Why do I keep getting declined for secured cards?

[Anonymous]

I have a 790 credit score, and I prefer to use secured cards instead of real credit cards, because they are essentially just debit cards. I have applied to several banks, US bank, wells fargo, and discover, got declined for all 3 secured cards.

Is it possible to have "too good" of credit for secured cards? Sure I could get a 10k line from AMEX or similar, but I don't want that at this time.

[creditguy]

What are the reasons for denial given to you? I don't think your too good credit is the reason. What kind of history do you have on your CR's? Something is not adding up here.

[Anonymous]

I haven't gotten the reasons in the mail yet. I have nothing negative on my credit report besides a couple inquiries. I think they must think nobody with a high score would bother with a secured card so they flag my applications.

[creditguy]

Well until you get your letters it's only a guess. Why not just apply for an unsecured card you like and pay it off as you use it.

[Anonymous]

a secured card is no more a debit card than an unsecured card. either way it's a purchase now, pay later scenario. if you aren't comfortable with high limits then that's understandable but it's essentially the same thing

[Officer737]

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@Anonymous wrote:

I haven't gotten the reasons in the mail yet. I have nothing negative on my credit report besides a couple inquiries. I think they must think nobody with a high score would bother with a secured card so they flag my applications.

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I bank with US Bank and I asked what would be reasons for being turned down for a secured with them. The banker flat out told me that it would any form fraud on their reports. I think a BK showing might show poorly as well. 

[Anonymous]

Welcome to the board.  A credit score is not everything. If you have a 790 score and keep getting denied for a secured card then there is more to the story.  Tell us a bit about your credit profile. What cards do you have now?  How old is your credit file? What are the limits on the cards?

Answer to these questions can help figure out why you are getting declined.

[Anonymous]

we did a loan for someone yesterday with a 776 but she only had 1 student loan and 2 AU cards with $400 limits. so yeah score inflation due to AU can prevent cards on your own sometimes too.

[Anonymous]

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@Anonymous wrote:
we did a loan for someone yesterday with a 776 but she only had 1 student loan and 2 AU cards with $400 limits. so yeah score inflation due to AU can prevent cards on your own sometimes too.

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Saw this all the time, when UW apps

Razor thins files can indeed have a great number regarding the scoring model but upon further/secondary review still be a crap applicant

or at least NOT as well qualified as the number may indicate.

At my 1st CU gig in college 100's young ppl had great 'numbers' and by score 'technically' 'could have' been seen as Tier 1 approvals but that 

wasn't gonna happen for a 20 y.o. kid with an inflated Fico......

I'll bet that certain profiles are auto manual review with a score like that, yet still 'trying' for a secured card.....smells fishy and fishy means risk and

risk means fraud and fraud means potential LOSS ....revenue as well as JOBS

So you're darn right, if it seems 'odd', especially at the Big CYA banks the OP referenced, they hold their noses and say 'no thanks' launder that money elsewhere...