Reply
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008

BoA 99/500 Secured

I noticed that only certain people get offered this card and was wondering if there is a specific BoA product you apply for, and this card is the counteroffer?

 

Like if you apply for a BoA backed AMEX all you get is declined, with no 99/500 offer. Does that make sense?

____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Established Member
tiffj
Posts: 47
Registered: ‎03-15-2009

Re: BoA 99/500 Secured

Only the lucky!
The Little Engine That Can Rebuild...
Fico Eq 492 Tu 572 1/15
Fico Eq 571 Tu 575 4/14
Fako Eq 543, Tu 523, Ex 515 2/26
Fako Eq 610, Tu 601, Ex 609 4/13
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: BoA 99/500 Secured


Pappy214 wrote:

I noticed that only certain people get offered this card and was wondering if there is a specific BoA product you apply for, and this card is the counteroffer?

 

Like if you apply for a BoA backed AMEX all you get is declined, with no 99/500 offer. Does that make sense?



I'm pretty sure that I keep reading that it's the Plat Visa (Plat Plus?)

It seems to happen when people try for a card on the pre-approval website, get declined, and get the counter-offer.

This was a hot topic last year, but I don't remember reading any posts about members getting one since the big credit crunch started.

Anyone gotten the 99/500 counter-offer since last September or so?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
PayingTheBills
Posts: 353
Registered: ‎01-29-2009

Re: BoA 99/500 Secured

[ Edited ]
Why not just call the BoA backdoor number and ask a rep? It can't hurt, and I've found the backdoor reps to be far more helpful than the frontline morons. edited to remove personal reference to BofA CSR

--PayingtheBills, I feel your pain, but we do try not to bash specific CSR's. It's generally not their fault if they're poorly trained and unable to help.
Message Edited by haulingthescoreup on 03-30-2009 03:26 PM

Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 715 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008

Re: BoA 99/500 Secured

So, what you are saying is that you get a pre-approval for the Platinum Visa and for some reason they decline you and feel bad so you get a 99/500 offer? 


haulingthescoreup wrote:
I'm pretty sure that I keep reading that it's the Plat Visa (Plat Plus?)

It seems to happen when people try for a card on the pre-approval website, get declined, and get the counter-offer.

This was a hot topic last year, but I don't remember reading any posts about members getting one since the big credit crunch started.

Anyone gotten the 99/500 counter-offer since last September or so?

 

____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: BoA 99/500 Secured


Pappy214 wrote:

So, what you are saying is that you get a pre-approval for the Platinum Visa and for some reason they decline you and feel bad so you get a 99/500 offer? 


haulingthescoreup wrote:
I'm pretty sure that I keep reading that it's the Plat Visa (Plat Plus?)

It seems to happen when people try for a card on the pre-approval website, get declined, and get the counter-offer.

This was a hot topic last year, but I don't remember reading any posts about members getting one since the big credit crunch started.

Anyone gotten the 99/500 counter-offer since last September or so?

 



lol, I don't know their motivation, but that's how people were working it last year. It seemed to be all the rage back in the spring and summer, I think.

My understanding is that it is only available as a counter-offer. You can't call and say, hey, can I have a partially-secure card?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
CreditCard101
Posts: 401
Registered: ‎02-23-2009

Re: BoA 99/500 Secured

I think I'm going to close my BoA secured accounts today. The reason is they reported as secured on all CB which isn't good for your credit score. I had the accounts for 5 months and i dont want to continue.

 

Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: BoA 99/500 Secured

Hi CC101!

 

It has no impact on your FICO score, at all, that your cards report as secured. Even if it did (and it *doesn't*) the cards will remain on your reports for up to 10 years, assuming they're in good standing. You've already opened, them, and BoA will unsecure in 9-12 months, returning your deposit. I'd recommend holding on to those cards and letting the transformation from secured to unsecured take course.

 

I used to have a fully secured BoA card, several years back. It's now an unsecured card with 8k more credit line than I started with (currently 10k).


CreditCard101 wrote:

I think I'm going to close my BoA secured accounts today. The reason is they reported as secured on all CB which isn't good for your credit score. I had the accounts for 5 months and i dont want to continue.

 


 

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Frequent Contributor
CreditCard101
Posts: 401
Registered: ‎02-23-2009

Re: BoA 99/500 Secured

Hi LilMirth,

I like your nickname by the way, sounds so cute lolz :smileyhappy:

 

Well I think it does impact on your credit rating because secured cards is for those who don't have credit and I do have credit such as AMEX and Credit Union Mastercard with high limits. My BoA secured card has lowest limit $500 from my own deposit. Well it was my mistake for open a secured account with BoA because I thought I could not get approve for a regular card. I guess I can keep it open for another 4-5 months or so to get it unsecured since I am in the middle of the 9 months unsecured contract.

 

I take your advise and keep it open =)

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: BoA 99/500 Secured

Ditto to LilMirth. I opened a BofA 99/500 a ways back and there was no negative impact to my score (per the comment).

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+