Bank Of America Graduation Question...

[Andy77]

I talked to the B of A secured card credit dept analyst last night and she said that obvisouly the more products I have with them the better it looks for getting more credit etc

I have had my 500 limit on my B of A secured  card since Dec 2011.  I tried to have it unsecure in Dec 2012 and it was declined due to too muchg debt.

What are your thoughts on this....

I was going to pay of ALL my dedt (which would bump my score to about 691 with a 4.5 yr old BK, 7 inq, no lates since BK in 2009)

Then I was going to use the card charge like 495 per month and pay it and use and pay and use and pay

I was also going to keep 84k in my B of A checking account so when they do the process to unsecure they will see the cash in the bank account and I am hoping seeing that and my agressive usage they will unsecure and give me a nice CLI

I know I have sort of asked in the past how much a banking relationship matters with getting a credit card, but this situatuon is a little different because the credit card with the bank is long established and now I am hoping the larger deposit in the bank account will help me...

Thoughts?

[Khano]

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@Andy77 wrote:

I talked to the B of A secured card credit dept analyst last night and she said that obvisouly the more products I have with them the better it looks for getting more credit etc

I have had my 500 limit on my B of A secured  card since Dec 2011.  I tried to have it unsecure in Dec 2012 and it was declined due to too muchg debt.

What are your thoughts on this....

I was going to pay of ALL my dedt (which would bump my score to about 691 with a 4.5 yr old BK, 7 inq, no lates since BK in 2009)

Then I was going to use the card charge like 495 per month and pay it and use and pay and use and pay

I was also going to keep 84k in my B of A checking account so when they do the process to unsecure they will see the cash in the bank account and I am hoping seeing that and my agressive usage they will unsecure and give me a nice CLI

I know I have sort of asked in the past how much a banking relationship matters with getting a credit card, but this situatuon is a little different because the credit card with the bank is long established and now I am hoping the larger deposit in the bank account will help me...

Thoughts?

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My card got graduated just little after 6 months of opening..... not to mention PC to 1-2-33

Good luck!

[Startome]

I know at the bank I work for, we have relationship accounts. They are based on your total balance with the bank, rather than how many transactions/deposits you have, etc. So someone with 25K or 100K (two different limits for two different relationship accounts) with the bank will get a lower rate on their card simply for being in those account types. However this does not equal any guarantee of approval, just a lowered rate if you are approved.

So the relationship amount may not mean you have a better chance of being accepted officially. However during a lot of our work here we are told to consider people's relationship with the bank (How much money, how long they've been with our bank, any OD or NSF, etc.). So though they may not tell you it helps. It probably will. But I can't speak for your bank.