Denied Secured Card

[Slabenstein]

Kind of late to this thread, but I just thought I'd add that secured cards aren't any more of an auto-approval than other kinds of secured debt, such as auto loans or mortgages.  They're still going to go through underwriting and the borrower is still going to need to meet that institution's criteria for that product.  Your son should get an adverse action letter from the lender in the mail that will list at least one of the reasons his application was denied.

[Horseshoez]

@Cmikul, while getting approved for a secured credit card is easier than getting approved for an unsecured card, there is no guarantee any given individual will be approved.  Four years ago when my Chapter 13 was discharged I thought it would be a lead-pipe cinch my bank (BofA) for over a decade would instantly approve me for a secured card, I mean, I had a reasonably high income being directly deposited into my checking account and low five figures in my savings account, that and I had never had so much as a bounced check or overdraft of any kind.  I applied, got denied, applied again, and got shot down for a second time.  It wasn't until I closed all of my accounts they started asking what they could do to keep my business.  Nothing!

I walked my money across the street (literally) to a TDBank branch, and in one swell foop, opened up a checking account, two savings accounts, and a secured credit card, all in less than a half hour.  I guess I wrote all of this to suggest you might want to shop around for a secured card for your son, some credit unions offer them and they are usually the easiest to get approved, but there are other options, say Discover for instance.

Keep us posted on your progress.

[Cmikul]

Discover is who declined him. 
he does have investment acct at a CU so we'll probably try there. 

[Horseshoez]

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@Cmikul wrote:

Discover is who declined him. 
he does have investment acct at a CU so we'll probably try there. 

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Ouch!  They denied me as well.

Is NFCU an option?  If so, their secured nRewards gets rave reviews around here.

[AyaMai]

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@Horseshoez wrote:

@Cmikul, while getting approved for a secured credit card is easier than getting approved for an unsecured card, there is no guarantee any given individual will be approved.  Four years ago when my Chapter 13 was discharged I thought it would be a lead-pipe cinch my bank (BofA) for over a decade would instantly approve me for a secured card, I mean, I had a reasonably high income being directly deposited into my checking account and low five figures in my savings account, that and I had never had so much as a bounced check or overdraft of any kind.  I applied, got denied, applied again, and got shot down for a second time.  It wasn't until I closed all of my accounts they started asking what they could do to keep my business.  Nothing!

I walked my money across the street (literally) to a TDBank branch, and in one swell foop, opened up a checking account, two savings accounts, and a secured credit card, all in less than a half hour.  I guess I wrote all of this to suggest you might want to shop around for a secured card for your son, some credit unions offer them and they are usually the easiest to get approved, but there are other options, say Discover for instance.

Keep us posted on your progress.

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I have two checking accounts personal/joint with BoA for more than 23 years, they denied me secured and unsecured. I applied for secured U.S Bank Cash+ knowing that I would be denied for unsecured due to many open accounts and inquiries, was approved, opened a checking account with them after a year, 3 months they returned my unsecured card deposit. Moved my direct deposits to other banks since they credit them on Wednesday not Friday as with BoA.   I recommend to open checking account with Discover, then apply for secured after few months, then after 6 months or more he will be moved to unsecured. https://www.discover.com/online-banking/checking-account/  I have 2 cards through them and their customer service competes with Amex. 

[Horseshoez]

@AyaMai, I see you've joined the ranks of happy ex-BofA customers; welcome to the club. 

[butterpecan]

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@Horseshoez wrote:

@AyaMai, I see you've joined the ranks of happy ex-BofA customers; welcome to the club. 

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+1

[Linnaea]

Honestly, if you have him on as an AU and he's worked for 2 years and he works etc.   I am thinking something is wrong.   

I would call for a reconsideration so as not to waste the hard pull.   Also I would check that you the social matches.  If all that doesn't shed light or manifest a secured card....  I would try to get him in with Navy Fed.  But IMHO I know there is so much fraud these days that something may of cross crossed.   

Please keep us updated.  🙏 

[butterpecan]

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@Cmikul wrote:

Trying to get my employed son set up with a secured card and he got denied. 

How or why would you be denied on a secured funded card?

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Try Affinity Federal Credit Union. Their secured is no hard pull, you can add funds later if a higher limit is needed. It doesn't graduate but will product change to a unsecured and you keep the tradeline age and history.