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Valued Contributor
Posts: 1,195
Registered: ‎12-13-2007
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Accept BOA Secured good or bad?

Still 50/50 on BOA Secured offer (turned down on unsecured!).

 

On one hand I can wait until my bad falls of Experian and re-apply, that costs me a pull for one thing.

 

If I take the secured, which I get will help me upgrade to unsecured if I pay well, will HAVING a secured card on my credit report negatively affect manual review?

 

My other option I was thinking of was saying to them, since my score was 700+ at the time they pulled, is that I am considering doing $300 on the secured, can they just do an unsecured for that amount?  Currentl lines I have range from $3k - $10k.

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Epic Contributor
Posts: 22,721
Registered: ‎10-23-2007

Re: Accept BOA Secured good or bad?

Have you called the back door number and talked to credit to see if they would reconsider the application for unsecured. your scores are pretty high for secured, but worst case it will help and will unsecure in 9-12 months.
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Regular Contributor
Posts: 172
Registered: ‎07-02-2008

Re: Accept BOA Secured good or bad?

I'm predicting the answer most people will say - yes, because it will be your last hard pull with them, any CLIs/product conversions can be done with softs. Just treat it well and it will unsecure (possibly with a big CLI) in 9 months. The BoA secured is like an investment, it just takes a little extra time.
Established Contributor
Posts: 993
Registered: ‎04-01-2008

Re: Accept BOA Secured good or bad?

And I'm sure you've read nothing but good things about BoA and how generous they are when growing with you!?!

 

 

 



1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

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Posts: 28,098
Registered: ‎04-01-2007
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Re: Accept BOA Secured good or bad?

[ Edited ]

nyccc2 wrote:

Still 50/50 on BOA Secured offer (turned down on unsecured!).

 

On one hand I can wait until my bad falls of Experian and re-apply, that costs me a pull for one thing.

 

If I take the secured, which I get will help me upgrade to unsecured if I pay well, will HAVING a secured card on my credit report negatively affect manual review?

 

My other option I was thinking of was saying to them, since my score was 700+ at the time they pulled, is that I am considering doing $300 on the secured, can they just do an unsecured for that amount?  Currently lines I have range from $3k - $10k.


I think that the only time that a secured card is a problem is if that is all you have, and I think I remember that you have others that are unsecured. There's another thread going by someone who has only 2 secured cards (plus a store card, I think) with very short history. My feeling about secured cards is that everyone has to start somewhere.

My one hesitation is that I think that you should deposit enough to get it to at least $1K, if you can. That $300 is going to look pretty peculiar compared to your other lines. Just a thought.

eta: but you should definitely call for a re-con with a credit analyst before deciding! They were a great help to me on a CLI that the computer couldn't authorize.
Message Edited by haulingthescoreup on 10-05-2008 03:35 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
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Re: Accept BOA Secured good or bad?

BOA Secured is good as gold. If they offer one, I would get it and take good care of the card. It is a card that will grow with you.

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