BOA secure credit card graduation denied

[Anonymous]

Hi guys,

I fked up my credit after losing my job in 2009. 6 accounts went into collections, I paid off 3 with my saving and the part time job I held for 2 years. In 2013, my life changed for better. I found a good paying job and then decided to get my cedit back on track. I applied for BOA secure credit card and was approved by depositing $1700, which was also my credit limit. This was in Oct 2013. I've been paying my bills on time, sometimes multiple times/month. Never carried a balance. Was also approved for Cap one card and Barclays. My credit score was 512 (TU) in Oct 2013, it is now 667 as of June 2015. My problem is that BOA refused to graduate me after 1 year citing a public judgement against me in 2010. This was a Cap one card and I didn't bother to show up to the court as I was out of town. They also said I've a bunch of baddies and they can't graduate me because of that. I called again after 18 month (Apr this year). After another HP, same answer.

My question is, should I just cancel the card and put my 1700$ to better use? As I said, since 2013, I've a Cap one QS with 4000$ and Barclays rewards with $2500. I'm also an AU on my wife's Chase Freedom ($10,000), Sallie Mae ($12,000) and Discover IT ($5000). Would canceling the BOA card hurt my credit? I feel a little cheated by BOA. I assumed that secure credit card was for people with bad credit who want to establish a good history, which I've done for 18 month with no late payments or balances. EIther way, I wish I had known the problem earlier. Now I've two HP wth nothing to show for. But they are denying me graduation based on a judgement against me 5 years ago. The funny thing is that Cap one approved me for their card, even tough they are the one who sued me.

I welcome any comments and ideas

[Jerry45]

Dump the secured card like yesterday. You have good credit lines that are unsecured, just keep making payments on those and let the baddie fall off.

[Anonymous]

Thanks! I think I should do that. I have to wait for a couple of weeks as I've 24$ in rewards and I can't redeem them until I hit 25$. Lol. Once I hit my statement, I should be able to redeem them as I'd be over 25$.

[Jerry45]

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@Anonymous wrote:

Thanks! I think I should do that. I have to wait for a couple of weeks as I've 24$ in rewards and I can't redeem them until I hit 25$. Lol. Once I hit my statement, I should be able to redeem them as I'd be over 25$.

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The sooner the better. Probably will take some time to get your deposit back. While you are at it, go to the big bank pre qualify sites like Chase, and see if they any offers for you

[Anonymous]

Thanks. Will do.

[Anonymous]

Cancell the card right way, secured card with BOA no good, and never graduate , i had a secured card with them for eight years( always in good standing) and never graduate even though i have a good score now and hold a prime cards, long story short , i just closed my account (secured card) with them last week, i am done with them, so the down side of the closing my account is that i got a big hit on my scores but is ok eventually my score will raise up down road also i am not planning to apply for any credit soon, i am hopping PS.cancel the card will be your own decision for me was a good descision to close my account with them Best of luck

[Anonymous]

Wow, I didn't realize that closing the account will hurt your score so bad. I've only had the card for a year and half now. Hopefully if I close it, it worn't hurt my score real bad. Its a shame though as I've 1700$ deposited in the card and it comes with a 39$ AF. And I barely use it

[IWOL]

I wouldnt close the card. Just reduce the limit to $500 and get back $1200.

Once your baddies are gone Im sure they will unsecure it and give you a CLI. Once your reports are clean this card can grow very fast.

My $300 secured card is now at $25,000 after 2 years. Keeping the card will give you several years of history and a good internal score at B of A.