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Moderator
Revelate
Posts: 9,477
Registered: ‎12-30-2011
0

BOFA graduation - halfway

[ Edited ]

For those that have been playing with secured card graduation limits with BOFA, while I graduated today they wouldn't approve me at the full limit I had, even though I'd run more through the card than that and was only carrying a balance of $100.

 

Card Opened: $2000

Card Max Limit: $5000 (increased back in July)

Card Grad Limit: $2500

Card Max Balance: $3600

 

I know this is going to look wierd, and something akin to AA, but I simply decided that an unsecured $2500 line along with the extra 5K to help negotiate with the IRS would be beneficial.  They did bring up my albatross of a tax lien as one of the factors for the reduced limit.  They also mentioned a pair of collections which had been paid, though apparently one may not have been updated on TU.  Going to pull the annual report and dispute it if it hasn't updated.

 

In theory if everything had been resolved on my tax lien perhaps I might've graduated at the full amount, or possibly there's an upper bound on graduation limit though I doubt that's the case.  In any event what's done is done, though I thought about simply declining the unsecuring for now (since other than a mortgage I'm not apping for anything and FICO doesn't care nor will a mortgage lender) and trying to get it at $5K later as apparently one can customer-initiate the card to be unsecured, but whatever.  I expect by mid-2014 I'll have either an Amex revolver, a USAA or DCU card, or this BOFA one back above 5K so long-term it won't be an issue though the high balance looks strange, it should be easily explainable.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
toppers555
Posts: 551
Registered: ‎09-28-2012
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Re: BOFA graduation - halfway

I was graduated at my full limit of 5500 last week. They cautioned me about having 14 active revolving accounts and asked about an baddie I have that on my report to next may.



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Established Contributor
YahComb
Posts: 599
Registered: ‎03-10-2012
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Re: BOFA graduation - halfway

that stinks rev, i knew it was possible to get your limit cut at graduation, but i only heard of that happening to a guy with a 10k boa secured line. Also a bit surprised not even 3K.

did you try to pc to the travel rewards already?

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
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Re: BOFA graduation - halfway

Sorry to hear Revelate. Just remember, it is still a positive trade line and it is helping you reach your goals. $100 limit or $2500 limit, it still shows lenders you are responsible and should give you good purchasing power, should you plan to use it.

You made me laugh with "albatross of a tax lien". It doesn't sound like a funny situation though.

Good luck!

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Moderator
Revelate
Posts: 9,477
Registered: ‎12-30-2011
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Re: BOFA graduation - halfway

[ Edited ]

YahComb wrote:

that stinks rev, i knew it was possible to get your limit cut at graduation, but i only heard of that happening to a guy with a 10k boa secured line. Also a bit surprised not even 3K.

did you try to pc to the travel rewards already?


Nah, if they wouldn't approve me at the 5K limit on the unsecuring right now there's probably no way I get the Travel Rewards which I think is Siggy only?  I'm fine with hanging out with the account till post-mortgage unless I get shoved onto an airplane but that's looking less and less likely now in the next year.

 

SnackT: You're absolutely right it's a positive tradeline, and an unsecured tradeline at $2500 when your pig is as ugly as mine isn't anything to sneeze at.  I need the tradeline more than I need the 5K limit right now, and since the money has additional use over the next few months when dealing with the IRS, I figured I was coming out net positive and that any questions regarding that could be reconned away.

 

The lien isn't fun for me in anything other than rueful self-deprecatation.  but it is colorful and I need to get righteous.  I'm guessing if that hadn't been there I might've graduated at the full 5K though, that was the primary thing they wanted to talk about.  

 

My future credit apps look something like:

 

Amex BCP: they offfer $500 CL's, $2500 is fine

Chase sometthing: with their recon policy I wouldn't rule myself out for a 5K CSP tradeline and unlike BOFA they see my full income currently

USAA: The silly tradeline but I'm a full member and others have gotten moderately lurid approvals in the past year, am thinking if nobody else they'll kick me up over the Siggy line.  

 

As my expenses go up over the next 5 years (mortgage and all that entails) and hopefully dating to marriage to kids, my spend will go up high enough to justify chasing higher limits than where I'm at now, but currently I have more than required so it's no big deal.

 

Toppers: Yeah I figured it was me rather than a max limit for graduation; however, I only had the increased limit for a few months... and the rep did let slip that that PIFing regularly is beneficial for their unsecuring and they did bring up my floating the balances for a few months.  Not sure if that factored either, but it's probably useful for anyone else chasing a BOFA graduation.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
sbeasl11
Posts: 122
Registered: ‎07-23-2012
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Re: BOFA graduation - halfway

Good info, thanks for sharing. I have only had my secured card a few months. Did you graduate early or did you have to wait 12 months? I have been PIF every month except my first statement.

Moderator
Revelate
Posts: 9,477
Registered: ‎12-30-2011
0

Re: BOFA graduation - halfway

It was a full year, perhaps a little early but I didn't call in like YC did which may have triggered an unsecuring from a nice rep.

You can request that it unsecures though, the rep actually stated that was the more common unsecuring trigger in her experience, and perhaps I didn't have to wait the full year but it also didn't hurt me any to do so. Accomplished everything I wanted to do FICO-wise and credit-wise so feelin no pain regarding the somewhat disappointing unsecuring.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: BOFA graduation - halfway

My personal opinion is that it is a positive thing.  You seem to be quite patient and understanding and take a methodical/intellectual approach to your credit.  I commend you and wish you the best of luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012
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Re: BOFA graduation - halfway


Revelate wrote:
It was a full year, perhaps a little early but I didn't call in like YC did which may have triggered an unsecuring from a nice rep.

You can request that it unsecures though, the rep actually stated that was the more common unsecuring trigger in her experience, and perhaps I didn't have to wait the full year but it also didn't hurt me any to do so. Accomplished everything I wanted to do FICO-wise and credit-wise so feelin no pain regarding the somewhat disappointing unsecuring.

Since you waited a full year..Did you have to pay the annual fee or was that waived when graduating to an unsecure?

 

TU 746 (10/13)
GOAL: 750+






Moderator
Revelate
Posts: 9,477
Registered: ‎12-30-2011
0

Re: BOFA graduation - halfway

[ Edited ]

Tran92 wrote:

Revelate wrote:
It was a full year, perhaps a little early but I didn't call in like YC did which may have triggered an unsecuring from a nice rep.

You can request that it unsecures though, the rep actually stated that was the more common unsecuring trigger in her experience, and perhaps I didn't have to wait the full year but it also didn't hurt me any to do so. Accomplished everything I wanted to do FICO-wise and credit-wise so feelin no pain regarding the somewhat disappointing unsecuring.

Since you waited a full year..Did you have to pay the annual fee or was that waived when graduating to an unsecure?

 


It's not waived when one unsecures, though my one year statement hasn't closed yet this month and I suspect the AF will be there.  Some people have reported some (limited) success with getting the AF waived or PCing to the AF-less version but personally I have no interest in poking the bear as it's clear they didn't consider me to be an ideal customer anyway and based on the other stories on this forum I suspect I would've been told to pound sand as the majority of people have been.

 

I'm OK with that though, this card factors into my credit plans in the future and isn't terrible anyway, eventually it'll likely get PC'd to something else and in the meantime I don't mind paying the $39 AF for a useful tradeline I'm going to keep indefinitely.  It'll take a decade to come even close to the amount I spent financing an unsecured installment loan tradeline when I was deep subprime, and nowhere close to the amount I paid in interest financing a subprime auto loan even if I keep it for the rest of my life even if I hit the century mark (low chance of that happening).

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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