Thanks Fretless! I was debating whether to apply for a second secured card and deposit a higher amount. Though interestingly I am an AU for another card with a $14K limit (also always PIF >10% utilization.)
I had a BoA fully secured card that unsecured and remained at the same 2k limit that I had while secured. As a matter of fact, it stayed that way until I got my credit scores into the mid-600s, and was able to do a product change to a new card. Then, things took off. My limit is now 7k.
I would suggest that you keep using the card, PIFing, and get your scores above 600, then request a product change. I think you'll see a world of difference in what BoA is willing to do for you.
That's a great idea, LilMirth. I was actually just on the phone with the folks at BofA to ask if there's anyway I can turn my CC back into a secured card to help build a stronger credit line. I did not think about requesting a product change. My EQ is currently 689 but with this credit environment, I suppose even nominal CLIs are hard to get.
I had the same problem of no CLI after it unsecured, so I finally spoke to a credit analyst today (after repeated denials from the online requests). He stated that due to high utilization (overall) they couldn't approve a CLI. He stated that BOA likes to see at least 60% available credit for total utilization. Currently I'm at 35% overall availability. Hope this helps. BTW I'm still stuck at the $500 limit - my account was the emerging credit card until January 09 then changed to the World Points Visa.
I actually called BofA back after reading some posts on the forum. The CSR told me that the Worldpoints card that I will be receiving is the same one as on the BofA website and I will not be charged an annual fee (like I am with the Platinum Plus card.) The rep also mentioned that I will receive new features, such as rental car insurance.
Here's the link if you want additional card features:
Starting Score: 540 EQ 517 TU on 11/17/08