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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!
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.
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.
@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.
@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.
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.
@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.