Turned down for SECURED card....now what?

Anonymous · ‎05-12-2015

I recently got an account removed from my credit report that listed me as deceased. Several cards I applied for listed "Consumer deceased" as the reason for rejection. Like a moron I tried several of these cards (around ten...thats in addition to a string of them when I was looking for auto financing) feeling sure that one would approve me since I got that mark off....and it was a no go. Part of my plan was to get a secured card and continue with it and my auto loan for about six months til a few other things fall off my report, then get another card or two, and build that way.

My plan, however, didn't pan out. My question is: What can I do in the mean time to continue pushing my score up, or do I just have to wait two years for all the inquiries to fall off before I can make any more moves to rebuild? The last one I applied for actually listed "too many inquiries" as a reason for rejection. Have I screwed up royally??

Also, I know they stay on for two years, but are inquiries like other factors that matter less as time goes by?

Anonymous · ‎05-12-2015

Inquiries stop affecting your score after 12 months. Some lenders don't like to see a lot of them.

which lender gave you the too many inquiries denial?

What lenders have you applied with?

Do you have any current credit lines at all?

Anonymous · ‎05-12-2015

@Anonymous wrote:
Inquiries stop affecting your score after 12 months. Some lenders don't like to see a lot of them.

which lender gave you the too many inquiries denial? Capitol One

What lenders have you applied with? I researched here and tried to acquire cards from Capitol One, BoA, Discover. I also tried Old Navy, American Eagle, and Walmart. I only applied after research told me that these cards were usually attainable with bad credit. My Experian FICO is 579 (after the inquiries). I'm not sure of the other two.

Do you have any current credit lines at all? The only thing I have is my auto loan, which has six reported payments, all on time. I have two accounts in collections that I am currently working on, as well as a judgement from 2010.

Pway · ‎05-12-2015

@Anonymous wrote:
@Anonymous wrote:
Inquiries stop affecting your score after 12 months. Some lenders don't like to see a lot of them.

which lender gave you the too many inquiries denial? Capitol One

What lenders have you applied with? I researched here and tried to acquire cards from Capitol One, BoA, Discover. I also tried Old Navy, American Eagle, and Walmart. I only applied after research told me that these cards were usually attainable with bad credit. My Experian FICO is 579 (after the inquiries). I'm not sure of the other two.

Do you have any current credit lines at all? The only thing I have is my auto loan, which has six reported payments, all on time. I have two accounts in collections that I am currently working on, as well as a judgement from 2010.

Have you tried getting in with a credit union in your area? I would go that route.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

MizzB · ‎05-13-2015

@Anonymous wrote:
I recently got an account removed from my credit report that listed me as deceased. Several cards I applied for listed "Consumer deceased" as the reason for rejection. Like a moron I tried several of these cards (around ten...thats in addition to a string of them when I was looking for auto financing) feeling sure that one would approve me since I got that mark off....and it was a no go. Part of my plan was to get a secured card and continue with it and my auto loan for about six months til a few other things fall off my report, then get another card or two, and build that way.

My plan, however, didn't pan out. My question is: What can I do in the mean time to continue pushing my score up, or do I just have to wait two years for all the inquiries to fall off before I can make any more moves to rebuild? The last one I applied for actually listed "too many inquiries" as a reason for rejection. Have I screwed up royally??

Also, I know they stay on for two years, but are inquiries like other factors that matter less as time goes by?

I would consider a secured cc that doesnt do a hard pull, only identity verification. I'm rebuilding and was scared that I wouldn't even get approved for a secured card. Opened an open sky and Primor secured relatively easy with a soft pull/ identity verification. Neither report as secured on my credit report. Saw nice score boost after they started reporting.

*********************************************************************************
Current Score (04/20/20): EQ:673; TU: 691; EX: 688 (FICO)
Starting Score (01/20/17): EQ:511 (FICO); TU: 521 (FAKO)
CapOne QS MC: $10k | Chase Sapphire Preferred: $14.5K | OpenSky Visa: $500 | Green Dot MC $300 | Green Dot MC2: $300 | AMEX Gold CC: NPSL | AMEX Platinum CC: NPSL | Amex Gold Delta Skymiles: $3k | DiscoverIT Chrome: $5.6K

Kirmie2010 · ‎05-13-2015

CapitalOne Quicksilver One or the CreditOne Bank card both are for scores around yours. Both also have pre qualifiers on their sites. (I never get a prequal but its there for checking) For store cards, easiest ive seen to get is Victorias Secret followed by Express.

Id work on those to start, in a year drop em and get something better. Your inquiries at best are a hinderance not a reason for no approvals so you should be ok.

(I was still getting cards with 30+ approvals on my reports 50+ on EX)

Anonymous · ‎05-13-2015

+1 for OpenSky. That's the best, easiest route for the OP.

Start with $600, if finances allow, for more flexibility with spending (if intending to use frequently), statement checks ($501+ required for this), and cash advances (limited to 50% or less of CL; for emergencies). But even the minimum $200 is ok for rebuilding.

Milestone Mastercard, for those with fair credit and better, also has a pre-approval site, and it's a step up from the likes of Credit One. https://milestonegoldcard.com/ Bookmark and try every month.

Anonymous · ‎05-13-2015

How many inquiries did you have? Try the SDFCU secured card. They do a soft pull.

gdale6 · ‎05-13-2015

Amazing that a creditor would deny a secured card due to inquiries or for any reason. its secured there is no risk, everyone should be able to get one no matter what their credit is.

Anonymous · ‎05-13-2015

"Amazing that a creditor would deny a secured card due to inquiries or for any reason. its secured there is no risk, everyone should be able to get one no matter what their credit is"

You would think so, but I too was denied for a secured about 2 yrs ago. I was astonished that they wouldn't take my money (therefore no risk) and potentially gain interest.