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Re: Bank of America Counter Offer...should I bite?!

Ask if they will use the same pull during recon or when you bite on the secure app. Sometimes they will do an additional pull.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Re: Bank of America Counter Offer...should I bite?!

+1 to the advice posted above; with the new addition of the usual 1-2-3 rewards package to the BOFA secured products, it's WAY better than the standard card in the secured strata, and really it's every bit as good as a entry prime card assuming you can afford the deposit at all since BOFA reliably graduates at the 1 year mark.  I think there's one poster who didn't that I've read about in the last six months, and in fairness his report was still ugly.

 

Personally I'd open it with as much free cash as you can tie up for a year.  BOFA traditionally unsecures with the greater of two numbers: $1000 (usually if below that) or whatever your total deposit / CL was on the secured card.  It's a short cut to the 5K CL if you can afford to do that too, I'm strongly looking towards doing that myself in short order before my graduation date with either of the two likely jobs i'm probably going to get at this point (one travel, another sorta well out of commuting distance).

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Re: Bank of America Counter Offer...should I bite?!


Revelate wrote:

+1 to the advice posted above; with the new addition of the usual 1-2-3 rewards package to the BOFA secured products, it's WAY better than the standard card in the secured strata, and really it's every bit as good as a entry prime card assuming you can afford the deposit at all since BOFA reliably graduates at the 1 year mark.  I think there's one poster who didn't that I've read about in the last six months, and in fairness his report was still ugly.

 

Personally I'd open it with as much free cash as you can tie up for a year.  BOFA traditionally unsecures with the greater of two numbers: $1000 (usually if below that) or whatever your total deposit / CL was on the secured card.  It's a short cut to the 5K CL if you can afford to do that too, I'm strongly looking towards doing that myself in short order before my graduation date with either of the two likely jobs i'm probably going to get at this point (one travel, another sorta well out of commuting distance).

 


Good points Relevate I was actually just going over my budget to see if I could swing $1,000 because I want to show growth, not another $300 or $500 CL....one question I was thinking about...does the Bank of America secured card report as "Secured"??  If so, I think that would be a deal breaker for me.  My CapOne Secured card does not report as "secured".

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Re: Bank of America Counter Offer...should I bite?!


GoodCreditIsMyGoal wrote:

Revelate wrote:

+1 to the advice posted above; with the new addition of the usual 1-2-3 rewards package to the BOFA secured products, it's WAY better than the standard card in the secured strata, and really it's every bit as good as a entry prime card assuming you can afford the deposit at all since BOFA reliably graduates at the 1 year mark.  I think there's one poster who didn't that I've read about in the last six months, and in fairness his report was still ugly.

 

Personally I'd open it with as much free cash as you can tie up for a year.  BOFA traditionally unsecures with the greater of two numbers: $1000 (usually if below that) or whatever your total deposit / CL was on the secured card.  It's a short cut to the 5K CL if you can afford to do that too, I'm strongly looking towards doing that myself in short order before my graduation date with either of the two likely jobs i'm probably going to get at this point (one travel, another sorta well out of commuting distance).

 


Good points Relevate I was actually just going over my budget to see if I could swing $1,000 because I want to show growth, not another $300 or $500 CL....one question I was thinking about...does the Bank of America secured card report as "Secured"??  If so, I think that would be a deal breaker for me.  My CapOne Secured card does not report as "secured".


Go with as much as you can, every time you want to add later will be a hard pull. Also, while it reporting as Secured might sound bad, it shouldnt hurt your score in any way. It's not a bad card...

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Re: Bank of America Counter Offer...should I bite?!


GoodCreditIsMyGoal wrote:

Good points Relevate I was actually just going over my budget to see if I could swing $1,000 because I want to show growth, not another $300 or $500 CL....one question I was thinking about...does the Bank of America secured card report as "Secured"??  If so, I think that would be a deal breaker for me.  My CapOne Secured card does not report as "secured".


Yes it does.  Personally it doesn't matter to me as it graduates and at that point the secured tag comes off (I can confirm that personally on an old secured card I had with BOFA and current reports are that's still the case); however, if you're applying for things short of a year, then perhaps that's a consideration from an underwriting perspective.

 

That said, FICO doesn't care at all.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Re: Bank of America Counter Offer...should I bite?!

My wife got denied with a 757 score and 23 accounts reporting (10 open) for the same " not enough history"... What? So she called the back door number and got approved.
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Re: Bank of America Counter Offer...should I bite?!

did you give them a jingle today?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
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Re: Bank of America Counter Offer...should I bite?!


rootpooty wrote:

did you give them a jingle today?


Yup....fail!  They said although I have an excellent payment history and no baddies etc...they like to see a bit longer credit history....:smileyfrustrated:   Whatever....smh!!!:smileysad:

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Re: Bank of America Counter Offer...should I bite?!


GoodCreditIsMyGoal wrote:

rootpooty wrote:

did you give them a jingle today?


Yup....fail!  They said although I have an excellent payment history and no baddies etc...they like to see a bit longer credit history....:smileyfrustrated:   Whatever....smh!!!:smileysad:



sorry to hear that. which number did you call? i was successful at my second recon not my first. also as mentioned if you accept their counter offer it may generate an addtional hp

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
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Re: Bank of America Counter Offer...should I bite?!

I've been a member of BoA for 15-20 years and they've never extended me a LOC.

 

I'd take your business somewhere else, if you really don't need them.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!

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