BofA Secured Graduated...-7 pts...

[Anonymous]

My BofA graduated...and I lost 7 points...I thought graduation was a good thing...only other thing that changed was the balance went from $49...to $0....

[marty56]

Did you have any CC report a balance?

[Anonymous]

First congratulations for the graduation of your boa card , I think that you need to keep your utilization below 9% and above 0%...Zero is no good.

can you plz tell us what was your new cl and how long it took to graduate, did you call them or was it automatic??

thanks

[Anonymous]

BofA did not give me a CLI...they claimed I would have to wait 6 months....and they do not do instant CLIs upon graduation....I know that's BS....it graduated upon the 9th statement...

[Anonymous]

Hey slyhouse,

First of all, Super Congrats on the BofA card

graduating to unsecured status! That card will

serve you very well over time.

You're right --- before the credit crunch hit, BofA

was granting on-the-spot CLI's upon graduation

to unsecured status. If your secured card had a

limit of $300, for example, the limit would be raised

to $1,000 upon graduation. Plus, every 6 months

folks here in the room who have that card reported

receiving very generous CLI's. It wasn't uncommon for

folks to see a 5-figure limit within 12-18 months of

graduation to unsecured status.

So whoever told you CLI's aren't granted upon graduation

must be referring to a new BofA policy and/or they are

misinformed. It wouldn't hurt for you to give BofA's

credit card folks a call first thing Monday to see if they

will reconsider a limit increase.

And when you think about it, BofA got $25 Billion in bailout funds.

You would think they'd be eager to lend to customers who have

proven themselves to be creditworthy. Cutting back during tough

times is one thing, but cutting back and refusing to lend is just

downright stingy...especially when it's taxpayers' money... 

Once again, Congrats on the card graduating to unsecured

status, but I'm sorry you didn't get the CLI. Best case, you'll

get a CLI when you call back. Worst case, 6 months isn't

the end of the world.

CanDo

"The right attitude is everything" 

Message Edited by CanDoAttitude on 12-27-2008 10:20 AM

[Anonymous]

     I think in the end you will be very happy with BoA.  This may well be a new rule for BoA since the credit crunch.  I can understand banks being cautious.  Having the card unsecured is a very big step.  The good thing abt BoA is that they do internal reviews or soft pulls for CLI's.  They will grow with you as you advance in your credit journey.  Congrats on the unsecuring of your card and Good Luck.  Vicki

[Anonymous]

Another thing is...they kept telling me they would have to do a hard pull...and not a sft for a CLI...I'm in the mortgage process right now...and I can't have any new inquiries and or such...so I think I will call again a little later...or wait the 6 months...

Another question...if I were to request a product change...would it show up as a new account on my credit reports???....or will the same tradeline remain???...

[Anonymous]

Hey sly,

That's a very good question for the CC folks at BofA

if/when you elect to call back next week.

If memory serves me correctly, product changes show up

as the same account but they do a hard pull. Given your

situation, it might be wise to pass on the product change

until your mortgage process is complete.

If I'm wrong, I'm sure someone will correct me. But a lot

of folks who had their cards graduate to unsecured status

wanted a different card (the Delta Skymiles, for example)

but the price was a hard pull. So if you call on Monday,

I'd play it safe and be satisfied with a CLI on your existing

card (if they approve it). You can always swap it out down

the road.....

Edit to Add:  If you've been in the mortgage process for less

than 14 days and you're still shopping for a loan, you might

consider a mortgage with BofA. Yes, they'll do a hard pull

for the mortgage, but all pulls within 14 days count as only

1 inquiry. And you should be able to roll that same inquiry

into a CLI and/or product change for your credit card of choice.

This is a pretty common practice with banks because they

generate 2 new pieces of business with 1 inquiry. 

Just something to think about... 

CanDo

"The right attitude is everything" 

Message Edited by CanDoAttitude on 12-27-2008 11:44 AM

Message Edited by CanDoAttitude on 12-27-2008 11:51 AM

[Geordi]

---

@Anonymous wrote:

Another thing is...they kept telling me they would have to do a hard pull...and not a sft for a CLI...I'm in the mortgage process right now...and I can't have any new inquiries and or such...so I think I will call again a little later...or wait the 6 months...

Another question...if I were to request a product change...would it show up as a new account on my credit reports???....or will the same tradeline remain???...

---

Congrats on your unsecured card.  I started with a BoA secured card which graduated in March 2008.  There was NO auto CLI and in fact I did not get a CLI until July.  When I got the first CLI it was a hard.  I've gotten subsequent CLIs since July that were all soft.

Please keep in mind that with BoA, everything depends on the CSR or credit analyst that you reach.  But that goes for any large company.

Please give it some time, I like yourself have read threads here on myFICO and on other website about how quick and easy BoA CLIs were given after a secured card graduated.  But truth be told, it wasn't as quick and rosy as I had read.

In any case, I am very happy with my BoA credit card.  I converted mine to an Accelerated Rewards Amex and they have treated me very well.

First, you should continue working on getting your mortgage completed, then address the BoA issues in the near future.

GL