Credit Cards

[ohboy]

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

[concorduser]

Small purchases and pif is the best way.

[CanDoAttitude]

Super Congrats on the 99/500 card, ohboy!

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.

Once again, Congratulations on the 99/500 card!

CanDo

"The right attitude is everything"

[haulingthescoreup]

---

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.

[concorduser]

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.

[CanDoAttitude]

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.  

CanDo

"The right attitude is everything"

[mindbot7]

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.

[CanDoAttitude]

Hey mindbot,

Most people end up with $1,000 once the card

graduates to unsecured status.

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.

CanDo

"The right attitude is everything"

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

[mindbot7]

---

CanDoAttitude wrote:

Hey mindbot,

Most people end up with $1,000 once the card

graduates to unsecured status.

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.

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