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New Member
Justin028
Posts: 6
Registered: ‎12-17-2012
0

BankAmericard Cash Rewards Platinum Plus Visa (secured)

Hello,

 

I've been using this credit card with no issues for the last 6 months and I'm wondering if I should inquire about a CLI? I was only late 1 time (they reversed the late charge) but I've been paying it faithfully ever since. I admit sometimes I tread close to the CL of $500 but I always pay it down at least half.

 

Should I inquire about an increase or wait?

 

Thanks

Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)


Justin028 wrote:

Hello,

 

I've been using this credit card with no issues for the last 6 months and I'm wondering if I should inquire about a CLI? I was only late 1 time (they reversed the late charge) but I've been paying it faithfully ever since. I admit sometimes I tread close to the CL of $500 but I always pay it down at least half.

 

Should I inquire about an increase or wait?

 

Thanks


It is going to be a hard inquiry. You're going to be okay with that, right?

From what I know, they seem to review your entire CR. So make sure you pay down other revolving balances as well before you ask for a CLI.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
jakemod1
Posts: 194
Registered: ‎01-26-2013
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

+1

Also, since you were late (even if they waived the late fee, still happened) they will use that against you. If I were you, I'd garden and continue using your card for at least another 6 months. That will age your late a bit (granted you don't get another late) and hopefully your CR will look better by then.
Discover IT: $14,5k | Chase Freedom Visa Sig: $5k | CSP Visa Sig: $7k | AMEX BCE: $20k | BankAmericard Cash Rewards Visa Sig: $5,4k | Citi Double Cash: $3,6k | Cap1 QS Visa Sig: $6k | Chevron: $3,5k | Macy's Store: $4,2k; Macy's AMEX: $6k | Kohl's: $2k | Best Buy: $500
TU FICO: 745 EQ FICO: 733 EX FICO: 733 (As of 10/30/14)

Established Contributor
shakalaka
Posts: 567
Registered: ‎09-10-2012
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Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)


jakemod1 wrote:
+1

Also, since you were late (even if they waived the late fee, still happened) they will use that against you. If I were you, I'd garden and continue using your card for at least another 6 months. That will age your late a bit (granted you don't get another late) and hopefully your CR will look better by then.

I believe you will not receive a CLI. First of all it is a secured card, so for the CLI you normally should increase the deposit (also a HP with BoA) and second of all, you were late 1 out of 6 times. Not 1 out of 60 times or so. No matter if they waived the fee, you were late. Sorry to say, but from the lenders perspective ...

 

I would also wait another 6 months, be always on time. Normally the card will unsecure automatically after that time, from what I have heard. And sometimes you even get a CLI.


Amex Platinum (NPSL) | Amex BCE (33,400) | Chase Sapphire Preferred (24,800) | Discover IT (12,700) | Chase Freedom (6,300) | Walmart (4,500) | CapOne (4.000) | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)

FICO: TU 758 (10/12) EQ 724 (10/22) EX 748 (12/5)

New Contributor
tehpud
Posts: 63
Registered: ‎05-21-2013
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Hey Mate,

 

I actually just went through this.  I had my Platinum Visa card since 2008, secured, $500 limit.  They unsecured it 03/13.  I asked/requested them to do so as my credit is finally in great shape, but completely forgot about this card.  Never use it.

 

Anywho, earlier this month I called and asked for a CLI.  They asked how much and I told them $2500.  They gave it to me.  I then asked for a product change to their Bank of America Rapid Rewards AMEX card, and they approved it.

 

You aren't stuck on the platinum card with no rewards forever. Best of luck.


Starting Score: 507 TU | 549 EX | 525 EQ // 05/11
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Goal Score: 775 TU | 795 EX | 745 EQ


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Regular Contributor
Jasir
Posts: 244
Registered: ‎04-05-2013
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)


tehpud wrote:

I actually just went through this.  I had my Platinum Visa card since 2008, secured, $500 limit.  They unsecured it 03/13.


OP, I advise you not waste a HP on a CLI likely to be denied. Previous posters hit on the main reasons: 1) account is too new 2) late within 6 months of opening it 3) secured cards don't usually qualify for CLI. Add to that: 4) is your credit history still spotty?

 

Unlike tehpud who had his card since 2008 and his credit history significantly improved, I can surmise that your history is still a risk factor. I am in the same boat. I, too, have a Bank of America secured card since April 2013; in just a few months I was able to clean up my reports a lot and re-apped for their unsecured card. BOA assured me they wanted to wait and see how responsibly I handled my secured card--and I've been banking (checking/savings) with them since 2009  without even a single overdraft & never paid late or hit more than 30% usage on any of my credit cards! They considered this and still said no.

 

I point that out to illustrate how likely you are to be denied based on the info you shared. But don't sweat it; unlike tehpud, current secured card holders shouldn't have to wait more than 1 year average to graduate to unsecured--if they manage the secured card (and other cards, too) very responsibly.

 

So don't waste a HP. Focus on keeping your utilization below 30% and paying timely and in full (when possible). In 6 months if it doesn't graduate on its own, call and request BOA unsecure it and increase the CL at the same time.

 

Good luck!



Amex BCE: $6000 - Bank of America Cash Rewards: $5000 - Bank of America Better Balance: $1000 - Barclaycard Rewards: $3350 - Capital One Quicksilver: $5000 - Chase Freedom: $1700 - Discover IT: $1200 - Walmart Store: $800
New Member
Justin028
Posts: 6
Registered: ‎12-17-2012
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Thanks guys. I won't inquire a out a CLI until after my 1 yr is up. I do have a Barclays CL $700 and Cap1 (secured) $300. I'll pay those cards off completely in July and ask BOA to release my secured card after my 1 yr is up. I do have checkings and savings with them since 2006 without any issues.
Regular Contributor
imovinup
Posts: 131
Registered: ‎05-13-2011
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

I got the 99/500 secured card also they pulled experian. I had it for 2 months then hit the request credit limit increase thinking it was a SP like other cards I have and noticed a Hp on my transunion. I  got a letter in the mail stating account not open long enough. To be honest as long as you take care of the card for a whole year it should unsecure soon with a CLI for being responsible. When I applied my credit had about collections no late and 60% UTL now IM down to 1 collection no lates and 30%UTL . I want to show I can handle big girl limits.




Starting Score: 5/30/13 TU 630; EQ618: EX PLUS639
Current Score: 7/02/13 TU 643; EQ 651; EX PLUS 665; EX FICO 613
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HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

Even one late payment is a rather big deal for a secured card. I'd wait at least till the card graduates before even thinking of a credit limit increase. Bank of America is one of those banks with which you don't have to worry about credit limits. Once you have established a good relationship with them they won't hesitate to give you a jumbo-sized credit limit increase when you request it. 

Contributor
JoshuaHolySpirit
Posts: 164
Registered: ‎11-21-2013
0

Re: BankAmericard Cash Rewards Platinum Plus Visa (secured)

[ Edited ]

In response to Tehpud: They unsecured it 03/13

 

Does BOA not auto unsecure you after 1 year/12months?

 

That means, does (or does it not) your secured platinum plus card unsecure on its own sometime 2009? (and not 2013?)

or am I understanding something else here? :-))))

 

Also, do they do another TU pull after graduation, because BOA HP's TU for CLI's and HP's EX for new apps.


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