topic Re: BOA declined me of a secured credit card...... now what? in Rebuilding Your Credit

BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 05:48:43 GMT

Hi...... I just recently applied for a Bank of America Secured credit card....... I was declined! I was declined due to past history of dilinquent accounts on my Credit Report.

Yes those were my fault for over-extending myself........ Trust me, I have learned my lessons.

Anyway, I was wanting to get a secured card that reports to all three creit bureau's and bank of america seemed to be highly recommended by many folks.

However, I never would have thought I would have been declined for that one.

What is another very good secured credit card ,that doesn' have 300.00 in fee's?

Any & all advice is greatly appreciated! Thanks,

BMuLL

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 05:55:29 GMT

I personally am saving my money for a secured card for Digital Federal Credit Union. It's a $5 membership fee one time, and from my calculators online for the best secured, they are the lowest in interest, the lowest in annual fees (they may not even have one, I haven't checked for a month or two so can't remember), and good customer service from what I've seen with my husbands car loan. I didn't know BofA still did secured cards, I looked into them last summer but their rates weren't worth it to me. Then I went to look again and couldn't find any info. Maybe try walking into a local credit union and see about getting a good offer if they want you as a customer.

Good luck! Hopefully I'll be there soon.

Re: BOA declined me of a secured credit card...... now what?

RobertEG — Fri, 19 Feb 2010 06:06:33 GMT

I agree with Leah. Go onto the web site of the National Credit Union Assoc (NCUA), and find a CU in your area that you qualify to join.

They almost always offer the best rates, and more consumer friendly service. After becoming a member, I would be highly surpiised that any CU would ever deny you a secured card.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 06:21:44 GMT

guys thank you for your quick reply......

I actually joined a credit union about a month ago now...... I actually called them up and asked them if they offered a secured credit card.... They said yes. They also said there interest rate was like 17% apr, I believe. And they actually DO NOT charge any fees and all for the service. I am not concerned about the interest rate, cause if I can get approved for one, I will only use it for normal everyday stuff..... pay the bill in full before due date. Only reason I still chose to apply for BOA secured card & not the credit unions card, was because my credit union said they only reported to Equifax only. I know BOA reports to all three credit bureau's. The lady on the phone also made it a point to let me know that , "you could still be turned down for the credit unions secured card."

What do you guys think?

Would my Credit Unions Secured Card be worth getting (if I can get approved) even though they only report to One of the credit bureau's (Equifax)?

Thanks again for your advice

bmull

Re: BOA declined me of a secured credit card...... now what?

RobertEG — Fri, 19 Feb 2010 06:40:54 GMT

Check first for another CU that has broader membership, and thus reports to all three CRAs.

I dont market credit unions, but can tell you their are some fantastic ones out there that have both national and international branches, and do offer memberships on a broad basis.

For example, if either you or a member of your immediate family has any active military affiliation, the biggest and highest rated credit union in the worlld is Navy Federal. They report to all three CRAs.

Pentagon Fed CU is another biggy, and I think you can gain membership with them simply by joining a non-profit org. that supports military personnel and their families, even though you have no active duty affiliation.

Look for any employment or organizational affiliations. I suggest that you not limit your search to only CUs in your area that have buildings you can visit.

Alll the larger ones take online applications.

I think with a little time and effort, you can do better that a local that reports to only one CRA.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 07:04:52 GMT

Get an Orchard Bank Secured card. They report to all 3 CRA. Plus I think the first year its 0% APR, and the annual fee is waved. Check it out! I have one and I love it! Very easy approval.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 12:50:16 GMT

better yet, before you apply for another card, find out if you can be denied, and why. you do not want to risk more inquiries. and always investigate your credit options and if you are sure you will be approved before applying again.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 12:50:57 GMT

oh, and if you got denied by BofA with past delinquencies you might get denied by orchard bank.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 14:12:50 GMT

so would it be better for me to just walk into my local credit union (that I am a member of) and tell them the situation and that I was denied for secure card by BofA .. and if I could get secured card through credit union...... (even though they only report to One CRA - EQUIFAX) wouldn't that still help me with my credit.... maybe 6 months down the road I may could get a secured card through another bank who reports to all three CRA.

