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bella78 | Denied for a secured credit card? |
I'm a new resident and have zero credit. To build one, I applied for a secured credit bank with Bank of America. I set up a savings account for $500 and that was supposed to be the card limit. Now, they told me to wait 4-6 weeks for my card to arrive. Instead, I just got a letter in the mail that I was DENIED. How come?? How am I supposed to build credit if I can't get secured card? I don't want to loan a card just to build credit and I don't qualify for a store charge card. There's nothing bad on my credit report, it's blank. How on earth is it possible to be denied??
Additional Details
to agold_12: the card was secured, it means the bank takes no risk with it, come on. read all the details next time, please. |
 |
 
TaxGurl
|
I'm not sure how that can happen. Perhaps BOA will be able to give you more information.
You might check out Capital One. That was where I got my first starter credit card. I was trying to establish my first credit and they gave me an unsecured card with a $300 limit. From what I have heard, they are fairly easy to get a starter card from but the limit will be low so you can't get yourself into too much trouble with it. |
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pag2809
 |
Bank of America is just like that. I had accounts with them for years, have regular credit cards, and could never get a secured card from them. I was able to get credit cards from Capital One when my credit was awful, so I would recommend that you try them. I'm sure that other people will recommend companies who they were able to get credit from. The big banks are not taking even a tiny risk, so work up to them.
I started out with a fully secured card (credit limit equal to what I had on deposit) and worked my way through a partially secured card (credit limit twice the amount that I had on deposit). Now I have regular credit cards. Just remember that the interest rate is high as is the annual fee, and even once you convert the account to a regular credit card this will be true. So, close the original account once you can get a better one. Good Luck! |
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corezink
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Bush has allowed the credit card companies the power of government and they don't have to do anything or tell you anything they don't want to. This needs desperately to be stopped. Bush is for the rich and this is just one of the ways he has effected our economy in a very bad way. Credit card companies can take everything you own now and leave you on the street if they wish. Thanks Georgie, way to go. There are those who have viable reason for not paying at times. Not according to them though. It doesn't matter if your laying in a hospital or anything. Get your butt up and go to work and pay the CC companies. Don't ya love it? |
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OC1999
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It could be several reasons.
The letter they sent you is supposed to give you the reasons and the Credit Reporting Agency that they got the information from. I would send a letter to that agency to request your credit report, since you were denied it is free if you send a copy of the letter from Bof A. I know you said it is blank, but is that because you are assuming it is blank or you actually do have a copy of it? You might have some invalid information if you have been a victim of Indentity theft, getting your credit report will let you know if this is the case.
You also said you are a new resident. Are you a new resident to the United States or just a new place to live?? Sometimes they do require a minimum length of residency before they issue a card.
Do you have an Income source. Even if you had the deposit but no income how would you pay the bills that you charged. They are not going to issue you a card just to have you default and then end up taking your security amount.
Also, B of A is a major bank and they are going to have stricter requirements, you might want to try Orchard Bank or Capital One for their secured card. But before you do read(or call) and get their requirements for a secured card. |
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alexa dion
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A secured credit card is often the first step to establishing or re-establishing credit. Many advisors will recommend starting out with a secured card and then moving on to a unsecured card. In general, it is a good way to build a credit history. Most lenders like to see some sort of revolving credit on your report.
A secured credit card allows you to open and maintain a savings account that works as the security for your line of credit. You can't spend any more than you have in your savings. Some banks will even limit you to half of your savings as your credit card limit. The deposit can range from a few hundred dollars to thousands.
Some secured cards come with application and processing fees. Many will have annual fees. Make sure that you know what the fees are before you apply for any credit card, secured or unsecured.
In general, secured credit cards carry an annual fee and a higher interest rate than unsecured cards. That is why they are often a good first step for someone unable to get credit. The idea is that you aren't going to charge any more than you can pay in full. If you don't carry a balance, the interest rate won't affect you.
you can get a secured credit card from: http://www.lowest-apr-cards.com/ and get more advantages of secured credit card. |
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ed201283
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Whenever you are denied credit, you are entitled to a free credit report from all 3 credit reporting agencies. |
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sushihen2
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You are a new resident.....that might also have something to do with it. Do you have a job and a current address... stick with you place of living and employment for at least a year.... then try Capitol One or if there is a Credit Union in your area, open up your checking account there.
Give it more time... you need to secure residency. |
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tall_slimm
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try www.crownjewelers.com they give cerdit to any one with no cerdit check. that is one way to rebuild your credit and it's not secured |
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agold_12
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I'm sorry, we all cannot be as intelligent as you |
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Original Jack C
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First try taking out a small loan and using your 500.00 as collateral.You cant do this with BOA as they only give out a personal loan for 10 thousand dollars or more.Try using a smaller home town bank you will have more luck with them. |
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