topic Re: BOA Secured Card as counter offer? in Credit Cards

BOA Secured Card as counter offer?

jordanmedical — Sun, 17 Jun 2012 04:35:43 GMT

I've heard that when you get declined for a BOA CC, they counter offer you for the secured card for $99 for a $500 cl. Has this happened for anyone here? I'm curious to see if this always the case.

Re: BOA Secured Card as counter offer?

llecs — Sun, 17 Jun 2012 05:18:59 GMT

It's not always the case, but it does happen from time to time.

Re: BOA Secured Card as counter offer?

jordanmedical — Sun, 17 Jun 2012 05:33:14 GMT

If this has happened to anyone here, did you have a prev relationship with boa? What was your score at the time? Which CRA did they pull?

Re: BOA Secured Card as counter offer?

-Cain- — Sun, 17 Jun 2012 05:46:22 GMT

BofA usually pulls EX at app time, possibly TU to supplement. Then they usually pull TU for CLI. That's been my experience from Cali., and others on the board have had similar experiences.

Re: BOA Secured Card as counter offer?

llecs — Sun, 17 Jun 2012 07:18:20 GMT

This is going on yrs ago, but I had a 2-3 month checking and savings relationship when countered with the 99/500. Org. opened the accounts to get a fully secured, but denied with an EX FICO at 550 or so. Improved scores and 3 months later tried for a CC w/ EX FICO at 650-660. Denied but countered. I actually applied for two CCs at once and got two 99/500 offers at once. I accepted the one I wanted first and got the CC. At the deadline date, I tried for the second, but was denied due to having the first. BTW, it'll be 2 inquiries...one for the unsecured and one for the 99/500 (they'll re-run it).

Re: BOA Secured Card as counter offer?

jordanmedical — Sun, 17 Jun 2012 07:25:02 GMT

Wow thats a high score to only get offerred a secured cc. I would think you would have qualified for an unsecured with that score.

Re: BOA Secured Card as counter offer?

llecs — Sun, 17 Jun 2012 07:32:33 GMT

jordanmedical wrote:
Wow thats a high score to only get offerred a secured cc. I would think you would have qualified for an unsecured with that score.

Probably...

I was in my very early days after learning this credit stuff. I did have over 30 inquiries on EX at the time and about as much on EQ. The only open credit I had, aside from 2 car notes, were 3-4 reporting CCs and those were under 3 months old. Baddies too. Had I not gone credit crazy early on, then maybe I could have qualified for much better.

Re: BOA Secured Card as counter offer?

BrokaToe — Sun, 17 Jun 2012 17:14:42 GMT

I was just recently countered the 99/500 card back in the first of May this year. And I accepted of course :)

I originally applied for the Cash Rewards Signature card and they countered the same rewards card but with the secured 99/500 deal. I've been banking with them and have a Checking and Savings account since 2008. My EX score was around 660 at the time with two collections on it, one was school loans. The other was a medical bill around 1,800 balance. They did pull EX for the initial Signature card app, and then pulled it again for the 99/500 deal. The requirements for this offer seem to be pretty high, but it's well worth it IMO. There's a $39 AF, but I've almost paid for that already in cash back rewards in less than 2 months. The rest will all be bonus, so I've been very pleased with this card. YMMV of course.

Edit: Forgot to mention, that the graduation in 12 months for this card seems to be very consistant with folks that PIF and treat the card right. Usually come with an increase to $1K credit line, if you've not secured it up to that amount already.

Re: BOA Secured Card as counter offer?

jordanmedical — Sun, 17 Jun 2012 19:02:08 GMT

I'm just shocked to see how high the requirements are. I think I'll stick with my NFCU and Cap 1 secured.

Re: BOA Secured Card as counter offer?

rootpooty — Sun, 17 Jun 2012 20:08:41 GMT

They are more for building rather rebuilding. They denied me fully secured card with one baddie. I had to call for recon just because I didn't want to eat the inquiry. You could always add a unsecured CC from NFCU 6 mos from now once you shown history with them that way you have 3 trade lines going. That's what i did I'm happy with it for now

Re: BOA Secured Card as counter offer?

xlr8d — Sun, 17 Jun 2012 20:40:01 GMT

I applied for the regular bankAmericard last year and was denied but counteroffered a secured card.

I put down 1k and when my card unsecured earlier this year it stayed at 1k. Dude on the phone said to try for a CLI at 6 mos

Re: BOA Secured Card as counter offer?

jordanmedical — Sun, 17 Jun 2012 21:21:10 GMT

I think that's what I'll do, rootpooty. I think I'll just continue to add to my NFCU and my Cap1 Secured and use those to help me rebuild.

Re: BOA Secured Card as counter offer?

Revelate — Mon, 18 Jun 2012 02:18:32 GMT

llecs wrote:
jordanmedical wrote:
Wow thats a high score to only get offerred a secured cc. I would think you would have qualified for an unsecured with that score.
Probably...

I was in my very early days after learning this credit stuff. I did have over 30 inquiries on EX at the time and about as much on EQ. The only open credit I had, aside from 2 car notes, were 3-4 reporting CCs and those were under 3 months old. Baddies too. Had I not gone credit crazy early on, then maybe I could have qualified for much better.

Years ago the underwriting requirements were completely different than what they are today (more strict for all lenders if I have illecs' timeline correct). You can't read everything into this Jordan, though I suspect the fully secured route would be the way to go for BOFA regardless in your situation (from other thread).