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B of A Secured Card questions?

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IWOL
Established Contributor

B of A Secured Card questions?

For those of you who have the B of A Secured card I have a few questions:

 

I just called to have the 1-2-3 rewards added to the card and they told me that it would actually be a PC and that I would receive a new card with a new number. They said that the history would be transfered to the new card in terms of reporting. I was wondering if this would have any effect on the possible "graduation" date. Will it be reset to the date of the opening of the new card?

 

Also I asked the CSR if adding funds to the card to increase the limit would be a hard pull. She put me on hold and came back and said it would not be a hard pull. I told her that I had read in many places that it is always a hard pull. She assured me again that she had just checked with her supervisor and it is not a hard pull?

 

I was also wondering what peoples experience is in terms of the credit limit given after the card is unsecured. From what I have read from other posts here it does not seem to be very consistent.

 

My limit/deposit right now is $500. When I become eligible for "graduation" I dont want to get the unsecured card with a toy limit of $500, so I was thinking about bumping it up to the max of $4900.  I have had the card for 5 months now and I run about $1500 through it every month, so I make around 6 or 7 payments a month.

 

I would assume that when the card is reviewed for graduation they may look at spending pattern to determine the credit limit. Anoyne out there that had the card garduate when they had the max deposit and then have them lower the limit upon unsecuring?

 

Trying to figure out the best thing to do in terms of the limit now as well as the best spending pattern to garner a high limit when it comes time to unsecure.

 

Wish I new that the 1-2-3 rewards could be added to the secured card before.

 


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2 REPLIES 2
QAMngrGirl
Frequent Contributor

Re: B of A Secured Card questions?

Is your credit limit strictly your credit limit? I had the $99 deposit/$500 initial credit limit card, it unsecured right under a year. I didn't PC it until after that, only because I didn't know I could prior. Unsecured the limit went from $500 to $1K, I put around 300.00 a month through it (and PIF), if that helps

Message 2 of 3
BrokaToe
Established Contributor

Re: B of A Secured Card questions?


@IWOL wrote:

For those of you who have the B of A Secured card I have a few questions:

 

I just called to have the 1-2-3 rewards added to the card and they told me that it would actually be a PC and that I would receive a new card with a new number. They said that the history would be transfered to the new card in terms of reporting. I was wondering if this would have any effect on the possible "graduation" date. Will it be reset to the date of the opening of the new card?

 

This I don't know for certain, but I would assume if it's keeping the history, then the graduation date shouldn't change. Although they tend to graduate anywhere between 9-12 months. I think a few have even seen it happen sooner.  I had the 99/500 card and mine unsecured automatically after my 9th statement, I didn't even have to call.

 

Also I asked the CSR if adding funds to the card to increase the limit would be a hard pull. She put me on hold and came back and said it would not be a hard pull. I told her that I had read in many places that it is always a hard pull. She assured me again that she had just checked with her supervisor and it is not a hard pull?

 

I don't have experience with adding more secured credit line, I kept mine at the $500 limit the whole time.

 

I was also wondering what peoples experience is in terms of the credit limit given after the card is unsecured. From what I have read from other posts here it does not seem to be very consistent.

 

My limit/deposit right now is $500. When I become eligible for "graduation" I dont want to get the unsecured card with a toy limit of $500, so I was thinking about bumping it up to the max of $4900.  I have had the card for 5 months now and I run about $1500 through it every month, so I make around 6 or 7 payments a month.

 

Like I said, I left mine at the $500 initial limit for the whole 9 months, and when it unsecured, I was given an auto increase up to $2000. I ran close to $800 a month through the card for those 9 months and never carried a balance always paid in full each month. I actually made on average 3 sometimes 4 payments a month on it.

 

I would assume that when the card is reviewed for graduation they may look at spending pattern to determine the credit limit. Anoyne out there that had the card garduate when they had the max deposit and then have them lower the limit upon unsecuring?

 

Trying to figure out the best thing to do in terms of the limit now as well as the best spending pattern to garner a high limit when it comes time to unsecure.

 

Wish I new that the 1-2-3 rewards could be added to the secured card before.

 


 


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