Overstock Secured Card by FNBO

[I_need_720]

  Well, unofrtunately no good news to report.  I received an email stating that there was an application status update available.  When i checked it I got the following:

View Application Status Application Declined

Date Application Received:	09/02/2014
Applicant Name:	XXXXXX
Current Status:	Declined

Your credit card application has been declined. A letter will be sent to you within 7 - 10 business days explaining why your application was declined

I lost two days in the garden, incurred a HP to be turned down for a secured card.  I am curious to see what the DL will state. Ridiculous for a card that poses no risk to them as it is collateralized.

[I_need_720]

  Now,  I'm really teed off!!  I caled to recon and was told that I my denial is attributable to excessive inquiries.  I have opened 4 Comenity Card and 1 Barclays Card since July.  However, with this being a secured card I don't see why that should matter - it's collateralized!  He said I exceeded the 6-month threshold for inquiries - athough he would not provide the specific range/number of what is acceptable.  I don't/won't do business with companies that don't operate with common sense - so NO FNBO for me down the road.  If this was an unsecured card I could understand their rationale , this is just stupid!

[Anonymous]

I just had my overstock mastercard closed due to too many inquiries.  I had the card for over 2 years, never a late and never kept a balance on it.  I wasnt even told it was closed--had to find out from 7-11!

[trumpet-205]

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@I_need_720 wrote:

If this was an unsecured card I could understand their rationale , this is just stupid!

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I understand you anger, but even secured card can incur loss to lenders. There is a reason why lenders still pull CR for secured card. For one, secured deposit does not cover the loss of interest and late fee.