...what do you think would happen if someone with excellent credit (let's say 840+), more money than small countries applied for a secure card? (say they're even holding an AMEX black card also as well - so likely the AF for said secured card is proly pocket change for them...)
I know, I know, probably would never happen...but just for $hits and giggles...denial for too much credit? approved (or denied) but with a special message saying **bleep**?
Aside from rebuilding, there are a few reasons to have a secured card.
1. Anticipating credit issues ahead, opening secured cards will allow a person to have credit cards open while the unsecured ones may be closed.
2. A few years ago, Citi's secured credit card came with a 4% deposit account when interest rates were near 0. Being the large corporate beaurocartic behemoth, they were a few years late in adjusting the rate.
3. In some cases, having a secured card will eliminate a sudden decline or CLI decrease. For example, while in Asia, I like to have a large secured card from a local bank to ensure I can pay when and if "weird" charges are flagged.
I'm sure there are more, but those are just some of the reasons I've had secured cards (and still do).