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Established Contributor
busywoman
Posts: 579
Registered: ‎07-07-2007

BOA Secured Visa - change to Unsecured

I opened a BOA secured Visa in 11/06. I didn't know about the 99/500 deal at that time but now I know better.
 
I have been banking with BOA since 1990.
 
All payments since opening the card have been 100% on time.  Last week I raised my limit to $900 and current bal is $37.
 
I know that BOA is going to review the account in Nov 07 to determine if it can be upgraded to Unsecured but they advised that I couldn't have any late/overlimits in the last 12 months otherwise they will review in another 12 months.
 
I checked all of my statements and my Dec 06 statement shows an overlimit charge from transaction date 11/27/06.  This is the only (-) on my statement.
 
I must admit that it was a complicated card in the beginning as I was PIF when I received statements but a car rental posting caused it to go overlimit one day before I realized that it would happen. I was juggling the payments against a $400 limit and unfortunately this happened.
 
I got smarter after that and simply made online transfers to always maintain a low utl and ensure no overlimits.
 
I pulled my TrueCredit report today and it shows a soft inquiry from BOA on 10/19/07.   I don't know if they made this inquiry to check the history of the account or if it was for the CLI I requested to be transferred from my checking account.
 
Will I really have to wait another year to move this from secured to unsecured or is there anything that I can do to be proactive about this?
 
I know that I will have to work with them over the phone as local branches don't seem to know much about secured cards.
 
Any suggestions/recommendations?
(04/21/08): TU683, EQ670(5/10), EX701(5/4)
(11/24/07): TU681, EQ671, EX684
(07/07/07): TU578, EQ572, EX583
Established Contributor
busywoman
Posts: 579
Registered: ‎07-07-2007

Dilema - shd I continue to add to my BOA Secured CL ???

Based on below should I continue on my mission to increase my Secured Line with BOA so that when they graduate it from secured to unsecured I get a better CL?
 
I would like a CL that is higher than the Hooters $1800 cc I just received.
 
Any recommendations?
(04/21/08): TU683, EQ670(5/10), EX701(5/4)
(11/24/07): TU681, EQ671, EX684
(07/07/07): TU578, EQ572, EX583
Valued Contributor
ashabbir1
Posts: 1,084
Registered: ‎06-24-2007

Re: Dilema - shd I continue to add to my BOA Secured CL ???

I have BOA secured card for 5 months and next month I will call them to make in unsecure. I have 500 credit limit.If I increase that limit to 5000 dollars with deposit. When they would make that card unsecure would I get 5000 limit?
 
Thanks
 
Regular Contributor
Elexi21
Posts: 195
Registered: ‎08-02-2007

Re: BOA Secured Visa - change to Unsecured

Just curious...when you apply for a regular BOA card, do they offer the 99/500 secured to everyone? Or do you have to meet certain score requirements for that offer as well? I did the pre-approved form (where they don't do a hard pull) to see if the semi-secured card would pop up but it didn't, and I was wondering if you would have to complete a full application in order to be considered for the semi-secured. I was going to do the Citi Bank Secured card, but thought I'd see if anyone knew about this one first. My scores are all just over 500 so I'm guessing I'd have to go fully secured but thought I'd ask!
8/07: EX 453, EQ 457, TU 481
5/08: EX 599, EQ 581, TU 612
1/09: EX 653, EQ 601, TU 621
2/09: EX 675, EQ 619, TU 649
7/09: EX ?, EQ 630, TU 670
8/09: EX 701 (nexgen), EQ 675, TU 685
TU 694
Established Contributor
busywoman
Posts: 579
Registered: ‎07-07-2007

Re: BOA Secured Visa - change to Unsecured

Bump - (My original msg)
 
 
(04/21/08): TU683, EQ670(5/10), EX701(5/4)
(11/24/07): TU681, EQ671, EX684
(07/07/07): TU578, EQ572, EX583
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007

Re: BOA Secured Visa - change to Unsecured

bw, imo, if the only way to get a cli with BoA on your secured card is by depositing more money with them, and IF you want to increase your "savings acct." with them, I'd say, why not? Everyone should have a nice healthy savings acct.

If the answer is no, then I'd say no. You have found with your brand new pretty Hooter's card that you are no longer in a position of "needing" what ever the cost, of a credit card. You are on your way of getting unsecured offers. Just be patient. :smileyhappy:

The thing I'd be going for(and I will) is to get that BoA card into unsecured status. Thankfully now, you don't have to use it as often, and worry about going over the limit. You have another card you can use with much more freedom.

Elexi, to answer your question: I was able to speak to a CSR with BoA via online chat(that's really neat). And asked her about the 99/500 card. She said as it's not in their normal offerings, but a counter offer. She suggested I apply for the Visa Platinum Plus card, if I'm rejected for that, I'll probably get the partial secure(99/500) offer.I applied, and was rejected for the VisaPlatinumPlus, and the counter offer came in the same rejection letter. I applied for that and was approved. My scores were in the mid 600's(FICO) when I applied.

My strategy is to keep this card spotless, and keep the util to 5%, and see where it goes. Hopefully it will change to an unsecured card in the future. But I'm willing to wait it out, since I don't "need" it.

Hope that helps. :smileyhappy:
"Never ever, ever be late. Never" (FUTR)
Regular Contributor
Elexi21
Posts: 195
Registered: ‎08-02-2007

Re: BOA Secured Visa - change to Unsecured

thanks sylvia!
8/07: EX 453, EQ 457, TU 481
5/08: EX 599, EQ 581, TU 612
1/09: EX 653, EQ 601, TU 621
2/09: EX 675, EQ 619, TU 649
7/09: EX ?, EQ 630, TU 670
8/09: EX 701 (nexgen), EQ 675, TU 685
TU 694
Established Contributor
busywoman
Posts: 579
Registered: ‎07-07-2007

Re: BOA Secured Visa - change to Unsecured

Thanks Silvia,
 
I will continue to add to the CL and you're right, why not? It is afterall going in Savings and I will get it back later on.
 
I just want to make sure I'm doing the right thing and in the end when the card becomes unsecured hopefully I will get a better card and better CL.
 
I bank with BOA so it is quite simple to add to the CL, just takes a week to post.
 
Hopefully the increase from $700 to $900 CL will also help my next CR update.
 
I hope to be able to qualify for a mortgage with BOA in the spring of 08 so will continue to send $ their way.
 
I appreciate your feedback.
(04/21/08): TU683, EQ670(5/10), EX701(5/4)
(11/24/07): TU681, EQ671, EX684
(07/07/07): TU578, EQ572, EX583
Valued Contributor
ashabbir1
Posts: 1,084
Registered: ‎06-24-2007

Re: BOA Secured Visa - change to Unsecured

I have everything with Bank of America, Checking, savings, CD, Brokerage, Mortgage. Credit card.
 
 
I love BOA. That is my favorite bank. Only problem is you have to send them a payment in mail for CLI
 
Otheriwse you can transfer money to any account just using drop down menu.
 
 
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007

Re: BOA Secured Visa - change to Unsecured

oh bw it will! In 2 ways: increase your over all credit limits(thusly decreasing your utilizations), and when you go for your home, you want as big and healthy bank, and savings account.

A win win situation for you.

And my goodness. Just look at how you've improved your scores since July! WTG. And you will continue to improve those scores between now and spring or summer of '08. :smileyhappy:











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