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Declined for BOA secured

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Bunnylocks
New Contributor

Re: Declined for BOA secured


@Revelate wrote:

@eagle2013 wrote:

@Bigtonyp24 wrote:

I was declined for BOA secured. and also capital one i was declined a few months ago. what secured card should i go for i am willing to put $700-$1000 as a deposit. Any help would be greatly appreciated. I was thinking either wells fargo or US bank. i thought about citi but i had an unsecured card for them that was closed so i dont want to do that. i am paying it off and it is current. i would like a card that graduates to unsecured.

 

thanks

anthony


Bank secured cards unfortunatley seem to be limited to relatively clean profiles with a few old baddies. If you weren't able to get BofA or Cap 1 (which tends to have more lenient requirements) I do not think you will qualify for WF or US Bank absent a very strong relationship (and even that maybe questionable).

Try SDFCU. It doesn't graduate, but it also doesn't require a HP if I remember correctly. At least that will give you some positive history while you're cleaning up baddies in the meantime. 

 


I don't think this is accurate, but rather there's certain types of derogatories which scare them.  I had a closed BOFA card (by creditor after a 60 day late), an open collection, and an unpaid state tax lien on my report from the back half of 2010, and was able to get a BOFA secured card in 10/11 less than a year after the tax lien and collection at least.

 


I tend to agree, back when I first started to clean up my credit, BOA denied me in 2012 their secured card, and to my surprised CapOne approved me. At the time I had an unpaid judgment, 5 open collection accounts, and a 547 credit score. BOA came around 2 months later when I cleaned something up. 

Message 11 of 20
bobkmn
Regular Contributor

Re: Declined for BOA secured

I had good luck with a WF secured card. After 9 mos of on time payments they increase my CL beyond my security. And 3 months later the converted to unsecured.


Current scores: Experian-693 Equifax-720 TransUnion-727
Gardening since 4/7/2014 - Mouse over card for limit.
Message 12 of 20
Bigtonyp24
Contributor

Re: Declined for BOA secured

I think one of the reasons why i was declined for BOA was because i had a checking account closed and it was written off that i didnt realize that is what the BOA branch told me i just applied the other day. also i had a charge off of my capital one credit card in sept. i just recently settled it but i guess it did not update on my report yet. also i just pulled my scores on my fico and my experian is a 579 equifax is a 526 and trans is a 526. i have a citi card with a remaining balance of $2400 it was around $4000 a year ago. it is current now. i had a sleepys card that was charged off over 2 years ago and i settled it with the collection agency. i had a gap card that was closed with a balance i paid that. and currently i have a fp card that i pay in full each month. and i am an authorized user on 2 of my gf's cards. i am going to settle the BOA bank account and then i will figure out what else i have to do to get approved when i get the denial letter in the mail. i really messed up my credit bad. also i have my student loans that are past due showing on my credit report 90 days past due. but next update will show current because i brought them up to date. this should bump up my score what do you guys think.

 

thanks for all the reponses

Message 13 of 20
stan0812
New Member

Re: Declined for BOA secured

I had a similiar experience and was declined for two secured cards.  I ended up getting approved for two cards with USAA.  They are a great company if you are eligible.  Good luck.

Message 14 of 20
bobkmn
Regular Contributor

Re: Declined for BOA secured

Is it possible that you can let me know your FICO score when you were approved by USAA. I am a member. And what were/are the CLs?

 

Thanks!


Current scores: Experian-693 Equifax-720 TransUnion-727
Gardening since 4/7/2014 - Mouse over card for limit.
Message 15 of 20
stan0812
New Member

Re: Declined for BOA secured

My FICO's were from 550 - 610 at the time I applied.  I opened the CD's that secure the cards with $3k each.  Keep in mind that these are 2 yr CD's with a small penalty fee for early withdrawel.  The only downsides are that from the time that you complete and fund your online application to when you receive your card is 2-3 weeks.  Additionally, after you make your monthly payment that amount of credit takes 5-7 days to be available again.  All in all in the 6 months I've had the card it has been a great experience.

Message 16 of 20
sjt
Senior Contributor

Re: Declined for BOA secured


@Bigtonyp24 wrote:

I was declined for BOA secured. and also capital one i was declined a few months ago. what secured card should i go for i am willing to put $700-$1000 as a deposit. Any help would be greatly appreciated. I was thinking either wells fargo or US bank. i thought about citi but i had an unsecured card for them that was closed so i dont want to do that. i am paying it off and it is current. i would like a card that graduates to unsecured.

 

thanks

anthony


What was the reason(s) for the decline and have you called for a recon?

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 17 of 20
Revelate
Moderator Emeritus

Re: Declined for BOA secured


@jesseh wrote:

Revelate, why do you consider BoA's secured card better, because it unsecures?

