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Frequent Contributor
tempusfugit123
Posts: 278
Registered: ‎02-06-2008

So I was denied a secured card :(

Because I found out that one of my collection accounts had not updated and said I had not paid do you think I should apply again so they can see that the collection is indeed paid? I really would like this card....
Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009

Re: So I was denied a secured card :(

Are you positive it is because the collection is 'unpaid' ?

You would have to apply again unless the CC would do a soft pull when you can recon. If you can recon i.e. Was it a BOA secured? I think Orchard secured is pretty easy to get. I got it with 4 unpaid baddies. CUs are very good too.

Frequent Contributor
tempusfugit123
Posts: 278
Registered: ‎02-06-2008

Re: So I was denied a secured card :(

Yea it was because of the unpaid collection that I paid but they hadnt updated. I called and inquired and they told me it was because of the unpaid collection so im wondering since the collection agency finally updated the collection account should I reapply. If im denied again im going to apply for something else in the future.
Frequent Contributor
tempusfugit123
Posts: 278
Registered: ‎02-06-2008

Re: So I was denied a secured card :(

It was the Bofa Secured card I applied for (forgot to tell you) and they denied me. They said I already had a secured card with them that is supposed to graduate in August but I will never get an increase. I thought it was a regular unsecured card. So im trying to get a secured card that will unsecure and that I can deposit some sort of savings into so in the future my credit score will rise and Ill have a good down payment on a new car =D
Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009

Re: So I was denied a secured card :(

You already have a secured card with BOA and you were assuming that it had unsecured? Is that the reason for denial? That you already have a BOA secured? I did not know they could refuse on that basis. BOA is the best secured card out there but otherwise, orchard is a decent option. But for secured cards, CUs would be my next first choice though. After a period of good payment behaviour, they will give you a secured card and perhaps even give you a good auto loan.

 

 

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: So I was denied a secured card :(

Talk to a credit union.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009

Re: So I was denied a secured card :(

Apply for cards from Capital One and HSBC because they are good starter cards.
Established Contributor
KingAdrock
Posts: 655
Registered: ‎07-17-2007

Re: So I was denied a secured card :(

Tempus, have you called and specifically asked about graduatation for your current card? BofA graduates, but it isn't necessarily 12 months on the dot. Even if they don't give you a CLI, at least you'd get your deposit back.
Until they officially renounce financial reviews, I won't touch Amex with a thirty nine and a half foot pole.
Frequent Contributor
tullz85
Posts: 308
Registered: ‎02-26-2009

Re: So I was denied a secured card :(

Did you consider Capital One? I've never had a problem with them, unlike most people it sounds like. For a starter card, I've been very pleased!
Frequent Contributor
tempusfugit123
Posts: 278
Registered: ‎02-06-2008

Re: So I was denied a secured card :(

Here is the story I'll try to keep it short.

 

So I was applying for a Worldpoints card with Bofa but was denied they counter-offered with the Platinum Plus Visa card with a $500 limit. So I took their offer. A couple months later I sent a message to a representative asking when they usually give increases their response was my account was never eligible for an increase and I would never be able to do a product change.After investigating I found out that it was not a unsecured card but a secured card that I didnt have to put any money into the account. I called and they told me that the best thing to do was to open another secured card because I was eligible and that that would help me in the future. Hearing how well secured cards work and how they helped people I applied and was denied because of the collection that never updated.

 

I have tried Capital One and their service stinks. I had to fight to get lates off my credit report because I was hospitilzed and they didnt want to pay even though I paid the payment protector.


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