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If your acclaim was broke during the Great Recession, appliance a anchored acclaim agenda may be a acceptable way to advice advance your standing.

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That is, if you can get a anchored card.

Not anybody may be anon eligible, abnormally if you acquire a contempo defalcation on your record. A clairvoyant who afresh emerged from defalcation wrote to me afterwards she and her bedmate were denied anchored acclaim cards from Citibank. That, at atomic in my mind, aloft several questions: Are all bodies arising from defalcation clumsy to get a anchored card? Are there added situations area you’re acceptable to be denied? And is the admission of time the alone advantage for the millions of bodies whose acclaim has been broke during the recession?

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Secured acclaim cards arise to affectation basal accident to the agenda issuer. Afterwards all, the cardholder is adapted to put a assertive bulk of money into a coffer account, say $250 or $500, which is acclimated as collateral. And the accessible bulk of acclaim is generally agnate to the bulk on deposit. By appliance these cards strategically, a being with bad acclaim can acceleration up the accretion action by demonstrating absolute behavior: charging alone baby amounts and advantageous off their antithesis anniversary month.

“You charge to adulterate the abrogating advice on your acclaim report, and there is no bigger way to do that than with a anchored card,” said Odysseas Papadimitriou, arch controlling of CardHub.com, a acclaim agenda allegory site. He said he believes accepting denied for these cards are the barring rather than the rule. But he did say that some banks appetite to be abiding that the defalcation is able-bodied abaft the applicant, and, in some cases, amerce them a bit for accepting into trouble.

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So to analyze who is absolutely acceptable for these cards, I alleged several issuers of anchored acclaim cards and asked them about their approval policies. Some were added accessible than others, but here’s what they said:

Citibank. It depends on the individual’s situation, said Sean Kevelighan, a Citi spokesman. He beneath to acknowledge the factors that it considers back authoritative acclaim decisions.

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(The Bucks’ clairvoyant said the coffer refunded her and her husband’s anchored deposit, accretion $1,000, and said it could not acquire their appliance because “a acclaim obligation accompanying to a defalcation or banking counseling plan was recorded on your acclaim agency report.” The clairvoyant said they had activated for the agenda about 10 months afterwards their debts were absolved in bankruptcy, admitting they connected to pay their apprentice loans, mortgage and auto loans during the six-month defalcation period. Her bedmate has been self-employed back January 2010, admitting she is not working. Citi looked into the bearings at our request, but beneath to say why the brace was denied.)

HSBC. Applicants who accommodate a aegis drop get approved, unless a accomplishments analysis with the acclaim bureaus turns up a alterity accompanying to the character of the applicant. Contempo bankruptcies do not accomplish you ineligible, and acclaim array are not a agency in the company’s decision.

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Capital One. If the courts acquire absolved your debts, an appellant would be anon acceptable for a anchored card. Capital One additionally considers the applicant’s adeptness to repay. “Our ambition is to accommodate reasonable admission to acclaim with the adapted guardrails in place,” said Sukhi Sahni, a backer for Capital One.

Bank of America. Generally speaking, applicants charge be out of defalcation for a year, and charge acquire addition accord with the bank, like a blockage account. Delinquencies on added accounts are additionally acceptable to aftereffect in a denial. “Over time, we would appetite to see that they authenticate the adeptness to administer their affairs responsibly because ultimately the ambition is to alum them to a nonsecured card,” said Betty Riess, a backer for Coffer of America.

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Wells Fargo. Applicants charge be out of defalcation for a year. The coffer additionally looks at a array of added factors, including FICO acclaim array and acquittal history. Wells Fargo alone issues acclaim cards to accepted coffer barter as a accepted policy.

U.S. Bank. The coffer beneath to comment.

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Have you approved to administer for a anchored card? What blazon of bearings were you in, and did you qualify?

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