What does “low secured debt obligation” mean?
It means that they are saying you don’t have enough credit history showing responsibility with a significant amount of secured debt, such as a home loan, car loan, or a loan backed by some type of significant collateral. It seems that you are applying for a card that is not suited to your credit history. Apply for a credit card that caters to people with limited or marginal credit history, such as Orchard Bank (HSBC), First Premier, or Capital One. In fact, if you go to HSBCs web site, they’ll help you customize a credit card on the spot to give you a better chance of being approved before you even apply. Also, applying for credit cards willy-nilly or repeatedly a “zillion” times when you are not positive you will receive them is very damaging to your credit. Each inquiry drops your score about 5 to 8 points, so don’t apply unless you know you will get the card.
