topic Re: Denied Bank of America Secured Card in Credit Cards

Denied Bank of America Secured Card

lasvegasgirl — Sat, 12 Mar 2011 00:12:34 GMT

On my FICO report it has that one issue bringing down my score is because I have no revolving account activity.

So I applied for a Bank of America Secured Card and received a denial letter this afternoon. Any other suggestions on cards I can apply for that are good for rebuilding credit or should I just wait it out a few months and pay down some of my bills. I have $14,000 left in a car loan and 50K in student loans. Any advise would be appreciated.

Thanks in advance.

Re: Denied Bank of America Secured Card

Creditaddict — Sat, 12 Mar 2011 00:13:55 GMT

Call the backdoor number and ask for a review and why you are denied.

Re: Denied Bank of America Secured Card

Anonymous — Sat, 12 Mar 2011 00:36:58 GMT

What was the reason for the denial?

Re: Denied Bank of America Secured Card

lasvegasgirl — Sat, 12 Mar 2011 01:11:35 GMT

I have a couple of collection accounts that are due to fall off later this year and had a recent late payment on my student loan. I didn't think it would stop me from getting a secured card.

Re: Denied Bank of America Secured Card

vish1 — Sat, 12 Mar 2011 01:30:47 GMT

@lasvegasgirl wrote:
I have a couple of collection accounts that are due to fall off later this year and had a recent late payment on my student loan. I didn't think it would stop me from getting a secured card.

I would try to do a recon and if that doesn't work try with a local CU

Re: Denied Bank of America Secured Card

Anonymous — Sat, 12 Mar 2011 04:11:28 GMT

Capital One or Orhcard secured cards are more for rebuilding and seem to be easier to get than BofA. I think BofA is more for new credit building.

Re: Denied Bank of America Secured Card

tobey — Sat, 12 Mar 2011 07:03:06 GMT

I'm not really sure who BofA is targetting with their secured card. When I was new to the credit scene two years ago, they denied me due to a lack of credit history (I thought that's what a secured card was for!). I'm with everyone else, call for a recon. If that doesn't work, try Capital One, Orchard, or even Wells Fargo.

BTW, now that my score is in the mid 700s, BofA constantly sends me card offers. They go straight to the trash.

Re: Denied Bank of America Secured Card

lasvegasgirl — Thu, 17 Mar 2011 05:15:43 GMT

Update:

Well I didn't get anywhere with the Recon for Bank of America. I did apply for an Orchard Card and was approved for $300. It's a start. My TU credit report is due to be pulled on 5/20 so I'll see then if there is any improvement in my credit score.

Re: Denied Bank of America Secured Card

JayRizzo — Thu, 17 Mar 2011 09:20:36 GMT

Between the two companies, Cap-1 and Orchard, I would have went with Capital One. I try to advise newbies/rebuilders to apply for their unsecured Classic Platinum card which more likely will put you into their Credit Steps program for a credit limit increase a few short months later, if denied online, they counter-offer with the secured card so it's kinda like a win-win situation. Orchard (HSBC) is just that... I don't know much about it, so I can't say, but you'll soon know from what others have posted about it.

Re: Denied Bank of America Secured Card

sybo40 — Sun, 27 Mar 2011 16:42:33 GMT

I recently applied as well for BoA secured card. I had a BK from 2004 that was discharged in 2004 and their reason for denial of the SECURED CARD was for the BK. I, too, thought that was the purpose of the secured card. VERY disappointed with them and if I received an offer from them for ANYTHING in the future, like another's post, they will be going STRAIGHT to the OTHER file I've reserved...EL TRASH!! LOL

Re: Denied Bank of America Secured Card

Anonymous — Sun, 27 Mar 2011 18:23:31 GMT

@tobey wrote:
I'm not really sure who BofA is targetting with their secured card. When I was new to the credit scene two years ago, they denied me due to a lack of credit history (I thought that's what a secured card was for!). I'm with everyone else, call for a recon. If that doesn't work, try Capital One, Orchard, or even Wells Fargo.

BTW, now that my score is in the mid 700s, BofA constantly sends me card offers. They go straight to the trash.

Any idea on what their underwriting requirements are? Not for secured, but unsecured. I've banked with Wachovia -- which they own -- for years. Two of the prime cards that I have my eye on are WF and the BoA affinity card for my college alumni association. I'm still rebuilding, and I have one CA dropping off this year, and another at the end of next year. Part of me would like to be able to try for a prime card at the end of this year, yet I imagine that I'll need to wait for both to drop off before even trying for any prime cards. But, sometimes I see cases of people that were approved with an old collection. Thoughts from anyone would be appreciated.

Re: Denied Bank of America Secured Card

Tazman81 — Mon, 28 Mar 2011 20:21:11 GMT

@Anonymous wrote:

@tobey wrote:
I'm not really sure who BofA is targetting with their secured card. When I was new to the credit scene two years ago, they denied me due to a lack of credit history (I thought that's what a secured card was for!). I'm with everyone else, call for a recon. If that doesn't work, try Capital One, Orchard, or even Wells Fargo.

BTW, now that my score is in the mid 700s, BofA constantly sends me card offers. They go straight to the trash.
Any idea on what their underwriting requirements are? Not for secured, but unsecured. I've banked with Wachovia -- which they own -- for years. Two of the prime cards that I have my eye on are WF and the BoA affinity card for my college alumni association. I'm still rebuilding, and I have one CA dropping off this year, and another at the end of next year. Part of me would like to be able to try for a prime card at the end of this year, yet I imagine that I'll need to wait for both to drop off before even trying for any prime cards. But, sometimes I see cases of people that were approved with an old collection. Thoughts from anyone would be appreciated.

Check out WF website. I believe their UW critieria for their secured card is right on the site. But I am pretty sure that for many places, one of the disqualifiers is having an open collection account. I think a lot of places deny based on this because a secured card normally comes with a "deposit" account (where the funds are kept). Deposit accounts can be seized by a court ordered judgement from one of the collection accounts.

Re: Denied Bank of America Secured Card

Anonymous — Mon, 11 Apr 2011 19:15:21 GMT

So here is an update to my situation. The HSBC Orchard card came in a week later after receiving the approval. I paid the $59 annual fee online. I didn't wait for the bill. I wanted to make sure at the end of the month it was reporting a small balance which was $1. Orchard reported to the credit bureau a few days ago. I checked my Equifax FICO score on this site and it is now at 653 from 636.

Re: Denied Bank of America Secured Card

vish1 — Mon, 11 Apr 2011 19:32:11 GMT

I will suggest you wait for 3 months and then get a store card like GEMB. In a position like you (in terms of revolving accounts, not collections), you may find it useful to have a second line of revolving credit (with no AF) which grows quickly to like 1500 and help your util.

This way you should be ready to move on from orchard after a year and get a prime card (with rewards and no AF).