Applying for a Secured Credit Card

[Anonymous]

I filed bankruptcy a little over a year ago and trying to repair my FICO by applying for a secured credit card.  I'm concerned about  how the inquiry will affect  my FICO score if the application is not approved.  Has anyone ever been denied a "secured" credit card?

[-Cain-]

I have not, but you definitely can be denied for a secured card. The funds that secure the card can be seized in some situations, so some banks would rather not take the risk. Search these forums, you will find lots of info and examples. You should also be able to find some secured cards that are easier to obtain than others.

[Wolf3]

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@Anonymous wrote:

I filed bankruptcy a little over a year ago and trying to repair my FICO by applying for a secured credit card.  I'm concerned about  how the inquiry will affect  my FICO score if the application is not approved.  Has anyone ever been denied a "secured" credit card?

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IMO, A few inquiries on a report with a fresh BK is really insignificant, so don't worry about it.

Denials for secured credit cards are common.    I was denied by US Bank when I started rebuilding.    Some banks only want customers with no credit or minor credit problems.  These banks would be good choice for 2nd secured card, after you develop a least a year of good history.

Others charge excessive fees and don't care how bad your credit is.   Best to avoid thes guys if you can.  

I would look at the secured credit cards featured on this site.   http://creditcards.myfico.com/offers/no-credit/#searchid=2r4:v082101.   They are in the likely to get and fees not too high.   Captial One is my favorite of the bunch.