(Closed) Missing cashier's check from credit card application

posted 5 years ago in Money
Post # 2
Member
1141 posts
Bumble bee
  • Wedding: May 2015

Wow… It kind of sounds like you applied for a weird credit card. For the record my very first credit card, I applied for with zero credit and had no problem getting approved for a $2000 limit. I got the Discover “it” card, which was an awesome card for me as a newbie because they had late payment forgiveness, and a 0% introductory period, so I could get use to making my payments on time and if I didnt pay it off 100% I wouldn’t get slapped with interest. It was a good card to learn on. As long as you are responsible and always remember to keep your card below 20% of its limit you will be fine with any credit card!

 

As far as the check is concerned, did you get the name of the person who helped you? I would bring your bank statement showing the $500 charge and the rejection notice as proof. I would just walk in and ask to speak directly with a manager. A cashier’s check would still be written in your name, so there is no way a teller could just pocket the money.

Post # 3
Member
9523 posts
Buzzing Beekeeper

That isn’t how credit cards work. You can get a high interest, low max card for free without a credit history… Prepaying is just weird. Especially taking monthly payments from you and you arent spending the money. weird weird weird. Yes. Talk to the bank, cancel this and try to get your money back

Post # 4
Member
543 posts
Busy bee
  • Wedding: August 2015

I dont understand why you had to put money onto it in the first place. No credit card i have needed that… thats the point of a credit card… its credit. Lol. 

I’d go into the bank. If you can see the same teller and their manager and explain it all over again and instist on a result. 

Post # 5
Member
2087 posts
Buzzing bee

I am actually surprised that you were declined because the teller wasnt totally wrong here, its almost impossible to get declined for a secured card. I think you’re going about it in the right way, as getting a credit card with a huge line of credit is often how a lot of people get into trouble. Dont get more than you think you can handle. 

Were both of the cashiers checks taken out on the same day? If I were you, I would go to the bank branch and talk with a manager. They should be able to track it down, or at least figure out what might have happened. The positive there being that they probably have the transaction on tape as evidence that you got two checks and not just one. 

Post # 6
Member
2087 posts
Buzzing bee

View original reply
jb2015:  A secured credit card is a good way to establish credit, or help your credit if your credit is bad. Since the OP has no credit and no actual income as student funds dont count as income, a secured card is a good way to get credit when you’d usually be declined. 

Basically you put money down as essentially a deposit. They hold it (usually for a year) and if you go in that time continuing to make payments and be in good standing, your deposit is returned to you and then its pretty much like a regular credit card.

Post # 7
Member
2087 posts
Buzzing bee

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theatrejulia:  That is how secured credit cards work. They’re good in situations when you need to establish credit but would normally be declined (like when you’re a student and dont have an actual income.)

Its not a prepaid card, its a deposit to prove to them that you can make payments in the way you’re supposed to. If you can stay in good standing during the allotted time period (usually a year) your deposit is returned to you. Its essentially a “no risk” card for them to offer to “high risk” applicants

Post # 8
Member
2010 posts
Buzzing bee

Are you sure it wasn’t a debit card form that you filled out? You don’t need to put money forward for a credit card because that would just defeat the purpose.

Go in, explain to them what happened, show them any documentation you have and make it clear that you have already tried to resolve it through their help number to no avail and if someone doesn’t tell you where your $250.00 is then you will be forced to make a formal complaint and consult your lawyer.

Post # 9
Member
2010 posts
Buzzing bee

View original reply
a_day_at_the_fair:  I’ve had a secured credit card before and my payslips and bank statements were enough to prove that I could make the payments (why else do you list your income and expenses)? Isn’t that the whole point of the application process? I’ve been with three different banks in the past and not once did they ask me to also put up money to prove I was good for it. It’s a bank…they already have all of my financial information.

Post # 10
Member
2087 posts
Buzzing bee

View original reply
Sukii:  You didnt have a secured credit card then. You had a regular credit card.

The point of a secured card is for those who are “high risk” applicants. Either you have bad credit, no credit, or no income that can be considered on an application for credit. You essentially dont have good “proof” you can pay your bills, which is often true for students who use school funds to pay bills. The deposit is simply there to secure the line of credit. It is returned to you once you prove to the creditor that you will pay on time. 

Post # 11
Member
9523 posts
Buzzing Beekeeper

View original reply
a_day_at_the_fair:  maybe times have changed since I was a college freshman with no collateral, no credit history  but was given a high interest discover card. From that card I was able to have credit to eventually buy my first new car. I still have it, the interest is relatively low, has a $0 balance and I still use it to build credit history. Never heard of a deposit for credit. I’m old.

Post # 12
Member
2087 posts
Buzzing bee

View original reply
theatrejulia:  I was the same. When I turned 18 I was approved for an extremely high limit, low interest credit card. I did what most 18 year olds do and maxed that shit out, and then fell behind on payments because I did more than I could afford. It ruined my credit before I was even old enough to realize all the things I’d need that credit for. 

Getting a secured card while I was in school was a great way to re-establish my credit. I didnt have a job as I was in school full time, and was living off the excess from my various loans and grants. That kind of money does not count as income, and combining that with my previous bad credit, there was no way anyone was giving me a credit card.

Secured cards arent a new concept, its just that most people don’t know about them until they need them. 

Post # 13
Member
2010 posts
Buzzing bee

View original reply
a_day_at_the_fair:  Secured just means having collateral. I was able to use my car as the collateral.

Post # 15
Member
2087 posts
Buzzing bee

View original reply
Sukii:  “A secured credit card uses money you place in a security deposit account as collateral. Your credit line is based on your income, ability to pay and the amount of your cash collateral deposit.”

If you found a bank willing to accept your car as collateral for a credit card then great for you, but thats not normally the case when it comes to secured cards. And you still provided collateral as evidence you’d pay outside of “your payslips and bank statements” so I’m not 100% what your argument is.

And in my own personal opinion, I’d rather make a deposit of $250 or $500 than risk my car, but whatever works for you I guess.

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