12-13-2012 07:16 AM - edited 12-13-2012 07:19 AM
12-13-2012 08:28 AM
For what it's worth, I'd wait a bit more: I don't think BofA (or rather, FIA) has enough information with only 5 statements to know how much of a risk (or not) you are.
Historically, it took 12 statements for the 99/500 card to become unsecured. There's been a few stories in recent weeks about early graduations granted after only the 10th statement – but I don't think you would be able to push it as early as after the 5th statement.
One additional benefit of letting them initiate it for you is that it doesn't seem to cost you a HP.
Also, for what it's worth, I'm doing all my banking with BofA and I have some savings with them – I don't know if it plays a role or not, but it may not hurt.
Anyway, as usual: "YMMV and good luck!" :-)
AFAIK you've always been able to request graduation @ 9/10 months with the 99/500, or even the fully secured; usually that's the minimuim amount of time required for them to auto-graduate. Not sure how OP got it done in only 5 statements, thats pretty much unprecedented, but i think about 99% of people would be turned down asking for a graduation @ 5 months, especially if rebuilding. They seem a bit more lenient towards people new to credit as far as graduation goes.
12-13-2012 08:44 AM
@GA Brown: Yes it was unsecured. My credit limit went from $500 to $1500. (I requested $1500 to be modest...when i hung up i said dang i shouldve ask for $2k! LoL). Plus they are sending my $99 deposit back in about 7 business days and i get to keep the 123 cash back. Unfortunately i,ll still have the annual fee. The rep told me if i keep in the right direction that i can request to have the Annual fee permanately removed.
LOL they must really like you. Most of the time they tell people that the annual fee cannot be removed, and to apply for a new card and close this one. In fact it wouldn't surprise if a couple months down the line when you call them suddenly they're saying "oh sorry, we can't do that"
We know that's not true but it's rare they tell you that you actually have a chance at getting it permanently removed. Sometimes they may even fight you on getting additional waivers lol.
12-13-2012 12:18 PM
I had the card for about 9 months and tried - they wouldnt unsecure
I tried after 13 months - easy 5 min phone call unsecured tp $1000 (I also got my $99 back into my savings the very next day)
Called backdoor number after 3 more months passed and increased to $3000 (I asked for $5,000 they countered with 3)
It is my most used card - use it as my debit card and just transfer the funds to pay it off from my checking to the card online.
12-13-2012 09:25 PM
@gulobasito: Your right. Im going to wait to request anything else from BoA. Im not in a rush. I also have had a checking and savings account with BoA since 2005...so that probably has played a role in their decision. Ive checked my credit and the only inquiries that Ive seen is the original 2 from 5 or 6 months ago from applying for the unsecured card first and then the one from appying for the 99/500. They only appear on Experian.
12-13-2012 10:32 PM
im 25 but im definately not new to credit.just young and dumb and out of work due to a bad car wreck lol in 08 i let 3 CCs charge off, a car loan and furniture bill went 30 days past due twice, another loan went 120 dpd and didnt pay a cable bill which also went into collections. dropped my score to 300s. in 09 paid the 120 dpd loan off, caught my car up (which i paid off this yr), paid off the furniture, and ive left the CCs in collections. Since 09 its been a combo of aging accounts, paying on time on my car til i paid it off thats helped slowly improve my score. in addition, this yr i got an hsbc card in feb, another car loan in april, and the boa card in june, all of which ive been paying on time that has helped as well. So, yes im rebuilding too.
12-13-2012 10:40 PM
@HiLine: no my credit report doesnt show an extra credit card account. the payment hist etc appears the same. just my credit limit has increased and doesnt show as "secured" anymore. they updated the reports within 2 days instead waiting until my statement closed again
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO