A few months back when I applied I had an Open Collections Account for 500.00$. I didnt' get any counter offer. Since then I paid the collections off. This time when I applied I immediately got the counter offer. I have been reading about BOA Secured on post here. Some people didnt' get approved for the card while others did. I think BOA might be really strict on who gets approved on Secured cards and who doesnt. It seems though that after a year they are pretty generous with Product Changes and moving your card to Unsecured Terms.
a secured card with REWARDS is hard to come by I think. I am grateful for that. My scores are low 600's right now but I started with 16 negative Items on my CR. Im down to 3 which are fully paid. I Opened up a chase bank card checking and the banker i was with said, wow you tol;d me you had bad credit but you have all these credit opportunities. She said trust me open your checking and a savings and CHASE will put you ahead if you keep a good account. She said the more in savings the better and if you never over draft (which i havent overdrafted any of my checking accounts in 5 years) the will look at all that. So I opned a checking account with hopes that a year down the road they will consider me
Oh and i Got 100.00$ for opening up a checking account. Deposited in 10 days! not business days but regular days! LOL
Can someone explain to me why someone can get denied a secured card?
I had been denied a BofA Secured a day or so before finding this forum. I app'd for something like 20-30 CCs and all were denials (low 500 scores) and tried for a BofA and got rejected for that too. I figured the reason would be due to past history and lack of the ability to show that I could repay the debt. I also had a US Bank secured CC reporting at that time that was CO'd as well. In that CC, I racked up the balance all the way to the limit and defaulted. Combined with late fees and interest, that balance increased to about 1.5 times the limit before they sold it to a CA. In US Bank's case, they lost money due to my lack of responsibility and wasn't surprised when I got denied for that BofA secured. Thankfully, I got it right, righted some wrongs, and they approved me 3 months later for a secured CC w/ FICOs in the 600s.
So I sent in my 300.00$ online today. They did another Hard pull and withdrew the funds within the hour. Does this mean approval? I hope so! I guess since they withdrew the funds...Any one else had funds withdrawn then denied?
Okay nevermind. Got a confirmation email I was approved for the secured card. 7-10 days to recieve it! YAY!
So if anyone is interested, here is the skinny! Within 24 hours the money was withdrawn from my BOA checking account AND the new credit card account shows up on my online banking page already! Also, they reported to Experian with 24 hours AND it does not say SECURED CARD. They are the quickest! I thought GEMB was fast. Way to go BOA I am excited to continue rebuilding with my New Power Rewards Visa Card.
From what I've gathered here on the boards, open collection accounts may cause a denial.
True... but why? What risk is there? Deny any charges that go above the line, and any unpaid charges are secured by the security deposit...
I'm with you here. If they don't pay, just take the money, right? It aint going anywhere.
This B of A rewards secured card is the best I've ever seen. I'd hope they would make this more readily available.