Denied - Capital One SECURED Card

[Kuya]

Flamingo,

Understood. And I don't think we ever disagreed on those points. Just did not really expect a turn down on a secured card . . . but I certainly agree that we don't pick and choose. Many with excellent credit get turned down every day for whatever reasons. . . I was just a bit naive to not see it coming on a secured card from one of the most BK friendly banks out there.

And one small note . . . . I think my 13 only stays on record for 7 years, not 10. I filed in 2005, and my big 3 Credit Reports all list the BK as being on file until March of 2013.

[Amy26]

While we may not get prime offers and be able to qualify for the best of the best, you can certainly pick and chose in the way of making sure you pick a company that is BK friendly. So while you can't pick from a huge pool of wonderfulness you just need to know who's door to knock on.

So while you might get denied for this secured card you might be able to get one somewhere else.

[Logan]

While we may not get prime offers and be able to qualify for the best of the best, you can certainly pick and chose in the way of making sure you pick a company that is BK friendly. So while you can't pick from a huge pool of wonderfulness you just need to know who's door to knock on.

So while you might get denied for this secured card you might be able to get one somewhere else.

When I was looking for a place to rent in Miami Beach I told a realtor that we wanted an apartment that excepted a big dog, has a washer dryer in the unit and has covered parking. The guy basically told me how hard that would be since they're so rare. I told him it would be easy since there are thousands of rentals in Miami Beach we've just narrowed it down for you. I called a different realtor and 2 weeks later we moved into a beautiful high rise with an ocean view, covered parking and a washer/dryer in the unit.

There's always a couple different ways to look at things. Our BK has narrowed the list so we must pick from OUR list. Also, there are ways in to some of these lenders that don't approve BK. I have a Chase CC with a 7k credit limit. I also am an authorized user on credit cards from non BK friendly lenders.

Good Luck

Logan

[MBeach222]

Try using greendot cards. Your bank may have a debit card for your checking/savings acct which can fill your needs for a card when you need one.

Good luck, hang in there.

The more people that fall into bk, the smaller the non-bk target market gets for them to compete over, so the stigma to all this will likely diminish over time.

[Logan]

Try using greendot cards. Your bank may have a debit card for your checking/savings acct which can fill your needs for a card when you need one.

Good luck, hang in there.

The more people that fall into bk, the smaller the non-bk target market gets for them to compete over, so the stigma to all this will likely diminish over time.

Why would anyone pay greendot cards money for a prepaid cc when they can open a checking account and use a debit card for free? Check out perkstreet.com for earning rewards on debit cards.

[MBeach222]

Why would anyone pay greendot cards money for a prepaid cc when they can open a checking account and use a debit card for free? Check out perkstreet.com for earning rewards on debit cards.

Good point. My reply was to someone who was turned down for a secured card. Also, some banks have fees or minimum balance requirements...ie the bank decides how much money you have to keep in the account.

Greendot is super flexible and can be recharged 24x7 at any Walgreens or other local merchants with cash, or even online. You can load it with only a few bucks, or thousands, varying according to your needs over time. Bank deposits are more visible and perhaps taxable, where greendot is more under the radar. The fees to greendot are relatively small, although the card is certainly not free. Although if you use the card often enough, the fees are greatly reduced.

There are pros and cons to either option. Check out all the options, and decide which fits best for your specific needs.

[Goteki45]

Can't help but wonder if they may think 4 open cards after a BK is too risky? Just wondering - but understand the secured part - makes no sense.

I think you hit the nail on the head with. Having four open accounts just after filing bk would be enough to send a red flag to any potential creditor. On the other hand, I still don't understand why Capital One would deny an account that would be secured.

[Goteki45]

With those other cards, why are you even trying for another. Especially a rinky-dink, sub prime secured card.

You only need 3 CC's to rebuild credit, and you have that.

With a secured credit card, you can make your credit limit whatever you want it to be instead of being at the mercy of the credit card issuer to review your account for a possible credit line increase. My first credit card ever was a secured card with Providian. I started out with a deposit of $200 and I increased it to $2,000 over a year's time, the following six month, they unsecured my account with the $2,000 credit limit intact and refunded me my $2,000. I don't know how long it would have taken me to get up to a $2,000 credit limit just starting out on an unsecured card.