Secured Credit Card App Spree

[Rebs6767]

Thought I’d share this information.  I started my app spree w/ BofA since I’ve been banking w/ BofA since 2001. Have a checking & savings account w/ them as well as my 1st & 2nd mortgage. 

Illinois resident

Never Filed BK

CREDIT PROFILE

BofA Mortgage (opened 2001)

BofA Home Equity (opened 2003)

First Premier $475 cl

Capital One $300 cl

5 Paid Charge Offs that were paid in 2008 (EX, EQ, TU)

2 paid medical collections (EX & EQ)

Secured Card App Spree

BofA                pulled EX       declined-said cannot have any lates in past 24 months

Citibank           pulled EQ       declined-said cannot have any lates in past 24 months

US Bank          pulled EQ       APPROVED $300 dep / $300 cl

Fifth Third        pulled TU       APPROVED for 66.67% ($450 dep / $300 cl)

National City    pulled TU       APPROVED $250 dep / $250 cl

Wells Fargo      pulled EX       APPROVED $500 dep / $500 cl

[CreditDrama85]

congrats! it is weird that fifth third required a larger deposit.

[Rebs6767]

Secured Card              Annual Fee

 BofA                                         $29

 Citibank                                     $29

 US Bank                                    $35

 Fifth Third                                 $24

 National City                             $3 per month

 Wells Fargo                                $18

[Breakthecycle2]

Do you know what your Ficos were when you applied? What are your baddies?

[creditwherecreditisdue]

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Secured Card App Spree

Fifth Third        pulled TU       APPROVED for 66.67% ($450 dep / $300 cl)

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This is correct? I have never heard of getting less available on a secured card than your deposit. More, yes - Less, no.

[Rebs6767]

That is correct.  I applied at a fifth third branch.  After they pulled my credit, the banker said I am eligible for there 150% program.  That is the deposit needs to be 150% of the desired credit limit.  Also, they will do a hard pull everytime I increase my deposit/credit limit.

[creditwherecreditisdue]

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@Rebs6767 wrote:
That is correct.  I applied at a fifth third branch.  After they pulled my credit, the banker said I am eligible for there 150% program.  That is the deposit needs to be 150% of the desired credit limit.  Also, they will do a hard pull everytime I increase my deposit/credit limit.

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Generous souls they. Did you take this offer? Great outfit but that proposal leaves me cold. Also, for your information 5/3 has been know to sell off portions of their CC portfolio. It is not the top accounts they are divesting (of course). Certainly they will keep yours (because of the deposit requirement), but what happens when in converts? Does it convert? When and how? Or will they allow you to app again for a regular card sometime in the future and take another hard inq hit for your trouble?

[Anonymous]

Mountain America Credit Union www.macu.com here in Salt Lake City, Utah also offered me a Secured Visa where I have to put 200% down.

Minimum was 300 so I would have had to give them 600 dollars.

There was no graduation from the card, simply after a year they would use the positive history into factoring their approval of a non secured.

I totally passed that deal took my thousand dollars to NFCU.