Is a secured card application a hard pull or soft pull?

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shoptalk01
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Is a secured card application a hard pull or soft pull?

Postby shoptalk01 » Wed Aug 15, 2012 11:01 pm

Quick question, is applying for a secured card a hard pull or a soft pull? The 2 I applied for are Capital One and Bank of America. I haven't heard back from either one yet but today got a pre-approved offer from Capital One....what gives?

I got turned down for another apartment today and they gave the reason because it appears that I have 15 hard pulls on my credit report in the past few months with the only approval being from First Premier but they totally pissed me off so I cut up the card and sent it back and it sounds like it's labelled as "closed by creditor".

There's been no activity on there for over a year so it sound like I have a credit score of 0???? He said it was very important to get someone to loan me some money or give me a credit card or something to show recent positive activity on my credit report. What happens then if I'm turned down for these secured cards? Do I try to apply for another or just let it go for now?

Until I can get into an apartment, I'm living out of motels, so I don't even have utilities in my name and the people at this place want paid in cash. There's a $15 service charge for using credit or debit cards. For a physical address I either use my mom's address which she wants me to, or I have a box at the UPS store.


Crashem
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Postby Crashem » Thu Aug 16, 2012 3:00 am

Most if not all cards, whether secured or not, result with a hard pull. There are only a few exceptions of which a few secured cards are eligible. The hard pulls you took were bad decisions. You need to explain to whomever is renting apartments. You need to do your research before applying as depending on the secured card, there are still approval standards.
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shoptalk01
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Location: Nebraska

Postby shoptalk01 » Thu Aug 16, 2012 4:06 am

Would it be possible to pull back my applications before Capital One or Bank of America takes action on them? I applied online and haven't heard further from either one, email or otherwise. After talking to a friend and listening to his nightmare experience I hope it wouldn't be too late to call my bank and see if they could block Capital One from taking the deposit out. If it is, do they just send the money back if you fail to pay the annual fee, or how would you go about getting it back?



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