Posts: 163
Registered: ‎08-14-2008

Minimum scores for secured CC?

I just mailed my app for a B of A secured CC yesterday, but now I am scared after reading some posts on here that I will not qualify. My scores are listed below, I have 1 CC with 4 lates that has been PIF but closed by grantor, 1 CC that is now current but has 12 lates, and 5 collections ( the latest from 9/07). Any opinions? Also if anyone has any suggestions for a different secured card that I may qualify for, please let me know?
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007

Re: Minimum scores for secured CC?

I would look to start repairing first, your scores are too low to get something worthwhile. Once you have your scores in the high 500's, you should be good for a BoA secured card. Start working on your most recent baddies, anything 2 years old or less.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Contributor
Posts: 1,056
Registered: ‎07-03-2007

Re: Minimum scores for secured CC?

i reccommend the U S Bank secured card. your deposit money has to be certified funds/money order. but they will probably approve you.
Regular Contributor
Posts: 187
Registered: ‎01-20-2008

Re: Minimum scores for secured CC?

My first secured card was with WaMu. They require a deposit on the card, minimum $500. Their service is outstanding though, I'm very happy with them. Their online credit management tools are pretty usefull too, including a free monthly update on your TU credit score.
I had many more problems with BoA to get a card... might be worthwhile to check out WaMu if you're shopping.

8/27/10 -

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