Bank of America Secure Card Graduation

ML820 · ‎08-13-2012

I applied for a Bank of America Power Rewards Credit Card in 8/2011 and was declined and offered to open a Power Rewards Fully secure card. I applied and got the Power Rewards Card I put a $500 security deposit. 2 months I applied for the Amex Zync card and was approved with NPSL.

Since I got approved for the Amex I waited until 8/2012 to call and have my Bank of America Card Unsecured. I paid the balance in full on the card and called last week and told the rep I would like to unsecure my card I was asked several questions about my salary and was told a hard pull had to be done in order to insecure the card I agreed to the hard pull and I was transferred to a credit analyst and asked several question. And was then told my card has Graduated but since I have new credit on my report ( Amex zync) that at this time I was not up for a credit limit increase untill they see 6 months or more of payments on that account even tho I have a capital one card for the same length of time as the BofA secured card.

Has anyone heard of this ? I am happy to get my deposit back and a product change to Cash Rewards with No annual fee but i would have liked a CLI. Does anyone know if Bank of America grants CLI on their own or should I call this week and ask for one ?

rootpooty · ‎08-13-2012

I would wait 6 mos. if you call back and ask now they are gonna do another hp and might deny you

ML820 · ‎08-13-2012

Thanks, yea I was thinking about just waiting and just putting very small purchase on this card and just use my AMEX. I am happy to have it unsecure tho. Does anyone know how long it will take to have the money put in my account or to recieve the new product change card in the mail.

YahComb · ‎08-13-2012

They usually tell you product changes will take 2-4 weeks, and it was closer to 4 weeks than 2 weeks for a lot of us. I don't have a BOA checking/savings, my card was unsecured 6/21 and the refund check got here 6/29, so not very long. If you have a BOA checking/savings they should be able to do it electronically within a couple days.

That's a little unfortunate you might have to wait 6 months for a CLI. I didn't get an auto-cli at graduation either (i was graduated early, right after i asked to PC to a secured rewards card), but after the product change was completed, i hit the CLI button and went from 1.2K to 3K(they prompted me to call for an instant decision, and i did that same day).

ML820 · ‎08-17-2012

*** Update 8/17/2012****

I called back a week later to get CLI and it was approved for 1k using the same credit report from the previous week so no extra hard pull.

****Update 04/01/2013******

I used the love button for 5K credit limit, I was decline but I waited to get my letter in the mail. I gave the backdoor number a call and asked for a recon and was approved for the 5k credit limit.

YahComb · ‎08-17-2012

grats. i opened 4 accounts from feb-april(and i increaed my BOA deposit in april too) so i guess it was kinda bogus to say you were ineligible for 6 months because of recent accounts. Goes to show, you can't always rely on what the first rep tells you.

Open123 · ‎08-17-2012

Congrats!

In my view, the BofA is the best secured card and the best to build or rebuild one's credit.