Found out why I've been denied twice for Secured Cards..Good info for others
Date: Tue, 05/04/2010 - 07:59
I was discharged from my Chapter 7 Bankruptcy in Oct 09 and wanted to get a secured credit card earlier this year. In early March I was denied by BofA, which didn't surprise me because I knew they were strict on issuing Secured cards. I also have a bank account with Wells Fargo and applied to them a few weeks ago. I just received another denied letter over the weekend....What the f___?? I called Wells yesterday and they told me that I failed the application as soon as they saw I had a Bankruptcy last year. Wells Fargo has an internal criteria that will not approve anyone who has had a Bankruptcy within 13 months of applying for a Secured Credit card. They really didn't want to tell me why but I was persistent.
I guess I need to either wait til next year or go to one of the other companies who have higher fees and such.
I just wanted to give people the heads up before they waste their time applying to Wells Fargo.
I guess I need to either wait til next year or go to one of the other companies who have higher fees and such.
I just wanted to give people the heads up before they waste their time applying to Wells Fargo.
Hi, if you have already filed for bankruptcy and you are thinkin
Hi, if you have already filed for bankruptcy and you are thinking of availing new card, I would suggest you not to do that because your credit has taken a bad hit and most of the bank go through your credit history of whether you have been paying bills on time or if have you been late before on your payments.
However what you can do is you can do a research whether other b
However what you can do is you can do a research whether other banks can avail you new card or not. I think you can try out with credit union, if they can avail you new cards but I am sure the APR would be higher on that particular card.
Quote:Originally Posted by Van CliburnHi, if you have already fi
Quote:
Originally Posted by Van Cliburn Hi, if you have already filed for bankruptcy and you are thinking of availing new card, I would suggest you not to do that because your credit has taken a bad hit and most of the bank go through your credit history of whether you have been paying bills on time or if have you been late before on your payments. |
Yes I was already discharged last Oct 09. I was only wanting a secured card in case I had to rent a car and to slowly build my credit. I know it will take several years, but I figured better sooner than later.
As far as my last denial..Wells Fargo only cared that my bankruptcy was within the last 13 months...Too bad they didn't tell me ahead of time.