Denied for a secured card

[Jf24]

Discharged about 2 months ago. Just got denied for a secured card from a local credit union. They said I was denied because I need 2 years of establshed credit after a bankruptcy. Are they for real? I said even for a secured card they said yep.

I was going to try Orchard but hear they are Cap one now.

2 questions
Should I wait and if so how long because I just applied for the Credit Union one?

Cap One was one of my CCs in my BK, will this be a problem?

[ace300s]

Yeah, I'm not finding it as easy as some folks have posted. I had a couple of Cap One's discharged. I waited three months and applied for a Cap One Secured card and they turned me down.

That's to bad about the credit union saying no. I'm getting ready to try mine. I've been waiting until I have plenty in my savings accounts when I apply. Funny, everyone posts that credit unions are the best way to get a secured card?

I've been reading that Merrick Bank and First Progressive are easy to get. Anyone have any experience with them?

BTW, to save everyone posts. I did make sure my credit reports are cleared up before applying......

[tobee43]

i don't know how they make their decisions. we had a crap one or two in our bk yet we got one as soon as i applied.

i think orchard may have been the first, but they had some outrageous fee to have the card, but i took it for just a few months until something else came through.

if i were you i would just try my local bank branch and ask to see about getting a secured card via them. sometimes that's the easiest way. shoot, if it's secured you should have had no problem.

[spydc]

Join State Department Federal Credit Union and apply for their secured credit card over the phone. They do not check credit at all for their secured products.

[drowning123]

To Jf24: I had a Crap One discharge too. They even sued me, and I still got a secured card with them about 1 month after my bk discharge. I mean, it's my money, so I understand where you're coming from with the credit union. They even increased my limit. I don't know how they make their decisions.

[flowerchild]

The question is how well have you cleaned up your reports post discharge? Have you made sure that all of your accounts show IIB and a zero balance? Does your bk report discharged as opposed to filed? If you haven't done that yet then I am afraid that you will probably continue to get some denials. I would make sure that your reports are proper and then try for something like the credit union or Crap1.

[hrguy]

Some credit unions do not even do secured cards with bk as an internal policy. I did all my research prior to filing, and my local credit union that I was with told me the same, even for a secured card, I couldn't do one with them for at least two years. I closed my account, just be upfront and ask around - and when you find one that will do the secured card for you, then that is the credit union you should join - to minimize chex and credit report inquiries unnecessarily.

[angel7821]

Applied Bank guarantees approval for a secured card. I think they have an annual fee of 50.00 though.

[Pjmax]

Applied Bank guarantees approval for a secured card. I think they have an annual fee of 50.00 though.

Read the full terms and the reviews for this card before sending any deposit. No grace period, you pay interest from the moment you use the card, other fees are high, no interest on deposit and after 1 year you are charged $9.95/mo. Can be nearly impossible to ever attain a 0 balance.

[Epic]

Go for the CapOne secured card. I BK'ed two CapOne cards and this was my first secured card out of BK, it wasn't an issue. You'll no doubt get the infamous 'under review' then in about two weeks or so you'll get your approval letter. You have to start somewhere.

[Jf24]

I failed to get emails on activity for this thread and just noticed all the posts now. Thanks for the input.

Denied for a Cap 1 secured card this week. Could it have been too close to the inquire for the credit union? How do I rebuild now?

I do get notifications from credit score.com on my activity but have not checked the report yet. Will do over the weekend.

[LadyInTheRed]

Step one to rebuilding credit is to check your credit report and correct errors. It sounds like you haven't done that. So, do that first before you try again. Do some research before you actually submit an application so you know what cards are easiest to get.

Here's a list of secured cards: http://www.bankrate.com/funnel/credi...ec_id=&af=&ac= The First Progress cards say "•No Credit History or Minimum Credit Score Required for Approval". That may be a good bet.

Here's another list: http://www.credit.com/credit-cards/secured/ At least one card on that list doesn't do a credit check at all. But, make sure whatever card you apply for reports to the credit agencies.

[Jf24]

The First Progress card is not available in NY. After researching, it seems my best option was the Applied Bank secured card. No credit check. But $50 a year and no grace period. They also report to the bureaus. I sent $400 and plan to only use it for gas in the car 1 time a month and pay it right after that so I don't pay interest, or very little. (9.99%) This will also keep me at only 10% usage.

[LadyInTheRed]

The First Progress card is not available in NY. After researching, it seems my best option was the Applied Bank secured card. No credit check. But $50 a year and no grace period. They also report to the bureaus. I sent $400 and plan to only use it for gas in the car 1 time a month and pay it right after that so I don't pay interest, or very little. (9.99%) This will also keep me at only 10% usage.

My understanding is that credit card companies report to the credit bureaus on your statement date. So, if you make a payment before the statement date, your reports will not show any utilization of credit. Without a grace period, you may have to pay a little interest if you want your report to show utilization and payment. Credit repair sometimes costs a little money, especially so soon after discharge.

[Jf24]

My understanding is that credit card companies report to the credit bureaus on your statement date. So, if you make a payment before the statement date, your reports will not show any utilization of credit. Without a grace period, you may have to pay a little interest if you want your report to show utilization and payment. Credit repair sometimes costs a little money, especially so soon after discharge.

I did not know this, thanks. I will get gas close to statement date, let it pass, then pay. At 9.99% and only about $40 at a time it shouldn't be too bad.