Secured Credit Card?

Hi bea2ls,

A Secured card is secured against a bank account of the face value (or less sometimes). As long as you have the deposit, it should be easy to get one. That is very curious, being turned down for a secured card - but I imagine it's possible.

The problem is, of course, that every time you apply for one it will show up on your credit report as a hard inquiry.

chrys

If you go for a secured credit card, there is normally no credit check because the secured credit card is backed by your own money and you get credit limit equal to the amount deposited. However, secured credit cards like unsecured cards report to the credit bureaus and so you can improve your score if you repay back the card dues on time. I think that it would not be a problem getting a secured credit card if you can keep sufficient deposit with the credit card company.

thanks :) i actually saw on a few threads here that someone got turned down and i was worried. so it would actually be good for someone with shot credit like me to get?

bea2ls...in your other thread, I addressed this...try a credit union or New Millenium Bank. It is my understanding that BOA will give a secured credit card as long as the applicant is not currently in BK (it must be discharged). That's probably why those people got turned down. Otherwise, I don't see a problem.

I don't know when your vacation is, but keep in mind, it usually takes a few weeks to get the card, so if the time is coming near, better get a move on!!... ;)

thanks again for your advice :) i am going to head over to the local credit union this weekend and will keep you posted!

Do you know if BOA will give me a secured card if I recently (6 mos ago) settled with them?

guest i have no idea.. like some suggested to me, bank of america is not always a good choice because they tend to have a lot of fees and what not. perhaps you can look into a credit union? i am going to mine later today.

i got turned down from boa and wells fargo i own a house 2 cars have had my bank account 15 years..they turned me down for card charge offs :(

I did online chat with BoA and I explained my situation to the person and they suggested that I try anyhow. Result: I too was turned down by BoA and I have not filed for BK. I do however have several charge offs and that is why they turned me down as stated in the letter I got from them :-( So for now, its just crownjewelers for me

i never did this, i had my name added on my mother's card (thankfully) and will give her cash for the hold.
i feel so lucky and grateful because who knows how it would have turned out if i did not have her to turn to?
i have no idea why they would turn you down for a secured card that is opened with your own money. :( but i am scared i will be turned down. bank of america told me to try anyway but i doubt they would give it to me..

Guest were you turned down by BOA snd WF because of chargeoffs with them, or just chargeoffs in general?

I am presently trying to get a secured credit card and I was turned down by Capital One and Wells Fargo. Banks have now started doing credit checks on secured card applications. This is crazy I know. Also, Citi told me that they only issue secured cards to people with little or no credit. They don't issue those cards to people with established credit, whether good or bad. I will see if Applied Card will issue me a credit card.

:hug:If their is anyone out their could you tell are show me were to goand get a secur credit card

I applied for Bank of America online for a secured credit card. It didnt say I was approved or not the only thing that was stated that If I was approved I would receive a card in the mail within 7 to 10 days. so I am in waiting mode. I heard of crownjewels, usa shopping and another company that helps rebuild credit so I dont know.