Can I get denied for a secured credit card?

For just about anything you want to get off your chest about credit cards.
2 posts
Knicks4Life_1985
 
Posts: 1
Joined: Wed Jan 30, 2013 7:06 am
Location: DMV

Can I get denied for a secured credit card?

Postby Knicks4Life_1985 » Fri Feb 01, 2013 8:50 am

I recently pulled my credit report after being declined for an Auto loan 7 months ago and a Best Buy Card 2 months ago. I have 3 accounts in collections $540 COX Cable ( I am returning my cable box and phone modem will be cleared ) $37 Doctor bill ( paying this weekend ) $56 Library bill ( paying this weekend ). In addition to this I am thinking about trying to open a secured credit card with Navy Federal Credit Union and TD Bank.

My questions are do I have a chance of being denied for the secured credit card? With the collections on my credit report going from 3 - 0 is this going to now allow my score to increase? With having the two secured cards reporting to the Bureau would this speed up my "recovery time"?


kcarter609
Centurion Member
Centurion Member
 
Posts: 423
Joined: Thu Aug 09, 2012 7:54 am
Location: VA

Postby kcarter609 » Fri Feb 01, 2013 6:53 pm

Yes, you can get denied for a secured card. A friend of mine just recently did because her credit is a disaster.

Yes, getting those collection accounts off of your report will cause it to increase a lot, and having 2 secured cards reporting will help out the rebuilding.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: Alexa [Bot] and 7 guests