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Secured Credit Cards - Bank of America Versus Applied Bank

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propertyvirgins
Valued Member

Re: Secured Credit Cards - Bank of America Versus Applied Bank

WELL ME AND YOU WERE BASICALLY IN THE SAME BOAT... I TOTALLY DIDNT WANT TO APPLY TO BANK OF AMERICA  BECAUSE THE IDEA OF GETTING DECLINED WITH A SECURED CARD WAS HUMILIATING..SO THREE MONTHS AGO I WENT WITH APPLIED BANK........IT  WAS A TOTALLY EASY APPLICATION......I MONEYGRAMED MY START-UP FEES.AND HAVE SINCE SENT THEM 1000 TOWARDS MY NEW CARD.....CUSTOMER SERVICE IS GREAT AND I PAY MY BILLS ONLINE......IN ADDITION MY CREDIT SCORE JUMPED ALMOST 50 POINTS IN ALL THREE BUREAUS!!!!!!!!!!!!!!!!!!!!! I HAVE 3 SECURED CARDS NOW

 

CITIBANK SECURED

APPLIED BANK...

AND ALTHOUGH THERE PREDATORS I WENT WITH THE SEMI-SECURED FIRST PREMIER..

Message 11 of 20
Anonymous
Not applicable

Re: Secured Credit Cards - Bank of America Versus Applied Bank

Well, after being denied for a secured card with a FICO in the mid-650s, Applied is about the only choice I have left.  I must have some kind of revolving credit or my score will tank quickly.  I am curiuos, what is it about Applied that makes it a bad choice necessarily?
Message 12 of 20
llecs
Moderator Emeritus

Re: Secured Credit Cards - Bank of America Versus Applied Bank


rghurst wrote:
Well, after being denied for a secured card with a FICO in the mid-650s, Applied is about the only choice I have left.  I must have some kind of revolving credit or my score will tank quickly.  I am curiuos, what is it about Applied that makes it a bad choice necessarily?


I wasn't sure if this was directed here or not, but my DW had an Applied acct (well, Cross Country before the name change). Her card was CO'd at one point and reported as an unpaid CO. Looking back, it was OK. We goofed and that was the consequence. The TL then was sold to a bad CA and we ended up settling with them for 75%. The CA went away and then that same CA sold the 25% difference to another CA who then eventually sold the debt back to Applied. We started repair and noticed applied was reporting for the 25% and not knowing repair procedure, we DV'd the OC. They responded with a PFD and we retorted back with evidence that the debt was paid (we submitted copies of the cancelled check, the org. CA letter indicating the OC, and the GC). They responded back that they do not care what agreements we have made, we still owe 25% and marked her CRs with 120 lates. We just sat on it and it deleted within a few months due to CRTP. They have since sold it to another CA. I'm a little long winded, but that is one reason why I don't like them. Personal feeling aside, they are also a high-fee card with likely a 0% chance of graduating to unsecured.

Have you received any denial reasons from BofA? I know that you don't know your EX score, but is it any worse than the other two (BofA likes EX)? More specifically, is the report the same as to compare to your 650ish FICO score for EQ or TU?
Message Edited by llecs on 03-23-2009 06:25 PM
Message 13 of 20
Anonymous
Not applicable

Re: Secured Credit Cards - Bank of America Versus Applied Bank


@llecs wrote:

@Anonymous wrote:
Well, after being denied for a secured card with a FICO in the mid-650s, Applied is about the only choice I have left.  I must have some kind of revolving credit or my score will tank quickly.  I am curiuos, what is it about Applied that makes it a bad choice necessarily?


I wasn't sure if this was directed here or not, but my DW had an Applied acct (well, Cross Country before the name change). Her card was CO'd at one point and reported as an unpaid CO. Looking back, it was OK. We goofed and that was the consequence. The TL then was sold to a bad CA and we ended up settling with them for 75%. The CA went away and then that same CA sold the 25% difference to another CA who then eventually sold the debt back to Applied. We started repair and noticed applied was reporting for the 25% and not knowing repair procedure, we DV'd the OC. They responded with a PFD and we retorted back with evidence that the debt was paid (we submitted copies of the cancelled check, the org. CA letter indicating the OC, and the GC). They responded back that they do not care what agreements we have made, we still owe 25% and marked her CRs with 120 lates. We just sat on it and it deleted within a few months due to CRTP. They have since sold it to another CA. I'm a little long winded, but that is one reason why I don't like them. Personal feeling aside, they are also a high-fee card with likely a 0% chance of graduating to unsecured.

Have you received any denial reasons from BofA? I know that you don't know your EX score, but is it any worse than the other two (BofA likes EX)? More specifically, is the report the same as to compare to your 650ish FICO score for EQ or TU?
Message Edited by llecs on 03-23-2009 06:25 PM

 

Your nightmare experience has convinced me that Applied is not the way to go.  TU was my highest score last time I checked, at 661.  My other two were in the low 650s, but this was while I still had my WaMu secured account open before Chase discontinued the service after the buyout.  Perhaps my FICO has already tanked >< !  After this denial (the denial letter cited closed delinquent accounts -- these were medical bills that were sent to collection years ago but were later paid off) I am afraid to reapply elsewhere right away as I do not want too many inquiries plummeting my score.  On the other hand I need some credit active.  I will try Orchard in a few months when this inquiry has had a chance to clear.

