Secured Line Of Credit

My fiance mailed out an application and $300 money order to USBank for a secured credit card yesterday. We were just curious if the bank could deny him, and if so, what would be some reasons? The bottom of the application says that it will be denied if the applicant is under the age of 18 or has filed bankruptcy, but are there other reasons he could be denied?

You won't be denied as long as you reside in a state where US Bank is licensed to do business (and it is, in most states). Your money is the card's security. If you don't make payments or default, the issuing company has your money to pay off the debt.

2009-03-11 05:21:15 by Jen M

torontohomemortgages.com Don't substitute a secured line of credit for a mortgage! Find out why?

I went to bank the other day and the teller told me that my husband and I have been preapproved for a secured line of credit. What does this mean exactly? Do we really have the loan? What do they want for security?
Thank you so much everyone for the good advise and opinions.

Pre-approved mean the bank does a thorough credit check on you, finds out much income you make, and do other financial research on you. Basically it means the bank did lots of work to find out how big the loan should be and what interest rate should they charge you.

Another term you might hear is "pre-qualified". Basically the bank estimates what you can afford base on some information you given to them.

Anyway, you don't have the loan until you sign the contracts.

2007-05-05 18:15:16 by deedee70

I need to get a credit line (not a credit card) but my home has no equity. I was told that if I put cash into a CD that I can get a CD line of Credit but I don't know which banks offer them? Does anyone know which bank will offer me a CD Line of Credit in the US more specifically in the Florida/Georgia area? Thanks.

BOA

2008-02-15 11:56:53 by Cio

Yes, I've already check with my bank. I haven't had an open trade line in so long that I'm pulling up as no-file when my credit is checked.

Try a paypal account refer your bank account this enable you to get their credit cards with a higher credit line

2007-02-12 10:59:52 by wildheavenfarm

Does that money get applied towards whatever you purchase with that card, or does that money get held there for quite some time, or do you ever get it back? I mean I hardly think you'd pay hundreds if not thousands of dollars just to get a "secured card," it's like "pay us $5000 for a credit card," haha, yeah right.


So seriously how does that money get used?

How it worked for me:

I gave Bank of America (my bank) $99 to open a secured credit card. I had a $500 credit limit. They put the $99 in a savings account that I couldn't touch. It stayed in there for the year required, and I got the money back plus a little bit of interest that it had gained, when my secured credit card was made unsecured and the credit limit was also doubled at that time.

2009-05-14 21:18:25 by nick cave