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Bank of America Secured to Unsecured credit card account.

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Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.

You should continue to build your history with BoA even with the secured card. You should take a look at Capital One, though. They're very helpful and understanding of those still trying to build up their credit. Their starter credit cards have fairly high APRs, but if you PIF like you do with your BoA, it shouldn't be any problem.

 

Best of luck to you!

Message 31 of 41
Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.

Thanks guys. I have BOA 123 cash rewards, Cap 1 an Dicover IT secured cards already. I guess as soon as I unsecure I will request it to be PC'd into their Amex version.

Message 32 of 41
dbatl14
Contributor

Re: Bank of America Secured to Unsecured credit card account.

I just got my BofA secured graduated as of today. I had it for about  1 year and a half. Initially I thought that the card would automatically graduate after a year so I just waited but nothing happened. The only thing that was new, was a link where I could increase my credit limit but needed to fund it from an account.

 

So today, I just decided to call BofA and actually ask about the Cash Rewards to be added to my card. So the bank rep told me that she could do it and it would change my account number and a new card would be mailed within 2 - 4 weeks. She then asked me if I called about unsecuring my card then I told her that I had it for more then 18 months and I thought it automatically did it and she said, it may or may not but she could go ahead and submit to see if I qualify, she then asked me if I wanted to get an credit limit increase. So I said why not since we are already in the process.

 

I did my secured with $500 and I asked for $1500. She added my Cash Rewards but needed to transfer me to the secured credit analyst. I spoke to him and he questioned me about a few things on my credit which were old and I told him about it. He then said that it is so old and my past 5 years of history has been nothing but good. So he unsecured it but said he couldn't give me the $1500 but was willing to give me $1000 which I was very happy about.

 

My deposit was back in my bank acount within about an hour and my limit was increased as well.

My Wallet: Amex Everyday: $7000 | Amex PRG: NPSL | AMEX Business Reward: NPSL | Amex Hilton Aspire: $9300 | Amex Delta Gold: $15000 | Amex Business Plat: NPSL | BofA Cash Rewards: $22000 | Travel Rewards: $15000 | NASA FCU Advantage: $17,500 | DCU Platinum: $5000 | Barclaycard Rewards: $3500 | Capital One QS: $8500 | Capital One Platinum: $2250 | Capital One Spark: $7500 | Fidelity Bank: $3400 | Nordstrom: $16500 | Macys: $10000 | Walmart: $3300 | Amazon: $6000 | Target: $14500 | | Chevron/Texaco: $3000 | Discover IT: $4700 | Apple Card: $2450 | Citi Double Cash: $4000
Message 33 of 41
Creditaddict
Legendary Contributor

Re: Bank of America Secured to Unsecured credit card account.


@dbatl14 wrote:

I just got my BofA secured graduated as of today. I had it for about  1 year and a half. Initially I thought that the card would automatically graduate after a year so I just waited but nothing happened. The only thing that was new, was a link where I could increase my credit limit but needed to fund it from an account.

 

So today, I just decided to call BofA and actually ask about the Cash Rewards to be added to my card. So the bank rep told me that she could do it and it would change my account number and a new card would be mailed within 2 - 4 weeks. She then asked me if I called about unsecuring my card then I told her that I had it for more then 18 months and I thought it automatically did it and she said, it may or may not but she could go ahead and submit to see if I qualify, she then asked me if I wanted to get an credit limit increase. So I said why not since we are already in the process.

 

I did my secured with $500 and I asked for $1500. She added my Cash Rewards but needed to transfer me to the secured credit analyst. I spoke to him and he questioned me about a few things on my credit which were old and I told him about it. He then said that it is so old and my past 5 years of history has been nothing but good. So he unsecured it but said he couldn't give me the $1500 but was willing to give me $1000 which I was very happy about.

 

My deposit was back in my bank acount within about an hour and my limit was increased as well.


call back tomorrow to the unsecured credit analyst and ask for $10k, unless you have not rebuilt any other credit in the 18 months, then just ask for $5k but really doesn't matter... they will counter... it's also the same pull they did today.

Message 34 of 41
Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.

That is great news. Congratulations.
Message 35 of 41
hsspres
Contributor

Re: Bank of America Secured to Unsecured credit card account.


@dbatl14 wrote:
So today, I just decided to call BofA and actually ask about the Cash Rewards to be added to my card. So the bank rep told me that she could do it and it would change my account number and a new card would be mailed within 2 - 4 weeks.

 

Interesting, my BofA secured card just passed the 12 month mark so I called last week to see about it graduating and also PC'd to the Cash Rewards.  Saw the AF is posting next statement is the primary reason I called.  She told me my account number will remain the same but the rewards won't kick in until I activate the new card.  I also asked about when would it graduate and she said they would have to review my account (HP) at which time I declined, said I would just wait.

FICOs 6/17 - EQ 751, EX 749, TU 760
Message 36 of 41
Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.

Is there any specific credit score needed to unsecure the card? The reason I ask is because I'm currently only at a 644 Discover fico but on my 3rd credit statement. I was worried that by my 12th month I will not be near a 680. I have read many say BOA pulls TU for graduation. Currently I have one baddie on my TU report that I'm hoping to have removed by the 31st of this month. Just in case it doesn't come off, I was curious as to when my 12th statement cuts, if it would affect my graduation. I know currently I have 8 inquiries on my TU. My only collection account is from 10/11 so 5 years old to date. The amount is $910.00. I have 2 other cards reporting also. Plus i have 1 installment loan that has never been late an will be PIF by January. My current utilization is 1% per Cap 1 credit tracker. Thanks guys to all that share information.


Mark
Message 37 of 41
Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.

I have had the secured BofA card for 4 years...tried to graduate it 2years ago but got declined.... Trying again...just recntly got a proves for a few store cards ( Macy's, Target and Kohl's) so we will see....I keep calling their check status number but I keep getting "still under review" so...
Message 38 of 41
Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.

BoA told you the truth, they definately are paying attention to outside of the box reasons to unsecure your credit line. Perfect payment history isn't enough. My BoA secured card was at the 11month mark with perfect payment history, August I apped for AMEX BCP and DIT. Septemebr (12 month mark on my Secured BoA card) got an Alliant secured loan for $500, Early Novermber got my AMEX CL 3x to 7.5 which sparked them to unsecure it late november I apped for CSP FRDM and AMEX EDP. 

The BoA card still has a toy limit of what I put in 1k. Which at this point I've trying outgrown and is kinda a hassle. If you can increase your secured deposit as much as you can before it unsecures I would recomend anything you can. BoA is kinda a grab bag, I have no idea what they want to increase my limit. 

Message 39 of 41
Anonymous
Not applicable

Re: Bank of America Secured to Unsecured credit card account.


@OonaMission wrote:

Hi Circuitt. I'm in the same boat as you, just this card and an auto loan on my report. About to ask for my card to be unsecured (I've had it since 12/08). Did they do a hard pull of your credit report when they declined you? I'm worried about getting an inquiry if they're just going to deny me.


Okay, I guess I can stop laughing now?  This was exactly how I felt last month when they denied me!  However, I will admit that I had a collection on my credit report, 70+ percent utilization and low scores (starting scores in my sig).  They do a hard pull on product changes.  It's interesting, that in about 2 weeks when my credit bureau updates and my scores are in the 700s or pretty close, I could get unsecured and get another one of their cards, but I will not.  I've been banking with BoA for over 15-20 years, but I am not looking to get any additional cards with them.  As for the secured card, the $99 back for a HP isn't worth it.  

Message 40 of 41
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