12-11-2009 12:15 AM
Hi all, I appreciate the advie of anyone who can offer some insight.
I've had a BofA fully secured Visa Platinum Plus with a $1000 credit limit since January 2009. Because of the current market conditions, BofA is not unsecuring cards at the 9 month mark. As a matter of fact, they are not unsecuring unless I specifically request them to perform an analysis of my credit (hard inq). I'm not ready for this quite yet. I'd like to deposit an additional $1K (for $2K limit) before it unsecures.
My question is this: I would like to uprade to one their rewards cards, specifically the BankAmericard. Can anyone share with me the best strategy to accomplish this? I assume this card has a minimum credit limit, and I can't upgrade to it unless my card unsecures at the right CL. Anyone care to share any advice?
12-11-2009 04:57 AM
I'm a BoA fully secured graduate (several years ago, now). The credit climate has changed, drastically, since my card graduated (and, it didn't graduate at the 9 month mark, it was closer to 12 if I recall correctly). I secured the card at 2k, and used it judiciously. After it automatically unsecured, I didn't get a CLI, I just hung at the same credit line for a couple of years, but my credit history was less than impressive at that point. Things turned around tremendously once I cleaned up my reports.
So, based upon my own experiences, the anecdotes that I read here, and information that I've gotten from BoA reps:
*Use the card a lot, and PIF (if you haven't been doing so already) for a couple of months before requesting that it be unsecured
*Make sure that your utilization is low for all of your cards
*If you have any collection accounts, lates less than two years old, etc... repair (PFD, goodwill) before requesting to be unsecured. You'll want your reports as pristine as possible.
*When you're ready to request a product change (you'll probably have to wait a few months after unsecuring) use the backdoor list at the top of the board to get past the frontline CSRs
*Having deposit accounts with BoA seems to lubricate them to bend to your will just a little more than if you're not a deposit customer (but, that's my completely anecdotal observations).
*According to the BoA customer service, all four of the BankAmericard cards have minimum credit lines of $1000. I don't really know if that's accurate, because I know that some of their other cards have much higher minimum credit lines, but that's what they told me when I asked just now, LOL.
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"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
12-11-2009 09:54 AM
LilMirth: Thank you!! I've been reading tons of posts on the matter scattered throughout the forums, but having that info consolidated and coming from someone with experience helps tremendously. I've PIF every month since opening the card but do run up my util a bit high at times because I have relatively low limits (BofA: $1000; CapOne: $2500). I intend to keep my util at 5% from now on and just use my debit cards for monthly purchases. However, I am concerned about the number of inquiries (about 13) over the last two years, five of them in the last 10 months (I shopped around for an auto loan). I will keep the forum posted because I'm sure others are in similar situations.
12-11-2009 11:10 AM - edited 12-11-2009 11:10 AM
1. Poor customer services and very RUDE (especially in the Secured Accounts Dept)
2. Accounts term change without notifying consumers.
3. They may or may NOT upgrade your account
4. LOW Credit Limit will stick with you forever..
So I told them, Bye, Close it..NO longer want to be BoA customer..Bunch of BS services from BoA
12-11-2009 11:16 AM
12-11-2009 12:10 PM
That's what you will face when you call them. You may or may not be so lucky, they arent nice like before..
I am tired of all the bullshiet from them, plus I dont need them. They need me, but i dont need the kind of rude and crappy services.
SO yeah good luck if you are sticking with them..
12-11-2009 12:54 PM
Forget about BoA Secured card..I got mad from them so i closed the account and got my deposit back. Dont waste your time with them!!
The OP didn't ask about personal experiences with BoA customer service. They asked what is the best strategy to upgrade. We need to remember what the subject of the thread is and stay on topic.
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