 

Message Edited by rghurst on 03-24-2009 03:34 AM
Message 14 of 20
Saabu
New Contributor

Re: Secured Credit Cards - Bank of America Versus Applied Bank

first premier give them a try. Its an unsecured card but you have to alot fees so its a tossup but they do lend to people in the low 500's.

 

02/22/09 TU 574 EQ 498

4/15/09 TU 637 EQ 551.
Med collection in hippa process on EQ
Message 15 of 20
medic8404
Member

Re: Secured Credit Cards - Bank of America Versus Applied Bank

Applied for BOA secured with $500 deposit and just received their decision via web and I was declined. Still waiting on the letter in the mail to find out the specific reason for denial...

 

I have only one revolving account that I just paid 2000 on to knock the balance down to 118, I probably should have waited for that to report before applying for the BOA card I suppose.

 

 

EQ - 558

TU - 580

EX - ???

Message 16 of 20
Anonymous
Not applicable

Re: Secured Credit Cards - Bank of America Versus Applied Bank


@propertyvirgins wrote:

WELL ME AND YOU WERE BASICALLY IN THE SAME BOAT... I TOTALLY DIDNT WANT TO APPLY TO BANK OF AMERICA  BECAUSE THE IDEA OF GETTING DECLINED WITH A SECURED CARD WAS HUMILIATING..SO THREE MONTHS AGO I WENT WITH APPLIED BANK........IT  WAS A TOTALLY EASY APPLICATION......I MONEYGRAMED MY START-UP FEES.AND HAVE SINCE SENT THEM 1000 TOWARDS MY NEW CARD.....CUSTOMER SERVICE IS GREAT AND I PAY MY BILLS ONLINE......IN ADDITION MY CREDIT SCORE JUMPED ALMOST 50 POINTS IN ALL THREE BUREAUS!!!!!!!!!!!!!!!!!!!!! I HAVE 3 SECURED CARDS NOW

 

CITIBANK SECURED

APPLIED BANK...

AND ALTHOUGH THERE PREDATORS I WENT WITH THE SEMI-SECURED FIRST PREMIER..


 

is applied bank showing on ur EQ report, because it's not showing up on my...if im not mistaking, dont it suppose to show up on all 3 CB?,,,,

i had them since 07

Message 17 of 20
Anonymous
Not applicable

Re: Secured Credit Cards - Bank of America Versus Applied Bank

That's werid ... i have a applied and they never report to EQ just EX and TU
Message 18 of 20
mrjit
Member

Re: Secured Credit Cards - Bank of America Versus Applied Bank

This is an old thread, but this needs to be stated for people considering Applied Bank. 

 

Applied Bank does NOT report to EQ in my experience. It's absolutely worthless to me, as I got the card to repair 550ish FICO scores on EQ. I actually thought they were simply waiting or not reporting at all, until I pulled all 3 ports the other day and found out that they WERE reporting correctly to TU and EXP 4 months after activating the card. I then went on a quest to track down if they declare on their website WHO they report to, and BOOM! Look at the bottom of this link; http://cardcenter.appliedbank.com/creditBasics.jsp - someone is missing here.

 

So, I'm greatly annoyed by this because I have 0 revolving accounts, 0 debt, 0 payments, etc on my EQ at this point in time.

 

Is it completely useless to contact Applied Bank and ask that they report my account to Equifax also? I know that there are no legalities or requirements for a lender to report to ANYONE (which is ridiculous). 

 

Good luck.

 

Also, attempting to get a BOA secured card nowadays without a decent FICO is pretty much pointless if the various credit forums are any indication. I was turned down with a 590, and I've heard of people with 630+ being declined.

Message Edited by mrjit on 02-16-2010 06:50 PM
Message Edited by mrjit on 02-16-2010 06:51 PM
Message 19 of 20
Anonymous
Not applicable

Re: Secured Credit Cards - Bank of America Versus Applied Bank

My scores (when I applied) for a BofA secured card averaged right around 600 ... I was denied, although I have been with their bank for YEARS, and have quite a bit of money in my accounts with them.

 

When I was denied (mind you, this was 2-3 weeks ago) I immediately started looking for an alternative.  I went with Applied Bank, and the process was pretty easy/seamless.  Took about 4-5 days to get approved, and they did a hard inquiry on EX, otherwise, their customer service has been pretty good, and I got my card quickly.

 

I don't see any new TL's on my CR, but I hope to within the next few weeks.  Was hoping it would show up on all 3, but if not, atleast I am dipping my toes in credit again and am starting to tread water, instead of being completely sunk! Smiley Happy

 

Is Applied Bank the best Sec Card?  Likely no, but they were able to do something for me, BofA wasn't, and that was a secured CC Smiley Happy

 

YMMV!

Message 20 of 20
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