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Established Member
JosephS112
Posts: 28
Registered: ‎06-27-2013
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Bank of America Application/Secured Credit Question

Hey forum, I have a question that I need a general consensus on. In November of 2012 I got a secured Bank of America card and it has served its purpose being that it has helped me get approved for not one but two prime (by my standards anyways) unsecured revolving credit cards. Now that I have very little use for a secured account anymore I was hoping that Bank of America would grace me with an early conversion (kinda want my money back) but after a few messages and calls they will not budge from their 12 month standard (although I was offered to call back at the 9 month mark for an account review which would be a hard pull, not worth for an account that would probably keep its annual fee.) I was wondering if I would get instantly rejected if I applied straight out for a new Bank of America unsecured card with the secured card on my record? Does anyone know whether they would even consider me if I have one of their 'builder' cards opened. Also as a second follow-up question, if I do risk a hard pull how do you think my new accounts would affect the decision. Concurrently, would my new accounts (Discover and Amex both a little over 1 month old) exert adverse action if a new hard pull/new account shows up? Both haven't started reporting yet if that helps. Thanks for your time I know this is a LONG question. 

Established Contributor
shaun2009
Posts: 642
Registered: ‎03-07-2013
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Re: Bank of America Application/Secured Credit Question

From mu experience i just had the same case with US Bank except i opened my secured card in april and here its july i applied for two of there unsecured cards and was approved so id say go for it now im just waiting for my money back from my secured card
Current Credit Cards
| PayPal MC: $7.5K | WalMart MC: $7.5K | Discover IT: $6.5K | USB Platinum: $5K | Sams MC: $5K |
| CapitalOne QS: $1.3K | AmEx TrueEarnings: $1.2K | AFCU Rewards: $1K | USB Select: $1K |

Goal Credit Cards
CapitalOne QuickSilver, Discover IT, Sam's MasterCard
AmEx EveryDay, Chase Freedom, US Bank Cash+
Last Application: 6/23/2014
Established Member
JosephS112
Posts: 28
Registered: ‎06-27-2013
0

Re: Bank of America Application/Secured Credit Question

Under the assumption that US Bank and Bank of America are comparable then I guess I'd be good. But then that points to my other two concerns. Would closing my secured card (one of my oldest accounts on my credit report, rather new to credit.) affect my credit is any drastic way. Also would the newly opened account (or change of score from closing an account) cause adverse action from Amex or Discover? I would hate to lose either one of them just to get out of this secured deal. 

Frequent Contributor
Dubious
Posts: 271
Registered: ‎02-10-2013
0

Re: Bank of America Application/Secured Credit Question

Do you really need the money back right now? 

Established Member
JosephS112
Posts: 28
Registered: ‎06-27-2013
0

Re: Bank of America Application/Secured Credit Question

I don't really need the money, but I don't see the purpose of having a secured with money that could be used/gaining interest (very small amount but still something). Also, I know that if I wait  to the12 month mark they are going to hit me with another annual fee + it's going to be a hassle to remove the fees and completely impossible to get the second annual fee charge back. 

Frequent Contributor
QAMngrGirl
Posts: 463
Registered: ‎11-28-2012
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Re: Bank of America Application/Secured Credit Question

Did you Pc the card to the Cash Back card? I started with the $99/$500 Bofa Secured Card, it was unsecured at 10 months and my limit went up to $2k. Great rebuilder in my experience and it is now my oldest card. I have only paid 1 AF ($39.00) and I take advantage of the cashback deals here and there. Without knowing your credit profile, hard to comment on it hurting your AAoA.

