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Established Member
mariahdez
Posts: 34
Registered: ‎06-29-2008
0

I was just declined for a B of A secured credit card

I just applied for a Bank of America secured credit card for $300 and I was declined.  Last time I checked my credit scores were in early August and my scores were 630 with TU, 620 with Equifax, and 651 with Experian. 
 
The reason I was applying for a secured credit card is because I'm in the process of rebuilding my credit file and the only credit cards I have are ones where I'm an authorized user.  I just purchased a home in May 2008 but I don't know how this could affect me getting a secured credit card.  My recent credit history (the last three years) have been great.  It's the old stuff that affects me (those darn college irresponsible years).  I just called them to figure out what could have been the problem but I got a recording saying that if it hasn't been 10 days since I've applied, that I need to wait the full 10 days to call back. 
 
I'm confused... I'll gladly give them my money..LOL! 
Maria

myFICO Scores:
01/22/08 - Ex 651, Eq 569, TU ???
05/14/08 - Ex 637, Eq 615, TU 636
08/07/08 - Ex 651, Eq 620, TU 630

Chase ID Protection Scores (they use FAKO):
9/25/08 - Ex 499, Eq 480, TU 508
Frequent Contributor
creditreformer
Posts: 395
Registered: ‎04-25-2008
0

Re: I was just declined for a B of A secured credit card

Sorry to hear that.  Maybe try citi, wells, or us bank?  What are your baddies- how new?

Established Member
mariahdez
Posts: 34
Registered: ‎06-29-2008
0

Re: I was just declined for a B of A secured credit card

The bad things on my credit reports are over 3 years old. 
 
I have a few accounts, such as Target, Macy's, & Capital One, where the accounts are closed and the accounts have been closed for a while after I paid what was owed (they all show late payments).  These were paid in full over 3 years ago when. 
 
I have a few accounts such as Dell, Cox Communications (cable), & SRP (water), where they are showed as being either at the collections agency and with balances but these are over 4 years old. 
 
The only thing I can come up with as to why I was rejected was because of my new mortgage.  I currently have my mortgage, car payment, & two student loans that I pay on time and have paid on time since I've had them.  Like I said before, I don't have anything negative on my report in the last 3 years. 
 
Maybe if I call them later on, I can convince them to give me this credit card.  One of the cards that I'm an authorized user for is with Bank of America and it has a $16,000 limit and has NEVER been late.  I'm just tired of this...... I'm tired of this economy....... 
Maria

myFICO Scores:
01/22/08 - Ex 651, Eq 569, TU ???
05/14/08 - Ex 637, Eq 615, TU 636
08/07/08 - Ex 651, Eq 620, TU 630

Chase ID Protection Scores (they use FAKO):
9/25/08 - Ex 499, Eq 480, TU 508
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007
0

Re: I was just declined for a B of A secured credit card

From where did you obtain your scores?
 
Are they FICO scores?
New York Yankees - 2009 World Series Champions. 27... and counting.....
Established Member
akaniks
Posts: 46
Registered: ‎02-14-2008
0

Re: I was just declined for a B of A secured credit card



mariahdez wrote:
The bad things on my credit reports are over 3 years old. 
 
I have a few accounts, such as Target, Macy's, & Capital One, where the accounts are closed and the accounts have been closed for a while after I paid what was owed (they all show late payments).  These were paid in full over 3 years ago when. 
 
I have a few accounts such as Dell, Cox Communications (cable), & SRP (water), where they are showed as being either at the collections agency and with balances but these are over 4 years old. 
 
The only thing I can come up with as to why I was rejected was because of my new mortgage.  I currently have my mortgage, car payment, & two student loans that I pay on time and have paid on time since I've had them.  Like I said before, I don't have anything negative on my report in the last 3 years. 
 
Maybe if I call them later on, I can convince them to give me this credit card.  One of the cards that I'm an authorized user for is with Bank of America and it has a $16,000 limit and has NEVER been late.  I'm just tired of this...... I'm tired of this economy....... 



So... you don't think your denial had anything to do with the multiple late payments or collection accounts? I'm pretty sure you were denied for those reasons and not your mortgage or the economy.
Frequent Contributor
cw81
Posts: 273
Registered: ‎06-30-2008
0

Re: I was just declined for a B of A secured credit card

OP,
 National City  has a secured  card  that  you will not get denied  for I hear .  All you have to do is call and ask for  an application.  300-2500  can be secured. There is  a caveat they don't  unsecure it you will have close their account and apply for a new card.  If you are rebuilding its a good way to  go since its  prime bank and  it reports unsecured. 
 
I hope this helps your quest
 
Regular Contributor
Geordi
Posts: 141
Registered: ‎01-17-2008
0

Re: I was just declined for a B of A secured credit card

I would suggest that you review the decline letter that Bank of America sends you to find out specifically why you were declined.

Once you know the reasons, you should work on resolving those problems. If they are issues that can be fixed within a short period of time you could ask Bank of America for a reconsideration of your application.

In any case, randomly applying for whichever secured card is blowing in the wind will most likely end up having your credit reports filled with new inquiries which (given enough of them) will cause you a new problem (too many inquiries).

When I lender declines you for credit, they are required to give you their reasons (whether or not their reasons are vague), if you can address and resolve those reasons, you will be well on your way to a more responsible life with credit.

GL
Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008
0

Re: I was just declined for a B of A secured credit card

My guess is that the old credit card debts are dropping your credit card enhanced fico score lower than you regular fico score.  Also, if Bof A is using the newer FICO scoring model (08) then it will disregard any AU accounts from what I have heard.  Not sure, but that is my 2 cents.
 
 
Established Contributor
jbh
Posts: 763
Registered: ‎07-04-2008
0

Re: I was just declined for a B of A secured credit card

AU is *not* disregarded with Fico 08. It was updated/publicized a few months ago (thankfully) while being able to eliminate those who try to 'game it' for profit. At least, that's what Fico is aiming for. (best of both worlds)

That said, I am sorry to hear about the rejection. However, I would like to know if they are Fico scores. Regardless, it is surprising.
Senior Contributor
fishbjc
Posts: 3,363
Registered: ‎11-30-2007
0

Re: I was just declined for a B of A secured credit card

Call up Macy's and ask them to reopen your card and report the line as *paid* to the bureaus.  They're pretty easy to work with.
 
 

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