Denied BOA Secured Card

[newmom24]

Am I really in that bad of a situation???

I am working to rebuild my score as quickly as possible. Very frustrated with my current CR. I was approved by CAP1 for auto loan in Dec2012 and Angel Card (preapproved) Jan2013. I am looking to increase my current secured card balance to $2000 (currently at $1000) and open a second secured card for $500. Unfortunately, CAP1 nor BOA would approve me for a secured card. Are there any other alternatives to rebuilding credit or will my two newest accounts help with my journey???

[Revelate]

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@newmom24 wrote:

Am I really in that bad of a situation???

I am working to rebuild my score as quickly as possible. Very frustrated with my current CR. I was approved by CAP1 for auto loan in Dec2012 and Angel Card (preapproved) Jan2013. I am looking to increase my current secured card balance to $2000 (currently at $1000) and open a second secured card for $500. Unfortunately, CAP1 nor BOA would approve me for a secured card. Are there any other alternatives to rebuilding credit or will my two newest accounts help with my journey???

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Hard to say without more details as to what's in your file; however, I would absolutely get another card.  Did either Cap One or BOFA tell you why they denied you?

In any event there are a few places that don't even check credit for a secured card; I believe OpenSky is one of those, and the SDFCU (State Department Federal Credit Union) is a possible candidate as well though they will certainly soft pull your credit for membership at least from what people have reported here, but their secured application states there's no credit check at all and they appear to have a fairly flexible product as well.

In any event, those would be the routes I would look at, you will likely get some other opinions as well; failing all that, you may want to try one of the subprime unsecured lenders (Credit One, or even First Premier) but their fee structure is expensive, and since you have some cash, it's worth checking out other secured avenues first before going down that route in my estimation.

Edit: your current accounts assuming the Angel card reports will definitely build history, it's just not quite as quickly as a second card appears to do for you as well, but at worst case you're OK where you're at.

[Give_Me_Credit_Please]

Sorry to hear that. You shouldn't have any problems getting approved for at least Cap1 secured? I know BofA are alittle strick even with their secured product. There's alot of secured card offers out there and the only other one that comes to mind is "Applied secured mastercard" If you don't mine, what does your credit profile looks like? Usually everyone gets approved for Cap1 secured? You can also call Cap1 and see if you can do a recon. 

[ceemee2203]

Do you have any baddies? How long have you had your current secured card? Is the score in your siggy a FAKO or real FICO?

You might want to try a local credit union.

[sbeasl11]

Have you tried calling BofA for a recon? I was initially denied for their secured card, but after calling them they took another look & approved me. Never hurts to try. USAA also offers a secured card. 

[Anonymous]

Depending on when OP applied for the Cap1 Auto loan, she may have to wait before she can apply for the Cap1 secured card because there needs to be a 45 day spread between apps. But I agree that she should be approved for Cap1's secured card.

[beb86]

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@Anonymous wrote:
Depending on when OP applied for the Cap1 Auto loan, she may have to wait before she can apply for the Cap1 secured card because there needs to be a 45 day spread between apps. But I agree that she should be approved for Cap1's secured card.

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+1 and also let your new accounts report positive history before apping for anything else 

[Revelate]

That holds between C1 credit cards and auto loans? That seems unusual, may as well be different companies at most lending institutions and I had thought C1 was the same.

[Anonymous]

Yep. It shows up somewhere on my account page...can't remember where but I remember being bummed out about it. But later last year, I got in the door with Acura Financial for a new auto lease so looking back, I'm glad it didn't let me apply. :-)

[newmom24]

I received the notice today from BOA and it says: 

past delinquencies (multiple 60+ late pymts)

collection accounts (Brighthouse $254, Verizon $784, Midland $550)

utilization on credit card 89%