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92GTA

B of A secured CC

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I just reopened a checking account with B of A and would like to apply for my first secured CC with them. However, on my CRs I still have my old credit card from them over 5 years ago showing that I had to walk away from.

 

What are the chances they will approve me for a secured card after this amount of time still having a Derogatory Collection/Chargeoff showing for them? I was going to try and go for $2,500 secured so they feel warm and fuzzy about it.

 

Are they like what I read about Capital One being, where they will give you a second chance no problem? Or are my chances so slim that I shouldn't waste the inquiry?

 

Thanks!

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I applied for a Capital One secured yesterday after making this post, and was denied. I don't think I'll even bother with the B of A secured if it's harder to get. Maybe the Wells Fargo secured?

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I IIB'd BoA, and app'd them 5 years later. They denied me, but offered me a secured card. I would consider the Discover secured card before Wells Fargo.

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I looked at Discover and they say their secured card is for building, not rebuilding credit. Also, I had a card with them that went into default 5 years ago as well. Never had a WF.

 

Maybe I just need to wait another couple years 😕

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I would try each of them until one says yes, and if you can't get any of them then you will just have to give it some time. You might as well try though, after six months the inquiries won't really matter.

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You can get an opensky visa with no credit check, only drawback is the $35 annual fee.  Otherwise it works like a normal credit card.  It will help to get at least one revolving credit card account reporting on your credit.  Then after 6 months or so, hopefully your scores will improve a bit to get approved for a zero annual fee card which converts, like Citi or CapOne, etc.  Wells Fargo is too picky from my experience.

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OpenSky approved me no problem. I'm going to do the max $3,000 so it helps me as much as possible. Thanks!

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1 hour ago, 92GTA said:

OpenSky approved me no problem. I'm going to do the max $3,000 so it helps me as much as possible. Thanks!

Congrats!!!  You are very wise to do the max deposit if you are able, since that's the limit you'll have indefinitely.

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Actually, I read multiple places online that you can increase it by adding to your security deposit up to the $3,000 max.

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