Secured CC w/ Bank of America

[bostrom155]

I went today to give BoA my app and 300 bucks to send in for a Secured card, the Branch Manager said I need to apply for an Unsecured first. I told her thier is no way in hell i'll get approved and dont want the hit on my CR. She said it's the only way. I said what ever. It came back disapproved, big suprise, so told her just to do want i asked to start with, and said that was disapproved to. I asked again the SECURED CC was dissaproved, she said yes. I felt like a big loser. Made some phone calls to Bankservices(MBNA and BoA merged.) and she (banksevices)said that this was totally false that they should have taken the money and app. Went down again to the local branch and again she said it probably will not be approved. Even after i gave her the number of Bankservices (who helped me alot with info) to call, she called it took the app and money and said if i had CO's with BoA it will be dissaproved. wrong info again. I'm getting in touch with the Managers sup and want to file a greivence. I missed a day of work to get a 5 minute thing done, not to mention feeling like an a$$, walking out for a Dissaproved Secured CC.

Any advice.

[TheRoadBack]

Try Orchard or or one of the other secured cards. Your experience is not unique with BOA as it has happened to 3 other people I know as well. I think it might be possible that the info given at the branch was right. I would try another secured lender...... Also, what are your fico scores? and o you have co's, ca or judgements. This might help us better direct you.

[cavazos007]

That is what I was going to suggest to you too. The Orchard card is great. You can do a pre-approval they will do a soft pull.

[bostrom155]

Thanks RoadBack, I'm applting for true credit monitiring tonight. I have about 6 CO's and 3 CA's. According to the lady at Bankservices it's not possible to deny a Secured CC app. only a partial secured app. I had her send it so we'll see.

[elyse449]

I'm sorry. That really sounds crappy. If you don't mind me asking (just don't answer if you don't want to) but what was your credit scores among the 3 CB's? Do you have recent collections, CA's, judgments?

That's depressing. But, honestly--you've saved me a hardship because I was going to apply with them next. I've got an Orchard card (secured and I love it) but I wanted something convertible to a reg. credit card. Oh well. Thanks for sharing your experience and again, I'm sorry it turned so negative. Good idea to not give up to though. Fill us in on what you find out, if you can.

Elyse

[TheRoadBack]

Thanks RoadBack, I'm applting for true credit monitiring tonight. I have about 6 CO's and 3 CA's. According to the lady at Bankservices it's not possible to deny a Secured CC app. only a partial secured app. I had her send it so we'll see.

If you are going to use tc here is a link for a discounted rate

http://www.truecredit.com/orderOrigination?op=scores:Right&product=CreditMonitoring&cb=Walmart

Also, I would look at Divemedic's sticky in the credit repair section called credit repair primer. That will help you to start removing derogatory items while you rebuild your credit. Good luck!

[bostrom155]

Thanks again, they took the money, so we'll see if it gets approved, i'll keep you updated on the process. roadback thanks for the link.

Elyse, nothing recent most items are between 4-6 years, including CO's, Collections and CA's no judgments

[chilton1]

Hi Bostrom,

Sorry to hear your bad news. But you are not alone. I applied for a BoA card in October. They check experian my fico score EXP 712. I was denied and I applied for the secured card I also got turned down.

I had 3 paid collections 1 unpaid, and

1 derogoratory accounts.

All collection were older than 2004; the unpaid collections 2002.

Less than a week ago I got a preapproved platinum plus visa from BoA. This one is valid until 1/07. I won't fall for that one.

Anyway don't be discouraged. One week after I could not even get a BoA secured card, I got a Discover direct rewards $3000 CL and a HSBC household also for $3000.

[bostrom155]

Thanks C1.

Elyse, here is the number i called, should have dealt with them directly. 1.888.807.6262. i talked to Marriann and Jamie, see if they can assist you with the BoA card.

[IHateCAs]

Wow you suck big time. You can't even get a secured card!

Just kidding...

Seriously, forget the Orchard card and stick to store cards for now. Do you shop at Wal-Mart or Target? Macys? JCPenney? Apply for their store cards. Target and Macy's will autoupgrade you to a credit card if you play nice, although we can never figure out how exactly.

If your credit is that bad, you need to be working on your reports and not getting caught up in the goal of getting more credit cards. That is secondary.

If you're dead set on a CC, I hear the National City secured card is good although that never unsecures.

Don't want a CC so bad that you end up with a ****ty one like Orchard.

[bostrom155]

LOL. yea my scores are low to mid 500's on the big 3. Starting the repair process now, just want to get a card or two to establish while i repair. Walmart and the like, do they report, i'm guessing they do. Dont't even think i can get one of those

tu ex eq

542 506 533

[pilgrimfaraway]

Must be something with the merger. I had a great experience. They accepted my security deposit right in the branch and the card arrived 10 days later. They actually have an account graudation policy (or had??) after nine months. Also, I lucked out and the accounts didn't code on the credit reports as secured, but as a standard card.

I guess I will call and see if their graduation program changed after the merger.

[elyse449]

Hi folks,

Ok, I'm hoping to establish another form of credit to help in my repair process....(if possible) so I examined the Bank of America Secured Card program and found out the following;

Their customer reps know little...(big surprise, I know...but I chatted with someone and asked specific questions and she didn't know the answers...told me to "just apply")

It finally came out that you need to have a Bank of America checking account to establish the secured card. BUT she didn't say that when I asked her what was needed to qualify to apply! Grrr...oh well. And yes, she directed me to apply for the other card to, the one we all know we won't qualify for!

Elyse