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Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

BoA CC...

[ Edited ]

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.

CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*
Established Contributor
beenthere
Posts: 971
Registered: ‎01-13-2008
0

Re: 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.

1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Regular Contributor
stoopidmunkee
Posts: 207
Registered: ‎01-28-2009
0

Re: BoA CC...

The over limit was actually after the first year, it happened late March to mid April.  Thanks for your advice.

CITI - $3500 - CAP1 - $750 - RZMC - $600 - BOA - $600 - CAP2 -$500 - Credit Union $500

TU: 707 (From Wal-Mart's website) * Finally made the 700 club!!!!!!!*
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: BoA CC...

I would deposit some more money and get a higher CL.   I think you'll probably get a larger CL when it finally un-secures.

Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: BoA CC...

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:

 

  1. Don't request to be unsecured unless you've had at least 12 months of *perfect* account history with BoA
  2. Don't request to be unsecured unless the rest of your credit profile looks good (all baddies gone or no *major* baddies that are sufficiently aged-- ready to fall off, utilization low, etc...)
  3. Don't request to be unsecured unless you can demonstate that you've PIF'd, at least on occasion
  4. Having a solid checking/savings/brokerage with BoA seems to help some-- "solid" meaning no NSFs, routine overdrafts, etc..

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.

 


stoopidmunkee wrote:

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
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Equifax Fico is: 594 as of 03.30.10
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