Here's what you should do if you're denied a secured credit card.
However, that doesn't mean that it's guaranteed you'll be approved for a secured card. A card issuer can still deny your application if you don't meet the underwriting requirements.reviews why you might not qualify for a secured credit card and what to do if you've recently been denied.getting a secured credit cardMost deposits are around $200, and if you want a higher credit limit, you'll need to deposit more money.
But even if you have the money for a deposit, you can be denied a secured card if your credit profile is deemed too risky to a lender. Each lender, or card issuer, has a set of standards as to what an ideal borrower looks like. This includes your, your income and your current and former debts. If you have a long history of late or missing payments, delinquent accounts and/or bankruptcy, a prospective lender will have a harder time taking a chance that you'll be a reliable borrower.
In this case, the lender may say no and you'll need to rely on other means to build your credit history.If you've been denied a secured credit card, the card issuer or lender should have sent you written notice explaining the reasons why you don't qualify. Read the letter thoroughly and call the issuer if you have any questions.
You should also comb through your credit report to make sure it's accurate. One in four Americans have an error on their credit report according to a
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