topic Re: Secured Card Help in Rebuilding Your Credit

Secured Card Help

Anonymous — Thu, 12 Jun 2014 21:35:54 GMT

I was hoping to get some advice/suggestions on secured cards to help my rebuilding quest. I am dealing with quite a few health concerns and am unemployed at this time. My mom is trying to help me get my credit back on track so once I can get to work, I can hopefully be on my way. Anyways, I have zero revolving accounts as all of mine have been closed/charged off. I do have some student loans that are in forbearance.

I want to get a secured card to use once a month and pay the balance off right away. Maybe like $20 for gas just to get some positive history going. The trouble is, my credit is bad and I have no income. My mom has terrible credit so she cant help me get a card either. She is willing to pay the small balance for me until I can get back on my feet.

I applied for the Capital One Secured and was sent a letter asking for income verification since I used my moms. I sent verificaction with a letter signed by her. I was still denied and asked for a reconsideration. They sent me a letter back saying the applicants income could still not be verified? I called and they said that there is nothing they can do.

Every card I look at has these same reuirements for credit and and income checks. No local banks around me offer secured cards either. Is there any secured cards that I can get with no income verification? Or at the very least, allow me to use my mothers income as she would help pay the bill? Thanks

Re: Secured Card Help

gdale6 — Thu, 12 Jun 2014 21:42:09 GMT

@Anonymous wrote:
I was hoping to get some advice/suggestions on secured cards to help my rebuilding quest. I am dealing with quite a few health concerns and am unemployed at this time. My mom is trying to help me get my credit back on track so once I can get to work, I can hopefully be on my way. Anyways, I have zero revolving accounts as all of mine have been closed/charged off. I do have some student loans that are in forbearance.

I want to get a secured card to use once a month and pay the balance off right away. Maybe like $20 for gas just to get some positive history going. The trouble is, my credit is bad and I have no income. My mom has terrible credit so she cant help me get a card either. She is willing to pay the small balance for me until I can get back on my feet.

I applied for the Capital One Secured and was sent a letter asking for income verification since I used my moms. I sent verificaction with a letter signed by her. I was still denied and asked for a reconsideration. They sent me a letter back saying the applicants income could still not be verified? I called and they said that there is nothing they can do.

Every card I look at has these same reuirements for credit and and income checks. No local banks around me offer secured cards either. Is there any secured cards that I can get with no income verification? Or at the very least, allow me to use my mothers income as she would help pay the bill? Thanks

Without income its going to be next to impossible, you might call a few national CUs and just ask if the secured can be issued without any income State Dept FCU would be a good one to call and ask. If you are living with your mother you might be able to use HHI if she is actually going to help you pay the bills.

Re: Secured Card Help

Anonymous — Thu, 12 Jun 2014 21:50:10 GMT

Thats what I am afraid of.... and yes I do live with her. Thanks

Re: Secured Card Help

Anonymous — Thu, 12 Jun 2014 22:03:41 GMT

It's very specific what they need for income verification when its concerning someone else's income. I used my husband's income when i applied for my cap 1 sec card. I sent in a letter listing the amount and frequency of my husband's income and listed the bills he pays on my behalf and those amounts. Cap 1 needed my husband to sign that letter. I faxed that over and they approved the app.

Re: Secured Card Help

Anonymous — Thu, 12 Jun 2014 22:16:03 GMT

My mom gets widows benefits from the Veterans Administration. I sent the actual award letter with a letter dexcribing everything with both of our signatures. Still denied. She is willing to have me list her income on applications, but after the Capital One fiasco, I dont know if its even worthwhile.

Also, she said she could apply for a secured card, and add me as an authorized user, but we arent sure if/what secured cards allow authorized users or if they report the AU to the CRA's. Her main concern with that is her credit is very bad from a couple of years ago during some very hard times.

Re: Secured Card Help

Anonymous — Thu, 12 Jun 2014 22:29:28 GMT

The SDFCU secured Visa page specifically states "no income verification".

https://www.sdfcu.org/emv-creditcards