Bank of America secured credit card denied??

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Han Solo
 
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Bank of America secured credit card denied??

Postby Han Solo » Wed Nov 10, 2010 4:47 pm

I applied for a Bank of America secured credit card and was denied. I thought that secured credit cards were ones you couldn't get denied for.

My credit score is in the 500's and I wanted to get the Bank of America secured credit card to start rebuilding again. If I am denied for a lousy secured card then do I have ANY options at all for a credit card?


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Cucumber
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Postby Cucumber » Fri Nov 12, 2010 4:38 pm

What were the reasons for getting denied? Did you supply all the information needed for the application and pay the fees and deposit?

:confused: :confused: :confused:
OBAMA
Stop talking crap about him!

Han Solo
 
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Postby Han Solo » Fri Nov 12, 2010 6:24 pm

As far as I know I gave everything that was required. The whole reason I applied for the Bank of America secured credit card was because I thought you could not be denied.

At this point I have had it with Bank of America if I am going to be treated this way for a lousy secured card.

CCG
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Postby CCG » Fri Nov 12, 2010 10:18 pm

Don't worry, there are plenty of secured credit cards available, many of which I believe are much better than the Bank of America secured credit card.

Check out our sponsored listing of the top rated secured credit cards to rebuild credit

Best of luck in rebuilding your credit!

-CreditCardGuru

ingy91
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Postby ingy91 » Sat Nov 13, 2010 2:10 am

I hate Bank of America. I woudl get hit up all the time with fees when I had a bank account with them. I would probably get a secured credit card denied from them too because I had my bank account written off. THat's right they nickle and dimed me but I got the last laugh with overdrawing $254 and walking away RFLOL!!

Baconman
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Postby Baconman » Thu Feb 28, 2013 8:41 pm

Try Capital one, BofA denied me twice on a secured card but Cap One gave me one.

s.jessica
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Postby s.jessica » Thu Feb 28, 2013 10:04 pm

I found this on another forum, it's an email someone received from BofA concerning their requirements for a secured card.

Thank you for your e-mail. Secured credit cards are accounts with the
credit limit secured by a Bank of America savings account balance. The
Secured Card accommodates customers that ordinarily would not qualify
for an unsecured Credit Card. You are not required to have a
pre-existing relationship with Bank of America to apply for a secured
credit card account.

To be eligible for a secured account, you must meet the following
requirements:

Minimum age 18

Must be an U.S. citizen or permanent resident with a valid social
security number or Tax payer I.D. number with a US mailing address (for
nonresident alien, refer to Non-Resident Alien policy)

No Unpaid Bank of America charge-off

No Bankruptcy

No Repossession (voluntary or involuntary) < 36 months

No Foreclosure (includes deed in lieu) < 36 months

No known unpaid charge-off accounts > $1000 with any financial
institution including retail cards and student loans < 36 months

The Secured Credit Card account will be reviewed for graduation at 12
months. Accounts passing the graduation criteria will be upgraded to an
unsecured account. At that that time, notification is sent to advise you
that the collateral funds (secured savings) have been released.

If the account fails the graduation criteria, the account will be
reviewed against specific policy criteria for graduation twice a year.

If you have any further questions please feel free to contact us from
the web via http://www.bankofamerica.com/contact.

Leesa Kirkland, Credit Card Online


I will say BofA is good for someone starting out with no credit, but if you have recent baddies on your reports within the last couple of years, expect a denial. Al Capone A.K.A. Cap1 is more friendly to those rebuilding. If you live in a state serviced by U.S. Bank, you might want to look into their Harly Davidison secured card, the only secured card I've found without an annual fee and the graduate you to an unsecured product in as little as 12 months. If you have local credit unions, it's always good to check with them. Wells Fargo while slammed by some is a little more lax with theirs.



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