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App'd for BofA americard and was countered with secured?

Valued Contributor

Re: App'd for BofA americard and was countered with secured?

Congratulations, I am surprised that BOA is still handing out this type of secured cc with only the $99.00 deposit, this bank seems to be much stricter nowadays with issuing out the secured cards, best of luck,  you made a good choice with taking this card it will grow with you. 


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
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Message 11 of 15
Established Contributor

Re: App'd for BofA americard and was countered with secured?ecured

secured cards are at the top of the marketing/advertising campaign right now. They are really trying to grow their credit card business and thats why they are being agressive with the secured cards at the moment

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01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
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Message 12 of 15
Regular Contributor

Re: App'd for BofA americard and was countered with secured?


Pacman2012 wrote:

 My CR shows a Bank of Americard Cash Rewards Visa (doesnt mention the secured part) and the banker told me as long as you keep your payment history good and util low (3-9%) its next to guaranteed.


How did you get a secured rewards card?  I want that!!!  Do tell... Smiley Wink

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Message 13 of 15
Highlighted
Frequent Contributor

Re: App'd for BofA americard and was countered with secured?

At the bank I work for, I've pulled people's credit before when they had this specific card. The report shows it notated as a Secured Credit Card, both as account type and under the comments left by the creditor.

 

So yes, they do report as secured.

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.
Message 14 of 15
Contributor

Re: App'd for BofA americard and was countered with secured?


Seatown1two wrote:

Pacman2012 wrote:

 My CR shows a Bank of Americard Cash Rewards Visa (doesnt mention the secured part) and the banker told me as long as you keep your payment history good and util low (3-9%) its next to guaranteed.


How did you get a secured rewards card?  I want that!!!  Do tell... Smiley Wink


The banker suggested it! lol I really didnt care because with a $300 limit there's really not much rewards to be had but I guess you just ask for it.


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Message 15 of 15