05-05-2010 10:47 PM - edited 05-06-2010 07:15 AM
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.
05-05-2010 10:53 PM
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.
05-05-2010 11:03 PM
The over limit was actually after the first year, it happened late March to mid April. Thanks for your advice.
05-06-2010 06:47 AM
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.
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