Reply
Regular Contributor
ohboy
Posts: 174
Registered: ‎03-26-2007
0

B of A Secured Card 99/500

hello all
 
Finally recieved a cc from B of A, happy i got in the door
 
I recieved it today, last month I opened a Checking and saving withn them,
 
I have gottened denied for a CC, they gave me that one, By the way iI did take a hard hit again for it
 
Just a question, I kind of sock drawer the CC i do not use
 
lets say if i only use it once every 6 month or just once  for small purchases, pay before it reports to
 
the CRA,  will they unsecure the card or just take it back for being inactive
 
 
thxs all
 
 
 
 
 
 
Super Contributor
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: B of A Secured Card 99/500

Small purchases and pif is the best way.
Established Contributor
CanDoAttitude
Posts: 878
Registered: ‎04-08-2008
0

Re: B of A Secured Card 99/500

Super Congrats on the 99/500 card, ohboy! :smileyhappy:
 
I agree with concorduser. Go to Starbucks every once in a while
and then PIF the balance. The decisionmakers at BofA are looking
at how well you manage the card, so by keeping your balances low
and paying in full you can accelerate the graduation of that card to
unsecured status in about 8-9 months. Once it goes unsecured
the sky's the limit for you. :smileyhappy:
 
Once again, Congratulations on the 99/500 card! :smileyvery-happy:
 
 
CanDo
 
"The right attitude is everything"
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: B of A Secured Card 99/500


ohboy wrote:

hello all

Finally recieved a cc from B of A, happy i got in the door

I recieved it today, last month I opened a Checking and saving withn them,

I have gottened denied for a CC, they gave me that one, By the way iI did take a hard hit again for it

Just a question, I kind of sock drawer the CC i do not use

lets say if i only use it once every 6 month or just once for small purchases, pay before it reports to the CRA, will they unsecure the card or just take it back for being inactive

thxs all



I'd be bold and use it more than that! Almost anything that you normally pay for with cash or check or debit card can be paid for with the CC. You don't have to worry about under 10% or PIF'ing until statement time, if you want to do this.

BofA is a good company to grow with, and if you show that you appreciate them (by using the card) and are responsible with your credit (by paying it promptly), you will be setting up a good relationship for the future. Naturally you want to stay in your comfort area, but you can pay your account weekly to make sure that you stay on top of it.

I don't think that you have to worry about them canceling the card, but by sock-drawering it, you might be losing out on a good growth opportunity. At a minimum, put a tank of gas on it each month. The way that gas is running, that will keep it ticking over nicely. :smileytongue:
* 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
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: B of A Secured Card 99/500

I would not let more than 10% of the CL report to CRA's. It will drop your scores. I would not go more than $200 on a card with $500 CL. If you do them come back and say high balances and usage. If it is me I would play it safe, since you have very good chance your card will become unsecure in 9 months and you'll get higer CL after that.
Established Contributor
CanDoAttitude
Posts: 878
Registered: ‎04-08-2008
0

Re: B of A Secured Card 99/500

I'd like to echo those comments, but with slightly different words:
 
Getting a partially or fully secured credit card is like getting a brand
new bike with training wheels. The wheels can come off in 9 months,
but only if you prove that you can handle yourself without falling off.
In this case, "falling off" is using too much of your credit limit.
 
Whatever habits you develop while the card is secured will most likely
stay in place once the card graduates to unsecured status. So play it
safe, keep the balances < 10% and PIF each month.  :smileyhappy:
 
 
CanDo
 
"The right attitude is everything"
Valued Member
mindbot7
Posts: 41
Registered: ‎06-13-2008
0

Re: B of A Secured Card 99/500

What the average of CLI you`ll get after unsecuring the 99/500 secured card? and
do you have the option to ask how much you want? or you`ll get what they wanna give you.
Established Contributor
CanDoAttitude
Posts: 878
Registered: ‎04-08-2008
0

Re: B of A Secured Card 99/500

[ Edited ]
Hey mindbot, :smileyhappy:
 
Most people end up with $1,000 once the card
graduates to unsecured status. :smileyhappy:
 
Several folks who've had the card have reported CLI's
of up to $10,000 within 12-18 months after the card goes
unsecured. So as you can see, BofA is very generous if
you take care of the card.
 
Hope this helps. :smileyhappy:
 
 
CanDo
 
"The right attitude is everything"


Message Edited by CanDoAttitude on 06-18-2008 12:43 PM
Valued Member
mindbot7
Posts: 41
Registered: ‎06-13-2008
0

Re: B of A Secured Card 99/500


CanDoAttitude wrote:
Hey mindbot, :smileyhappy:
 
Most people end up with $1,000 once the card
graduates to unsecured status. :smileyhappy:
 
Several folks who've had the card have reported CLI's
of up to $10,000 within 12-18 months after the card goes
unsecured. So as you can see, BofA is very generous if
you take care of the card.
 
Hope this helps. :smileyhappy:
 
 
CanDo
 
"The right attitude is everything"


Message Edited by CanDoAttitude on 06-18-2008 12:43 PM




That is so helpful actually, I am getting my 99/500 unsecured soon.
Then i`ll love the LUV button :smileywink:

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}