Hello myFicos,
When I log into my B of A checking account I have a message telling me that I'm preselected for a secured credit card. APR 20.99 - $39.00 annual fee.
Does anyone know what B of A means by "preselected"? Will they do a hard pull if I apply? Have they done a soft pull and determined that my credit score and credit factors are sufficient? I don't want to risk a denial right now ... any help appreciated.
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TU = 709 EQ = 710 EX = No Score
5 month credit history
No negatives
No late payments
14 inquires (EX) 3 inquires (TU) 1 inquire (EQ)
Utilization = 2%
5 accounts:
OpenSky secured 500.00
First Choice secured 400.00
Cap One secured 200.00
J Crew 1000.00
William Sonoma Visa 2000.00
OP - are those actual FICO scores you put up there? Your credit history is only 5 months - if you just keep those scores where they are or higher and wait a month or two, you should have absolutely NO problem getting a real unsecured credit card!
@Anonymous wrote:
Honestly, I wouldn't do it. I would say you're Approval is pretty much guaranteed but can't say if it's a SP or HP.
I definitely wouldn't do BofA's Secured card, it comes with an Annual Fee and it's not the greatest.
If you're looking for a good Secured card I would highly recommend Discover. I got a Secured card through them and it graduated to unsecured at 7 months. On top of that they let you earn CashBack on your purchases which most Secured cards don't, then at the end of your first year with them they double all the CashBack you've earned. Discover > BofA Secured any day.
The Boa secured card isn't bad it graduates in 6-9 months OP would have a unsecured card and he could hit em up for a CLI right after.
Bigpoppa - With a $40 annual fee due right away it's bad. This card earns no rewards at all, and:
"Deposit return
After 12 months, your account may be reviewed and, based on your overall credit history, you may qualify to have your security deposit returned while you continue to use your card. Some customers may not qualify after 12 months."
https://www.bankofamerica.com/credit-cards/products/secured-credit-card/
Compare that to Discover's Secured card which can Graduate at 7 months, has NO Annual Fee, earns rewards, AND Doubles all the CashBack you've earned in your first year with them.
Comparing the two it's a no brainer.
"Deposit return
After 12 months, your account may be reviewed and, based on your overall credit history, you may qualify to have your security deposit returned while you continue to use your card. Some customers may not qualify after 12 months."
https://www.bankofamerica.com/credit-cards/products/secured-credit-card/
Compare that to Discover's Secured card which can Graduate at 7 months, has NO Annual Fee, earns rewards, AND Doubles all the CashBack you've earned in your first year with them.
Comparing the two it's a no brainer.