Automatic Approval for Secured Card if Denied

[chase404]

Are there any banks out there that will automatically approved you for a secured card if you are declined for an unsecured Visa/Mastercard?

Don't want two hits on my report.

[Harvey26]

@chase404  Capital One and Bank of America come to mind. 

[Horseshoez]

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@Harvey26 wrote:

@chase404  Capital One and Bank of America come to mind. 

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Bank of America denied me even for a secured card, and denied me again when I appealed, and they'd been my bank for many years; Capital One and TDBank both approved me instantly.  In the end I closed all of my BofA accounts and moved them over to TDBank; I cannot count the ways TD has improved my banking experience; sure wish I made that move years ago.

[AnimatorProcrastinator]

Is Discover an option for you? I don't know if it would be a second pull if applying after being denied, but if you think you might be denied you might just want to apply for the Discover secured card. 

[Horseshoez]

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@AnimatorProcrastinator wrote:

Is Discover an option for you? I don't know if it would be a second pull if applying after being denied, but if you think you might be denied you might just want to apply for the Discover secured card. 

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At this point I've already been there, done that, and got the "Secured-Card-Penance" tee-shirt.     I opened a TDCash card with a $5,000 deposit and had it "unsecured" after exactly six months; I have no desire to tie that kind of money up again.

Since my Chapter 13 was discharged a year ago last week I've stayed on my bankruptcy budget and instead of paying the Trustee I've been paying my savings account and in the process have saved a ton of money.  My current plan is to move it into my PenFed savings account, which pays five times the interest of my bank based savings account, and then apply for an unsecured PenFed card.  Maybe I'm being naïve, but I'm thinking with a significantly large savings account, they will be more than happy to approve me for an unsecured credit card.

[heirophant]

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@Horseshoez wrote:

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@AnimatorProcrastinator wrote:

Is Discover an option for you? I don't know if it would be a second pull if applying after being denied, but if you think you might be denied you might just want to apply for the Discover secured card. 

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At this point I've already been there, done that, and got the "Secured-Card-Penance" tee-shirt.     I opened a TDCash card with a $5,000 deposit and had it "unsecured" after exactly six months; I have no desire to tie that kind of money up again.

Since my Chapter 13 was discharged a year ago last week I've stayed on my bankruptcy budget and instead of paying the Trustee I've been paying my savings account and in the process have saved a ton of money.  My current plan is to move it into my PenFed savings account, which pays five times the interest of my bank based savings account, and then apply for an unsecured PenFed card.  Maybe I'm being naïve, but I'm thinking with a significantly large savings account, they will be more than happy to approve me for an unsecured credit card.

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FWIW, I did not have a relationship with Penfed and just did a cold app. Was approved 2 months post BK13 discharge. I'd go for it now if you want it. Don't know how much difference it will make with money in savings with them.

[AnimatorProcrastinator]

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@Horseshoez wrote:

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@AnimatorProcrastinator wrote:

Is Discover an option for you? I don't know if it would be a second pull if applying after being denied, but if you think you might be denied you might just want to apply for the Discover secured card. 

---

At this point I've already been there, done that, and got the "Secured-Card-Penance" tee-shirt.     I opened a TDCash card with a $5,000 deposit and had it "unsecured" after exactly six months; I have no desire to tie that kind of money up again.

Since my Chapter 13 was discharged a year ago last week I've stayed on my bankruptcy budget and instead of paying the Trustee I've been paying my savings account and in the process have saved a ton of money.  My current plan is to move it into my PenFed savings account, which pays five times the interest of my bank based savings account, and then apply for an unsecured PenFed card.  Maybe I'm being naïve, but I'm thinking with a significantly large savings account, they will be more than happy to approve me for an unsecured credit card.

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Understandable. I've heard Penfed can be very generous so maybe that is a better idea. I know that they tend to favor high income people, not sure how high the savings account would have to be to actually matter to underwriting.

[Horseshoez]

@AnimatorProcrastinator and @heirophant, thanks folks; I took the plunge with PenFed this evening.  I have a pretty fair amout of my savings already moved over into my PenFed account; not sure if it made a difference or not, but I did get instantly approved for a $6,000 starting limit for their Platinum Rewards Visa Signature Card (which is the one I applied for). 

This will make my third card, so once I get the PenFed Share Loan sorted out in another month, I'm going to stop there and let everything ride until next April when I plan on applying for a mortgage. 

[AnimatorProcrastinator]

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@Horseshoez wrote:

@AnimatorProcrastinator and @heirophant, thanks folks; I took the plunge with PenFed this evening.  I have a pretty fair amout of my savings already moved over into my PenFed account; not sure if it made a difference or not, but I did get instantly approved for a $6,000 starting limit for their Platinum Rewards Visa Signature Card (which is the one I applied for). 

This will make my third card, so once I get the PenFed Share Loan going in another month, I'm going to stop there and let everything ride until next April when I plan on applying for a mortgage. 

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Wow! Awesome approval, congrats!

[heirophant]

I had a feeling you would be approved. Glad my advice paid off and congratulations!

For any of us who went through a BK, it is a hardship I would like to not ever repeat. For me, I got Credit One while in Chapter 13 (shout out to them, they get a bum rap, but they helped me immensely). That helped me reestabish earlier I think because it showed positive credit during the process. I give the advice to start rebuilding during your bankruptcy to anyone. Honestly, I think we may be the most reliable borrowers coming out of it.

You've earned it. Enjoy!