WF or BofA secured?

[Anonymous]

Hi, I'm debating between applying for the Wells Fargo or Bank of America secured card. Which one has a better approval rate?

I currently have no credit cards and was told by myfico simulator to boost my score I need to add a revolving tradeline.

My credit file has student loans on it which are "paid as agreed" currently deferred but have 120 day late in 2008, and I have an unpaid collection from 2006 that I've trying to pfd for 2 years. I have no inquiries on my credit report because I am scared of getting a denial. I know many people advise to start with capitol one, but I previously had a charge off with them in 2000 and don't want to take my chances. Between the two banks, which one would you recommend?

My fico is EQ 649, TU 640. 

[LS2982]

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@Anonymous wrote:

Hi, I'm debating between applying for the Wells Fargo or Bank of America secured card. Which one has a better approval rate?

I currently have no credit cards and was told by myfico simulator to boost my score I need to add a revolving tradeline.

My credit file has student loans on it which are "paid as agreed" currently deferred but have 120 day late in 2008, and I have an unpaid collection from 2006 that I've trying to pfd for 2 years. I have no inquiries on my credit report because I am scared of getting a denial. I know many people advise to start with capitol one, but I previously had a charge off with them in 2000 and don't want to take my chances. Between the two banks, which one would you recommend?

My fico is EQ 649, TU 640. 

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Cap1 is very forgiving, but more than likely your going to get 1 HP on all bureaus. I would suggest BofA because unlike Cap1, BofA will graduate their secured cards.

[bodybuilder510]

Bofa if I had the choice between the two. Capital one does have easier approval but limits will stick. Bofa will graduate in near future. IMO, Wells Fargo is less forgiving for passed mistakes and their secured cards seems marketed towards consumers with excellent credit.

[LS2982]

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@bodybuilder510 wrote:

Bofa if I had the choice between the two. Capital one does have easier approval but limits will stick. Bofa will graduate in near future. IMO, Wells Fargo is less forgiving for passed mistakes and their secured cards seems marketed towards consumers with excellent credit.

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Not sure if that possible, secured cards are for new to credit or rebuilding customer, not excellent credit customers.

[bodybuilder510]

Major banks are strict with their secured cards. I believe Bofa is more forgiving when it comes to rebuilding. Wells Fargo likes all collections or liens paid off as stated on their website. I would say look into a CU or Capital one just to build enough credit and move on to unsecured products. Then again, my opinion. I am new to the site, someone else may chip in with experience.

[MsLadyRover]

Back in my really beginning to rebuild years, Wells Fargo denied me for a secured card.  That may be why I don't care for them today. LOL!

As a Wachovia customer I ended up with them as my bank but will be ridding myself of them soon.  I'm still holding a grudge.  HA!

[Anonymous]

I recently got approved for a WF card and my score was in the late 500's and I had a BOA secured card back in 2006 but I messed that up....my 500 limit interest charges brought balance to 940, and I paid that off 3/11 and was approved by wells in December.

[LS2982]

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@MsLadyRover wrote:

Back in my really beginning to rebuild years, Wells Fargo denied me for a secured card.  That may be why I don't care for them today. LOL!

As a Wachovia customer I ended up with them as my bank but will be ridding myself of them soon.  I'm still holding a grudge.  HA!

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