Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.
@FireMedic1 wrote:Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.
Yeah, I know you're right. I have more than enough cards as a good foundation for my rebuild. But I'm still surprised I was declined for their secured card. 
@masscredit wrote:
@FireMedic1 wrote:Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.
Yeah, I know you're right. I have more than enough cards as a good foundation for my rebuild. But I'm still surprised I was declined for their secured card.
I'm fairly certain they'll provide you with the reason(s) and perhaps you can share them with the community so others can learn from your experience.
An item to keep in mind, regardless if a financial institution offers a secured type of product whether building/rebuilding, it's still subject to each financial institution's UW criteria, regardless if you have the funds to secure the card. FIs of any size still take losses on secured products which is why some institutions can be selective even if going the secured route. Folks have reportedly been denied for secured cards from Discover, US Bank, ELAN, Citi, etc.
My post-Chapter 13 discharge situation with BofA was kinda-sorta the same.
When my discharge came through I waited six weeks or so for the dust to settle, and applied for a BofA secured credit card, denied, I appealed, and got denied again. What really irked me was both times the denial reasons came back claiming I was A) "About to file for bankruptcy", and B) I'd applied for one of their "Premium Rewards" credit cards.
Needless to say, the second denial was the last straw; I closed all eight of our accounts and moved them across the street (literally) to a TDBank branch; TD was not only happy to have our new business, but they also happily approved me for one of their secured cards with a $5,000 limit; in the 30(ish) months since I got that TDCash card it graduated to unsecured after 6-months and has since grown to a limit of $11,500. In my case, I'm glad BofA is in the rearview mirror.
@masscredit wrote:
@FireMedic1 wrote:Hold out until your in the 700 club. Many more doors will open up then. Keep applying in the mid 600's. You'll stay in the 600's. Got to let things grow for a while. That how I did it. Much easier having that lucky "7" as the first number.
Yeah, I know you're right. I have more than enough cards as a good foundation for my rebuild. But I'm still surprised I was declined for their secured card.
@masscredit I completely understand what you were trying to do. It's risky and not everyone will agree with it, but it could bring rewards.
The day after my DC, I received an invite for the OLLO Rewards Visa. I took it. Within a few days I was pre-approved for Cap One Platinum. And a few days after that, approved for the (now discontinued) Jasper MC. I had never considered a secured card but read about the the BofA CCR Secured. I applied and got it just under 2 months post-DC. I already had a relationship with BofA dating back 17 years but had closed my accounts there in 2013 to consolidate at WF. Before my BK filing, I had re-opened checking and savings at BofA. 3.5 years later, after DC, I really think this helped me get my secured card. I'm not sharing this to make you feel bad but to share that I believe it to be a great card to have and worth the risk. Perhaps you can contact the BofA Exec Offices. I do not know the details of your situation but wanted to suggest that.
The week following my BofA CCR approval, I applied for the TD Bank Cash+ Secured. They make (made) you fund in person so I fortunately has a business trip to a city TD serves. No complaints about TD but they, and their card, are, in my opinion, also-rans. I know if I had to choose between BofA and TD, the choice of BoA will win out every time. Both cards graduated the same month...something like 7 months later, I can't recall. I also keep substantial checking and savings accounts at TD but nowhere near the size of my BofA accounts. I plan on staying with both.