BofA Secured Still Declining?

[Creditaddict]

Anyone applied for the secured card and been denied lately?  I am still waiting outcome on the First National Bank of Omaga but wouldn't mind "maybe" stepping back to BofA again even though I said I never would many years ago after I did secured, got unsecured and then 6 months or so later they suddenly closed stating "With the economy they had to reconsider lending standards"

I tried I think about 1.5 or so years ago and was denied, I believe for my bk so not sure I want to try again because obviously my bk is still on my reports!

[jzon450]

I wasn't aware that you could be declined for a secured since it's... secured.  

[jsucool76]

I got declined for the cap1 secured a little over a year ago, needless to say i was surprised. I thought the same way as jzon450.

Don't you have better cards than needing a BoA secured?

[Datx]

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@jzon450 wrote:

I wasn't aware that you could be declined for a secured since it's... secured.  

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Exactly, you would think right? But unfortunately not all CC companies see it this way.

[enharu]

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@jzon450 wrote:

I wasn't aware that you could be declined for a secured since it's... secured.  

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some states law prevent them from touching your security deposit in the event of certain types of bankruptcy.

some secured card deposits are less than the full CL they extend to you (i.e. capital one).

some banks just don't want to do business or have anything to do altogether with certain individuals, such as those blacklisted.

[Revelate]

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@enharu wrote:

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@jzon450 wrote:

I wasn't aware that you could be declined for a secured since it's... secured.  

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some states law prevent them from touching your security deposit in the event of certain types of bankruptcy.

some secured card deposits are less than the full CL they extend to you (i.e. capital one).

some banks just don't want to do business or have anything to do altogether with certain individuals, such as those blacklisted.

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Also courts can seize a security deposit as an asset.  Open judgements are a problem, though anecdotally tax liens aren't.   Could theorize on it, but it's an odd splitting of hairs in my mind.