Am I screwed? Denied a Secured Credit Card?

[jetset]

My chapter 7 discharged about a month ago. All three credit scores are in the high 400's. I applied for two cards - one from Orchard Bank and one from Hooters, knowing they are very lenient on their credit guidelines, but I was still turned down.

I applied for a Bank of America Secured Credit Card, they informed me to mail in a $300 deposit (for a $300 limit) along with the paper application. I called the other day to get the status of my application and it had been DENIED!? I didn't think people were denied for a secured card?

I did include BOA on my bankruptcy, could that be why? I have nothing else being reported to my credit report, so as of right now, unless I get a card, my credit will stay in the high 400's. What should I do?

Adam

[JeepMom]

Is your credit report accurate? Have you tried to dispute anything? If not maybe try that route to improve your score then reapply.

[Princesskina]

Is your credit report accurate? Have you tried to dispute anything? If not maybe try that route to improve your score then reapply.

I was about to say the same thing. First make sure everything is reporting accurately b4 applying so at least ur score will be a lil higher and nope never heard of being declined a secure card.

[FilingOnMyOwn]

BOA is known to be an unfriendly bk lender. Theres a whole host of other lenders to try. First, go about correcting all errors on your report, and try to get anything negative removed if possible. Other lenders that are bk friendly besides household/orchard & hooters, include capital one, juniper bank, credit unions, and many store credit cards. And just because a lender is considered 'bk friendly' does not mean everyone gets accepted right away. It takes time to improve your credit scores.

[edwards2]

no offense jetset...but why would you apply for a card, secured or not, with the company you filed on? Dont you think that is "in your face" to the creditor? Frankly, I would be too embarrassed to do that. I agree with the others about cleaning up your credit reports. I am sure, like the rest of us, there are things on your credit reports that need to be disputed and/or corrected.

[newstart]

That's what I was going to say make sure you are not trying to get cards with companies you included in your filing, they will surely deny you.

[NASCAR20FAN]

no offense jetset...but why would you apply for a card, secured or not, with the company you filed on? Dont you think that is "in your face" to the creditor? Frankly, I would be too embarrassed to do that. I agree with the others about cleaning up your credit reports. I am sure, like the rest of us, there are things on your credit reports that need to be disputed and/or corrected.

I was approved for a Orchard card recently, and they were on my matrix. Although I'm in a little better credit position the the OP. The high 400's in my opinion is really not eh time to apply. Esp since you were just discharged. I'd wait until the CRA's are showing your items as IIB, and start disputing your items that are incorrect. I've gotten a boost in my scores by starting early (before I even filed). I cannot say enough about how important it is to dispute items. Once you get some items removed from your report, you'll see some imporvment. Remember now is the time for baby stepsm they will take you alot further then trying to take giant leaps [applying for new credit]. Clean up your reports first, get credit a couple months down the line.

[Bronte]

Many banks that offer secured cards are not bk friendly. You might want to try National City Banks Secured card. It reports as unsecured and they okay everyone. The minimum on this card is $250.00 After 12 or so months if you show good credit habits you can be they will okay you for their regular card. A copy of the application can be found under the credit forum of www.creditboards.com under secured card applications. This will definitely help raise your score as would correcting any errors on your credit report.

[NASCAR20FAN]

Many banks that offer secured cards are not bk friendly. You might want to try National City Banks Secured card. It reports as unsecured and they okay everyone. The minimum on this card is $250.00 After 12 or so months if you show good credit habits you can be they will okay you for their regular card. A copy of the application can be found under the credit forum of www.creditboards.com under secured card applications. This will definitely help raise your score as would correcting any errors on your credit report.

Again, I must say... With his scores and the fact he was recently discharged. The best thing to do is to clear up his report, and then start applying for cards. Secured or not...