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Established Member
lenz99
Posts: 47
Registered: ‎11-11-2010

Re: Bank of America secured card

Pay in full after the statement cuts, you can also pay the balance before statement cut date to minimize the util%, but if you're not about to apply any additional credit, util% doesn't matter that much, just make sure to pay on time and don't miss any payment.

 

And no, you're not necessarily to carry any balance to show usage, PIF if possible.

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Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011

Re: Bank of America secured card

Can you add to your deposit to increase limit once started or is your initial deposit what you'll have until it unsecures?

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


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

Re: Bank of America secured card

Well, I called the applications status number and I got the approval message, the online status still hasn't changed. Thanks for the replies and words of advice. Now I'll need to garden this card and my credit into bigger and better things, but with the help of the forum community, it shouldn't be too hard. Thanks Again to all

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


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Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: Bank of America secured card

 

 

If you app for the normal BoA card and are declined, will they use the same INQ when you ask for a secured card?

IAALBNYL
Valued Contributor
vish1
Posts: 1,129
Registered: ‎01-20-2011

Re: Bank of America secured card

 


O6 wrote:

 

 

If you app for the normal BoA card and are declined, will they use the same INQ when you ask for a secured card?


NO. They pulled twice in my case. I had initially applied for unsecured and got a counter offer for fully secured and then when I accepted it I was told they will pull again and the did.

 

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011

Re: Bank of America secured card

Not sure. I went ahead and applied directly for the secured. I think I've read before on here that it used to be counter-offered, but I can't be sure that is exactly the case.

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


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

Re: Bank of America secured card

Well there you have it. I knew someone would know.

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
vish1
Posts: 1,129
Registered: ‎01-20-2011

Re: Bank of America secured card

 


lenz99 wrote:

vish1 wrote:

 

I would think this as a approval.

 

Treat it well and keep paying online as soon as you can after transactions post. This suggestion doesn't have any grounds, but I used to do this and they treated me really well.

 

Another suggestion I have is don't block too much money to get a high CL unless you need high CL (your deposit has no impact on what kind of unsecure CL you will get when you get this unsecured). Again this is my thought YMMV.


 

Initial CL matters and you're the only one I've seen with such a big CLI upon "graduation". Most ppl receive the standard $500 CLI for unsecuring so a big initial deposit definitely helps.

 


 

I agree with your point. I agree that I am probably one of the very few who got such a great CLI from them on unsecuring and also got the AF removed from my account.

 

but I will like to present another perspective (or probably just my thought)

I feel if a person is gonna get something like 500 CLI at unsecure, chances are, he/she will not be able to get the AF waived off. If you look forward, you will appreciate that after 1 year of secured card with AF, OP may not want BofA with AF (OP will most probably be good for other non AF cards by then). This was my thought behind keeping my deposit at 500. Offcourse, this is again my opinion and may not work for others.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011

Re: Bank of America secured card

Good points by both sides. My goal is to be on track for better cards with no AFs, that is why I'll treat this card well and set myself up for better cards down the line.

That said, this is my first thread started. Where do the regulars suggest placing a thread with whats on a credit report and how to go from there? I'm taking it's in the Rebuilding Credit sub forum?

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
vish1
Posts: 1,129
Registered: ‎01-20-2011

Re: Bank of America secured card

If this is your first (and only) card, I will suggest adding a store card about 3 months from now. There are 2 advantages:

1. You need atleast 2 revolving lines to be able to get good prime cards (1 is too little)

2. Store cards like GEMB ones grow to about 1500CL pretty fast in 7-8 months (a bit before the time when your BofA hits 1 year) and it helps your Util without having to put too much deposit for a high CL.

 

As always, YMMV

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)

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