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BoA 99/500 Secured

Moderator Emerita

Re: BoA 99/500 Secured

There's a difference between impact on your scores and impact on other lenders.

It's a fact that secured status does not affect your scores.

It's a combination of guessing and opinion as to whether these are going to make you less attractive to future lenders.

My guess is that everyone has to start somewhere, and if a couple of secured cards get you started down the right path, then they're worth keeping. The benefit of the BofA card is that you should be able to convert it to an unsecured, which is something that not all secured cards allow you to do.


eta: gasp, got caught in the affect vs effect pit!
Message Edited by haulingthescoreup on 08-06-2009 02:57 PM
* 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
Message 11 of 19
Frequent Contributor

Re: BoA 99/500 Secured

My BoA Secured Account is approaching 9months mark on Nov 23. I can't wait to call in that day to get it upgrade!! Anyone else is waiting?

 

 

Message 12 of 19
Regular Contributor

Re: BoA 99/500 Secured


CreditCard101 wrote:

My BoA Secured Account is approaching 9months mark on Nov 23. I can't wait to call in that day to get it upgrade!! Anyone else is waiting?

 

 


 

If you have any luck, please let me know...I have talked to 3 CSR's this week and they all say the rule is now(as of about a month ago) 12 months before the card can be unsecured.  My card is 9 mos on November 13, and I have been anxiously waiting for November 13, but now it looks like I will have to anxiously wait until Feb. 13, 2010
Message Edited by nmorton79 on 10-29-2009 07:11 PM
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Message 13 of 19
Frequent Contributor

Re: BoA 99/500 Secured

Nmorton79:

What I was told when I applied was 9 months? 

You need to tell them that you were told 9months when you applied and you agree to it. They said 12 months was the rule now, but it WAS NOT back then when you applied. So it's different rule applied to different person. Everytime I called in they all said 9 months. So they told me to call back at 9 statement which for me is Nov 23..

 

Message 14 of 19
Moderator Emeritus

Re: BoA 99/500 Secured


CreditCard101 wrote:

Nmorton79:

What I was told when I applied was 9 months? 

You need to tell them that you were told 9months when you applied and you agree to it. They said 12 months was the rule now, but it WAS NOT back then when you applied. So it's different rule applied to different person. Everytime I called in they all said 9 months. So they told me to call back at 9 statement which for me is Nov 23..

 


 

I had the 99/500 beginning in Nov. of 2007 and did graduate. When I opened it, they told me 9-12 months of on-time payments, versus 9 statements. Right at my 10th statement, and just after completing 9 monthly payments, they automatically unsecured it.
Message 15 of 19
Frequent Contributor

Re: BoA 99/500 Secured

llecs:

Sweet, as long as they keep their word otherwise i will beat the crap out of their @$$ for lying. They told me at 9 months so I cant wait for Nov 23 =)...Looking forward to get it upgrade!!

 

Message 16 of 19
Frequent Contributor

Re: BoA 99/500 Secured

The BoA 99/500 card is still being offered.  I just did a live chat with a rep and they told me you have to go into a branch to apply.

11/30/14 EQ 545 TU 573 EX 602 01/15 EQ 545 TU 586 EX 589
02/15 EQ 643 TU 627 EX 669 03/05/2015 EQ 708 TU 744 EX 707
05/2017 EQ 659 TU 676 EX 683
Goal: 700s across the board Smiley Happy
Message 17 of 19
Frequent Contributor

Re: BoA 99/500 Secured

I closed my BoA Secured card today at 9 months because they change their policy to 12 months and the AF will still apply. I dont really need all the new BS stuff from BoA so I close the account. Looking for new VISA account, any good VISA card out there....

 

 

Message 18 of 19
Senior Contributor

Re: BoA 99/500 Secured

+1 lilmirth.

 

Secured notation is a "comment" not a rated component.  I guess it is possible that under a manual loan officer review, the secured card would have less credibility as a credit "reference" since it is not secured.

 

But for FICO purposes, a secured card scores the same as an unsecured card, even if the secured card is notated as secured in comments.  The comment makes no score difference.  And, if you have had the card for 5 months, you are only 5-7 months from graduating to a an unsecured....so IMO you should keep it.

 

Smiley Happy

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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Message 19 of 19