Please Help with Getting Secured Card

[Anonymous]

Hi All,

I am now in the process of re-building my credit.  I understand a good thing to do is get a secured credit card.

Recently I went to apply for one and was chatting online with a BOA representative who recommended applying for a unsecured 'normal' card.  Naturally I was denied.  I then applied for a secured card and surprisingly was denied for that too.  I don't know if it affects things but I also applied for an auto loan as was denied for that.  

Anyway, if its a good idea I still would like to get a secured card but I do not know who will give me one.  

Can anyone help.  

---------------------

EQ  634

EX  604

TU  586

[Roxlie]

You can try http://www.orchardbank.com/.  With your scores you might even apply for an unsecured card with them, unless you have a lot of recent baddies.

[Anonymous]

Hi BlueStar, welcome to the forums!

As Roxlie stated, you might have high enough scores for an unsecured Orchard card. They have a prequalify feature on their website where you can put in your info. They will then soft your CR to see if you qualify for a card. That way you know ahead of time whether or not you'll be accepted without having to waste a hard inq. 

Speaking of hard inqs, you might be able to qualify for an unsecured Capital One CC. They also have a link to see if you prequalify. However, if you do and decided to apply. They WILL hard all 3 CRs. 

[haulingthescoreup]

With that EQ score, I'd also pull out the yellow pages and check out local credit unions, which typically pull Equifax.

If they have secured cards, ask if they will "graduate" to unsecured and if they will keep the original opening date.

[Anonymous]

Wow.  I love these forums.  So helpful. 

Please bear with the below as I'm very new to this process and the questions are probably simple to those more experienced.   

Anyway, Roxlie, you mention recent baddies.  I'm not exactly sure what those are, but its pretty unlikely.  I more or less damaged my credit then left it alone for about 5 or so years.  One thing, and I don't know how much or if it affects things, I am paying back the IRS for tax debt.  Does that affect things?  Any other ideas for recent baddies?

Fretless, what is a 'soft.'  I assume its not a direct credit pull but does it affect on a lesser level or at all.  

And is having an unsecured, beyond not having to put down money, advantageous to rebuilding credit or anything else?

Hauling, thanks for the tip.  I'll check it out but I guess I hesitate as I'm not sure its good to apply without having a good sense I'll be accepted.  Do you think I should just go for it?

I asked a bunch of questions there so thanks for your help.  

[haulingthescoreup]

Well, you never really know if you'll be accepted anywhere until you apply. Some people love this; others of us want to throw up at the thought of it.

Once you identify some local CU's (and I should include local banks that actually have some autonomy; not just part of a giant chain), you could pull your FICO EQ report, print it out, and take it to show to loan officers. They would certainly have to do a real pull (a hard inquiry) if you were actually to apply, but they might be willing to eyeball your copy and give an educated opinion as to your chances.

Credit unions are by definition member-friendly, which is why I recommend them for those starting out and starting over. And we've banked with our local one for over 25 years now, and they're great. No hassle, very friendly. The big national CU's are the same way, but you typically need higher scores to get in with them, although Navy might be an option if you have any military ties. I'd still start local, though.

[Anonymous]

Thanks Hauling.  I'm going to go for it!