Cases?
Q: If I apply for a secured credit card where if you want a $1,000 credit limit, you must send in $1,000 as a deposit, is approval guaranteed in most cases? I see no reason why a credit card issuer would not approve a credit card where the deposit equals the credit limit. I'm looking at options on dumping Providian. I've heard there are cards you can secure for $2,000 to get a $5,000 limit. I owe Providian a little over $2,000. If I can find a card that I can secure for $1,000 to get a $2,500 credit limit, then I can get Providian paid off twice as fast.
A: -Some companies consider certain people to have credit SO BAD that they need to pay in cash, 180 days in advance, and pay to have each bill tested at a lab to make sure it's genuine. Others just ban them from the store for life. With a credit card, there is always some possibility that you will manage to run over your credit line in such a way that the card issuer ends up eating the charge. I suspect this is why some card issuers would be reluctant to give out a $50 credit line to certain people even with a deposit of $50,000, or for that matter a deposit of $50,000 AND a monthly fee of $50,000. How's your credit? If you had to resort to Providian it probably isn't too good, but if you've been paying them on time for a while it won't be terrible either. Try a web search for "secured credit card" and see what offers you can find. -I'll probably get flamed for this . . . but