From the west side to the east side…

I’m all done on in Denver for now and I arrived back in PA on Thursday night. My CR-V was still waiting for me as well as a stack of mail!

 One surprise piece of mail was my denial for a Wells Fargo secured Visa card. I don’t understand how a bank can deny someone for a secured visa card when they are carrying no risk or liability. For those who don’t know, secured visa cards work in the following manner.

When applying for a secured visa card, you supply the bank with a check for the amount of money you want as your spending limit. The bank will then cash your check and place it in a holding account. You then receive the credit card and you can use it just like a standard visa. If for some reason if you don’t pay, the bank will close the card and pay off any remaining funds from the initial security deposit. They will also leave a note saying that you have been a bad buddy on your credit report which will have adverse effects any time you want to get credit.

So where’s the risk? The bank only stands to make money with a secured visa…