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Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012
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Bizarre and Confusing Conversation with BofA Update:Successful PC to Boa Travel Rewards Card

[ Edited ]

 

So I decided I would try and switch the student platinum plus that I've had with BofA for over four years now to something more palatable. Being that it is Saturday and that it is BofA my expectations were extremely low going in.

 

Basically, the gist of the conversation with the rep is that my card is secured, but is not backed by a security deposit. Furthermore, I would have to speak with an additional rep to unsecure a card that already meets the generally accepted definition of unsecured.

 

So I guess my question is, has anyone had any experience with this problem, or can anyone explain the concept of a secured card that requires no collateral to me. For the record, I requested a cli on the card from 700 to 2k over a year ago which was granted almost instantly (had to call in). One would think that if the card was secured this would have been more problematic.

 

I included a relevant portion of the chat below (with personal details omitted) as a reference.

 

You: Hi. I was just curious as to whether my current account is eligible for a product change

You: I've had the student platinum plus for over four years now and was looking to switch over to something with rewards

Gavin: Please allow me few moments while I check the information for you.

.

Gavin: After reviewing the information I see that you have a student secured credit card account.

Gavin: You can place a request to convert this account to un-secured credit card account.

Gavin: We have a specialized secured card department to handle these requests.

Gavin: If you allow me I am able to provide the contact information of our specialists.

 

You: Hmm. I'm fairly sure its been unsecured since the day it opened

You: I never put down a deposit to recieve the card

Gavin: I completely understand, however, the collateral deposit is not required for student secured credit card accounts.

You: oh I see (No idea what hes talking about)

Gavin: You can call our secured card specialists at 1.888.260.4696. We are available from Monday through Friday 8 a.m. to 8 p.m Eastern Time.

 

 

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Senior Contributor
youngandcreditwrthy
Posts: 6,163
Registered: ‎08-16-2012
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Re: Bizarre and Confusing Conversation with BofA

WTH LOL... doesn't secured mean you have collateral?!!? This is why I dislike outsourcing. 

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012
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Re: Bizarre and Confusing Conversation with BofA


youngandcreditwrthy wrote:

WTH LOL... doesn't secured mean you have collateral?!!? This is why I dislike outsourcing. 


Lol this is why I dislike BofA

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012
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Re: Bizarre and Confusing Conversation with BofA

My wife has had that card for 5 years, I tried to PC it for her, and it was a nogo. So were going to just cancel it. Never had a CLI on it and the limit is at 1500. i rather her lose 1500 of credit than stick with BofA when banks like Chase, US bank and Citi are out there. 

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
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Re: Bizarre and Confusing Conversation with BofA


Gavin: I completely understand, however, the collateral deposit is not required for student secured credit card accounts.

You: oh I see (No idea what hes talking about)

 


 

From my understanding, secured student credit cards do not require Account holders to make a "secured deposit" to open the account as it is the case with any other secured credit card. Students just get the card as unsecured credit but they call it secured mostly to offer better approval odds (I think).

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

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Frequent Contributor
CreditChampion
Posts: 261
Registered: ‎03-15-2012
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Re: Bizarre and Confusing Conversation with BofA

This ishilarious try to call back


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Senior Contributor
youngandcreditwrthy
Posts: 6,163
Registered: ‎08-16-2012
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Re: Bizarre and Confusing Conversation with BofA

Hmmmm.... I'm a student LOL.. and I have NO student credit cards. I don't think student credit is as easy to get as it was like say.. in the '90's or even before 2008. 

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Bizarre and Confusing Conversation with BofA


youngandcreditwrthy wrote:

WTH LOL... doesn't secured mean you have collateral?!!? This is why I dislike outsourcing. 


with a name like Gavin, why would you think it is outsourced?

               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012
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Re: Bizarre and Confusing Conversation with BofA

 


CreditChampion wrote:

This ishilarious try to call back


I would try but I'm pretty sure its useless. However, I will follow up with that number the rep provided me next week to see whats going on. Its too bad really since I bank with bofa and would really like a reason to use their card, but would never waste an app on them.

I do find it a bit amusing that someone at BofA wouldn't have just unsecured the card based on a soft of credit report at somepoint over the last several years. My scores have been over 700 since roughly 2009.

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Moderator
Revelate
Posts: 8,891
Registered: ‎12-30-2011
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Re: Bizarre and Confusing Conversation with BofA


OptimasPrime wrote:

 


CreditChampion wrote:

This ishilarious try to call back


I would try but I'm pretty sure its useless. However, I will follow up with that number the rep provided me next week to see whats going on. Its too bad really since I bank with bofa and would really like a reason to use their card, but would never waste an app on them.

I do find it a bit amusing that someone at BofA wouldn't have just unsecured the card based on a soft of credit report at somepoint over the last several years. My scores have been over 700 since roughly 2009.


FWIW, BOFA has a secured department that's only open M-F.  That's just the way it is frankly and there's nothing to do about it.

 

That said, their secured group has helped me every time I've called, and BOFA is now putting rewards on pretty much everything.  I'd absolutely call in your case, we're talking 5-10 minutes of your life, hardly tragic :smileywink:.

 

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