Denied an unsecured card

Date: Wed, 07/28/2010 - 02:06

Submitted by paulcahill80
on Wed, 07/28/2010 - 02:06

Posts: 2359 Credits: [Donate]

Total Replies: 4

I'm having a secured credit card from a well known company for 3 years now and I wanted to change it to an unsecured one. But, when I called them, they said that they're not accepting any 'graduating' applications now. At the time of taking the secured card, they said that I can graduate to an unsecured one within a year. But after 1 year of taking the card, they sent me a notification that I cannot get an unsecured card since I've a collection account in my credit report for the last 5 years.
The rep told me that I should contact the credit services department and apply for a new card. If I get approved for the new card, they would cancel my old card which I denied. The reason being they would cancel an account with 3 years of good payment history.
Please tell me what I can do now. Shall I cancel all my accounts with this company (I have a saving a/c, checking a/c and a secured CC)?

I forgot to add that I've a credit score of 695..

lrhall41

Submitted by paulcahill80 on Wed, 07/28/2010 - 02:39

( Posts: 2359 | Credits: )

I don't think you should cancel a card where you've a good payme

I don't think you should cancel a card where you've a good payment history for 3 years. I'ld never have accepted that. But at the same time, I'll never want my money to stay in a secured account for so long and not earn interest. I think some one from the community will give you a solution.

lrhall41

Submitted by on Wed, 07/28/2010 - 04:20

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If your credit score is 695 you should easily qualify for a cred

If your credit score is 695 you should easily qualify for a credit card. Just apply somewhere else.

lrhall41

Submitted by Debt Free to Be on Wed, 07/28/2010 - 05:50

( Posts: 412 | Credits: )

Not necessarily. I have almost presicely the same FICO (697) and

Not necessarily. I have almost presicely the same FICO (697) and was turned down twice recently. As some of you know I am beginning my settlement process so prior to defaulting I decided to try and get 2 new unsecured cards from the 2 credut unions I have accts with. Turned down flat.

Keep in mind this is with NO late payments EVER on any credit report, and NO applications for credit in the last 4 years or so. I should be a shoe in youd think.

Nope. With my amount of unsecured debt they said I was a risk even with perfect paymnt history.

(shrug)

lrhall41

Submitted by rown on Wed, 07/28/2010 - 06:21

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