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Regular Contributor
Posts: 140
Registered: ‎12-29-2008
0

BofA fully secured card finally unsecured!

[ Edited ]

Hey all my BofA secured hard finally unsecured today. I've had it since late December 2008 and I called to unsecure as soon as my 12th statement was cut on December 30, 2009. They said they would process the request and I would get a letter in the mail in the next 15-20 business days. During the call, they asked about my income and employment info. Then today, I got a call from BofA telling me they pulled my CRs and wanted to know about the delinquencies on my report. I explained that I have three of them, the same ones I started out with when I opened the card. They are set to fall off late 2011/early 2012. The rep said it's not a problem because I have "excellent payment history and usage" and that he's going to graduate my card and I'll get my check in the mail.

 

I checked Exp and so far it's not reflecting either a hard or soft pull (too soon to tell anyway). The BofA website is also not reflecting the standard $500 CLI upon graduation, but that's okay. It may be too soon because it all happened this morning. Or maybe they decided my CL was high enough as it is for my credit worthiness. 

 

I pay in full every month and have never gone over my credit limit. My utility has been high every month but it's okay because they get every cent of it back as soon as the statement cuts. We'll see if I get that $500 CLI after all and will try to go for a product change!

 

My FICOs: Equifax 676; TransUnion: 704

Message Edited by emartin82 on 01-07-2010 12:19 PM
Regular Contributor
Posts: 169
Registered: ‎11-01-2009
0

Re: BofA fully secured card finally unsecured!

That's awesome! I guess hard work pays off? Enjoy your new card. Smiley Wink

Starting Score: 665
Current Score: 715
Goal Score: 750


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Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0

Re: BofA fully secured card finally unsecured!

Congrats! I had a 99/500 graduate in late 2008. If I recall, it was automatic after the 9th statement (they were more predictable then), but the CLI wasn't automatic. I requested it a few months later and got a $1000 CLI, but also had a fairly clean EX report too.

Contributor
Posts: 86
Registered: ‎06-07-2009
0

Re: BofA fully secured card finally unsecured!

[ Edited ]

congrats!

i opened mine november 2008 with $700 fully secured. now its an Amex cash rewards with 11k. you' re gonna need to do a PC to avoid the AF.

good luck with it. 

Message Edited by boamacy on 01-07-2010 05:16 PM
Regular Contributor
Posts: 119
Registered: ‎12-04-2009
0

Re: BofA fully secured card finally unsecured!

If you all dont mind me asking, what was your score when you applied for the secured card. I am kinda scared to be denied since I have read on here that they actually deny people for the secured card.
Started at 586 EQ and 604 TU in 8/2009
565 EQ Oct 09
614 EQ Dec 09
624 EQ Feb 10 ---604 TU Jan 10
643 EQ March 10 --from lender
Current 573 TU (myfico) 632 EQ (from lender) Jan 11
Contributor
Posts: 86
Registered: ‎06-07-2009
0

Re: BofA fully secured card finally unsecured!

i had no scores, no history at all 
Regular Contributor
Posts: 140
Registered: ‎12-29-2008
0

Re: BofA fully secured card finally unsecured!

boamacy: that's fantastic! i called a rep today and she was very helpful. she said i can definitely convert to a signature card or world points or even an amex because my collateral was $4000 (therefore CL=$4000). she said she couldn't do it just yet because graduation is a process and they have to release the funds before it is fully unsecured. she sounded like she knew what she was talking about. i will call back next week to request a PC.

 

as for FICO scores, i can't remember what they were exactly. I can tell you that November/December 2008 was very good. it was the point in my credit life that I was finally getting approved for cards since ruining my credit in 2004/2005. I got the boa secured, a gap card and even a Target card. My FICOs were very low 600s. 

 

You should give it a shot. It doesn't hurt to try. one inquiry won't hurt if you're at the point where you're worried about getting approved for a secure card. 

Contributor
Posts: 86
Registered: ‎06-07-2009
0

Re: BofA fully secured card finally unsecured!

boamacy: that's fantastic! i called a rep today and she was very helpful. she said i can definitely convert to a signature card or world points or even an amex because my collateral was $4000 (therefore CL=$4000). she said she couldn't do it just yet because graduation is a process and they have to release the funds before it is fully unsecured. she sounded like she knew what she was talking about. i will call back next week to request a PC.

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there are many cases with boa where  PCs are done without waiving the AF, make sure you tell them clearly that you do not want a card with AF. 

Check their website first for a card you would want to have. ( a signature card does not have a preset cl, not good for uti score-wise)

 

 good luck!

Moderator Emerita
Posts: 3,090
Registered: ‎08-09-2008
0

Re: BofA fully secured card finally unsecured!

CONGRATULATIONS!!!!

 

 

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Epic Contributor
Posts: 29,100
Registered: ‎10-23-2007
0

Re: BofA fully secured card finally unsecured!

now just don't call them back and ask them any questions until those baddies are gone... I did after 7 months of my account being unsecured and they closed it saying my reports had baddies... DUH!

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