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Established Member
Posts: 43
Registered: ‎02-18-2012
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Secured Credit Card Questions. If you have one, you can answer my questions for me :D

Hey guys, I decided to get two secured credit cards. I current have two unsecured credit cards but credit limit is very low. 

I have 10k to create two secured cards. (5k and 5k)

I am looking into BOA, CITI, and Union Bank. 

My credit score is 603 ex. Free credit report says my FACO score is 554. xD

 

 

BOA secured credit card.

Last thing I want is that getting rejected on secured credit card application. As far as I am aware of it, I thought i deposit 5k into savings and get a credit limit of 5k.

Has anyone been rejected from BOA secured credit card? and why?

 

CITI secured credit card

I read it somewhere on here that if you have any negative credit history, they won't approve you for secured credit card. Is this true? I want to see if there's anyone who has a citi secured credit card with a negative history. 

 

Union Bank

I've never had any accounts (checking and savings) with them before. Tell me something about this bank. I have no clue about them. Only thing i know is that they have a secured credit card for its bank customers. If you know something about their secured credit card please let me know :smileyvery-happy:

 

Thank you for your time. 

 

 

Moderator Emeritus
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D


BearInTrouble wrote:

 

BOA secured credit card.

Last thing I want is that getting rejected on secured credit card application. As far as I am aware of it, I thought i deposit 5k into savings and get a credit limit of 5k.

Has anyone been rejected from BOA secured credit card? and why?



I was turned down for a fully secured BofA about 4 years ago. Got hit with two inquiries: one for the savings opening and the other for the CC. EX FICO at the time was around 580, IIRC (back in the day when we could pull our EX FICO). Denied due to low score, baddies reporting, etc. Focused on repair and in three months EX FICO hit 660 and was denied for an unsecured CC. Offered a partially secured counter-offer which I took.

Established Member
Posts: 43
Registered: ‎02-18-2012
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

Hmm. My credit score is bit low 603. I have 4 negative credit history and I am not sure if i am ready to apply for BOA seucred credit card. I use BOA debt card on everyday spendings. Do you think banking with BOA for 8 years will help their decision making?

Regular Contributor
Posts: 197
Registered: ‎01-07-2012
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

I am interested on the Citi also but scared to get denied. Gd luck

Starting: 547 +Score EX, 541 MyFico EQ,562 MyFico TU (Dec 2nd)

Current: 736 FCR "EX" (Nov. 5th), 668 MyFico "EQ" (Nov. 5th), 748 MyFico "TU" (Nov. 5th)

CC: BB&T $2,500 CL 3/2013, BarclayCard $3,000 CL 4/2013, WellsFargo $300 CL 7/2012 & Cap1 $451 CL 5/2012

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Contributor
Posts: 265
Registered: ‎01-27-2012
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

I got denied for BoA because of my 7500 unpaid collection with Citi which I'm currently paying on. They said reapply when it's paid.
Starting: EQ 498 TU 501 EX 485 (9/23/11)
Current: EQ 552 TU 591 EX 572
Goal: All 3 above 700

Senior Contributor
Posts: 4,694
Registered: ‎02-23-2011
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

B of A -  In my view, the best secured card assuming you'd qualify.  No major derogs, recent COs, or BKs will lead to a likely approval with your score.  This is the only card on your list assured to fully graduate (most likely with CLI) after 12 months assuming no lates or over the limit charges.

 

Citi -  Good secured and competitive rate on an 18 month CD.  Takes 18 months to graduate, but will likley graduate.

 

Union Bank -  Their CC program doesn't seem to be a priority.  Not much is known about how they handle secured cards.  I think you're better off with secured cards that list out the terms of what is required to graduate.

 

In my view, I'd go with BofA and Citi.  I'd leave Union Bank to...well...small deposit accounts.

Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D


Open123 wrote:

B of A -  In my view, the best secured card assuming you'd qualify.  No major derogs, recent COs, or BKs will lead to a likely approval with your score.  This is the only card on your list assured to fully graduate (most likely with CLI) after 12 months assuming no lates or over the limit charges.

 

Citi -  Good secured and competitive rate on an 18 month CD.  Takes 18 months to graduate, but will likley graduate.

 

Union Bank -  Their CC program doesn't seem to be a priority.  Not much is known about how they handle secured cards.  I think you're better off with secured cards that list out the terms of what is required to graduate.

 

In my view, I'd go with BofA and Citi.  I'd leave Union Bank to...well...small deposit accounts.


+1

 

Go for BofA.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
Posts: 43
Registered: ‎02-18-2012
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

I agree with you. I am not so sure about Union Bank's Secured CC. Now it's either Bank of america or Citi. Would it look bad on my credit report if I apply for it both in the same month? Or open BOA one this month and apply for CITI three months late? 

Established Member
Posts: 20
Registered: ‎01-18-2012
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

[ Edited ]

Personally speaking, I had one of the worst credit in history and now my credit is one of the best out there. I only had one unsecured credit card with only $300 limit on it from Aspire Card and I stayed with them for two years and I kept asking them for an increase every six months... (mod cut)  Six months later, I went and applied for a Bank of America unsecured visa card and I got approve instantly for $11,000. From that point on, my credit has gotten better and better and I started applying for different credit cards and now I have 7 major credit cards in total. My point is, if you already have two unsecured credit card then that's all you need to fix your credit. You don't really need to get the secured credit card as you stated. Just keep paying on time and always ask for an increase every six months...

 

 

Note: liciousdg, I realize that you're a relatively new member. We ask everyone to read the Terms of Service and User Guidelines when they join. It is against the TOS and UG to advocate disputing legitimate negatives --in other words, negatives that you know are correct, even if you'd rather they not be there.

 

Please refrain from doing this in the future. :smileyhappy:

Darl
Valued Contributor
Posts: 1,175
Registered: ‎07-18-2009
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Re: Secured Credit Card Questions. If you have one, you can answer my questions for me :D

I got a Citi secured card on a thin file with some CAs and a tax lien. They were over 3 years old though and I also had two good lines but they were only open about 6 months. After 18 months Citi unsecured the card.

 

At the time I think my FICO was around 640. I've heard Citi is more sensitive about recent baddies but they clearly allow some as long as they are older.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
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