Why don't you try FCNB or Capital One? I think FCNB gives up to 300% of your deposit and they say they approve 4 out of 5 people. I don't have the card myself, but I haven't heard too many negative things about them.
When hell freezes over! Any idiot who would turn down an application for a cash secured account is too freaking stupid to for you to do business with. What have they got to lose if the account is fully secured? If the folks at Umbrella Bank are that goofy, just imagine how badly they could screw up your billing and payment history. If it's not pure stupidity on their part, they're trying to tell you that you're not good enough to be THEIR CUSTOMER. In either case, they don't deserve your hard-earned money, so piss on 'em!
They required like a $500 deposit. I think I will probably try FCNB for a secure card. I am trying to rebuild credit at the moment. When I recieve the letter bank I was like What !!!!!!!!!! I currently have a credit card Sterling Bank and Trust with it in good standing. Now I am starting to worry if I did apply for FCNB would I be denied too because of umbrella bank.
There are lots of banks that turn people down for fully secured credit cards -- especially banks such as Chase, Bank of America, Wells Fargo, etc. Are those banks so "freaking stupid" that they would mess up your billing and payment history" Umbrella's requirements are pretty low considering there is no application fee, a $35 annual fee and a 16.9 interest rate. Unfortunately, while I met Umbrella's requirements, my TransUnion report didn't show it. It said I was past due on several accounts when in fact they had been discharged in a Chapter 7. And one of Umbrella's requirements is no past-due accounts. After my disputes, TransUnion still doesn't have it right. When it's fixed, I plan to reapply at Umbrella.
Back about three to four years,I had six charge-off accounts in mycredit reports and FCNB approved me a Secured. They give me 1.5 times of my deposit. I rarely heard someond got denied except you had a charge-0ff account with them before like Citibank,Amex. I think FCNB is pretty easy to get and there is no fancy stuff like on-line access and on-line payment. After 1 year,if you pay on time they will return your deposit back.
It just means that those banks are trying to punish you, but what it really amounts to is that they are turning down risk-free business. I still maintain they are "freaking stupid" for such policies. I can't help but equate it with having the supermarket refuse to sell me groceries when I have the cash to pay for them. I'd shop around some more. Check to see if you qualify for credit union membership. Most of them offer secured cards at excellent rates, and they're usually not so silly about requirements. Somehow I can understand not wanting to carry cards like FCNB that are advertised on television as easily available to anyone. They carry a stigma that some people don't want. Still, by checking out some of the older posts on the board, you'll find that so many people who have opened secured accounts with some of the prime banks have lots of problems getting them to upgrade their accounts, even after they have carefully maintained them for a long time. Just shop around. You work too damned hard for your money to turn it over to someone who basically considers you inferior--even if they do offer a good deal. I've read plenty of your posts here, and you've worked hard to rebuild your credit. You deserve better.
Doris, I agree the not opening a fully secured card to punish someone with a BK is "freaking stupid." I just don't think it means the bank isn't competent to handle billing and payments. Heck, a Chase manager told me they won't open a secured card for anyone on ChexSystems, though I don't know if that's true. Lots of banks won't open savings accounts or CDs for people on Chex, which also is "freaking stupid" in my book.
Here is some additional information on umbrella's secured card. They also require that you deposit your money within 15 days of receipt of a preapproval letter. Dear Mel, Please see my answers in context below... If you have any other questions or concerns, please feel free to e-mail us at custservice@umbrellabank.com or call us at 1-866-UMBRELLA. Note to customers: please do not include complete account numbers, credit card numbers, or social security numbers in unencrypted e-mail correspondence. If you have a common last name, just include the last four digits of the account in question. Sincerely, John Koryl Customer Service UmbrellaBank, fsb -----Original Message----- Sent: Monday, April 29, 2002 5:49 AM To: Customer Service Subject: Secured Card Questions Hello, I was preapproved for secured card and wanted to have some questions answered prior to sending in a deposit. They are the following: 1) What is the current interest rate/APY for the savings account that I would have to establish? You do not disclose it in your application and this is basic information that anyone opening a savings account would like to know. I would also like to know if you will send quarterly or monthly statements on the secured account? Customer Service - on http://www.umbrellabank.com/credit_cards/secured_visa.asp you will see the APY is .70%. We send monthly statements for all credit card accounts, but you will not receive a statement or have access to the secured savings account. 2) When am I eligible for unsecured credit line increases (e.g., after six months of timely payments, etc.)? Customer Service - feel free to add more funds as quickly as you like. Once the deposit clears (5-7 days after they are received), you will have access to the funds. 3) When is my account eligible to become completely unsecured (e.g., after a year, etc.)? Customer Service - With multiple UmbrellaBank deposit accounts, it can be as little as six months and we will consider a review, but without multiple accounts we wait a full year and want to see active usage of the card and will pull another credit report. 4) What is invovled with respect to processing after I return the application? How soon will I receive the card after sending you my deposit? How soon will I receive my deposit back if my application is declined? Customer Service - the card should arrive in 7-10 business days unless Risk Management asks for offline verification of address, home, or employer information (if you've recently moved, changed numbers, etc... you might want to factor in a mail correspondence delay). If you are declined, the deposit should be mailed back in a similar timeframe. I hope you will answer these questions promptly as I only have 15 days to return the application. Thank you, Mel
"First Consumers National Bank has discontinued accepting new applications for it's present secured credit card program as of March 28, 2002." http://www.debtworkout.com/fcpag.html The link for the Capital one card is: http://apply2.capitalone.com/5664/2...=05664002024XXJ1X1XX5COVSSC01XXA805053P344661 Another secured credit card you can apply for is the Elan secured Visa card. The link is: http://www.firstar.com/appcenter/appcenter.html You might want to call them at 1-800-558-3424 first to see if you meat their criteria and ask them if they report to all three CRA's. Good luck. Erik.
