Denied for every secured card - Suggestions

[apathetic]

So i received the official denial for Orchard Bank secured today. (after they cashed by $500.00 check a month ago, I might add). So that rounds out Capital One, Citibank, Orchard Bank and Chase secured cards all denied.

All denials reference "evaluation of the relationship" so I assume all denials were due to debts discharged in chapter 7 (discharged in November 2011).

So any advice? I have a personal loan reporting positive every month since the discharge. My scores are EQUIFAX 611, TU 602, EXPERIAN 605.

Will I just have to give it time? Thanks for any opinions/experiences.

[Flamingo]

If you included those companies in your BK, you are probably blacklisted forever and will never obtain credit from them again. The only thing that will help you is time and again establishing yourself as credit worthy. Cap One or HSBC might consider you again after some time passes. You can probably forget Citibank.

[bcohen]

If you included those companies in your BK, you are probably blacklisted forever and will never obtain credit from them again. The only thing that will help you is time and again establishing yourself as credit worthy. Cap One or HSBC might consider you again after some time passes. You can probably forget Citibank.

Do these companies view it as just as bad, or worse if you did not file bankruptcy, but simply never paid their debt, and now the debt has been sold to a JDB and is no longer owed to the OC? Would the SOL being past improve one's chances of getting credit with a company that they defaulted on in the past?

[LadyInTheRed]

apathetic, try one of the secured cards listed at bankrate.com

[malf1204]

If you are able to join a credit union they might give you a secured card. I joined Navy Federal and they gave me a no fee secured card that even earns award points. They said after 1 year, if I maintained a good relationship it would become unsecured.

[buffetbuster]

I BK'd Cap 1 & Orchard and they both gave me unsecured cards about 3 months out of my CH7 Discharge. I'm not sure what the situation is on your end though. Each person and "credit worthiness" in their eyes is different I guess. Rebuilding credit is definitely a marathon not a sprint...keep your head up. The farther from BK you are, the more credit you'll get. Did you try Credit One? I know they have outrages rates and fees, but they may be able to help you get an unsecured.

[msm859]

Tough to say what the problem is. 6 months after discharge I started with a secured card from my CU. Next refinanced my car with them even though I took an interest rate hit went from 2.9% to 3.9% (only for $7500 and will pay off in 12 months). Next got an unsecured card from Capital One and a secured card from B of A. Interestingly I had BK'd both of them and I was denied for a secured card from Wells Fargo because I had obtained a loan mod from them 2 years earlier. Makes no sense to me, with Wells Fargo they have a 2 year history since the mod of on time and generally extra payments -- go figure.

[SMinGA2]

A credit union is a good first start. Orchard/Capital One are usually, perhaps you just tried too soon? Capital One does have a policy of not allowing a new application within 2 months of a prior application. So you can try the CU for now, or wait until July or so and try Capital One again.

"Prime" banks like Citibank, Chase, Bank of America and so forth are likely to not approve, even for a secured card, with a very recent bankruptcy.

[oregonpilot]

I went the Credit Union route too. $500. secured with no fees and 14.9 interest.
use it for my periodic little charges of .99 for Nook apps. So didn't care about the interest.
They said after a yr it would become unsecured. This month is a yr.
Will leave that 500 in the savings for my "small" emergency fund.
Sorry Cat n 'Hub have been unsuccessful in "forgetting" about that $100. in my purse. LOL