04-09-2011 10:29 PM
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.
04-09-2011 10:33 PM
04-10-2011 12:38 PM
04-10-2011 08:08 PM
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.
04-10-2011 08:08 PM
04-10-2011 08:10 PM
04-10-2011 08:17 PM
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.
04-10-2011 08:32 PM
04-10-2011 08:37 PM
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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.