Approved for a secured BOA cc??

[Anonymous]

I have been kicking myself for almost 10 days now for apping with Bank of America after reading all of the posts on here and other places about people being people denied their secured card.  I just checked my bank account and saw where they took out the funds for the deposit so I'm guessing I was approved.  I thought I would share my info just for a fyi for anybody with bad credit that has thought about apping with them but has been diswayed from other reviews.

I have 6 collection accounts totaling about 6000.  Newest ca is about two years old.  I have a Wells Fargo secured card for last six months always paid on time with about 90% uti on the card for the last two months.  This is my only positive tradeline.  As you can see at the moment my credit scores are in the mid 500's and I was approved.  This card is not just for people starting out with credit or for people that are on the upward swing of improving there credit.  If you have thought about trying out this card to help rebuild your credit then give it a shot. 

My appologies to the mods if I should have posted this in the rebuilding forum.....take care people.

[Juan123]

just a question.. why'd you apply for a 2nd secured card instead of adding the money to your WF card?

[Anonymous]

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@Juan123 wrote:

just a question.. why'd you apply for a 2nd secured card instead of adding the money to your WF card?

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I have read that you see a quicker score boost with having two or three open revolving accounts as opposed to one.  I don't know if it's true or not but I will find out I guess.  I do add to my WF account balance about every three months and will do the same for the BOA.    

[Wolf3]

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@Anonymous wrote:

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@Juan123 wrote:

just a question.. why'd you apply for a 2nd secured card instead of adding the money to your WF card?

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I have read that you see a quicker score boost with having two or three open revolving accounts as opposed to one.  I don't know if it's true or not but I will find out I guess.  I do add to my WF account balance about every three months and will do the same for the BOA.    

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I rebuilt with 3 secured cards, but I now think 2 with larger deposits is better than 3.

[Anonymous]

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@Anonymous wrote:

I have 6 collection accounts totaling about 6000.  Newest ca is about two years old.  I have a Wells Fargo secured card for last six months always paid on time with about 90% uti on the card for the last two months.  This is my only positive tradeline.  As you can see at the moment my credit scores are in the mid 500's and I was approved.  This card is not just for people starting out with credit or for people that are on the upward swing of improving there credit.  If you have thought about trying out this card to help rebuild your credit then give it a shot. 

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I'd go as far as to say that the card is NOT for people starting out with credit. The first time I applied for the card they denied me for insufficient credit history. Yes, on a secured card. When I asked them how that made any sense - since the whole reason I was getting a secured card was to establish credit history - they really had no answer.

With the way BofA has been acting recently, I wouldn't recommend anyone apply for their (secured or otherwise) cards anyway.

[Anonymous]

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@Wolf3 wrote:

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@Anonymous wrote:

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@Juan123 wrote:

just a question.. why'd you apply for a 2nd secured card instead of adding the money to your WF card?

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I have read that you see a quicker score boost with having two or three open revolving accounts as opposed to one.  I don't know if it's true or not but I will find out I guess.  I do add to my WF account balance about every three months and will do the same for the BOA.    

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I rebuilt with 3 secured cards, but I now think 2 with larger deposits is better than 3.

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Yeah I think 2 cards is enough.  Next card will be unsecured and I won't be apping for another year.

[Revelate]

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@Anonymous wrote:

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@Anonymous wrote:

I have 6 collection accounts totaling about 6000.  Newest ca is about two years old.  I have a Wells Fargo secured card for last six months always paid on time with about 90% uti on the card for the last two months.  This is my only positive tradeline.  As you can see at the moment my credit scores are in the mid 500's and I was approved.  This card is not just for people starting out with credit or for people that are on the upward swing of improving there credit.  If you have thought about trying out this card to help rebuild your credit then give it a shot. 

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I'd go as far as to say that the card is NOT for people starting out with credit. The first time I applied for the card they denied me for insufficient credit history. Yes, on a secured card. When I asked them how that made any sense - since the whole reason I was getting a secured card was to establish credit history - they really had no answer.

With the way BofA has been acting recently, I wouldn't recommend anyone apply for their (secured or otherwise) cards anyway.

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BOFA earns some righteous criticism; however, they still have one of the best secured products out there: until they change their graduation policies, it's very hard to beat that + their online interface combined.

I've never had trouble being approved for their secured products with no positive credit history, and a bunch of derogatories.  Granted I've had a checking account with them for more than a decade, and I've had previous secured cards, but even after they closed one of my cards for a 30/60 day late (my own fault admittedly), two unresolved tax liens, and an unpaid collection, and not a single postive tradeline, they still approved me for one in Oct. of last year.

[Anonymous]

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@Anonymous wrote:

I have been kicking myself for almost 10 days now for apping with Bank of America after reading all of the posts on here and other places about people being people denied their secured card.  I just checked my bank account and saw where they took out the funds for the deposit so I'm guessing I was approved.  I thought I would share my info just for a fyi for anybody with bad credit that has thought about apping with them but has been diswayed from other reviews.

I have 6 collection accounts totaling about 6000.  Newest ca is about two years old.  I have a Wells Fargo secured card for last six months always paid on time with about 90% uti on the card for the last two months.  This is my only positive tradeline.  As you can see at the moment my credit scores are in the mid 500's and I was approved.  This card is not just for people starting out with credit or for people that are on the upward swing of improving there credit.  If you have thought about trying out this card to help rebuild your credit then give it a shot. 

My appologies to the mods if I should have posted this in the rebuilding forum.....take care people.

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Oh, you're in for a real treat. Hang on for Mr. Toad's Wild Ride! 

They closed my secured card for no reason and without warning, check out my post if you'd like http://ficoforums.myfico.com/t5/Credit-Cards/I-HATE-BANK-OF-AMERICA/td-p/1244461

[RyVision]

There is no doubt BoA (The BoA Constrictor) has it's good as well as it's bad points (I've seen some of both).  It's also VERy much YMMV with BoA and it's current "wonkiness" (that's my new word for some reason, it means more than "iffy" lol). 

Some (of all ranges of credit and history etc) will have horrible luck while others will have awesome tales to tell with BoA.  I'm probably keeping my "mini" BOA500 with the AF just to see what happens with it  (like I posted elsewhere, it's old and there's a 1 in a 10,000 chance it could get moved to a different bank or BoA might eventually get over  it's "wonky" stage).

I still wouldn't tell anyone to apply with them for now even if they loved the idea of BoA etc.  Nor would I tell anyone to drop them if they were happy with them so far.  Just to be prepared for "wonky" in case  

[Anonymous]

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@Anonymous wrote:

I have been kicking myself for almost 10 days now for apping with Bank of America after reading all of the posts on here and other places about people being people denied their secured card.  I just checked my bank account and saw where they took out the funds for the deposit so I'm guessing I was approved.  I thought I would share my info just for a fyi for anybody with bad credit that has thought about apping with them but has been diswayed from other reviews.

I have 6 collection accounts totaling about 6000.  Newest ca is about two years old.  I have a Wells Fargo secured card for last six months always paid on time with about 90% uti on the card for the last two months.  This is my only positive tradeline.  As you can see at the moment my credit scores are in the mid 500's and I was approved.  This card is not just for people starting out with credit or for people that are on the upward swing of improving there credit.  If you have thought about trying out this card to help rebuild your credit then give it a shot. 

My appologies to the mods if I should have posted this in the rebuilding forum.....take care people.

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Do you plan on getting those CAs taken care of? I think this can/will inhibit secured card graduation, and obtaining any unsecured credit. Bank of America saw me as a credit risk due to having too many accounts in good standing on my CR....so I wish you luck....godspeed....