BOA Secured Card Question

[baller4life]

I'm pushing mines to $40k in Oct when last TU baddie bites the dust. It'll be my new pry bar! I ❤❤❤ BOA!! Anybody that can get one absolutely should!

[sultan33g]

Baller was the card unsecured n 6 months auto or did you call in to see?

What was your new limit after it being unsecured?

Thanks

[ScarletFever]

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@Lyythine wrote:

As some of you may know, I have been helping a good friend with rebuilding his credit after a financial crisis meltdown. Most of the baddies have been removed, he was able to get approved for cards from most major CCC and his scores are hovering around 700 accross all 3 CB's.

My question is this:

He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.

Last week, he applied for another BOA card and it was declined, however, they offered him the 500/99 secured option.

I wanted your input on how to proceed.  He has 9 or so credit cards ranging from 2.5k - 7.5k credit limits with Barclays/Chase/Fifth Third Bank/USAA.  Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow?  Or should he wait, build his score and re-apply in 6-12 months?

Thanks in advance for the help! I wasnt sure how to advise in this situation.

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Depends on whether your friend has come to the conclusion they want to re-establish a relationship with BOA. If they do, go for it. Within a year and with their scores, graduating to unsecured should be very doable.  If they don't care about BOA or their products, no  need to app for a secured card. BOA was paid already. Sounds like your friend wants back in, though. Any recon attempts yet?

[baller4life]

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@sultan33g wrote:
Baller was the card unsecured n 6 months auto or did you call in to see?

What was your new limit after it being unsecured?

Thanks

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I called in and requested it. Unsecured at $500. I hung up and called back to talk to regular analyst and had it pushed to $1500. Called a month later once my Navy Fed $10k limit posted and asked them to match it. They did. Then 7 months later went to $20k.

[Lyythine]

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@ScarletFever wrote:

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@Lyythine wrote:

As some of you may know, I have been helping a good friend with rebuilding his credit after a financial crisis meltdown. Most of the baddies have been removed, he was able to get approved for cards from most major CCC and his scores are hovering around 700 accross all 3 CB's.

My question is this:

He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.

Last week, he applied for another BOA card and it was declined, however, they offered him the 500/99 secured option.

I wanted your input on how to proceed.  He has 9 or so credit cards ranging from 2.5k - 7.5k credit limits with Barclays/Chase/Fifth Third Bank/USAA.  Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow?  Or should he wait, build his score and re-apply in 6-12 months?

Thanks in advance for the help! I wasnt sure how to advise in this situation.

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Depends on whether your friend has come to the conclusion they want to re-establish a relationship with BOA. If they do, go for it. Within a year and with their scores, graduating to unsecured should be very doable.  If they don't care about BOA or their products, no  need to app for a secured card. BOA was paid already. Sounds like your friend wants back in, though. Any recon attempts yet?

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I honestly dont know whether or not he cares about getting back with BOA. He was really just asking for my advice as to whether it would hold him back since he has already received good limits from other major issuers and to be honest, I had no idea. He got the 500/99 offer from a recon on their 321 (123?) visa sig.

Thanks so much for the great input everyone! I will let him know the concensus and suggest he take the offer!

[bigblue7722]

boa is so secured card happy it is not even funny. I would bet my paycheck if i applied for a card today with them they would offer me a 99/500 deal. I only have over 70k in unsecured lines out not including the accounts i am an AU on Which would push me over 100k. Sorry my boa hate gets the best of me. 

I would tell your friend to take the offer if he wants to get back in with boa the line with grow. (or just have him apply for sallie mae and he will get better rewards lol).

[hsspres]

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@Lyythine wrote:
He burned BOA for less than <1k during his financial meltdown, however, he did do a PFD and it was removed.
... Would you guys recommend he take the offer to get back in with BOA and do you think the card will grow?

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I had a CO from BoA from about 15 years ago.  Although it's no longer on my CRs, BoA still has it in their system based on my conversations with them.  I opened a secured card in 2013 and it took almost 16 months before the card graduated and I did not receive an auto CLI even with plenty of spend/PIFs during that time.  I am reluctant to take a HP for pushing the luv button since the last of my baddies will be falling off soon and I have other cards targeted.  Not sure if the card will grow for your friend, but in my case doesn't seem so but as always YMMV.