BoA Secured Denied?

[djpolo]

in the midst of a rebuild and taking on a ton of cards from different banks, but can't seem to get BoA to accept me, even for their secured card, have never had a card with them before either.. is there any trick to getting a card with them? I don't understand any risk in giving a card to someone whos securing it with thier own funds.. Scores are about 600-620 accross the 3, one collection showed as paid, another one which i already paid but didnt update correctly yet.

So far received

Cap One Secured - $1k

Wells Fargo Secured - $1k

Discover It Secured - $1k

Citi Bank Secured - $1k

Fingerhut - $300

Gamestop - $350

Kohls - $300

Victoria Secret - $300

Total Visa - $300

Credit One - $300

Overstock - $1.1k

[fltireguy]

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@djpolo wrote:

in the midst of a rebuild and taking on a ton of cards from different banks, but can't seem to get BoA to accept me, even for their secured card, have never had a card with them before either.. is there any trick to getting a card with them? I don't understand any risk in giving a card to someone whos securing it with thier own funds.. Scores are about 600-620 accross the 3, one collection showed as paid, another one which i already paid but didnt update correctly yet.

So far received

Cap One Secured - $1k

Wells Fargo Secured - $1k

Discover It Secured - $1k

Citi Bank Secured - $1k

Fingerhut - $300

Gamestop - $350

Kohls - $300

Victoria Secret - $300

Total Visa - $300

Credit One - $300

Overstock - $1.1k

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There is still some degree of risk for a lender, even with a secured card! What is the reason for their denial?

[gibeon]

BofA secured is weird. I was denied at the beginning of my rebuild -twice. Then after a few (8) accounts reported they let me in. It looks like it took a few months of positive trade lines to report before they said to the fully secured card. (Which I closed two months after it graduated, because I'm an idiot.)

Also, if you have open and recent baddies, they will be shy about approving the secured card.

Good luck!

[creditguy]

There is no trick, BofA can be somewhat conservative sometimes and secured cards are no exception. Secured does not limit the banks risk because you can still exceed your deposit with certain charges. I think the one issue may be, is the amount of new cards you've gotten recently. Let your accounts age and reapply, also can those credit one and total cards before the next AF kicks in, you have plenty of better cards.

[Anonymous]

I applied for a BoA secured card in February of 2015 during the beginning of my rebuild and they denied me.  I cleaned up a few things on my reports and have had positive payment history since November 2014 and BAM, they counter-offered a secured card after a Cash Rewards app on Friday.  Now I'm just waiting for mine to arrive.

So it took nearly 2 years worth of positive history before they offered me a secured card.  I don't know when you started your rebuild (your siggy says 2013? Is that true? How old are the cards you're carrying?) but you may not have a long enough continuous positive history for them yet.

edit: clarity

[djpolo]

signature is incorrect somewhat, i lost a job in 2013, and one of my credit cards went bad so it kind of put me off, but its all paid up now (midland), just started the rebuild again really earlier this month, although credit wasnt that bad due to good car history, just had lack of accounts.. which i have plenty of now.. just wanted to get in with BOA cause I hear they are great to have on their side.. I also have a huge income now, over 220k / year, so i dont mind securing a bunch of cards to help the process move along faster

[AverageJoesCredit]

Good luck on your rebuild You seem to have enough cards as of now to start a nice strong profile as ive noticed you have 4 secured bank cards that when graduate will really help . I dont think you need the Credit One card as you have plenty of other cards to help establish your credit again. Just my "average" thought for the day

[Anonymous]

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@djpolo wrote:

signature is incorrect somewhat, i lost a job in 2013, and one of my credit cards went bad so it kind of put me off, but its all paid up now (midland), just started the rebuild again really earlier this month, although credit wasnt that bad due to good car history, just had lack of accounts.. which i have plenty of now.. just wanted to get in with BOA cause I hear they are great to have on their side.. I also have a huge income now, over 220k / year, so i dont mind securing a bunch of cards to help the process move along faster

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Since everything is really recent, I'd give it a little while on the cards you've got before you try again with BOA.  See what the letter says when you get it so you'll have an idea where the denial came from -- besides any past baddies, it could be too many recent inquiries or it could be too many new accounts or something to that effect.

[tricie17]

Judging from all secured cards, it seems as though you have slow creditor.  I also noticed that the smaller lines are store cards.  It looks like an injustice to use your money just to receive the higher end credit card.  I would suggest applying for cards like Capital One just to build on a real history, pay on those secured lines and receive your hard earned money back (unless you have money to throw away).  The banks want to see how you act on credit outside of a secured account.  One may be a good choice, but you have four all with large lines of your own money.  The banks benefit because they are using your money on top of you paying monthly for having the card.  You could have had a secured installment and your money. Slow down and inquire before jumping.

[Anonymous]

Sent you PM please help me out with Secure CC database..