It does have a 39 dollar annual fee, which sdfcu's sec card does not


 

BOFA advantages:

 

  • It has the best rewards package on the planet for any card remotely close to that credit strata (it's effectively equivalent to the Amex BCE).
  • It graduates, and BOFA has some tolerable cards which make it a long-term tradeline candidate.
  • The AF has been reliably removed after graduation for a number of people; further, the 2% and 3% categories are typically fairly large expenses for most people, and it's not hard to earn back the $39 in the course of the year.

SDFCU advantages: 

  • No FTF fee, which is huge if you need it admittedly
  • It does have an EMV chip but it's Signature preferred I believe for whatever stupid reason (DaveSignal can confirm), but it's good for foreign travel
  • Effectively guarunteed via SP as I understand it (that said, HP's are pretty irrelevant to anyone who needs secured cards in my estimation)
  • $0 AF / flat 1% rewards
  • Slightly smaller minimum deposit, $250 instead of $300
  • *might* be able to add to the deposit line without a HP, not certain on this as I never got the card and tried it

So that all said, unless you need the Forex capability, BOFA in my opinion is better from both a rewards and a building perspective.  The third card in my estimation is a Capital One secured which could be gotten as the second secured card regardless... so my default recommendations would be:

 

- BOFA secured

- SDFCU secured

- Cap One secured

 

or

 

- BOFA secured

- Cap One secured

- SDFCU secured

 

And stop after you've gotten two cards.

 

The only real reason I see to prioritize the second one is if you have limited funds and can't swing the $550 needed for both BOFA and SDFCU: the $49 Cap 1 minimum deposit might dominate in that scenario as the most important thing is just to get two tradelines established ASAP.  Outside of that, other than the fact that Cap 1 reports as unsecured there's no real benefit to it as Cap 1 unsecureds aren't that much of a challenge to obtain after the building / rebuilding phase is done, whereas SDFCU being a CU is likely better long term from a relationship perspective.

 

Edit: for completeness -

 

Capital One advantages:

  • no FTF
  • can add funds without needing a HP
  • reports as unsecured (which is whatever in my opinion but others whom I respect think it's more important than I do)
  • lowest minimum deposit by a large margin: $49, though I just read on their site that it's partially determined by credit-worthiness - if it winds up being $200 that's not much advantage over the SDFCU card at $250 or BOFA at $300. 

 

 

 

 

 




        
Message 18 of 20
Revelate
Moderator Emeritus

Re: Declined for BOA secured


@Bunnylocks wrote:

@Revelate wrote:

@eagle2013 wrote:

@Bigtonyp24 wrote:

I was declined for BOA secured. and also capital one i was declined a few months ago. what secured card should i go for i am willing to put $700-$1000 as a deposit. Any help would be greatly appreciated. I was thinking either wells fargo or US bank. i thought about citi but i had an unsecured card for them that was closed so i dont want to do that. i am paying it off and it is current. i would like a card that graduates to unsecured.

 

thanks

anthony


Bank secured cards unfortunatley seem to be limited to relatively clean profiles with a few old baddies. If you weren't able to get BofA or Cap 1 (which tends to have more lenient requirements) I do not think you will qualify for WF or US Bank absent a very strong relationship (and even that maybe questionable).

Try SDFCU. It doesn't graduate, but it also doesn't require a HP if I remember correctly. At least that will give you some positive history while you're cleaning up baddies in the meantime. 

 


I don't think this is accurate, but rather there's certain types of derogatories which scare them.  I had a closed BOFA card (by creditor after a 60 day late), an open collection, and an unpaid state tax lien on my report from the back half of 2010, and was able to get a BOFA secured card in 10/11 less than a year after the tax lien and collection at least.

 


I tend to agree, back when I first started to clean up my credit, BOA denied me in 2012 their secured card, and to my surprised CapOne approved me. At the time I had an unpaid judgment, 5 open collection accounts, and a 547 credit score. BOA came around 2 months later when I cleaned something up. 


Out of curiosity was it specifically the judgement that was cleaned up or some of the collections?  Judgements anecdotally (and rationally) are scary for secured card issuers with the possible exception of Capital One (which doesn't report as secured, on the other hand a $2000 BOFA card listed as secured means there's $2000 in a BOFA account somewhere which a court order can snatch to pay the judgement).

 

 




        
Message 19 of 20
Bigtonyp24
Contributor

Re: Declined for BOA secured

Cap one declined me because I had a recent charge off from them in sept and as far as Bank of America I feel it is because I had an overdrawn checking account that was not paid a few years back and was reported to chex system I actually have a few accounts in the chex system but I paid one I am paying 2 more this week one of them is bofa so maybe after I clean that up and once my credit report updates showing everything is current I might be able to get approved. Do you think it is worth a recon on the bofa I have no judgements 

Message 20 of 20
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