Credit Card Forum
  1. #1
    Green Member
    Join Date
    Jan 2013
    Location
    DMV
    Posts
    1

    Post Can I get denied for a secured credit card?

    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"?
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  2. #2
    Centurion Member
    Join Date
    Aug 2012
    Location
    VA
    Posts
    425

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    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)
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