR's and recent CA's, even on the secured card. 

 

I think this is in part due to the fact that they graduate secured cards in around a year.  And since their standard unsecured cards criteria doesn't allow for the BK, then the unsecured can't either.

 

 

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Posts: 928
Registered: ‎01-08-2010
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Re: Court Judgements!!! PLEASE HELP!!!

YMMV But USBank states clearly on their secured card application that you can get it if you are over 18, live in the participating states, and do not have a bankruptcy.  They have limited themselves stating that, but they make it clear they are not BK friendly.
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