Rebuilding Your Credit

[mahiven]

I don't understand why anyone would ever be turned down for a secured card. You're spending your own money and all the bank is doing is reporting that you're doing OK with it. What is their risk? That you'll max out the $500 and they'll have to apply your deposit to it and.... lose nothing? Someone explain that to me.

If someone came up to me and said "If I give you $1, will you loan me two quarters?" What do I have to lose?

[danny4l]

I totally agree with you.  I even gave them my account information with the $300 deposit.  All I wanted the card for was so that I would have two secured cards open and reporting.  If the collection accounts are paid, my score will go up and then I won't even need a secured card.

For trying to do the right thing, I get hit with a hard inquiry which lowers my score...go figure.

[jayrock24]

just apply for cap 1 or go to the secure cc forums and posts sure theres something there to help u get on your way to raising the bar on your credit profile

[Einjag]

I know how you feel, its rather frustrating. I was just denied for a medium risk card, and the hard pull stated my score was 686 (higher than my recent reports), when the card requires lower. Reason stated was insufficient credit history. I have a CO Secured and WM Store card for over 8 months, yet you read where persons with worse scores get credit