Not sure if this is avalible anymore but something kinda relevant to this...
Amex used to have an option for some clients to get a secured card backed by a good sized CD......
Think it was a min of 10K or even possibly higher....
-J
Why are you gonna ask a question if youre gonna challenge an answer you don't like? The responses you got are based on personal experiences and data points. The facts are, Discover, wells Fargo, bank of America and citi will ALL determine your max credit line based on income and ability to pay. There's no arguing that. Its in their terms and conditions in one way or another. The credit app isnt just to verify who you are. It's also to determine if you qualify for an account and what kind of limit and restrictions you'll have. If you seriously think it doesn't matter, then nobody would get declined a secured card because they're putting the money up front for it, but people do get declined. And people get partially secured cards. And people get denied increases when they try to deposit more money. There are plenty of examples of all of these things if you search hard enough on the forums. Below are examples pulled from the Terms and Conditions for each secured card.
Bank of America:
- Bank’s Rights over Deposit Account. The Bank may make settlements or compromises on the Deposit Account; transfer the Deposit Account to the Bank’s own name; or exercise ownership rights on the Deposit Account. You waive any right to require the Bank to: (a) proceed against any Cardholder or any other person; (b) proceed against or exhaust any security held under this Security Agreement; or (c) pursue any other remedy in the Bank’s power. The Bank may, without prior notice, and from time to time: (a) renew, compromise, extend, accelerate or otherwise change the terms relating to the Debt; (b) take and hold security (other than the Collateral Account) for payment of the Debt and enforce, exchange and release the security in any manner that the Bank determines is proper; (c) release or substitute any Cardholder, guarantor, or endorser of the Debt; and (d) increase or lower the Total Credit Line on your Secured Card Account, and no such action shall change the fact that the Deposit Account at all times will be held by the Bank as security for the Debt.
Wells Fargo:
Minimum balance requirements; other restrictions
The Bank may impose minimum balance requirements or other limitations or restrictions on your Collateral Account and security deposit, provided such requirements are disclosed to you.
Citi:
Yes, as with any credit card, you may be declined based on the information you provide in your application or your available credit history. Other factors such as income, pending bankruptcy and debt can also impact approval. You could also be declined if you fail to provide a security deposit when you apply.
To receive a Card Account, you must meet our applicable criteria bearing on creditworthiness.
Your credit limit will be determined based on the following:
- Your annual salary and wages
- Any other annual income
- A review of your debt, including the debt listed on your credit report
You must not have any bankruptcy history within the last two years.
To receive a Card Account, we will open a Collateral Holding Account on your behalf which DOES NOT PAY INTEREST.
Discover:
Minimum Security Deposit: A minimum security deposit of $200 is required to open this account and your security deposit must equal your credit limit. Your maximum credit limit (up to $2500) will be determined by your income and ability to pay.
