Denied capital one secured credit card

[Anonymous]

Hello, I have a fairly poor credit score around 550 and had just applied for a capital one secured credit card and have been denied. My credit score shows I only owe 1,000 dollars in total due to one credit card when I was eighteen. I make 1200.00 a month and have a secure job and only one negative reporting on my credit. Anyone have any tips for a secured credit card that would approve me?

[svtthis]

I would call for a recon asap. 

[doc101]

Try Orchard Bank or Bank of Am or Wells Fargo if possible

[starry1]

Orchard is owned by cap1 now.

[Phizzle]

I assume this is a charged off account; is that correct? Also, how old is said account (meaning how long ago was the account charged off?)? A paid collection always looks better than an unpaid collection if you are able to take care of it financially speaking. If you are looking to start re-building, you can try the BoA and Wells Fargo secured cards. They both are eligible for graduation to unsecured cards. You may take inquiries without approvals, but at this point, it should not matter much. Make sure not to go crazy on applications without researching first; you don't want inquiries if they are unnecessary.

Definitely call Cap One, and see if you can talk to them about a manual review.

[Wolf3]

BofA and Wells Fargo secured cards are likely harder to get than Capital One.   So I would skip.

If you still owe money and have not settled the account, they can sue you for it.  Then the secured card deposit which sits in a savings deposit account can be taken for pay the overdue bill.   If this is the case, a secured card is very hard to get.  

[Anonymous]

Thanks for the advice, the account is about 5 years old. I've banked with wells since 2008 and have always held a very good amount in both my checking and savings and was stilldenied a secured card from wells. I will definitely try cap one and see if they will reconsider me.

[Rudy123]

That sucks.

Apparently they DO deny a secured card based on a credit score.

You know, I don't understand why they can't be upfront about the minimum score required to apply for any card let alone a secured card.

I just wasted a bunch of time. A bunch.

Incredibly absurd to deny any secured card as it is. It's absurd. They have no risk at all. A secured card with a huge interest rate. Absolutely ridiculous.

You know just when I thought one of these banks was worth a damn. So here you have Capital One buying Orchard, one of maybe 2 existing secured card providers that approved anyone, now denying everyone. Sounds like some serious sick spite. That's like a recent visit to Chase Bank. Them denying me for a prepaid debit card. A prepaid debit card. How can you get denied for a prepaid anything.

[HiLine]

As someone has pointed out in a previous thread, it costs banks to maintain pre-paid as well as secured cards. What they really look for with their secured products is potential long-term customers. If they don't think someone will get out of a difficult financial situation soon enough to be their lucrative customer, they won't bother. 

[indiolatino61]

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@Anonymous wrote:

Hello, I have a fairly poor credit score around 550 and had just applied for a capital one secured credit card and have been denied. My credit score shows I only owe 1,000 dollars in total due to one credit card when I was eighteen. I make 1200.00 a month and have a secure job and only one negative reporting on my credit. Anyone have any tips for a secured credit card that would approve me?

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That is a shame. I never understood the reasons to deny a secured card, as it is very low risk. Anyway, good luck to you.