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Established Member
JosephS112
Posts: 28
Registered: ‎06-27-2013
0

Re: Bank of America Application/Secured Credit Question

I never did product change the card I do not know why exactly I didn't but I guess I never got around to it so no rewards for me. I have a full 500/500 secured card and judging on my multiple messages and phone calls to Bank of America they seem completely unwilling to convert my card before 12 months unless I submit to a hard pull after the 9 month mark with no guarantees. Judging from what I've read the annual fee isn't automatically removed so I do not want to waste a hard pull and still pay an annual fee, I doubt Bank of America will promise to remove the fees before the fact. Also, my file is quite young so my AAoA will obviously remain young but I have two student loans (still in deferment) that is about a year or so old, the Bank of America card is 8 months old now, and my two new account from Amex and Discover are both a little over a month so on average between 6-7 months, however now it is 10-11 months because my two new accounts aren't reporting yet.

Established Member
JosephS112
Posts: 28
Registered: ‎06-27-2013
0

Re: Bank of America Application/Secured Credit Question

Just a final update on this post, I decided to be impatient and apply for the BoA for students travel rewards card and got instantly declined which is a bit riduculous given my flawless record for paying in full. Kinda bummed that this is now a completely wasted inquiry. But as a second attempt to secure a card with no foreign transaction fee (I will be living abroad for about 8 months so transaction fees were a priority) I applied for a Capital One Journey card (I do bank with them so I thought that might weight in) and got instantly approved and they matched my BoA limit of 500 dollars. Pretty low I know but it's exactly enough to replace my secured card although if Amex had been reporting I suspect they would have matched my 2,000 limit. So now I don't know if I will call Bank of America again and really threaten to close my account and then actually follow through or keep it open for a little while. I also hope that the two inquires don't cause adverse action from Amex or discover (my two new accounts). Now that I have at most 4 inquires in the last 6 months (7 total in the last year) I will officially call it quits for a least a year and hope no adverse action comes my way.

Established Contributor
shaun2009
Posts: 642
Registered: ‎03-07-2013
0

Re: Bank of America Application/Secured Credit Question


JosephS112 wrote:

Just a final update on this post, I decided to be impatient and apply for the BoA for students travel rewards card and got instantly declined which is a bit riduculous given my flawless record for paying in full. Kinda bummed that this is now a completely wasted inquiry. But as a second attempt to secure a card with no foreign transaction fee (I will be living abroad for about 8 months so transaction fees were a priority) I applied for a Capital One Journey card (I do bank with them so I thought that might weight in) and got instantly approved and they matched my BoA limit of 500 dollars. Pretty low I know but it's exactly enough to replace my secured card although if Amex had been reporting I suspect they would have matched my 2,000 limit. So now I don't know if I will call Bank of America again and really threaten to close my account and then actually follow through or keep it open for a little while. I also hope that the two inquires don't cause adverse action from Amex or discover (my two new accounts). Now that I have at most 4 inquires in the last 6 months (7 total in the last year) I will officially call it quits for a least a year and hope no adverse action comes my way.


wow that crazy BoA is insane all my accts are nearly new i've never had an account a year yet and US Bank didnt mind unsecuring me .... guess BoA is stricter than US Bank ...i thought for sure you would be approved .. but BoA is also harder to get even secured version i'd say give it til the 12 month but SD them  since they want to be like that and then see if you can graduate no since in wasting the time you did have them since its usually 12 Months and your at 8 ....

Current Credit Cards
| PayPal MC: $7.5K | WalMart MC: $7.5K | Discover IT: $6.5K | USB Platinum: $5K | Sams MC: $5K |
| CapitalOne QS: $1.3K | AmEx TrueEarnings: $1.2K | AFCU Rewards: $1K | USB Select: $1K |

Goal Credit Cards
CapitalOne QuickSilver, Discover IT, Sam's MasterCard
AmEx EveryDay, Chase Freedom, US Bank Cash+
Last Application: 6/23/2014
Established Member
JosephS112
Posts: 28
Registered: ‎06-27-2013
0

Re: Bank of America Application/Secured Credit Question

Good idea. I will stay with them for right now but I'll call back around the 11.5 month mark and pretty much demand a graduation so that they won't charge me a sneaky little renewal fee that they would refuse to refund. Also will try my luck in getting the annual fee removed. If they tell me know to anything I'll just decided to close right then and there. Their customer service has always been pretty bad for me so I wouldn't mind losing them.

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