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New Visitor
willowcabin
Posts: 3
Registered: ‎03-01-2013

BoA credit card with no credit history????

Hi, this is my first post although I've been lurking for a bit!

 

So basically:

 

 

I have no credit history because I'm not from the US

I do have green card and SSN

I had BoA checking account for ~6 years.

I just started a job in January but the income isn't that great. 

 

With that in mind, I went to BoA today for something else and ended up talking to a personal banker about Secured Credit Card, which is something I've been thinking/researching about.

Then he found out that my SSN was not on my file (because when I opened the account, I didn't have one) and told me that if we put my SSN on the file, it'll actually automatically produce an invite for a REGULAR(non-secured) credit card.

So I did give him my SSN and the invite actually appeared.

 

This is really confusing for me because from my 'research' I feel like I wouldn't qualify for it (because NO credit history) but the banker suggested that it would probably go through even with minimal credit limit, which I wouldn't mind at all. 

He also made it sound like even if it got declined, it wouldn't be a big deal but I feel like it would look bad on my record (whatever the record is?)

 

Is this because I've had the BoA checking/debit account for several years? Should I just go ahead and apply for the regular CC or secured? I'm so confused..

I tried searching for similar situations on the forum but didn't come across any that seemed similar to mine. 

Any help or suggestions would be greatly appreciated. 

Valued Contributor
Burned2manybridgesB4
Posts: 1,385
Registered: ‎03-15-2012

Re: BoA credit card with no credit history????

You're an established account holder with the bank, so why not try the unsecured first. If you get a denial, then they have your info on hand to proceed with the secured version.
Valued Contributor
thom02099
Posts: 1,313
Registered: ‎08-30-2011

Re: BoA credit card with no credit history????


Burned2manybridgesB4 wrote:
You're an established account holder with the bank, so why not try the unsecured first. If you get a denial, then they have your info on hand to proceed with the secured version.

+1 !

 

Excellent advice !!

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New Visitor
willowcabin
Posts: 3
Registered: ‎03-01-2013

Re: BoA credit card with no credit history????

Thanks for the replies! :smileyhappy:

 

I just wasn't sure if the PB was trying to sell me the product or if I genuinely had a shot at getting it. 

Maybe I'll try next week now. 

 

Thanks, again!

Valued Contributor
SnackTrader
Posts: 1,558
Registered: ‎09-15-2012

Re: BoA credit card with no credit history????


willowcabin wrote:

Thanks for the replies! :smileyhappy:

 

I just wasn't sure if the PB was trying to sell me the product or if I genuinely had a shot at getting it. 

Maybe I'll try next week now. 

 

Thanks, again!


So, the personal banker may be trying to sell it and he will likely get a commission for your application directly or indirectly, but it doesn't mean it is bad advice. When you're just starting out a small number of inquiries can be used for denials since you need to take your chances somewhere. My suggestion would be to give it a try, and if it doesn't work out either go for the secured or apply for another beginner unsecured (I believe Capital One for Newcomers is designed for your situation, and would go a long way towards establishing your credit regardless of your thoughts on the company). 


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
New Member
karachiken
Posts: 3
Registered: ‎02-16-2013

Re: BoA credit card with no credit history????

+1 

I also come from side of the US, I got my SSN & job since 2 years ago,but I did not apply any cards until NOV last year

I also have BOA checking and saving accounts around 5 years, so I found them to apply my first credit card,

The banker told me it should be no problems, but I got denied due to no history record  

Then I did applied the Security Credit Card (39 annual fee, 99 deposit program), the CL is 500, but in this card still have 123 benefits 

At the same days. I also applied the Capital One New Comer, I got approval for CL500

After I use these two cards for 3 months, I pay it full all the time, also I paid my bill earlier to lower down my balance, 

In this month, I received my friends refer for Discover, I approve CL 1250, also citi forward for 2K CL

On last week I start to complaint to my BOA agent about my annual fee issue, they replied me that it is very hard to wave during this time 

So I went online to the pre-qualify page, the computer systems recommended the BOA 123 insecure Credit Card, then I applied it send me reviewing letter 

I was thinking about I got denied but I received the phone call from BOA this Monday, they approve my BOA 123 regular credit card for the 2k CL

I am suspiring about that, now I have 2 BOA 123 credit cards, I will close Security Credit Card after few month before BOA start to charge me annual fee

I probably already done for this year, I hope my experience can help you :-)

New Visitor
willowcabin
Posts: 3
Registered: ‎03-01-2013

Re: BoA credit card with no credit history????

SnackTrader:

 

Thanks! It is true that I have to start SOMEWHERE! Everything just feels like a Catch-22 haha

 

karachiken:

 

Thanks so much! I feel like our situations are very similar so it really gave me a good picture of how it's going to go down. I guess I'll do the same and try for the regular CC anyway and if it doesn't work out I'll get the secured.

Valued Contributor
SnackTrader
Posts: 1,558
Registered: ‎09-15-2012

Re: BoA credit card with no credit history????


willowcabin wrote:

SnackTrader:

 

Thanks! It is true that I have to start SOMEWHERE! Everything just feels like a Catch-22 haha

 

karachiken:

 

Thanks so much! I feel like our situations are very similar so it really gave me a good picture of how it's going to go down. I guess I'll do the same and try for the regular CC anyway and if it doesn't work out I'll get the secured.


Notice that karachiken was able to receive the Capital One for Newcomers, which is unsecured, without first having the secured card. You can definitely do both, but if you don't want to tie up any of your cash, you may want to just try that card and see if you can be approved there. Lets be honest, having one or two cards, and letting them report for 6 months will get you far. So whatever you do, take a break for 6 months after getting the cards before moving on to more cards. You don't want to be trapped in low limit hell. 


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: BoA credit card with no credit history????

Ive had my BofA checking since i was 16. The same day i turned 18 i went to my local branch and apped for their plat plus visa and was approved for 1k. No prior credit history before that. Same day i got approved for Macys store card for 300.
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
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HiLine
Posts: 2,831
Registered: ‎10-19-2012

Re: BoA credit card with no credit history????

I wouldn't make matters more complicated than they are. The bank would like to take you in as a credit card customer, and invite you to apply. An application invitation does not mean anything about your approval chance. BofA may bypass their credit history requirements if they see that you have other financial assets to back up a credit card. Since you are their customer, they'd like to expand their financial relationships with you and will give you special treatment. All this still doesn't imply that an approval is guaranteed. However, you do have a very chance of success. If I were you I would increase my assets with BofA to the largest extent possible to maximize my chance.

If you pull the trigger, good luck! 


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