Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

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


Dustink wrote:

We have just been rambling on with the old thread haha.

I am not sure about any secured cards being guaranteed. If they have major current problems. Banks are afraid that the "secured" assets could be seized.

Try to get some of her credit issues tended to first, then check out the secured US Bank rewards cards that I linked a couple pages back.


Unfortately I really doubt with "HORRIBLE CREDIT" if below 580 she won't even get into a credit union, and most banks could turn her down for Secured cards as well, Oh I just remember Wells Fargo allows sub 580 credit secured cards too, they even give mortgages at that score lol (very high apr)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

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


distantarray wrote:

Dustink wrote:

We have just been rambling on with the old thread haha.

I am not sure about any secured cards being guaranteed. If they have major current problems. Banks are afraid that the "secured" assets could be seized.

Try to get some of her credit issues tended to first, then check out the secured US Bank rewards cards that I linked a couple pages back.


Unfortately I really doubt with "HORRIBLE CREDIT" if below 580 she won't even get into a credit union, and most banks could turn her down for Secured cards as well, Oh I just remember Wells Fargo allows sub 580 credit secured cards too, they even give mortgages at that score lol (very high apr)


That is why I said she should tend to a few credit issues first. Some GW letters, PFD's ect.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Contributor
Posts: 230
Registered: ‎10-01-2012
0

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

Sorry, I should add that she just got a bank account with NFCU due to being the mother of a marine.  But her credit is still horrible and I'm going to have to work on reprogramming her to a "good credit" mindset so she doesn't mess up the NFCU account.  It's a total shift in your way of living and thinking and it doesn't happen overnight.  I spent this evening going over her credit reports and writing up a plan for her as far as deletions/pfds/gws, etc.  (Do you ever get bored working on your own credit that you start looking for other people willing to let you play with theirs? LOL)

 

Does NFCU have secured?  That might be one she could get for starters.  

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

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


diabla wrote:

Sorry, I should add that she just got a bank account with NFCU due to being the mother of a marine.  But her credit is still horrible and I'm going to have to work on reprogramming her to a "good credit" mindset so she doesn't mess up the NFCU account.  It's a total shift in your way of living and thinking and it doesn't happen overnight.  I spent this evening going over her credit reports and writing up a plan for her as far as deletions/pfds/gws, etc.  (Do you ever get bored working on your own credit that you start looking for other people willing to let you play with theirs? LOL)

 

Does NFCU have secured?  That might be one she could get for starters.  


Yes, NFCU has a secured card. Although, she should correct a few credit problems before she applies for it.

https://www.navyfederal.org/products-services/cards/creditcards/nrewards-secured.php

 

I think no matter what, it is worth trying to fix some baddies first. See how committed she is before she tries to open more credit. Let her build up some savings too. Then in a few months have her app for a secured card.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

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


diabla wrote:

Sorry, I should add that she just got a bank account with NFCU due to being the mother of a marine.  But her credit is still horrible and I'm going to have to work on reprogramming her to a "good credit" mindset so she doesn't mess up the NFCU account.  It's a total shift in your way of living and thinking and it doesn't happen overnight.  I spent this evening going over her credit reports and writing up a plan for her as far as deletions/pfds/gws, etc.  (Do you ever get bored working on your own credit that you start looking for other people willing to let you play with theirs? LOL)

 

Does NFCU have secured?  That might be one she could get for starters.  


I helped about 15 people get their scores from high 500's and low 600's to 720+ within the last year =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

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

Great long helpful post.

 

I just want to make a short post that reiterates never admitting fault to the debts. Be careful to not restart the SOL.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

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

[ Edited ]

Dustink wrote:

Great long helpful post.

 

I just want to make a short post that reiterates never admitting fault to the debts. Be careful to not restart the SOL.


and never talk to collections on the phone, or give ANY personal information to anyone but the CRA's. Many Collections will play dumb "we can not locate your account with the information provided, please provide your social, your address etc" they're trying to get you to fill in the blanks.

 

If they call you say you don't remember any debt, but send you everything in writting. Also if they call you before 8am, or after 9pm, or more than once a day, or on a weekend, during work, or calling or telling anyone they're trying to locate you to collect a debt etc. get phone statements, go to clerk of court file a small claims case for $1,000 violation for about $50 and wait for a check in the mail.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

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


distantarray wrote:

Dustink wrote:

Great long helpful post.

 

I just want to make a short post that reiterates never admitting fault to the debts. Be careful to not restart the SOL.


and never talk to collections on the phone, or give ANY personal information to anyone but the CRA's. Many Collections will play dumb "we can not locate your account with the information provided, please provide your social, your address etc" they're trying to get you to fill in the blanks.

 

If they call you say you don't remember any debt, but send you everything in writting. Also if they call you before 8am, or after 9pm, or more than once a day, or on a weekend, during work, or calling or telling anyone they're trying to locate you to collect a debt etc. get phone statements, go to clerk of court file a small claims case for $1,000 violation for about $50 and wait for a check in the mail.


Smiley Happy

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

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

[ Edited ]

with 19 accounts, make sure she has atleast $1,000 set aside ....

 

cause it certified mail gets EXPENSIVE! it adds up.

 

at the minimum she'll need 

 

6 x 19 x 3 = about $342 at the bare minimum

 

$6 x 19 accounts x 5 (3 cra's oc and collections) = $570 ..... minimum cause sometimes you'll need to send multiple mails.

 

and A LOT of Patience.

 

also my scores were low 400's last year =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Regular Contributor
Posts: 228
Registered: ‎12-05-2007
0

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

wow. So greatful distantarray. great work.

Starting Score: 5/2012 TU 595, EQ 565, EX fako 547
Current Score:as of 9/2012, TU 626,Walmart 612, EQ 600, EX fako 623
Goal Score: 640 by dec 2013
BofA Au 13000, Amazon 600, Capt1 300, Walmart 150
When all else fails pay it!


Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.