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Contributor
Posts: 80
Registered: ‎02-16-2011
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App'd for BofA americard and was countered with secured?

I have app'd for bofa secured april of 2010 and was denied for a bk on file.  Since that bk has fallen off I decided to app for the unsecured americard.  Well I was denied for that, however they countered with the secured card with a $39 AF.  They said if I put a $99 deposit I would get a $500 CL.  So I put in my info to have the $99 taken out of my checking and it brought me to the last page that stated "If I was approved I would receive my card within 7-10 days."  I'm confused... Does it sound like I'm approved or not?


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Regular Contributor
Posts: 219
Registered: ‎06-17-2011
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Re: App'd for BofA americard and was countered with secured?

I believe they always take the security deposit beofre final approval so I wouldnt read into it. Since they offered you the card in response to their denial it is highly likely that you wil be approved (assuming no major changes in the cr). You can call the backdoor number for secured cards and they should be able to tell you. Enjoy your new card. I had the bank americard secured visa at one time. It has subsequently been PC to the accelerated rewards AMEX with a 22K credit line. There is hope!

Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
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Re: App'd for BofA americard and was countered with secured?

It is a very good offer. I would say take it. After 12 months they will unsecure your account and refund deposit and give credit limit increases. I have the same card started with $500 CL and now it is at $8000 CL.

Contributor
Posts: 80
Registered: ‎02-16-2011
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Re: App'd for BofA americard and was countered with secured?

Checking acct was debited $99 this morning... Guess this means I'm approved?!?!?!?

Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
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Re: App'd for BofA americard and was countered with secured?


Seatown1two wrote:
Checking acct was debited $99 this morning... Guess this means I'm approved?!?!?!?

Probably yes. They might pull your cr 2-3 times before the card issued. At least they did for me. Dont get up tight about it. It is a very good card to start with. If you maintain good use / payment history with them for 12 months they will unsecure your card and give you generous credit limit increases.

Established Member
Posts: 34
Registered: ‎08-22-2011
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Re: App'd for BofA americard and was countered with secured?

i was at a branch fixing a problem i had with the app two days ago and he said when they debit your account, the card should be in the mail.

Contributor
Posts: 298
Registered: ‎08-16-2011
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Re: App'd for BofA americard and was countered with secured?

They approved me and then I got a denial letter in the mail on my card. I called and they confirmed that I was approved. Just called. Their CSR are actually pretty good.


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Posts: 80
Registered: ‎02-16-2011
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Re: App'd for BofA americard and was countered with secured?

[ Edited ]

Just called, I had to know for sure whether or not I was approved.  Turns out I was, with a $500 CL.  Couple questions for those that have this card.  Does it report to the CRA's as a secured card and if so does it make a difference?  Second, after 1 year of on time payments is it guaranteed to gradutate to an unsecured card with a CLI?


Starting Score: 593 EQ
Current Score: EQ 663 TU 675 pulled here 5/13/13, EX 640, lender pulled 2/25/13
Goal Score: 800


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Contributor
Posts: 298
Registered: ‎08-16-2011
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Re: App'd for BofA americard and was countered with secured?

[ Edited ]

 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.


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
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Re: App'd for BofA americard and was countered with secured?


Seatown1two wrote:

Just called, I had to know for sure whether or not I was approved.  Turns out I was, with a $500 CL.  Couple questions for those that have this card.  Does it report to the CRA's as a secured card and if so does it make a difference?  Second, after 1 year of on time payments is it guaranteed to gradutate to an unsecured card with a CLI?


It is pretty much guaranteed if you maintain good credit with them and other creditors. They do pull another report before they graduate your card. If you have maintained good credit, it is pretty much guaranteed.

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