I only have one active account in my name as of now (and for the past 4 years)..... that I have been doing business with in hopes of improving my credit.... But its not working. They only report to EquiFax as well. Also from what I have been reading, I really could use a couple credit cards to boost my credit and score. Thats the only reason I am wanting the secured card. To establish a good payment history, to let creditors know that I am more responsible now and that I am credit worthy. In the mean time while I would be using the credit cards to establish good payment history, I am planning to also get to work on my bad files on my report, by trying the PFD method.

What do you guys think? Am I on the right path or should I just forget about the credit card for now and spend the next year working with my creditors and collection accounts to have negative removed from my credit reports?

Thanks again for all advice.... I love this site. Wished I would have found it several years ago. Lots of very valuable info & very knowledgable members who are more than willing to lend a helping hand.

Thanks guys!

bmull

Re: BOA declined me of a secured credit card...... now what?

benben7 — Fri, 19 Feb 2010 18:29:33 GMT

Hi Bmull, Where do you live? Look up Intouch Credit Union? If they are in your area you can sign up for an account and get a secured credit from them.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 19:04:47 GMT

@Anonymous wrote:
Get an Orchard Bank Secured card. They report to all 3 CRA. Plus I think the first year its 0% APR, and the annual fee is waved. Check it out! I have one and I love it! Very easy approval.

I have to agree. Orchard has been a very good rebuilder for me. They are a major bank and report to all 3 CRAs My interactions with them have found them to be very professional.

Re: BOA declined me of a secured credit card...... now what?

Creditobsessed12 — Fri, 19 Feb 2010 19:57:56 GMT

Did you try Orchard Bank? They gave me a $350 credit line and the fee was only $19. Go on the website they have a pre-approval process that's not a hard inquiry.

Re: BOA declined me of a secured credit card...... now what?

Creditobsessed12 — Fri, 19 Feb 2010 19:58:39 GMT

Oh my credit score was only in the 500's and they pulled Transunion.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 20:38:21 GMT

@Anonymous wrote:
oh, and if you got denied by BofA with past delinquencies you might get denied by orchard bank.

I have an unpaid judgment against me, 3 accounts that are closed CO's, one account still isn't paid. Another account that is open with 90 day lates in there, and I still got approved for an orchard bank secured card. You really should think about doing it. Like I said, I have an account with them, and they do report to all three credit agencies. They will also check your credit before you even fully apply. So you won't have a ding on your credit report if you are denied.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 21:55:38 GMT

@Anonymous wrote:
@Anonymous wrote:
oh, and if you got denied by BofA with past delinquencies you might get denied by orchard bank.

I have an unpaid judgment against me, 3 accounts that are closed CO's, one account still isn't paid. Another account that is open with 90 day lates in there, and I still got approved for an orchard bank secured card. You really should think about doing it. Like I said, I have an account with them, and they do report to all three credit agencies. They will also check your credit before you even fully apply. So you won't have a ding on your credit report if you are denied.

if they check your credit, you have an inquiry. saying they check but you don't get an inquiry is false. there is no way to do that.

and they have been denying people, both BofA and Orchard lately. Rather than go for something he might get denied for again, he should go for something that will be guaranteed. that way he does not risk an unneeded inquiry with no open trade line to show for it.

Some credit union secured cards don't even check credit. they don't care. as long as you give them cash, they give yo uthe credit. if you are a military member, or are related to one, i suggest NFCU or the pilot program that USAA has going.

Re: BOA declined me of a secured credit card...... now what?

