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GreenThumbSD
Posts: 1
Registered: ‎11-03-2012
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Re: Turned down for a secured credit card, huh?

It's my understanding that your income is still used to calculate the maximum credit limit--even for a secured card.  I applied for a $5k card at my bank, Citibank, and was turned down.  The following month I applied for 3k with Cap 1 and was accepted.

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Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: Turned down for a secured credit card, huh?


GreenThumbSD wrote:

It's my understanding that your income is still used to calculate the maximum credit limit--even for a secured card.  I applied for a $5k card at my bank, Citibank, and was turned down.  The following month I applied for 3k with Cap 1 and was accepted.


Yes, very good point. If you only made like $12k per year, it would be hard to get a high limit secured card. I think anything over $36k per year is not a problem, and it will be possible to unsecure it later.

 

Welcome to the forum.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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Re: Turned down for a secured credit card, huh?


Dustink wrote:

US Bank offer's secured cards with rewards.

 

This is a old thread, but to anybody in this situation. Open up a checking account package with US Bank. They will give you a secured card with no AF the first year then $25 per year after that. Plus you get 1pt/$1, a sign up bonus, and even a companion ticket with the right card.

 

Take a look:

https://www.usbank.com/cgi_w/cfm/credit/aero_mexico/usb_aeromexico_sec.cfm?ics_src=87960

https://www.usbank.com/cgi_w/cfm/credit/lanpass/usb_lanpass_sec.cfm?ics_src=93602

https://www.usbank.com/cgi_w/cfm/credit/distancia/usb_distancia_sec.cfm?ics_src=88477


Good tip, but remember one of the best rewards card is DCU for free monthly Ficos :smileywink:  

jk but really an reward for spending but that is saving you $240 a year =x


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: Turned down for a secured credit card, huh?



Good tip, but remember one of the best rewards card is DCU for free monthly Ficos :smileywink:  

jk but really an reward for spending but that is saving you $240 a year =x


 

Wouln't save me any money. I never pay for a credit score. I just use credit karma to view my TU. Then get scores with apps.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Turned down for a secured credit card, huh?


Dustink wrote:


Good tip, but remember one of the best rewards card is DCU for free monthly Ficos :smileywink:  

jk but really an reward for spending but that is saving you $240 a year =x


 

Wouln't save me any money. I never pay for a credit score. I just use credit karma to view my TU. Then get scores with apps.


true enough not like you HAVE to know your Fico, you should know around where you are with Fako's and seeing what you get approved for etc.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Turned down for a secured credit card, huh?

[ Edited ]

distantarray wrote:

Dustink wrote:


Good tip, but remember one of the best rewards card is DCU for free monthly Ficos :smileywink:  

jk but really an reward for spending but that is saving you $240 a year =x


 

Wouln't save me any money. I never pay for a credit score. I just use credit karma to view my TU. Then get scores with apps.


true enough not like you HAVE to know your Fico, you should know around where you are with Fako's and seeing what you get approved for etc.


So many lenders either use internal scores or different versions of scores, I just don't even bother paying for scores. Even within the same bank, a credit card department may pull an entirely different type of score than their installment loan department. Which makes sense, somebody good at paying their credit cards but has never had an installment loan is probably not as credit worthy for a mortgage as somebody with installment loan history. So different scoring models are expected. That is why I just focus on the free reports rather than paid FICO scores. Although, I am thankful that myFICO has set up this great forum and I hope people still continue to fund them.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Turned down for a secured credit card, huh?


Dustink wrote:

distantarray wrote:

Dustink wrote:


Good tip, but remember one of the best rewards card is DCU for free monthly Ficos :smileywink:  

jk but really an reward for spending but that is saving you $240 a year =x


 

Wouln't save me any money. I never pay for a credit score. I just use credit karma to view my TU. Then get scores with apps.


true enough not like you HAVE to know your Fico, you should know around where you are with Fako's and seeing what you get approved for etc.


So many lenders either use internal scores or different versions of scores, I just don't even bother paying for scores. Even within the same bank, a credit card department may pull an entirely different type of score than their installment loan department. Which makes sense, somebody good at paying their credit cards but has never had an installment loan is probably not as credit worthy for a mortgage as somebody with installment loan history. So different scoring models is expected. That is why I just focus on the free reports rather than paid FICO scores. Although, I am thankful that myFICO has set up this great forum and I hope people still continue to fund them.

 


Although there are times when you might want your FICO scores, like when your buying a house you should pay for it, mainly cause if your on a tier border 1 point could keep you from a better rate. I did the match cause I"m in the market right now a 719 vs 720 could cost you $10,800 over the life of a loan, so it might be a better idea to get a rapid rescore.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Turned down for a secured credit card, huh?



Although there are times when you might want your FICO scores, like when your buying a house you should pay for it, mainly cause if your on a tier border 1 point could keep you from a better rate. I did the match cause I"m in the market right now a 719 vs 720 could cost you $10,800 over the life of a loan, so it might be a better idea to get a rapid rescore.


 

Yes, that is a time when I will likely pay for FICO scores.

 

Also, I might just get curious and pull my reports. I may do that before my 4/13 app spree.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Turned down for a secured credit card, huh?


Dustink wrote:

Yes, that is a time when I will likely pay for FICO scores.

Also, I might just get curious and pull my reports. I may do that before my 4/13 app spree.


I dunno I'm a moron I like seeing stuff like this =\

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Turned down for a secured credit card, huh?


distantarray wrote:

Dustink wrote:

Yes, that is a time when I will likely pay for FICO scores.

Also, I might just get curious and pull my reports. I may do that before my 4/13 app spree.


I dunno I'm a moron I like seeing stuff like this =\

 


 

Not a moron, you have been though a journey worth watching.

 

I have new credit, with no baddies. My credit is boring. I can watch it on credit karma, but it is still boring. Just stays around 750. Changes a bit with INQs and utilization, but nothing worth paying for.

 

I like seeing the results of staying on top of my credit more than I like seeing the score change. I get more excited from new cards and higher limits than a gain of a few points.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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