Denied Secured Card

[Anonymous]

Hey,

I just applied for a secured card so I could help increase my limits on the credit report, and was denied. How is that possible? 

I don't even know how my credit got so poor, I had one payment 30 days late. That, to my knowledge, is the only negative thing showing on my credit report  - Yet my FICO is 490. 

[Anonymous]

Which secured card did you apply for? Secured cards aren't guaranteed approvals but they are easier to get approved for than other cards.

[Anonymous]

It was the Bank of America secure card.

[Red1Blue]

You should get your reports and see what your scores are. You should also goto your local credit union and ask them for secured card. CU's are much more helpful in getting you started or rebuilding your credit.

[tiffjtiffj]

It breaks your heart... when you are denied a card that you will secure with your own money! I was denied BoA and Citibank.

[Anonymous]

...you don't get a FICO score of 490 with one late payment. Just sayin'...

[Anonymous]

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@Anonymous wrote:
...you don't get a FICO score of 490 with one late payment. Just sayin'...

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Eh unless there is another extenuating circumstance like lack of history.

Back when I had only one card I did one of the simulation things for if I was 30 days late with a payment on that one card (and only having 6 months of history at that time) and it showed that my score would drop from 611 down to between 490 and 530... so if that's the only card with a really short history and already missed a payment then maybe? 

[Anonymous]

Yea, I only have 11 months of total history. And, at the time of the score the card was maxed out. I've since paid it off, and had my family add me as an authroized user on a BOA card with a 3000 limit.

I also have like 20 inquiries, many of them due to a merchant account I gave approval to check my credit but sincerly regret. 

So, with the card paid down and being an authorized user on a 3000 limit card iwth perfect history, do you think that will help my score significantly? 

[Anonymous]

This all sounds like some good solid advice here for you.First thing you need to do is get copies of all 3 credit reports to see what is truly being reported and go from there. I WOULD NOT apply for anything else until you know whats on all 3 reports.Here is a link to a credit card site you may want to take a look at once you have a better ideal of whats on your file.There is some good builder secured cards here.

http://www.creditcards.com/bad-credit.php

Message Edited by cartercorp on 04-03-2009 06:21 PM

[Anonymous]

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@Anonymous wrote:

Yea, I only have 11 months of total history. And, at the time of the score the card was maxed out. I've since paid it off, and had my family add me as an authroized user on a BOA card with a 3000 limit.

I also have like 20 inquiries, many of them due to a merchant account I gave approval to check my credit but sincerly regret. 

So, with the card paid down and being an authorized user on a 3000 limit card iwth perfect history, do you think that will help my score significantly? 

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I believe that when the Card hits a year old it will help a little, depending on the Credit Limit paying it down will help too, the BOA card may help (as long as there is no late payments or overlimits on that and the Utilization on it is not too high (but with it being used some) and dependent on the length of Credit History that the card holds)

BOA were not even marketing their card when I tried to get one (secured) and I ended up going with one from Orchard Bank (which I am about to cancel now that I have others which are non secured) but it will result in yet more Credit Check.  If you haven't got them already you may want to get your free Annual Credit Reports so that you can see what dates those enquiries were made and when they will drop off before you try applying for any more cards, they don't like to see that you have applied too much in one go especially when you have a maxxed out card which you already made a late payment on.  Basically time is probably the simplist answer, you need to let your cards age and make sure you keep low balances on there with no late payments and let those credit enquiries fall off your report.