BoA Secured

[Anonymous]

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@Anonymous wrote:

Just to add to the thread, I got my BofA unsecured this month.  It was an auto unsecured.

What is odd was that there was no announcement, no fanfare, no congrats, nothing.  No HP either.

I just received the  deposit check in the mail and a note saying they unsecured my card.  The account was 12 months old.

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Lol, I like capitalone's emails and messages they always sound so upbeat and happy.. "CONGRATULATIONS!!!!!"

Discover is kind of bland too, when they gave me a CLI i just got an email saying "We've raised your limit, Matthew." That was all lol. 

[securingourfuture]

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@northface28 wrote:

Does any know if this card will unsecure if you have a BK reporting?

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MIne is just 2 months old and, of course, still secured.  To answer your question, I think I have seen people graduate with a BK reporting.  But in my case, BOA declined me over and over (and over) again on the secured product until I was within 11 months of the 10-year CRTP of my BK7.  Mine is scheduled to fall off in 2/2016.  Even though an Analyst told me it can unsecure on the 5th statement, I will just wait on the BK to fall off.

If your BK will still be showing on your anniversary date, I think you will be fine to graduate with the BK reporting.  If they approved you within that final year, then I would hold tight until the BK falls off.  Just my $0.02.

[icloud2525]

I started my credit journey with a BOA secured. I took a hard pull after 8 months if I recall and it was unsecured and CLI. 

[skorpyo3]

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@Anonymous wrote:

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@skorpyo3 wrote:

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@northface28 wrote:

Does any know if this card will unsecure if you have a BK reporting?

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Yes it will! I was advised to charge heavily on their card monthly, and PIF before statement closing date. Also, don't apply for any other credit before graduation. Maintain your positive rebuilding status, and you should be fine. In addition, the credit analysts will look at your entire credit profile, and base their decision on your BofA secured card usage, as well as ability to pay, and other credit card accounts you may have been paying on. Your FICO will have little impact on their final decision. I was told all of this by a very nice Senior Credit Analyst in the Secured Card Dept. They are always very helpful! Good luck! 

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So the unsecured analysts want you to only have their BoA secured card and no more? For an entire year? 

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Depends. If one already has exsisting cards before applying, not recommended to apply for more. They should grow until graduation. If BofA is the only card, It probably wouldn't hurt to get another card sonner than later before graduation. BofA does like to see payment history on other tradelines. Sorry, I was going on personal experience, and what I was told by a Credit Analyst. YMMV. 

[Anonymous]

my BOA secured card was unsecure at the 1 year mark, they SP CLI from 300-500.  I called in for PC to cash reward.  after i got the card, i went online for 5000 CLI, and they countered with 1600.  i called recon next month and got 6600. 

just let it graudate at the 1 year mark, then take the hp for a high CLI. 

[Anonymous]

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@skorpyo3 wrote:

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@Anonymous wrote:

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@skorpyo3 wrote:

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@northface28 wrote:

Does any know if this card will unsecure if you have a BK reporting?

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Yes it will! I was advised to charge heavily on their card monthly, and PIF before statement closing date. Also, don't apply for any other credit before graduation. Maintain your positive rebuilding status, and you should be fine. In addition, the credit analysts will look at your entire credit profile, and base their decision on your BofA secured card usage, as well as ability to pay, and other credit card accounts you may have been paying on. Your FICO will have little impact on their final decision. I was told all of this by a very nice Senior Credit Analyst in the Secured Card Dept. They are always very helpful! Good luck! 

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So the unsecured analysts want you to only have their BoA secured card and no more? For an entire year? 

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Depends. If one already has exsisting cards before applying, not recommended to apply for more. They should grow until graduation. If BofA is the only card, It probably wouldn't hurt to get another card sonner than later before graduation. BofA does like to see payment history on other tradelines. Sorry, I was going on personal experience, and what I was told by a Credit Analyst. YMMV

No way!  I'm glad I've gone for other cards and not allow them to stop me. Of course for me getting my scores back up didn't take over six months. 

[Anonymous]

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@Anonymous wrote:

That sounds about right.  If your profile doesn't align with unsecuring at the year mark, they periodically check it afterwards to see if it qualifies then.

A lot of people take the hard pull and request graduation early as well with BofA - they'll graduate in as early as 6 months but it's a HP rather than a softie like automatic graduation.

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Thanks for citing this because I'm plotting for which card (Prime Lender preference where I can get my foot in the door which for awhile still means likely a Secured card.) to apply next after waiting 60-90 days for things to settle from my early MAR App Spree. I'm looking at BOA, WFB, and CITI. WFB looks like a waaaaaay longer graduation timeframe. (gack). This is helping me to better understand BOA's process. 🙏🏻🙏🏻🙏🏻