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Hi...... I just recently applied for a Bank of America Secured credit card....... I was declined! I was declined due to past history of dilinquent accounts on my Credit Report.
Yes those were my fault for over-extending myself........ Trust me, I have learned my lessons.
Anyway, I was wanting to get a secured card that reports to all three creit bureau's and bank of america seemed to be highly recommended by many folks.
However, I never would have thought I would have been declined for that one.
What is another very good secured credit card ,that doesn' have 300.00 in fee's?
Any & all advice is greatly appreciated! Thanks,
BMuLL
I personally am saving my money for a secured card for Digital Federal Credit Union. It's a $5 membership fee one time, and from my calculators online for the best secured, they are the lowest in interest, the lowest in annual fees (they may not even have one, I haven't checked for a month or two so can't remember), and good customer service from what I've seen with my husbands car loan. I didn't know BofA still did secured cards, I looked into them last summer but their rates weren't worth it to me. Then I went to look again and couldn't find any info. Maybe try walking into a local credit union and see about getting a good offer if they want you as a customer.
Good luck! Hopefully I'll be there soon.
I agree with Leah. Go onto the web site of the National Credit Union Assoc (NCUA), and find a CU in your area that you qualify to join.
They almost always offer the best rates, and more consumer friendly service. After becoming a member, I would be highly surpiised that any CU would ever deny you a secured card.
guys thank you for your quick reply......
I actually joined a credit union about a month ago now...... I actually called them up and asked them if they offered a secured credit card.... They said yes. They also said there interest rate was like 17% apr, I believe. And they actually DO NOT charge any fees and all for the service. I am not concerned about the interest rate, cause if I can get approved for one, I will only use it for normal everyday stuff..... pay the bill in full before due date. Only reason I still chose to apply for BOA secured card & not the credit unions card, was because my credit union said they only reported to Equifax only. I know BOA reports to all three credit bureau's. The lady on the phone also made it a point to let me know that , "you could still be turned down for the credit unions secured card."
What do you guys think?
Would my Credit Unions Secured Card be worth getting (if I can get approved) even though they only report to One of the credit bureau's (Equifax)?
Thanks again for your advice
bmull
Check first for another CU that has broader membership, and thus reports to all three CRAs.
I dont market credit unions, but can tell you their are some fantastic ones out there that have both national and international branches, and do offer memberships on a broad basis.
For example, if either you or a member of your immediate family has any active military affiliation, the biggest and highest rated credit union in the worlld is Navy Federal. They report to all three CRAs.
Pentagon Fed CU is another biggy, and I think you can gain membership with them simply by joining a non-profit org. that supports military personnel and their families, even though you have no active duty affiliation.
Look for any employment or organizational affiliations. I suggest that you not limit your search to only CUs in your area that have buildings you can visit.
Alll the larger ones take online applications.
I think with a little time and effort, you can do better that a local that reports to only one CRA.
so would it be better for me to just walk into my local credit union (that I am a member of) and tell them the situation and that I was denied for secure card by BofA .. and if I could get secured card through credit union...... (even though they only report to One CRA - EQUIFAX) wouldn't that still help me with my credit.... maybe 6 months down the road I may could get a secured card through another bank who reports to all three CRA.
I only have one active account in my name as of now (and for the past 4 years)..... that I have been doing business with in hopes of improving my credit.... But its not working. They only report to EquiFax as well. Also from what I have been reading, I really could use a couple credit cards to boost my credit and score. Thats the only reason I am wanting the secured card. To establish a good payment history, to let creditors know that I am more responsible now and that I am credit worthy. In the mean time while I would be using the credit cards to establish good payment history, I am planning to also get to work on my bad files on my report, by trying the PFD method.
What do you guys think? Am I on the right path or should I just forget about the credit card for now and spend the next year working with my creditors and collection accounts to have negative removed from my credit reports?
Thanks again for all advice.... I love this site. Wished I would have found it several years ago. Lots of very valuable info & very knowledgable members who are more than willing to lend a helping hand.
Thanks guys!
bmull
Hi Bmull, Where do you live? Look up Intouch Credit Union? If they are in your area you can sign up for an account and get a secured credit from them.