Okay, I know I'm posting a lot today, but I don't know what else to do... I applied for a secured card. They turned me down. For a secured card. The letter said there aren't enough revolving accounts, not enough open accounts and not enough new accounts. How can I get credit if I need credit to get credit? I am 23 years old and I have never even had a credit card. I am cleaning up my TU report and am getting a free one from Experian because that is who Capital One pulled. I called Capital One to see if I could plead my case and the woman told me I could apply again... and put another inquiry on my report? She said it wouldn't mean I would be approved, it's just another application. I feel like throwing in the towel. I just started on my road to credit stability and I feel like my car died and I'm locked inside. Does anyone have any words of wisdom, any encouraging stories, anything to make me feel better? Thanks in advance, this website and all of you are the only things keeping me motivated! prissypoo
SOMETHING IS WRONG WITH THIS ONE!!! HAY EVERYBODY, LET'S CALL MR COOKE ON THIS ONE!!! LET'S MELT HIS PHONE LINE!!! Denied a securred card...
Have you tried getting a secured c.c. through your bank? Usually, if a customer has a good relationship with their bank, they can talk with one of the bank officers and use some of your savings account as collateral for a credit card. Heck, even if it's only $200, it's a start. I'm surprised at C1 for not even opening a secured account for you. You may want to try contacting Mr. Cooke, he's in the executive office and has helped many of us. Best way to reach him is through www.planetfeedback.com Just register an account (free) and write a letter to Capital One. The letter will say it's going to Fairbanks, the CEO, however they all go to Mr. Cooke. If anyone at C1 can help you, it's him. Good luck.
Don't get discouraged! Do you have a local bank? You could open a small savings account there and then apply for a loan against that amount (in effect that's a secured loan) Mommy2cats
You can go to New Millennium Bank at http://www.nmbonline.com/ccard_application.htmlThey, as far as I remember, will guarantee a secured card. They apparently don't check your credit history. They just do an ID verification that you are who you say you are. I believe they have an application fee of $35, but that is the only fee they charge. You can deposit from $300 to $5000 and your deposit will equal your line of credit. Interest is 19.9% and they will report to all 3 cra's.
Post your letter to Mr. Cooke here (sans the personal information) before sending it to him. Let us help you write it, so that he will be more inclined (hopefully) to grant a card to you.
I thought about that, having someone co-sign... My fiance (who has perfect credit mind you) has a capital one account that he pays every month. I thought about asking him to cosign or even let me be on his account but I'm not sure how it would affect his credit. I don't want to drag him down into the pit with me. He knows I don't have perfect credit but doesn't know anything about credit repair or even that I'm cleaning my reports up... I kinda wanted to take care of it on my own. So much for that idea... Thanks for all your help and suggestions, I'll go to pfb and prepare a letter. I'll post it here to see what you think. Thanks again for all your help!!! prissypoo
at least start by being an authorized user on his account. That way you aren't dragging him anywhere.
Try Orchard Bank (subprime division of Household) https://www.orchardbank.com/apply/ccsapp?OBApply& They are not as reputable as Capital One, but at least it's a start. I used them to re-establish credit, they are fair if you pay your bills on time. They also report to all 3 CRA's. Or if you belong to a credit union, more likely than not they will offer secure cards.
