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BoA Auto graduation on secured if approved for unsecured card?

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JMCB
Regular Contributor

BoA Auto graduation on secured if approved for unsecured card?

So I called BoA to see if I could recon my application for the red card. They didn't budge because of my student loans are in rehab and the rep told me that my only option was a secured card. But he informed me that if I get a secured card now, and then in 6 months when my scores go up after the rehab is complete, I could apply for an unsecured card then. He then said if I am approved, that the secured card will graduate automatically and I will end up with two unsecured cards. Anyone have any experience with this? I thought there was a one year minimum for it to graduate, but he said there wasnt. He said it's an easy way to get two unsecured cards with BoA (obviously based on approval). He said he sees it all the time.

Message 1 of 23
22 REPLIES 22
Anonymous
Not applicable

Re: BoA Auto graduation on secured if approved for unsecured card?

I don't know about that. I do know that lots of people were able to graduate as early as 5 months by calling in and asking for it. Most were a HP, but I've heard it can be a SP. I will say that I have had their 99/500 secured card for 13 months now and it has not graduated yet. I could call, but I'm stubborn. They're either going to auto graduate it one day or I'll close it before the next annual fee hits. If you want your foot in the door with them, then go ahead and get the secured card. Then call in 5 months and ask for early graduation (if your student loan rehab has been completed by then).

Message 2 of 23
Anonymous
Not applicable

Re: BoA Auto graduation on secured if approved for unsecured card?


@JMCB wrote:

So I called BoA to see if I could recon my application for the red card. They didn't budge because of my student loans are in rehab and the rep told me that my only option was a secured card. But he informed me that if I get a secured card now, and then in 6 months when my scores go up after the rehab is complete, I could apply for an unsecured card then. He then said if I am approved, that the secured card will graduate automatically and I will end up with two unsecured cards. Anyone have any experience with this? I thought there was a one year minimum for it to graduate, but he said there wasnt. He said it's an easy way to get two unsecured cards with BoA (obviously based on approval). He said he sees it all the time.


There have been a lot of success stories of BoA secured cards graduating. Based on your signature, you don't seem to be hurting for credit. If your student loan rehab will be complete in 6 months, then I would wait and apply for an unsecured credit card then. I would probably wait longer but that's just me. Come and hang out in the garden.Smiley Happy

Message 3 of 23
_NERD
Established Contributor

Re: BoA Auto graduation on secured if approved for unsecured card?

DW has had a $300 BofA Secured Americard for exactly 3 years that never graduated. Only BofA is succeeding in our story. Time to pack up and bank at a CU. This is blasphemy.

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Message 4 of 23
JMCB
Regular Contributor

Re: BoA Auto graduation on secured if approved for unsecured card?

Thanks for the info guys!! My loans finish rehabing September 1st. Should take 30 to 60 days to update and I should see close to 100 point increase. No negatives except the 14 student loans in collection right now. But the reason this made me think of asking is because the rep said I could think about it and call back and open a secured card with the same credit pull from the unsecured application from a couple days ago. So no extra hard pull. I give them $500 or so and get a secured card. Then later in the year when my score goes up, I apply for a BoA unsecured card. He said once it graduates, the credit line will at least match the new card. So basically I'm getting an extra card with no hard pull since they already pulled my credit a few days ago. Only catch is, they are holding onto my $500 for 6 months, but worth it to get two cards with one pull at the end of the year. So thats what I'm thinking.

Message 5 of 23
JMCB
Regular Contributor

Re: BoA Auto graduation on secured if approved for unsecured card?

@Nerd - Wow! Has the DW applied for an unsecured card with BoA since then? Or has she just been stuck with a secured BoA Card for 3 years?

Message 6 of 23
_NERD
Established Contributor

Re: BoA Auto graduation on secured if approved for unsecured card?

It's her only TL. She's an AU on 3 of my TLs but for mtg qualification my TLs won't count towards her. Fortunately we have good payment history. We always paid cash for everything.

Our rebuilding journey began last May when I joined here. I focused on cleaning my CRs. By mid summer I was done and then worked on DW's baddies. The very last one was a collection I negotiated a PFD for and just paid that off exactly two weeks ago. Still waiting for it to get deleted. Going to fire off a courtesy letter to the CA. They're right here in town (=

The plan was to apply for some revolvers for her but our CRs took an unexpected turn for the better and we're looking great to mtg app in less than a month when my PIF TL balances report. Amex and Discover for DW or Cap 1 can wait until mtg closing.

Long answer to a short question eh? It's Friday.

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Message 7 of 23
NichelleN
Established Contributor

Re: BoA Auto graduation on secured if approved for unsecured card?

I had a strange experience with BofA. I've read so many positive stories here that I guess I'm just an anomaly. I also had a $300 secured card. My old mortgage was with BofA before it was sold. The mortgage was during a rocky period of my credit history and was long ago. Anyway, I requested to unsecure the card and was turned down. The woman on the phone was very nice, put me on hold and came back to say that "he" didn't like my mortgage history. By this time, I had cards with decent credit limits so it didn't matter much. But still, it was $300.

 

When I received the letter with the denial reasons, it said that I had too few funds invested with BofA as compared to my income. Huh?


That was a new one for me.

More than enough credit.
Message 8 of 23
rebuilding123
New Contributor

Re: BoA Auto graduation on secured if approved for unsecured card?

So I'm going to go ahead and advocate for getting the secured line. BoA was my first secured card. I had a Credit One and First Premier to start then went for the secured account through BoA. Scored were about 580 at the time.

 

Dropped $1000.00 limit on this bad boy and ran about $800 through it every month and always PIF before the statement cut.

 

Around the 6 month mark I called in to ask about a possible early graduation with only a SP. Rep asked me a few questions regarding income, residence, etc. Came back and said the card would be unsecured and they also gave me a $1500.00 CLI.

 

Scores were around 620 at the time of early graduation.

Military Star $6.7K | Chase Sapphire Preferred $7K | Barclays Arrival $3K | BankAmericard Platinum Plus $2.5K | Blue Nile $4.5K
Starting Score: ~490 (April 2015)
FICO 8: 712 EQ // 695 TU // 701 EX (August 2016)
Goal Score: 720
Message 9 of 23
Anonymous
Not applicable

Re: BoA Auto graduation on secured if approved for unsecured card?

I called and got an early graduation at my 5 month mark and BOA tripled my CL.  It was the 99/500 secured card

Message 10 of 23
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