topic Re: Secured Credit Cards in Credit Cards

Secured Credit Cards

Anonymous — Mon, 02 Mar 2009 20:06:18 GMT

I've been referencing myFICO for the past year, but this is my first "posting". What does one do to try to rebuild bad credit, even after an application for a Secured Credit Card was denied? What are some reasons for the denial of a Secured Credit Card? It is hard enough to confront these "skeletons of the past" but to keep having them affect you as you try to move forward can be VERY daunting. Any feedback would be very helpful.

Thanks.

Re: Secured Credit Cards

Anonymous — Mon, 02 Mar 2009 20:23:37 GMT

Hello kdg, welcome to the forums!

Rebuilding your credit is kind of like a root canal. It's painful now, but it pays off over the long run ten times over. It might seem overwhelming at first, but thankfully your friends here at MyFICO are more than happy to listen and help as much as possible.

I'd start by pulling both CRs from here, and the EX report from them (though you can't get the score anymore, I believe you can still access the report itself). Look over each negative item and assess its accuracy. If it's a valid item, try sending out GW letters and PFD letters. The worst they can do is say no, and you're no worse off than where you are now. If you see anything inaccurate, you should dispute as "Not mine".

That's the first step. The second step is the land of DVs, and MOVs. Those are handy if inaccurate items come back as Verified when you dispute.

Re: Secured Credit Cards

Anonymous — Mon, 02 Mar 2009 22:36:05 GMT

THank you for your quick response. I can guess that CR's is short for Credit Reports, but I'm hoping you can clarify the other abbreviations:

EX's

PFD

DV's

MOV's

Thank you,

kdg

Re: Secured Credit Cards

haulingthescoreup — Mon, 02 Mar 2009 22:45:30 GMT

Common Abbreviations

Check out "Frequently Requested Threads", which is stickied at the top of several of the boards. (also linked in my siggy) Lots of good stuff in there.

Re: Secured Credit Cards

nmorton79 — Mon, 02 Mar 2009 22:45:32 GMT

@Anonymous wrote:
THank you for your quick response. I can guess that CR's is short for Credit Reports, but I'm hoping you can clarify the other abbreviations:

EX's Experian
GW Goodwill letters
PFD Pay for delete
DV's debt validation
MOV's method of verification

Thank you,
kdg

You will finds answers to just about everything here...good luck

Re: Secured Credit Cards

Anonymous — Tue, 03 Mar 2009 00:55:23 GMT

There's an article at Bankrate today about how it's even getting hard to get secured cards these days. The balances are typically low and the banks just aren't making enough money off of them. It's all about profit to them--they're not trying to help you. Depending on where you applied, maybe you should consider apping for a secured card with a different bank?

Re: Secured Credit Cards

Anonymous — Tue, 03 Mar 2009 17:20:21 GMT

Helpful information...thank you for sharing. Still pressing for answers "why" the application was denied.

Re: Secured Credit Cards

Anonymous — Tue, 03 Mar 2009 19:08:24 GMT

I heard that the Orchard Bank Secured Card was easy to get approved for. Have you applied for that specific card yet?

Re: Secured Credit Cards

Anonymous — Tue, 03 Mar 2009 19:29:31 GMT

THank you for the tip...I'll look into it!

Re: Secured Credit Cards

Anonymous — Tue, 03 Mar 2009 19:31:50 GMT

The thing about the Orchard Bank Secured Card is that it doesn't graduate/upgraded like other secured cards. It's only good for building credit and to help you get approved for better cards.

Re: Secured Credit Cards

Anonymous — Tue, 03 Mar 2009 19:37:47 GMT

Gotcha...this is helpful. Thanks!