I recently opened a citibank checking for $160...then gave them $200 to put in a cd for a secured card.
Citibank declined the secured card because of recent (within 2 yrs) paid or unpaid collection (mine are all paid.) My letter said they based it on my EX. report which is 596, and I have no bk.
has this happened to anyone else? It just doesn't seem right....
While doing research in the last couple months trying to work on my credit I was also surprised to learn that yes even with a secured credit card you can be denied credit. Its a little baffling to me too because the money you put on hold with them is what secures the credit card against you not paying it but apparently they still want a good credit score.
thanks for the responses everyone.
I admit, I felt shocked and embarrassed being turned down for a $200 secured card, but I guess its just part of the "rebuilding credit" struggle.
I liked Citibank's offer, because a lot of rebuilder cards charge so many fees, you end up with under a hundred dollars worth of credit!
Yes, this happens from Citibank.