Secured Credit Card - Qualifications For Acceptance
By Mory Brenner, Esq.
Q. I have no credit at all, can I qualify for a secured credit card?
Q. Could I get a secured credit card with very bad credit?
Q. What if I even have recent foreclosure or bankruptcy, could I still get a secured card?
A. Past foreclosure does not disqualify you for a secured credit card and as long as the bankruptcy is closed the answer is yes again.
Q. Can you answer most specifically about bankruptcy and obtaining a secured credit card?
A. At the conclusion of the bankruptcy case the debtor usually gets a discharge of their debt and the case closes. For chapter 7 this takes a few months while chapter 13 might take 5 years. Sometimes, particularly in a chapter 13, the case gets dismissed by either the debtor or the trustee, the dismissal would contstitue closure too. Once the bankruptcy closes, no matter how, you could apply for a secured credit card.
Q. Suppose my chapter 13 started 2 years ago and I still need to make 3 more years of payments to complete the plan but I want a secured credit card?
A. Banks would still grant you a secured credit card, but you should get the trustee's permission before you take on new financial obligations.
Q. Can anyone, anywhere anytime just get a secured credit card?
A. That may be an overstatement, but keep these things in mind. Exact requirement may differ a bit for each credit card issuer so use these as rough examples of things you need:
- Social Security Number
- State Identification (Such as a drivers license or other state ID)
Q. So if I have my SS number and ID and I write a check they issue me a secured credit card.
A. Not so fast, they will make sure everything checks out and the funds have to clear.
Q. What if I am in a big rush to get my secured credit card?
A. Do not send a personal check; try a bank check or money order. Make sure you keep copies of the bank check or money order before you mail it.
Q. How long will the whole process take until I have my new secured credit card in my hand?
A. depending on the bank figure one to three weeks.
Q. Where can I apply for a secured credit card?
A. You may apply for a secured credit card online or at a local bank offering a secured credit like you would open any other account.
Q. What if I need to help someone get a secured credit card who does not have internet access?
A. You can get a paper application to mail in.
Q. Do they run my credit report when I apply?
A. Banks may run your report, but they usually do not look at credit score the way a lender might in the case of a mortgage or car loan. In cases for secured credit card the bank might run the credit report in order to verify your address or to screen for instances of previous credit fraud. Some banks will not run your report at all.
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