Is receiving a secured credit card almost a sure thing? I ask because...

[Anonymous]

Is being approved for a secured card almost a sure thing? I ask because I was looking at the Wells Fargo secured card info and you have to apply and of course receive their decision. But what could cause one to be turned down for a secured card? I mean, they have your money already, so it's not like you can skip out on them, right? Like, if I walked into Wells Fargo and said I want a secured credit card with a $10,000 limit, and had the $10,000 to deposit, why would they deny it? Thanks for any insight.

[Anonymous]

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@Anonymous wrote:

Is being approved for a secured card almost a sure thing? I ask because I was looking at the Wells Fargo secured card info and you have to apply and of course receive their decision. But what could cause one to be turned down for a secured card? I mean, they have your money already, so it's not like you can skip out on them, right? Like, if I walked into Wells Fargo and said I want a secured credit card with a $10,000 limit, and had the $10,000 to deposit, why would they deny it? Thanks for any insight.

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It certainly isn't a guarunteed approval. I don't think any credit card approval is guarunteed. I would imagine it depends on who the credit card is from and what your credit profile looks like. I hear of people that get denied for a secured card all the time. Just a few weeks ago, I got denied for the Bank of America secured credit card.

[Anonymous]

It's not a sure thing no. I applied and have been turned down for a secured discover. It really doesn't make sense, but am assuming they still have criteria they compare against and certain things would get a denial.  Yes i included them in BK7 discharged 8/2012, so in that specific instance i am assuming they are still mad at me. Most recent attempt was about a year ago.  I think personally there is more of chance to get turned down by the prime card issuers with secured products, as they must have denial criteria.  Just me .02 worth...

[Anonymous]

There are still approval guidelines becuase if you max it out, fees and interest could still put you well over your limit and your security deposit.

[Anonymous]

Fraud alerts and frozen files would cause a turn down.

[Anonymous]

If a lender previously incurred a loss from one of your accounts due to charge off, bankruptcy and even settlements this could cause a denial. 

[credit_endurance]

• Amex is known to use the previous months fico Scores when making a request the month prior. It's very confusing to say the least. Just make sure those scores are looking pretty before you make the request (ofcourse) the previous month will be in play.

[Anonymous]

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@Anonymous wrote:

Fraud alerts and frozen files would cause a turn down.

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A FA cannot result in a denial, only the inability to confirm identity on a FA consumer can cause a denial.

[Anonymous]

Ive gotten turned down for CapOne secured card in the past. This was after a layoff and I had an account closed through them. Once I got back on my feet and applied with them again, I got turned down. I didn't think that was possible but I found out that is indeed true.

[Anonymous]

It is not a guaranteed thing. If you burned a bank, they may not let you have a secured card with them for some time. If you have a BK reporting, some banks with not approve until two years after your BK. And as others have said, banks may have out her underwriting criteria that view you as a risk even with a secured card.