topic Re: So I was denied a secured card :( in Credit Cards

So I was denied a secured card :(

tempusfugit123 — Wed, 08 Apr 2009 04:38:22 GMT

Because I found out that one of my collection accounts had not updated and said I had not paid do you think I should apply again so they can see that the collection is indeed paid? I really would like this card....

Re: So I was denied a secured card :(

nothingman02 — Wed, 08 Apr 2009 05:27:28 GMT

Are you positive it is because the collection is 'unpaid' ?

You would have to apply again unless the CC would do a soft pull when you can recon. If you can recon i.e. Was it a BOA secured? I think Orchard secured is pretty easy to get. I got it with 4 unpaid baddies. CUs are very good too.

Re: So I was denied a secured card :(

tempusfugit123 — Wed, 08 Apr 2009 05:34:08 GMT

Yea it was because of the unpaid collection that I paid but they hadnt updated. I called and inquired and they told me it was because of the unpaid collection so im wondering since the collection agency finally updated the collection account should I reapply. If im denied again im going to apply for something else in the future.

Re: So I was denied a secured card :(

tempusfugit123 — Wed, 08 Apr 2009 05:36:42 GMT

It was the Bofa Secured card I applied for (forgot to tell you) and they denied me. They said I already had a secured card with them that is supposed to graduate in August but I will never get an increase. I thought it was a regular unsecured card. So im trying to get a secured card that will unsecure and that I can deposit some sort of savings into so in the future my credit score will rise and Ill have a good down payment on a new car =D

Re: So I was denied a secured card :(

nothingman02 — Wed, 08 Apr 2009 05:48:17 GMT

You already have a secured card with BOA and you were assuming that it had unsecured? Is that the reason for denial? That you already have a BOA secured? I did not know they could refuse on that basis. BOA is the best secured card out there but otherwise, orchard is a decent option. But for secured cards, CUs would be my next first choice though. After a period of good payment behaviour, they will give you a secured card and perhaps even give you a good auto loan.

Re: So I was denied a secured card :(

Anonymous — Wed, 08 Apr 2009 08:14:10 GMT

Talk to a credit union.

Re: So I was denied a secured card :(

Anonymous — Wed, 08 Apr 2009 17:16:03 GMT

Apply for cards from Capital One and HSBC because they are good starter cards.

Re: So I was denied a secured card :(

KingAdrock — Wed, 08 Apr 2009 18:35:53 GMT

Tempus, have you called and specifically asked about graduatation for your current card? BofA graduates, but it isn't necessarily 12 months on the dot. Even if they don't give you a CLI, at least you'd get your deposit back.

Re: So I was denied a secured card :(

Anonymous — Wed, 08 Apr 2009 18:54:27 GMT

Did you consider Capital One? I've never had a problem with them, unlike most people it sounds like. For a starter card, I've been very pleased!

Re: So I was denied a secured card :(

tempusfugit123 — Wed, 08 Apr 2009 20:06:12 GMT

Here is the story I'll try to keep it short.

So I was applying for a Worldpoints card with Bofa but was denied they counter-offered with the Platinum Plus Visa card with a $500 limit. So I took their offer. A couple months later I sent a message to a representative asking when they usually give increases their response was my account was never eligible for an increase and I would never be able to do a product change.After investigating I found out that it was not a unsecured card but a secured card that I didnt have to put any money into the account. I called and they told me that the best thing to do was to open another secured card because I was eligible and that that would help me in the future. Hearing how well secured cards work and how they helped people I applied and was denied because of the collection that never updated.

I have tried Capital One and their service stinks. I had to fight to get lates off my credit report because I was hospitilzed and they didnt want to pay even though I paid the payment protector.

Re: So I was denied a secured card :(

Anonymous — Wed, 08 Apr 2009 20:25:24 GMT

Ah, that is a tough situation.

Did you take other advice, such as trying a CU credit card?

Re: So I was denied a secured card :(

tempusfugit123 — Wed, 08 Apr 2009 20:58:07 GMT

Im looking into CU cards right now but alot of Texas CU's are shaddy to me but im going to try them out.

Re: So I was denied a secured card :(

Anonymous — Wed, 08 Apr 2009 21:10:30 GMT

I'd check out on here what good ones are, what ones people had better experience with.

Re: So I was denied a secured card :(

KingAdrock — Wed, 08 Apr 2009 21:15:05 GMT

@tempusfugit123 wrote:

After investigating I found out that it was not a unsecured card but a secured card that I didnt have to put any money into the account.

Ok, now I am confused. How is this card "secured" if you never paid a deposit? It can't be secured by nothing. Either the CSR you spoke to is clueless, or BofA has really screwed up.

Re: So I was denied a secured card :(

tempusfugit123 — Wed, 08 Apr 2009 21:45:09 GMT

Im really confused about my card too. It shows up as just a Platinum Plus Visa. I never knew it was a secured card I didnt do a deposit of any kind. So I spoke to 5 different representatives from several departments and they all said it was secured. 2 reps said the card would unsecure sometime in August and the others said the card would never unsecure and I cant do a product change but invited me to get an actual secured card and put a deposit.

This entire situation sucks and I wish someone was actually informed about my account.

Re: So I was denied a secured card :(

KingAdrock — Wed, 08 Apr 2009 22:28:58 GMT

You really need to call a backdoor # and speak to a superviser. Make sure to ram the point home that you never paid a deposit, how can it possibly be secured? Secured by what?

Failing that, say you want to close the account and you want your $500 back.

Re: So I was denied a secured card :(

nothingman02 — Wed, 08 Apr 2009 22:49:50 GMT

Do you have a checking or savings with BOA? Probably a 99/500

Re: So I was denied a secured card :(

tempusfugit123 — Thu, 09 Apr 2009 06:38:23 GMT

I do have a checking and savings account with them but it isnt the 99/500 offer no money was ever taken out of my account I never made a deposit of any kind and I just recently found out that it was secured. Im going to call the backdoor number tomorrow and see if anyone can explain this to me.

Re: So I was denied a secured card :(

nothingman02 — Thu, 09 Apr 2009 06:45:23 GMT

Could it be that they are using your savings account as security? They would take the money out ONLY in case of non-payment of the balance.

Message Edited by nothingman02 on 04-08-2009 11:45 PM

Re: So I was denied a secured card :(

tempusfugit123 — Thu, 09 Apr 2009 08:06:47 GMT

I moved a majority of my savings to another account and now the savings account I have with Bofa has 200 in it so I dont think they are using that