Reply
Valued Contributor
Posts: 1,051
Registered: ‎05-20-2010
0

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.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Valued Contributor
Posts: 1,750
Registered: ‎07-16-2011
0

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.

 

Last App: 10 DEC 14 | Gardening Until: DEC 2015 | "We're all mad here." - The Cheshire Cat

[ Reserved for AMEX ]

Retail Credit: Amazon | Walmart | Macy's | Bloomingdale's | Ann Taylor | Overstock | Express (A-List)

Regular Contributor
Posts: 137
Registered: ‎01-08-2012
0

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! 

 

 

Community Leader
Valued Contributor
Posts: 1,283
Registered: ‎04-06-2011
0

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 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Mega Contributor
Posts: 15,436
Registered: ‎04-09-2011
0

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.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Community Leader
Valued Contributor
Posts: 1,283
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 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

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.
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
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 :smileyvery-happy:

Moderator
Posts: 10,546
Registered: ‎12-30-2011
0

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 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)


Take the myFICO Fitness Challenge
Community Leader
Valued Contributor
Posts: 1,283
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 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.