BOA secured card. Is it worth it when you have unsecured already?

[pizza1]

Just wondering if getting a secured card with another prime lender like BOA is worth it ( for the graduation later down the road), even though I've already rebuilt and have unsecured credit? Good or bad idea? Thoughts? 

[One7]

I would say yes, BofA is the best secured card out there. Not only can you get one with Rewards (and now the secured card comes with a chip as well) but it'll graduate in less than a year, as early as 6 months for some people, and you'll have an instant prime card. They are also very good at CLIs once the card does graduate.  Mine graduated at 10 months and they upped my CL from $300 to $5k and they PCd my card for me. Best of all you maintain the same history. That's just my opinion

[One7]

The only downside is that it does have an AF and does report on your CRs as a secured card, but like I said once it graduates it keeps the same history and the "secured credit card" wording is replaced with "credit card". Also nowhere on your card does it say secured so that's pretty awesome

[Creditaddict]

If you have cash that you can easily put into secured card then yes... If you can only do $300 I say no.

let me rephrase, if you can't do secured for at least $1k, I say no!

[bk510]

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@pizza1 wrote:

Just wondering if getting a secured card with another prime lender like BOA is worth it ( for the graduation later down the road), even though I've already rebuilt and have unsecured credit? Good or bad idea? Thoughts? 

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I did.....simply because they are a prime lender for me that is.......

I'm already looking forward to a grad date

[bk510]

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@One7 wrote:

I would say yes, BofA is the best secured card out there. Not only can you get one with Rewards (and now the secured card comes with a chip as well) but it'll graduate in less than a year, as early as 6 months for some people, and you'll have an instant prime card. They are also very good at CLIs once the card does graduate.  Mine graduated at 10 months and they upped my CL from $300 to $5k and they PCd my card for me. Best of all you maintain the same history. That's just my opinion

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oh yeah, I forgot about the new chip on all bofa cards now...

[bk510]

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@One7 wrote:

The only downside is that it does have an AF and does report on your CRs as a secured card, but like I said once it graduates it keeps the same history and the "secured credit card" wording is replaced with "credit card". Also nowhere on your card does it say secured so that's pretty awesome

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I would not put too much weight on bofa card reporting as " secured " on my credit report.

Fico doesnt care.

[bk510]

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@Creditaddict wrote:

If you have cash that you can easily put into secured card then yes... If you can only do $300 I say no.

let me rephrase, if you can't do secured for at least $1k, I say no!

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Why do you say that?

[baller4life]

I say do it!! Mine's just unsecured after 6 month this week. Love Bofa!!

[pizza1]

I'm wondering if I should wait till like November or December after my NFCU card and cap one card hit the 1 yr mark, and maybe my EX scores will be at least to 650??? That way if I app cold for a regular card and get denied, I might have a chance at being offered the secured, or call the back door number for a recon?? If I wait till then, my Barclays will be 8-9 months as well and hopefully got auto luv on cap one and Barclays. Might have a better chance on recon? Thoughts??