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Question By
minionrus

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I applied for the secured c.card that this site recommended for me and was denied
Now a ding has been placed on my credit report. That is kind of what I was avoiding. I am trying to make things better. That is why I am here. I did not think a secured card would ding me nor did I expect to be denied. what is the deal karma.com

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CC's pay for this site!

Helpful to 6 out of 6 people

All the cards on this site is what pays for it.  So it is always encouraging you to apply for a card through them. I personally have been on this site for over a year and have been able to raise my score from low 500's to over 700 in a year and a half. I now have 5 cards.  None of which I got through this site.

For your first cards when rebuilding your credit, go where they know you.  Not literally but figuratively.  Try the bank or credit union where you have your checking and savings accounts first. Go into the bank and speak to a rep in person. Be honest with them and let them know you are trying to improve your credit score.   A Secured card attached to an existing savings account is your best bet.  Just make sure that you have a good record of not over-drafting any accounts first.  Also, since they already do business with you they may not do a hard inquiry on your credit report. You can ask when you are applying if it will generate a hard inquiry, they should be able to tell you.

I have read several accounts of people applying for new accounts recommended on this site. I stayed away from them.  I worked with my bank first, got my first card there. Then opened an "Emergency Fund" savings account with a Credit Union, then applied for a card through them,  In the last year I have not been denied once.

Hard inquiries stay on your CR for 2 years, but they have a low impact on your over all score. try to keep hard inquiries under 6 and don't apply for a new credit until one falls off.  Once your score goes up this will have less impact on your score and will be less of a factor.

Hope this helps.

Good Luck!

Reply by
minionrus

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Thank you so much for your response Eddy! I appreciate it a lot! This makes so much sense. I really wish I would not have applied for a card on here. I mean maybe down the line but my credit is still quite low now and my goal is to see improvement like yours. I only have one active credit card right now though. My aim to make improvements by paying things off and using the one card I have left here and there to show I am using some credit. then as you said I will approach my main bank that I still have a checking account with. I just wanted to pay things off and get another credit card all at once to see more improvement at once but maybe i need to focus on paying some more things off and raising my score a bit and then applying for a secured card. I hope I am on the right track! With all the weird advice I have been given I suppose I don`t know what my best approaches are. Thank you so much again!

Reply by
minionrus

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I also wanted to ask you one more question if that`s alright. Did you pay off your debt and balances and then get a secured CC with your bank? or did you get the secured card during the process of paying thing off? I want to know what my best route and best options are in this situation. Thank you so much!!

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I would basically like to know if this happens often and if I should apply elsewhere or not at all now. I am scared of more dings. Any advice would be appreciated! Thank you :)

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Same thing happened to me :(

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