I opened my secured BoA CC back in 02.02009, so it's been over a year and I've only kept it at the $300 CL. I've never been late on the card I usually make two payments on the account every two weeks ( if not more ) and usually keep the balance around $75 to $125 at the most. I was over on my limit on my CC once by $19, which was paid off the next day so I wasn't charged an over limit fee. I bank with BoA so my payments usually process that day or the next day depending on how I pay them.
Either why I was online checking my balance and I clicked the link to request for a CLI about a week or so ago. I just finally heard back for them, they basically said I could deposit more money on my secured CC to get a CLI, but I was wondering is that a good step to take?
I really want to get a product change with BoA, and get away from a secured CCs, since I don't have a secured CC with my Best Buy RZMC.
Basically I'm just wanting to know should I just put more on this credit card and ride it out for another year and prove that I have a good payment history with them or just try and calla round to see if I can get a product change on my BoA CC.
You've told us you typically keep a 25-45% balance on the card and have been over limit in the first year. I'd get the CL backed up to about $100 and never charge more than $100 then ask for a product change in about a year.
The over limit was actually after the first year, it happened late March to mid April. Thanks for your advice.
There have been some recent threads, over the past few months, about the new world order for the unsecuring of a BoA secured card. First, you can't do it with a CLI request. Fully secured cards (as you already know) can only be increased by your increasing your secured deposit. After 12 to 18 months (the previous timeframe was 9 to 12 months) BoA may become willing to unsecure it at the (probably) cost of a hard INQ, at your request to unsecure. There were a rash of closings, within days or weeks of these cards becoming unsecured, due to BoA's risk-o-meter determining that their level of risk was too high.
Some of the lessons learned were this:
Because of the following two things, I'd suggest that you increase your secured deposit to a level that you can use without fear of going over the limit, PIF every month, and then request to be unsecured in 12 months time.
I was over on my limit on my CC once by $25, which was paid off the next day so I wasn't charged an over limit fee.
TU 593 --- Equ 580 --- Exp 577 --- via Credit Keeper.com
Equifax Fico is: 607 as of 04.10.10
Equifax Fico is: 594 as of 03.30.10
Goals: 650 Club ( for now ) -- New Car -- AMEX CC --
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli