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Valued Contributor
Posts: 1,175
Registered: ‎05-20-2010
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Re: Bank of America Secured Card - Approved??


chan85 wrote:

Does Cap1 report as a secured card? I see in the post above that BoA does, but I feel like creditors judge that it is secured so I don't know if I would want that part reported.


No, the Cap One secured card does not report as secured. When I started credit repair last year, I was also worried about what secured card reports as secured or not on my CR. But I dont see it being much of a problem now. I applied and got approved for a BOA secured card just a few months ago even though I have enough unsecured cards with higher limits. Just wanting to get back in the good graces of BOA again and rebuild a positive relationship with them.

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Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
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Senior Contributor
Posts: 5,225
Registered: ‎07-16-2011
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Re: Bank of America Secured Card - Approved??

[ Edited ]

I too received the same online message and then a letter a week later stating I was declined due to my Experian CR/Score at the time.

 

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Regular Contributor
Posts: 137
Registered: ‎01-08-2012
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Re: Bank of America Secured Card - Approved??

Hello All,

 

I applied last night and got the same message, called the department few mins ago and was told that I was approved for it! 

 

 

Valued Contributor
Posts: 1,659
Registered: ‎04-06-2011
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Re: Bank of America Secured Card - Approved??

Congrats kpresod & Welcome to the forums!

Keep I mind that if you are thinking about raising your CLs, it may result in a hard pull each time, so add wisely if you must. Your card should unsecure between 9-12 months, take care of it and watch it grow.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


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Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: Bank of America Secured Card - Approved??


jpw777 wrote:

Hello All,

 

I applied online for a Bank of America Secured card the day before yesterday and I immediately received this message:

 

 

 

Thank you very much, we received your application. If approved you should receive your credit-building Secured Card 7 to 10 days after we successfully verify your information and process your security deposit. The longer you use your credit card and make your payments on time, the more likely you are to build a solid credit record.Thank you for choosing a Bank of America credit card.

 

I also got an email that says we've reached a credit decision - and it redirects me to the message above again.  They haven't debited by account for the deposit yet so I don't know if I've been approved or not.

 

Anyone have experience with this?  Am I approved or denied???  Would love to hear your thoughts!

 

Thanks!

 

 




Sounds like an approval, nowhere in that statement says denial.




EQ FICO 548 3/3/16
Valued Contributor
Posts: 1,659
Registered: ‎04-06-2011
0

Re: Bank of America Secured Card - Approved??

It is the same message I got, however the OP was denied.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


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Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
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Re: Bank of America Secured Card - Approved??

I got the same message like you and was denied the next day. I called for recon and they approved me and it took FOREVER to get my card. 3 weeks to be exact from the day I applied.
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Regular Contributor
Posts: 137
Registered: ‎01-08-2012
0

Re: Bank of America Secured Card - Approved??

NICE!! I've got Cap1 1000cl and now Bofa 300cl....and an authorize user for an Amex Blue Sky of 3000cl so hopefully my score raises quickly in few months Smiley Very Happy

Moderator Emeritus
Posts: 14,868
Registered: ‎12-30-2011
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Re: Bank of America Secured Card - Approved??


-Cain- wrote:
Congrats kpresod & Welcome to the forums!

Keep I mind that if you are thinking about raising your CLs, it may result in a hard pull each time, so add wisely if you must. Your card should unsecure between 9-12 months, take care of it and watch it grow.

Usually a secured card gets a CLI by just depositing more cash: BofA does a HP for this?  Ugh if so.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 716, TU 8 713, EX 8 740 (09/06/16)
Goal Score: 700 on EQ 04 (01/01/17)


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Valued Contributor
Posts: 1,659
Registered: ‎04-06-2011
0

Re: Bank of America Secured Card - Approved??

Yeah, I asked about it once, they said they had to since the original terms would be changing. I think it is pretty harsh, but if the card grows long-term, I'll take that trade-off.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


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