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New Member
Posts: 6
Registered: ‎12-17-2012
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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
Posts: 7,132
Registered: ‎02-27-2013
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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.

 

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Regular Contributor
Posts: 194
Registered: ‎01-26-2013
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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: $17k | 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
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
Posts: 65
Registered: ‎05-21-2013
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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.


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Regular Contributor
Posts: 244
Registered: ‎04-05-2013
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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
Posts: 6
Registered: ‎12-17-2012
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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
Posts: 131
Registered: ‎05-13-2011
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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
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Blogger
Posts: 3,330
Registered: ‎10-19-2012
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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. 

Frequent Contributor
Posts: 297
Registered: ‎11-21-2013
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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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