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Today, when I logged in into my Public Savings secured card account, I was greeted with a message from the FDIC that Public Savings Bank was closed by the FDIC and all the assets were took by Capital Bank, a bank from Maryland. I was wondering what is going to happen to the people like me that has a secured card with them, that is the only Visa card that have, and I was waiting until January, that is my first anniversary with the card to apply for an unsecured at Citi or Chase. I already have Macys card, and Gap card, but sadly when I applied at Citi, that is the bank were I have my checking and savings account, for the Citi Forward, I was denied due to my credit history not been a year long. I hope that this new bank will keep the secured card otherwise I don't know what I'm gonna do
I guess you can then enjoy life credit free. Hard to have problems if you go all cash except getting robbed. I've thought about it, sometimes I still do. I honestly get oh so close to just closing that pathetic capital one card and going all cash for things. I haven't done it yet, but I've been so close it's not even funny so one irritation on their part and I'll likely do it.
I'm sure some people are thinking yeah right, but it wouldn't be the first time. The rare times I have to call their CS, the rep asks which account it is because I closed the last one within 2 month of opening it just in sheer frustration. They didn't seem to mind a bit, they seemed as happy to close it as I was. I call that a win-win situation!
Actually, I just have it to build my credit, and I pay it in full each month, I will have to wait and see what happens, hope to get a new card before if the new bank decide not to continue with the secured card.
I applied for a Citi Forward with only 7 months of credit.. They accepted me with a $4,000 limit ( seems to be the normal limit they give ) I have never banked with them before... however, with my USBank card I was declined due to not having enough credit history, I reconed and asked for a relationship review ( They're my primary bank ) and was granted a card because I've been a customer with them.. odd they didn't accept you, if its still within 30 days, try reconing them
Thanks anybodii, I actually tried twice to recon. without success, they repeated the same, that my credit history was not a year longer
Guess you just have to love how banks operate, at random? lol
I don't think anyone here can say what Capital Bank is going to do with accounts from Public Savings Bank (unless the Capital Bank CEO is secretly a member here). Best of luck though, who knows, they might convert all secured accounts to unsecured accounts and return all deposits!
@Anonymous wrote:Today, when I logged in into my Public Savings secured card account, I was greeted with a message from the FDIC that Public Savings Bank was closed by the FDIC and all the assets were took by Capital Bank, a bank from Maryland. I was wondering what is going to happen to the people like me that has a secured card with them, that is the only Visa card that have, and I was waiting until January, that is my first anniversary with the card to apply for an unsecured at Citi or Chase. I already have Macys card, and Gap card, but sadly when I applied at Citi, that is the bank were I have my checking and savings account, for the Citi Forward, I was denied due to my credit history not been a year long. I hope that this new bank will keep the secured card otherwise I don't know what I'm gonna do
It is likely that it will continue on as is, for quite awhile. You may want to consider the Citi secured card as your first card with them. .
I used 3 secured cards for my rebuilding, Public Savings Bank, HSBC, and Capital One. It has worked for me.
Wolf, how long was it until you apped for an unsecured card? And if that didn't result in an approval, when did you finally get approved? I must be really lucky because I had credit for 7 months, apped for 5 cards, and got 4.
@anybodii wrote:Wolf, how long was it until you apped for an unsecured card? And if that didn't result in an approval, when did you finally get approved? I must be really lucky because I had credit for 7 months, apped for 5 cards, and got 4.
I waited about 8 months after getting 1st secured card(PSB), to get a store card/account. I accumulated 5 in a years time.
I got 2 unsecured MC at 22 months from 1st secured card. They were Capital One and Household. I had secured cards with both banks, that were over a year old. I had 2 denials for unsecured major cards along the way.
My best advice is get a secured card with a bank/CU you like, put down as big a deposit as you can afford. Use the hell out of it, Never be late, PIF most all the time.
You will become a customer they want.