It’s Getting Harder To Get Approved Even For Secure Credit Cards

With the current economic climate, it’s obviously going to be harder to get a credit card.  Creditors know, after all, that with rampant layoffs and financial problems, people are going to find it harder to settle money that they owe.

One surprising trend that people are finding out now is that it’s getting harder to get approved even for a secured credit card.  Yes, those same cards that claim “guaranteed approval” and require you to deposit money equivalent to your line of credit are starting to disapprove more and more applicants.

I’m not sure of their reasons but one thing is for certain: a lot more people are reporting it.  Getting denied for a secured credit card is nothing new, of course.  Many large banks (like Bank Of America, for instance) has routinely denied many secured credit card applications over the years.  However, even smaller issuers like Orchard and Applied, have increasingly been doing the same.

If you’ve been denied a secured credit card, chances are there are some really bad marks on your credit report that are flagging you a high-risk individual.  If you have recently been recovering from a bankruptcy, for instance, the chances of getting even a secured credit card in the current economic climate is very slim.

Your best bet, if you are in this situation, is to try and find ways to improve your current credit report (challenging even the smallest error you can find) as well as to seek other avenues of credit that can help build up your score.