topic Secured CC question in Credit Cards

Secured CC question

Anonymous — Sun, 03 Mar 2013 01:43:40 GMT

I keep reading that it's necessary to have a good variety of types of credit-ie, installment loans, revolving credit, etc. I have a very recent auto loan, and an open Badcock Furniture account, both in good standing. I do not have any type of credit cards. I tried for a CapitalOne Secured card and was denied. I also tried for a WM card...again denied. This was back in Oct. 12. Can someone help me understand why I'm having such a problem even getting a secured card, please? (The info in my siggy is current.)

Re: Secured CC question

Shogun — Sun, 03 Mar 2013 02:13:32 GMT

Hello Brownbee.

I moved your post over here to the Credit Card threads to let these gurus have a crack at you. Good Luck!

Re: Secured CC question

Anonymous — Sun, 03 Mar 2013 02:27:44 GMT

Thanks, Shogun! I realized as soon as I hit post that I should have been over here.

Re: Secured CC question

llecs — Sun, 03 Mar 2013 05:26:31 GMT

I'd focus on repair, then rebuild. This way you avoid the secured route.

Re: Secured CC question

SnackTrader — Sun, 03 Mar 2013 13:59:08 GMT

What kind of baddies do you have? Sometimes unpaid collections and very recent derogatory remarks hold people back. Also, others who have been reportedly denied for secured cards have found out that they had derogatory marks on their Chexsystems reports.

Either way, lenders are required to tell you the reasons you were denied for credit, so the letters you received telling you that they denied your application would be a logical start. if you still have those we can try to help recommend next steps.