BOA Secured

[CountryLivin]

So, I have been rebuilding my credit....my oldest accout is NFCU Signature Visa with a $5000 limit. The Next card I got was Overstock store card with a $250 limit....it is now $1050, I have Amazon Prime that started at $600 and it is now at $3500. I have 24 cards in total, and I was offered the BOA Secured. I applied for it and got the message that it is in review. I think my crdit score is low right now according to CreditKarma 629. I have no late payments, No derogatory remarks. I am going to Garden for now....I am hoping I get the BOA card, and then in 6 - 8 months I would actually like to close some of my Comenity cards. I have some I really don't need, as I can use them at the same stores......Blair, Haband, Linen Source and Norm Thompson. Do you think I will get approved for BOA Secured with a 629 score? Also, do you think that I can get my crdit lines reassigned to a different Comenity card later down the road? Comenity has been really good to me, but I don't need to keep aa of the cards that I can use at the same stores.

[creditguy]

Only BofA knows the answer to your question. Your score should be fine if that's all it's based on. But they consider other factors, so no one can say for sure. With 24 cards why app for a secured card at this point?

[pizza1]

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@CountryLivin wrote:

So, I have been rebuilding my credit....my oldest accout is NFCU Signature Visa with a $5000 limit. The Next card I got was Overstock store card with a $250 limit....it is now $1050, I have Amazon Prime that started at $600 and it is now at $3500. I have 24 cards in total, and I was offered the BOA Secured. I applied for it and got the message that it is in review. I think my crdit score is low right now according to CreditKarma 629. I have no late payments, No derogatory remarks. I am going to Garden for now....I am hoping I get the BOA card, and then in 6 - 8 months I would actually like to close some of my Comenity cards. I have some I really don't need, as I can use them at the same stores......Blair, Haband, Linen Source and Norm Thompson. Do you think I will get approved for BOA Secured with a 629 score? Also, do you think that I can get my crdit lines reassigned to a different Comenity card later down the road? Comenity has been really good to me, but I don't need to keep aa of the cards that I can use at the same stores.

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First..never believe the scores from there...those are FAKO scores, not FICO..I would think your actual scores would be higher, or could be lower, who knows.  I dont know what the rest of your profile looks like.  But...one way to know if youre approved, is if they take the money out of your acct. Good luck to you!

[CountryLivin]

Because the majority of them are store cards...My NFCU is my major card and it has a high utilization, because I bought my car on it. I have been paying it down and should have it paid off in the next year. My problem wasn't bad credit, it was no credit at all......and I have 25 inquiries. 16 inquiries were from trying to get a car loan.

[creditguy]

Not sure about commenity reassigning credit lines but yeah it's definitely in your best interest to shed some of those cards, quality of credit is far more important than quantity of credit. You've already done well especially having a nice card and limit from Navy, so unless you have any past negatives with BOA, I'd be inclined to say you teeter toward approval. Good luck, keep us posted.

[willwar14]

Never believe CK they have my scores in the 580s now, meanwhile my REAL scores are around 730zz

[creditguy]

Wow that's one of the worst CK comparisons I've seen. I knew they were off but dang that's ridiculous.

[CountryLivin]

I know that when I just checked my FICO score from Walmart, it says 647.

[FinStar]

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@creditguy wrote:
Not sure about commenity reassigning credit lines but yeah it's definitely in your best interest to shed some of those cards, quality of credit is far more important than quantity of credit. You've already done well especially having a nice card and limit from Navy, so unless you have any past negatives with BOA, I'd be inclined to say you teeter toward approval. Good luck, keep us posted.

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Correct - Comenity does not reallocate or reassign credit lines.

OP - if the extra weight or cards will not provide any foreseeable benefits in the long run, then just close them.

[CountryLivin]

When I check my application status, it still says under review, but they took the $99 out of my checking account on Christmas Eve....so I assume that I was approved. How long does it usually take to get the BOA secured credit card?