Creditobsessed12 — Fri, 19 Feb 2010 22:52:04 GMT

^ I don't agree with this Orchard Bank has a pre-approval credit card selection process where you won't have an inquiry on your credit report unless you actually apply for the credit card. You input basic info and it pulls the credit cards that you may be able to get approved for and then it gives you a list of cards to chose from and at that point you are able to read through the terms of each card and select which one you want to apply for. I have done this without a single inquiry on my credit report.

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 23:14:13 GMT

guys I really do appreciate your help & advice more than you all know... Like I said, I wished I would have found this site years ago. Heck I wished I would have read more about how credit works, years ago...... I never actually thought there were any way to improve dinged up credit except by doing right by existing loans and waiting years for negatives to come off the reports. Little did i know about disputing , good will letters, Debt validation letters, etc.

I always thought.. hey if I dont have a bunch of credit card that would be better.... Never knew that an actually credit card or two could improve my credit in a short amount of time (if used wisely that is).

With all that being said.... my score is low enough already. I have already inquired about 2 BofA cards. First one was the BankAmericard. Rep online talked me into applying for that one.... Was denied. Now about a week ago I applied for the secured card from BofA, with the thought that there would be no way I would get denied for this one, since I am giving them the money to loan me. Well I got denied for that one as well. 2 strikes so far. I am not willing to go 3 strikes. I have been thinking of going to my own credit union... I have only been a member there for a couple months now, and they also told me over the phone that People actually can be denied for their secured card as well.

This sucks... I have disputed a few items on my credit reports and found out today that 3 accounts on my Transunion Credit Report were deleted due to the disputes. Have not got the results yet for Experian and Equifax. Should be complete by the 02/23/2010.

sure thought I was on my way to cleaning up my credit report when I got my new secured card from BofA, and continuing to clear up unpaid collections on my report. I know its not gonna happen over night... and I was not expecting it to. But it sure has been a smack in the face to be denied a secured card! My fault though. I have to deal with it.

I think what I prolly should do, is just continue to work with my creditors and collections..... clear up the negative on my report, then try again at the secured card.

What you guys think?

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Fri, 19 Feb 2010 23:22:53 GMT

@benben7 wrote:
Hi Bmull, Where do you live? Look up Intouch Credit Union? If they are in your area you can sign up for an account and get a secured credit from them.

I am in South Carolina......Doesn't look like I have an option with these guys..... Thanks anyway.

Re: BOA declined me of a secured credit card...... now what?

benben7 — Fri, 19 Feb 2010 23:52:50 GMT

Hello Bmull,

Don't give up. On monday I want you to call USAA. They have a secured credit card program. They have many services but you won't qualify some of these if a you or a family member was not a member or military. My father was in the military but I'n not sure if he was a member or not. But I was able to join anyway. It cost 50.00 (25 for checking and 25 for saving) Everything was done over the phone and very easy. I asked about the secured credit card program and my rep transfered me to them. I spoke with the rep and a packet is on it's was to me. This may work for you as well. Give it a try on monday and let us know how it works out for you. Your deposit will be placed in a interest bearing CD for 2 years.

benben7

Re: BOA declined me of a secured credit card...... now what?

Anonymous — Sat, 20 Feb 2010 00:48:12 GMT

@benben7 wrote:
Hello Bmull,

Don't give up. On monday I want you to call USAA. They have a secured credit card program. They have many services but you won't qualify some of these if a you or a family member was not a member or military. My father was in the military but I'n not sure if he was a member or not. But I was able to join anyway. It cost 50.00 (25 for checking and 25 for saving) Everything was done over the phone and very easy. I asked about the secured credit card program and my rep transfered me to them. I spoke with the rep and a packet is on it's was to me. This may work for you as well. Give it a try on monday and let us know how it works out for you. Your deposit will be placed in a interest bearing CD for 2 years.

benben7

thanks benben7! my dad retired from Army after nearly 21 years of service.... but I do not believe he was a member of this bank. He passed away in 06/2002.... so not sure if I would be able to qualify for this.

Thanks