Secured credit card application was declined?

I heard about secured credit cards strictly for rebuilding bad credit and I have bad credit. I have a bankruptcy on my record back in 2004 which stays on my report for 10 years. I have been keeping good stannding with my current bills and I wanted to try to rebuild credit. I recently submitted an online application to Bank of America (whom I bank with) for a secured credit card, and was declined. Really?



Answer me this. Why would I get declined when not only are these cards for people with BAD CREDIT, but you have to actually put money down on them to get credit? For instance, I have to make a $300 deposit out of my own money to get a $300 credit limit, plus they charge a $39 fee plus the 22% interest. It's absolutely NO risk to the bank but yet I get declined??



When I called the bank and asked they said that it's because I have bad credit and I'm a risk. Well duh, thats why I'm trying to get one of these cards!



This completely boggles my mind, but now I have yet ANOTHER hard inquiry put on my credit report. I mean what is the point of these cards? Everyone should be approved if you can't get one without forking over your own cash? Ridiculous.Secured credit card application was declined?
I agree. I would have gone with a softer company such as Capital One or Orchard Bank.Secured credit card application was declined?
First, I understand your frustration but Bank of America is not the way to go. They have strict guidelines and they do not approve people with bad credit. As for your bankruptcy that should at this point have no impact if you have been doing proper credit management. most people come out of backruptcy at a credit score of a minimum of 650. After 7 years you should be much much higher. I suggest a card like Premier Bank or Orchard bank or a secured card. Stay away from Bank of Thieves oops America. Ask for a free copy of your credit report since you have been denied and find out what is in it keeping your credit down.Secured credit card application was declined?
Try hiring one of those credit repair people.