Anyone been turned down for a secured credit card?

[slam22]

Wanted to get a secured credit card to start rebuilding score. Will probably want to buy another home in the future. We are 2 1/2 years post Chapter 7. Have close to 100k in savings and income around 150k. We do our banking at US Bank and applied for a secured card. Sent them an application and a check for $5000. Three weeks went by and received a rejection letter in the mail stating that we were turned down because we had a BK on our credit report. It's a zero risk thing for the bank so I'm a little confused. I'll call them on Monday to get a better scoop. Anyone else run into this?

[sofarsogood2]

We moved our money after discharge to a credit union. Got an RV loan-16K- and a small credit card (not secured) from the credit union 5 months post BK discharge. Also, just got an auto loan from a major auto company. And I do not have any where near 100K in savings!

Have you checked your credit reports- we had a problem with the auto loan because one creditor was reporting me delinquent-we were both on that particular account, but DH didn't show late-only me. So we reapplied with only his credit and got the loan. Attny sent a nice letter to creditor about violation of BK injunction. Got a letter back from the creditor stating that all is fixed. I am going to pull my credit report next week to make sure it is fixed.

Anyway, check your credit report and move your money to a credit union. Good Luck!

Also, try Orchard Bank- they work with BKers

[Charlie777]

Wanted to get a secured credit card to start rebuilding score. Will probably want to buy another home in the future. We are 2 1/2 years post Chapter 7. Have close to 100k in savings and income around 150k. We do our banking at US Bank and applied for a secured card. Sent them an application and a check for $5000. Three weeks went by and received a rejection letter in the mail stating that we were turned down because we had a BK on our credit report. It's a zero risk thing for the bank so I'm a little confused. I'll call them on Monday to get a better scoop. Anyone else run into this?

Some banks are sticklers. I was turned down by Orchard/HSBC and Citibank when I applied within a few months of my BK discharge - but I had discharged debt from each of them and suspect this may have reflect blacklisting. I'm firmly convinced Credit Unions are the way to go.

I had good luck with my Credit Union (NFCU - now unsecured) and also have a USAA Secured card.

I haven't used them, but some say Amalgamated Bank in Chicago is good, especially for higher limits as you are seeking. But it was recommended to apply with them by phone, not online.

[discombob1]

I'm interested in the answers myself. Citi puts your deposit in a CD for 18 months with a decent rate. I had planned on getting a CD anyway so it seemed like a win-win, but I don't want to waste my time or an inquiry. I did not BK them but it seems they are very BK unfriendly. Will look forward to others' experiences.

[scorpion35]

try public savings bank

[nc73]

what? why would you want a secured card when you can get unsecured? i got a cap one card the day after I was discharged from a chapt 7 and another cap one with 2k credit line 1.5 months after. Another hsbc not too long ago too. I'm all set. clean up your report! do a search on here folks. secured cards aren't necessary unless you don't want the temptation.

[IBroke]

Wanted to get a secured credit card to start rebuilding score. Will probably want to buy another home in the future. We are 2 1/2 years post Chapter 7. Have close to 100k in savings and income around 150k. We do our banking at US Bank and applied for a secured card. Sent them an application and a check for $5000. Three weeks went by and received a rejection letter in the mail stating that we were turned down because we had a BK on our credit report. It's a zero risk thing for the bank so I'm a little confused. I'll call them on Monday to get a better scoop. Anyone else run into this?

Bank Of America denies secured card applications due to BK as well. Isn't that funny - they promote their card as "credit-rebuilder". In addition, I asked them after my denial why they can't simply tell people right away they shouldn't apply with a BK (and waste a useless inquiry on their report). Their answer: That would be against the law. What a joke...

Capital One approved a secured card although I BKed them.

[IBroke]

what? why would you want a secured card when you can get unsecured? i got a cap one card the day after I was discharged from a chapt 7 and another cap one with 2k credit line 1.5 months after. Another hsbc not too long ago too. I'm all set. clean up your report! do a search on here folks. secured cards aren't necessary unless you don't want the temptation.

They are not that bad. If you are starting all over again, a secured card is a great option to set up your own credit-line. One of my accounts that survived my BK was secured as well. I'm not so sure if I would still have that card if it was unsecured.

[SacMan]

discharged ch7 last week.. today got a preapproved for $700 from first Premier Bank Mastercard... not much but enough to rent a car with..

www platinumoffer com

not a referral link, just what was in the offer..

[IBroke]

discharged ch7 last week.. today got a preapproved for $700 from first Premier Bank Mastercard... ..

I got 2 offers from them as well - but the fees and especially interest (exceeding 30%) was not acceptable.

[SacMan]

yep, but rebuilding your credit = priceless..

$150 yr annual fee + interest..

was going to use it like an american express card and pay it off or keep a 25% balance..

I could just add my name to my wife's lines of credits, but don't want to do that this soon..

[iswmle]

I did not bk Cap1 and yet they declined me for a secured card, not because of my BK but because of the income reported on my credit report. I don't get why, my boyfriend who is a hand to mouth starving student was approved for one of their unsecured cards... and yet they declined me (I am employed full time).

I'm actually kind of grateful. I have settled into the idea of going down the road of credit unions and am happy with my decision. I think I am burned out on all these big time and sub prime banks.