well, I sent a PFB to BoA a few weeks back cause I was turned down online for a gold card. The primary reasons for decline were too many inquiries and accounts not old enough. anyway, today I receive a counter offer in the mail for a pre-approved BoA secured card: $99 upfront, $500 CL, 15% interest. There is no way I'm taking this... just don't need a $500 CL, but I thought those with marginal credit who might like a secured card that doesn't require a large deposit might try a similar strategy to get in with a pretty good bank.
I think it had to do with your scores, I had the same reason when I first applied for the Gold Card...Too many Inquiries and too new accounts. My TU FAKO was 683 at the time and I did have several very good automobile loans listed on my credit report. The problem was I had no credit card accounts listed, because when I finally cleared up my TU report of all the charge-offs and collections then only thing left was a paid auto loan from 2 years ago and a recent current auto loan from Sept. of 2002. Those were it! I PFB'd and Robin got me a gold card. I applied and was approved for another credit card from them a month later with no problem. Once that credit card hit my report it shot my credit score up over 700! I would consider the secured card if that is all you could get at this time, just the fact that you have a clean report and a credit card account listed could give you a much needed score boost to get other credit cards easier. Now I'm getting offers all the time for very good credit cards which are already pre-approved. So at the very least if you are in the same position as me, I wouldn't discount the idea of getting that secured card. It could very well help you get others. Most credit card companies like to see that you have open and current credit cards on your credit report before they approve you. Before I got the BoFA card I was denied by chase for not haiving any revovling credit card accounts. When I called they pretty much said the only reason I didn't get approved is because I already didn't have another credit card. I said how am I to get approved if no one will give me a credit card?? The lady suggested a secured card to get started. Tac
kit, the secured credit card offer is a result of you being declined and it happens automatically. I got the same. Because I did not know about PFB and Robin, I took the secured card. How long ago did you send the PFB? I would wait until they respond and see. If then you won't be able to get anything, get the secured card.
We applied for a BofA card when we first opened our checking account and got denied (which we knew). But I don't recall ever receiving the offer for the secured card. Could it be because our scores are too low even for the secured card?
Possible. My scores were in mid 600's at that time and I had no credit card on my file. Well, actually I had one with multiple lates. Now my report is crystal clean and I just sent Robin some docs and asked for CL increase. Will see how it goes. By the way, good luck to you.
Yes, I already talked to Robin... she asked about the two negatives on my credit report-- they are 7 years old this year and I told her that. Nevertheless, she said they couldn't do anything with those negatives. I dont need a secured card, luckily I have other credit cards available to me, but I really, really wanted a good limit for BT purposes. Oh yeah and my TU score was 680 when I applied.
