BOA Secured Card Question

[Lyythine]

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.

[App_Addict]

I would take it, because getting back in with a bank such as BOA, cannot be looked at in anyway as a bad thing.  It will grow with him it will unsecure and he can get back in good graces with a heavyweight!  Good luck to your friend and they are lucky to have such a great friend! 

[FinStar]

Some may disagree if your friend already has other unsecured TLs.  However, (IMO) I would have your friend accept the 99/500 offer.  BOA is very reputable with their 99/500 secured graduations (some < 12 months) and this would open the opportunity to re-establish the relationship.  The 99/500 card has potential growth (CLI-wise) once it unsecures.

[baller4life]

TAKE IT!!!! BOA cards grow ginormous!!

[ddemari]

Boa secured card will definitely grow/ unsecure/ the fee can be removed and eventually turn into a visa sig. The one thing about it though, your initial deposit can be upped but each time it is a hard pull via TU.

[msbia]

OP, I was offered the 99/500 back in September and I accepted it. Since that time I've gotten in with Chase, Barclays, etc. I don't regret it for a second and I cannot wait till it unsecures. $145k in unsecured credit and I probably use my BOA the most lol (every morning at Panera). Advise your friend to take it. Baller4life unsecured last year and CLI I believe to 20k recently. You're a great friend! 

[baller4life]

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@msbia wrote:

OP, I was offered the 99/500 back in September and I accepted it. Since that time I've gotten in with Chase, Barclays, etc. I don't regret it for a second and I cannot wait till it unsecures. $145k in unsecured credit and I probably use my BOA the most lol (every morning at Panera). Advise your friend to take it. Baller4life unsecured last year and CLI I believe to 20k recently. You're a great friend! 

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@Anonymous! Started as $300 fully secured Dec 2013. Unsecured @ 6 months. $20k today.

[msbia]

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@baller4life wrote:

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@msbia wrote:

OP, I was offered the 99/500 back in September and I accepted it. Since that time I've gotten in with Chase, Barclays, etc. I don't regret it for a second and I cannot wait till it unsecures. $145k in unsecured credit and I probably use my BOA the most lol (every morning at Panera). Advise your friend to take it. Baller4life unsecured last year and CLI I believe to 20k recently. You're a great friend! 

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@Anonymous! Started as $300 fully secured Dec 2013. Unsecured @ 6 months. $20k today.

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Amazing! Thanks for confirming. 

[Anonymous]

As others have said, this is definitely a secured offering that does NOT hold you back in any way.  Some secured cards stay in toy ranges even after graduation but BofA is like the holy grail of secured cards.  I would take it in a heartbeat (bofa doesn't like me, but maybe someday they will).

[ddemari]

Mine started as 300 secured and 16 months later is 7k visa sig.