By "prepaid", I meant secured card such as: https://www.capitalone.com/credit-cards/secured-mastercard/
Anybody recommend a bank?
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Nick1994
$100 site donor 2024
Originally Posted By: Ramblejam
Originally Posted By: Nick1994
I'm sick of Chase, have had them for over 6 years and I keep getting declined for large purchases, plenty of money in my account to buy them.
There has to be more to the story than that...oh, I see:
Originally Posted By: Nick1994
I'm in the midst of building up my credit, so my limit on my Bank of America credit card is only $400 currently.
I'm with Chase on this one; debit is direct access to your money. With credit, a fraudulent transaction sucks, but you take no immediate financial hit. Looking at the entire picture, it's very easy to see why they'd flag these purchases.
Why are you only getting $400 limit on one card?
Why aren't you using a prepaid credit card?
Why have you been using a debit card to make these large purchases (instead of straight-up cash)?
It's a secured credit card.
I had to order the TV, wasn't in stock.
I ordered the iPhone on release night, wouldn't have been able to get one for a long time if I didn't.
I get off work at 8pm and didn't have time to go withdraw $572 during the day for my purchase. Bank was closed after work too.
Originally Posted By: Nick1994
I'm sick of Chase, have had them for over 6 years and I keep getting declined for large purchases, plenty of money in my account to buy them.
There has to be more to the story than that...oh, I see:
Originally Posted By: Nick1994
I'm in the midst of building up my credit, so my limit on my Bank of America credit card is only $400 currently.
I'm with Chase on this one; debit is direct access to your money. With credit, a fraudulent transaction sucks, but you take no immediate financial hit. Looking at the entire picture, it's very easy to see why they'd flag these purchases.
Why are you only getting $400 limit on one card?
Why aren't you using a prepaid credit card?
Why have you been using a debit card to make these large purchases (instead of straight-up cash)?
It's a secured credit card.
I had to order the TV, wasn't in stock.
I ordered the iPhone on release night, wouldn't have been able to get one for a long time if I didn't.
I get off work at 8pm and didn't have time to go withdraw $572 during the day for my purchase. Bank was closed after work too.
I still get the feeling that you're not telling the whole story, Nick.
Only one secured card (with an absolutely rock-bottom limit), and yet you're buying a $1,300 TV and $1,000 Phone?
Having the disposable income for these purchases and only able to get one card with a $400 limit aren't congruent.
Again, unless you tell me what I'm missing here, I'm still with Chase on their decision.
Only one secured card (with an absolutely rock-bottom limit), and yet you're buying a $1,300 TV and $1,000 Phone?
Having the disposable income for these purchases and only able to get one card with a $400 limit aren't congruent.
Again, unless you tell me what I'm missing here, I'm still with Chase on their decision.
Nick1994
$100 site donor 2024
Originally Posted By: Ramblejam
I still get the feeling that you're not telling the whole story, Nick.
Only one secured card (with an absolutely rock-bottom limit), and yet you're buying a $1,300 TV and $1,000 Phone?
Having the disposable income for these purchases and only able to get one card with a $400 limit aren't congruent.
Again, unless you tell me what I'm missing here, I'm still with Chase on their decision.
I guess the only thing I'm leaving out is the TV was for a family member who had me order it for them because their debit card expired, they wrote me a check on the spot. Not sure how that's relevant.
I just turned 22 years old, and got my secured credit card in July. First time I've ever tried to build credit. Maybe you don't know how secured credit cards work. It's basically a deposit, and I'm borrowing off of it for like 6 months and then the bank will give me a real credit card with a higher limit once I build some credit. I could have offered more for the deposit and I can still raise it. Might do that.
Literally no credit until then. Got to start somehow.
I still get the feeling that you're not telling the whole story, Nick.
Only one secured card (with an absolutely rock-bottom limit), and yet you're buying a $1,300 TV and $1,000 Phone?
Having the disposable income for these purchases and only able to get one card with a $400 limit aren't congruent.
Again, unless you tell me what I'm missing here, I'm still with Chase on their decision.
I guess the only thing I'm leaving out is the TV was for a family member who had me order it for them because their debit card expired, they wrote me a check on the spot. Not sure how that's relevant.
I just turned 22 years old, and got my secured credit card in July. First time I've ever tried to build credit. Maybe you don't know how secured credit cards work. It's basically a deposit, and I'm borrowing off of it for like 6 months and then the bank will give me a real credit card with a higher limit once I build some credit. I could have offered more for the deposit and I can still raise it. Might do that.
Literally no credit until then. Got to start somehow.
It's relevant because, again...you're buying big-ticket items that are commonly purchased fraudulently. On top of that, you have no credit, and are buying them with debit (directly access to your money/account), and they're likely a good % of the total account balance. All in all, it trips several factors in their automated fraud detection process.
As for credit...I understand secured cards; BoA requires a $300 deposit, so they're literally giving you no credit.
Are you taking advantage of any service like Credit Karma?
As for credit...I understand secured cards; BoA requires a $300 deposit, so they're literally giving you no credit.
Are you taking advantage of any service like Credit Karma?
Nick1994
$100 site donor 2024
Yup I checked my credit with credit karma earlier this year
Originally Posted By: Nick1994
Yup I checked my credit with credit karma earlier this year
If you're just getting a score there, you're not taking advantage of it. Look at all the card offers, read the reviews, and apply. Start using credit responsibly (stop using debit), and you'll quickly build a history/increase total limit.
BoA secured reports to the three bureaus, so I'd be willing to bet you can get a normal credit card with a good limit (far above $400) right now.
Yup I checked my credit with credit karma earlier this year
If you're just getting a score there, you're not taking advantage of it. Look at all the card offers, read the reviews, and apply. Start using credit responsibly (stop using debit), and you'll quickly build a history/increase total limit.
BoA secured reports to the three bureaus, so I'd be willing to bet you can get a normal credit card with a good limit (far above $400) right now.
4WD
$50 site donor 2024
Called BOA 800 number on my Visa card today. A human answered. A nice human. A smart human.
A human that was in no hurry and took care of my needs.
PS: said she was in Maine ...
A human that was in no hurry and took care of my needs.
PS: said she was in Maine ...
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Originally Posted By: Nick1994
I have a Bank of America credit card, thinking of opening a checking and savings with them too. I'd like to stay with a large bank so I can use their ATMs all over and be able to go to lots of branches. So a credit union probably won't work.
Anybody have any recommendations on a good bank? Thanks.
Our previous credit union would refund $5 or so a month in ATM fees. In addition most CU's are part of a CU network where if you use another CU there is no surcharge. Our new credit union doesn't waive the fees but they have branches nearly everywhere local and you can always use debit at the store and get cash back. If I need $ in a hurry I just got to a store and buy a soda or something I need and use debit and get $$ back.
I'd much rather use a local CU than any major bank.
I have a Bank of America credit card, thinking of opening a checking and savings with them too. I'd like to stay with a large bank so I can use their ATMs all over and be able to go to lots of branches. So a credit union probably won't work.
Anybody have any recommendations on a good bank? Thanks.
Our previous credit union would refund $5 or so a month in ATM fees. In addition most CU's are part of a CU network where if you use another CU there is no surcharge. Our new credit union doesn't waive the fees but they have branches nearly everywhere local and you can always use debit at the store and get cash back. If I need $ in a hurry I just got to a store and buy a soda or something I need and use debit and get $$ back.
I'd much rather use a local CU than any major bank.
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