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Frequent Contributor
Posts: 303
Registered: ‎06-04-2008
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Bank of America Secured Card to rebuild credit?

Does anyone have this card? If so how is it working out for you? I am trying to find out the minimum fico score to receive this card. I have heard that most people get the secured card $99 down $500 credit limit. I have just received my Crown Jewelers card. Woo Hoo. Now I only need to find something to purchase.
 
Thank you
goodgirl-badcredit

Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


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Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
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Re: Bank of America Secured Card to rebuild credit?

I have the fully secured...but I knew NOTHING about the 99/500 card...when I got mine...and now I know you can't have both...but you would have to apply for a regular unsecured card...get denied...and see if they offer you the 99/500 card...as a counter offer...I know the card graduates in about 9-12 months...to a regular unsecured card...it's a GOOD card...especially for rebuilding...I don't know if there is a min score requirement...you can't directly apply for the 99/500...it's only a counter off card...but you can directly apply for the full secured card...but why get the fully secured...if you can only put up $99 dollars...and get a 500 CL...RIGHT....unlike me...had to give up $500 upfront...but I heard they give you the deposit back...when the card graduates...
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Re: Bank of America Secured Card to rebuild credit?



goodgirl-badcredit wrote:
Does anyone have this card? If so how is it working out for you? I am trying to find out the minimum fico score to receive this card. I have heard that most people get the secured card $99 down $500 credit limit. I have just received my Crown Jewelers card. Woo Hoo. Now I only need to find something to purchase.
 
Thank you
goodgirl-badcredit


Most of their regular CCs (worldpoints, plat plus, etc.) offer a fall-back feature if you were to get denied. In some cases, you'll be offered (via online or in the mail) a counter offer of depositing $99 and receiving a $500 limit card. If you continue making payments as scheduled then at the 9-12 month mark and with continued good credit, BofA will convert that card to an unsecured card and refund your $99. Many have reported significant CLIs at that point.
 
I have this card and am happy with it. I am currently 7-8 months in so should soon see the card get converted. Score-wise, I tried for a fully secured card with EX around 550 and was denied back in August. Scores went up and in Nov. I appd for one of their CCs and was denied and counter-offered the 99/500 and was approved with EX near or above 640. BofA tends to pull EX.
Just be aware that you'll get two inquiries for this card (one for the first app and one for the second).
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Posts: 303
Registered: ‎06-04-2008
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Re: Bank of America Secured Card to rebuild credit?

My EQ score is 536. The EX and TU scores (642) are fako's. Maybe I should wait a little longer before applying for the card. I wish EX sold FICO's

Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


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Moderator Emeritus
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Re: Bank of America Secured Card to rebuild credit?

[ Edited ]


goodgirl-badcredit wrote:
 
I wish EX sold FICO's


They do. Right on this site.
 
Or to clarify, EX doesn't sell the FICO score, myFICO sells the FICO score for EX.


Message Edited by llecs on 06-24-2008 01:02 PM
Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
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Re: Bank of America Secured Card to rebuild credit?


llecs wrote:
Most of their regular CCs (worldpoints, plat plus, etc.) offer a fall-back feature if you were to get denied. In some cases, you'll be offered (via online or in the mail) a counter offer of depositing $99 and receiving a $500 limit card. If you continue making payments as scheduled then at the 9-12 month mark and with continued good credit, BofA will convert that card to an unsecured card and refund your $99. Many have reported significant CLIs at that point.
I have this card and am happy with it. I am currently 7-8 months in so should soon see the card get converted. Score-wise, I tried for a fully secured card with EX around 550 and was denied back in August. Scores went up and in Nov. I appd for one of their CCs and was denied and counter-offered the 99/500 and was approved with EX near or above 640. BofA tends to pull EX.
Just be aware that you'll get two inquiries for this card (one for the first app and one for the second).





Yikers! 640?? Well, I guess that means we ought to wait a while before we try our luck!!! DH is at about 535 with EX, TU is about 598, and EQ is 578. :smileysad:

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Moderator Emeritus
Posts: 32,869
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Re: Bank of America Secured Card to rebuild credit?

I've seen some get offered the 99/500 with scores in the high 500s, low 600s, though 600 at least would be ideal.
Member
Posts: 28
Registered: ‎06-05-2008
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Re: Bank of America Secured Card to rebuild credit?

It worked for me. I got a $500 secured card (didn't know about the 99 option) and at 1 year they deposited $500 into my BoA checking account. I called the backdoor number about 6mths later and got a CLI to 2500. They based it on my payment history with them and didn't do a hard pull.
Established Contributor
Posts: 951
Registered: ‎12-04-2007
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Re: Bank of America Secured Card to rebuild credit?

I have bankruptcy on my credit report and so was only offered the fully secured.  The 99/500 are for those with no BK on their files.  (according to the rep I talked to)  so I am waiting for my card to come.  I just sent in the application for 300.00  I closed all of my fee cards to get this one to help me rebuild.  I can't wait to prove to B of A that I am a good person who ran into hard times. 
Regular Contributor
Posts: 239
Registered: ‎08-30-2007
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Re: Bank of America Secured Card to rebuild credit?

     BofA secured was the first card I ever applied for. I deposited $300 dollars and was given a chance to establish credit. I paid on time for 9 months and then requested an unsecured card and was given a $800 limit. I then called the backdoor number 2 days later and recieved another $500 limit which is what I have now. I also have an Orchard secured card which hasn't graduated yet but I hope it soon will. My initial score after 9 months was 671 and 2 weeks later rose to 681. Since my BofA card graduated I was approved for a WaMu card $3500 limit and a CapOne card with a $750 limit. I know I will join the 700 club within 2 months and not open any more cards for at least 2 years. Secured cards do work in helping you reach your dream and you get your deposit back once you prove you're capable of handling credit responsibly. The best advice I can give you is .....Use credit and don't let it use you...Do this and you control your destiny...I wish you luck.

Starting Score: 721
Current Score: 799
Goal Score: 800


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