I have a 525 FICO Score, and I have been declined by Bank of America for a secured card. What can I do?

I have accounts that have been in collection and I have paid them off. I currently have some accounts in collection that I am slowly paying off. I have an auto loan that I was 32 days late just recently and I really want to improve my credit. I thought that by applying for a secured card, that I would be automatically approved, since the deposit will serve as a guarantee, but it seems that is not the case. What can I do? I was thinking that since my mom has excellent credit, she can request an additional card from one of her accounts to give to me, so that my credit will improve. Will this actually work? Please help, I'm desperate to improve my credit report.

1) Check with Orchard Bank. They help re-establish credit after bruises. You can also check at www.bankrate.com and it lists secured cards as well.

2) Are you sure you were denied for a 'secured' credit card? You can fill out the BoA application online for the card, and either pay the deposit online or send it in the mail with the printed application. If nothing else, go visit your local BoA branch, and ask to speak with the branch manager or a financial specialist. Tell them you wish to acquire a secured card through them, and bring your funds with you. I can't imagine why they would have denied the card to you, unless you have a recent judgment, bad history with BoA or a BK on your record

3) I would try to find out why they denied you, first off. Maybe there is already a card out there with your name on it. Next, if you walk into a BoA, they will always help you figure out what is your best option. Last, if all else fails, try another bank.

4) Hi, First, you need to make all installment payments on time. To bring up your FICO score, you need to re-establish your credit for a full year. A minimum of 3 positive trade lines, no late payments, no collections, no derogatory credit for 12 to 18 months. Your mother could add you on to one of her credit cards as an "authorized user", but if you pay late on the account, you'll wreck her credit along with yours. For a complete guide on how to improve your credit, log on to: www.findlegalforms.com and click on the link, The Ultimate Debt & Credit Handbook. It's has all the information you need to improve and maintain your credit rating. It's written by a lawyer, so it's good advice, not some scammer looking to take your money and give out illegal and unqualified advice.

5) if you did get a card under your mothers account, I would suggest never using it, then you have no worries about being late and messing up her credit score. Any usage they do will be plenty for your credit repair so you don't have to use it at all, just be on the account. As for fixing the other issue, I would try householdbank.com they are the same people as orchard and work with "poor" credit scores. Hopefully you can get that and fix up your score.

6) With the credit crunch going on most lenders/ financial instituions want to see credit scores over 660. I worked at a major bank doing loans and the policies were changed basically over night that you have to have all of your collection accounts paid off before we would even look at you to extend new credit( loans or credit cards). Think about it from the banks point of view, "why would we give you more credit if you have proven you can't pay it back." It looks like you are on the right track by paying everything off but it might not happen until you pay off all of your collection accounts until you get a look at from them. Your only other bet would be to see if your mom wants to co-sign on a credit card with you assuming she has good credit.

7) I'm sorry that you're going through a rough time with your credit, but it's good that you're concerned about getting it turned around. I understand that you had some collection accounts, and you've recently paid them off. One thing you should know when it comes paying collection accounts is that each time you pay, new activity for that account is created, which makes the account more recent than it already is. This doesn't help your credit score, if anything it can make it worse. Try negotiating a "pay to delete" which is a payment in exchange for removing it from the report altogether. This way, it's as if the account never happened, and will help your report and score the most. By just paying off collections, it doesn't do anywhere as good for your credit. As for the types of collection account that you had, did any of them happen to be a charged off bank account? These are bad collection accounts because not only it shows on the agencies 3 reports, and also Chexsystems, which can make it extremely difficult to open a checking account. It's possible, that you may have owed a bank or so from a closed account, and that may have played a part in getting denied. My suggestion would be to open a checking and savings accout with them first, then try it again. Based on my own personal experience, I've been able to get a secured card, as well as a ½ dozen other people I know personally that has gotten one, regardless of bad credit. Also, getting added as an authorized user to one of your mom's credit cards won't do any good anymore because the new credit scoring system doesn't recognize authorized users anymore. You would have to open a joint account with your mother in order to do that. My suggestion would be the secured route. I posted several more links to some secured card sites that should help you.

8) Perhaps You may google it first ,however, if you like some direct resource ,here might be your choosing.http://creditreport.online-helper.info/online-credit-report-dispute.html



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