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I have a judgement against me for a student loan that I have yet to pay off. I just tried to open a secured cc with BOA and I got rejected. Is there anyway for me to rebuild credit while I have a judgement against me? I would appreciate all the feedback that I can get.
Thanks
Hi true2me!
true2me215 wrote:I have a judgement against me for a student loan that I have yet to pay off. I just tried to open a secured cc with BOA and I got rejected. Is there anyway for me to rebuild credit while I have a judgement against me? I would appreciate all the feedback that I can get.
Thanks
From all of the recent reports here, BoA has been pretty skittish about their secured card of late. They've even been going so far as to close some after recently unsecuring them. And, as you've experienced, we've had quite a few people reporting that they've been outright rejected for the fully secured card-- indicative of BoA tightening their lending criteria, across the board, over the last six or so months.
The good news is that there are still other secured products out there that you can apply for. I believe that Citi still has a secured card (maybe someone can weigh in on whether it's still offered, and how lenient they may be with judgments). I know that NFCU offers a fully secured card that comes without a credit pull (I think), but you'd have to be eligible for membership. Someone was just posting about U.S. bank down below, and mentioning that they were BK friendly, so maybe they're not judgment shy either. Won't hurt to do a search here in this forum, or call to ask them. Oh, and I started a thread some time ago (loooong time ago, I think) about prime lenders that offered secured cards. The thread died out pretty quickly, but I think there were at least 7 or 8 lenders mentioned (including BoA & Citi). You might try doing a search for that thread.
With the judgment unpaid, you might have a tough time finding one of the more reasonable low or no fee secured cards. But, if you belong to a credit union you might want to talk to them about their offerings. It seems more and more frequent that people are mentioning secured products that are not widely advertised by their credit unions.
@Anonymous wrote:
@Anonymous, I thought that you could no longer use the piggyback method to build credit.
It started back if it ever ended.
BoA is very sensitive to PR's and recent CA's, even on the secured card.
I think this is in part due to the fact that they graduate secured cards in around a year. And since their standard unsecured cards criteria doesn't allow for the BK, then the unsecured can't either.