Does anyone know why i cant get secured card

[pooldawgz]

Bank of America advertises to repair credit and get their secured card. Does anyone know why they would deny you or me if that. my avg. fico score is 562, i have a BK thats 8 yrs old. Never had anything to do with them and they denied me. Can someone help and clarify what they require to get a stupid secured card. Thanks for reading...Geeze im also having problems getting secured card from Orchard. Still waiting on that decline probably..

[jjgross]

Originally Posted by pooldawgz

Bank of America advertises to repair credit and get their secured card. Does anyone know why they would deny you or me if that. my avg. fico score is 562, i have a BK thats 8 yrs old. Never had anything to do with them and they denied me. Can someone help and clarify what they require to get a stupid secured card. Thanks for reading...Geeze im also having problems getting secured card from Orchard. Still waiting on that decline probably..

Have you tried your local bank or credit union they offer secured cards also.Boa forget them their not going to offer you anything,really pricks about it.

[Trish]

That's odd. :confused:

They have absolutely nothing to lose by giving you a secured card. It's YOUR freakin money!
Orchard/HSBC should let you get a card. Maybe they are having trouble verifying ID. I would call them and find out.

[chane]

Why not try to improve your credit scores first, before getting a credit card?

If that BK is 8 years old and you dispute it properly, it will come off. Getting a credit card should be one of the last steps you take in your credit repair journey, in my opinion. And when you do, try to get an unsecured card first. It looks much better on your credit report.

[jjgross]

Originally Posted by chane

Why not try to improve your credit scores first, before getting a credit card?

If that BK is 8 years old and you dispute it properly, it will come off. Getting a credit card should be one of the last steps you take in your credit repair journey, in my opinion. And when you do, try to get an unsecured card first. It looks much better on your credit report.

Chane i had my bk7 discharged in dec,2007.I had a score of 497.My score is now 615 663 655.I got a card during bk.I then started disputing my neg's,got all of 5 off.
I have hsbc rewards-500cl
juniper 600cl 7>99% fixed
wama 1500cl 0.00 till may
All but juniper were in the bk 7 so it can be done in a short time but to be perfect it takes a long time

[chane]

Originally Posted by jjgross

Chane i had my bk7 discharged in dec,2007.I had a score of 497.My score is now 615 663 655.I got a card during bk.I then started disputing my neg's,got all of 5 off.
I have hsbc rewards-500cl
juniper 600cl 7>99% fixed
wama 1500cl 0.00 till may
All but juniper were in the bk 7 so it can be done in a short time but to be perfect it takes a long time

I know it can be done. I'm just saying, why not send a few letters and wait 30-45 days before applying? You might be able to get an unsecured card.

It's important that if you use an inquiry, you use it wisely and are sure you will get the line of credit. If a person has bad credit, it's vital that they don't waste inquiries at that point. Hopefully, he didn't use an inquiry when he got denied for a secured card. I've never heard of anyone getting denied for a secured card.

It's also a very bad time to be applying for any kind of loan or line of credit due to the current state of our economic/lending crisis. People with 700 scores are getting denied.

If it were me, I would get the majority of the accounts that are going to come off removed before ever putting my application in front of a lender.

[jjgross]

Originally Posted by chane

I know it can be done. I'm just saying, why not send a few letters and wait 30-45 days before applying? You might be able to get an unsecured card.

It's important that if you use an inquiry, you use it wisely and are sure you will get the line of credit. If a person has bad credit, it's vital that they don't waste inquiries at that point. Hopefully, he didn't use an inquiry when he got denied for a secured card. I've never heard of anyone getting denied for a secured card.

It's also a very bad time to be applying for any kind of loan or line of credit due to the current state of our economic/lending crisis. People with 700 scores are getting denied.

If it were me, I would get the majority of the accounts that are going to come off removed before ever putting my application in front of a lender.

Yes you have to be sure before applying i noticed each inquiry will take between 2 to 5 points off your score.I just happen to hit it at the right time.Gmac won't accept inless your 700 or better.so around 55-60% are under 700 no wonder their not moving cars.
Chane you know why they went in private jet's Becaure at 30,000 ft it's hard to see all the honda's and camrys flooding our country