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savinweb
Posts: 2
Registered: ‎02-08-2013

Bofa Secured Card - Graduation

Hi everyone, I have a secured Bank of America cash rewards credit card with a $2200 CL. I logged into online banking today and saw a pretty button that says "Request Credit Line Increase" - which has never happened before.. I click on it and it asks me how much I want to increase to... I did not proceed.

I bank with BofA, got their securedcard in December.

Is it possible that my card already graduated?

I also have more options in the Service & Info menu like adding a authorized user, requesting CLI, applying for a new card.. Which had never been there before..


Anyone else experiencing this?
Moderator
Revelate
Posts: 6,797
Registered: ‎12-30-2011

Re: Bofa Secured Card - Graduation

Yeah, I had that button on my old BOFA secured card; AFAIK it's a non-starter though I never tried it myself.

 

If you can afford the inquiry on TU I'd be curious what happens if you try it... now that you mention it, I sort of wish I'd tried it when mine was still secured.


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HiLine
Posts: 2,723
Registered: ‎10-19-2012

Re: Bofa Secured Card - Graduation


savinweb wrote:
Hi everyone, I have a secured Bank of America cash rewards credit card with a $2200 CL. I logged into online banking today and saw a pretty button that says "Request Credit Line Increase" - which has never happened before.. I click on it and it asks me how much I want to increase to... I did not proceed.

I bank with BofA, got their securedcard in December.

Is it possible that my card already graduated?

I also have more options in the Service & Info menu like adding a authorized user, requesting CLI, applying for a new card.. Which had never been there before..


Anyone else experiencing this?

Unless you request, I doubt your card would graduate early, let alone that early. I had a BofA secured card and experienced the same thing. :cathappy:

 

Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012

Re: Bofa Secured Card - Graduation

Mine actually graduated automatically at 9 months...I never even requested it. So it is possible but i also did have the luv button present the whole time i had the card. So who knows what they're up to. :smileyhappy:

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Regular Contributor
angelcred10
Posts: 210
Registered: ‎03-12-2013

Re: Bofa Secured Card - Graduation

I take it the annual fee is worth it on this card then.. lol


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Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012

Re: Bofa Secured Card - Graduation


angelcred10 wrote:

I take it the annual fee is worth it on this card then.. lol


Oh absolutely! It was only $39 AF, and I offset that with cash back rewards several times in a 9 month period. But when it graduated, they also removed my AF, so I only had to pay it once. But I'm not sure that removing the AF is standard practice, YMMV of course.


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HiLine
Posts: 2,723
Registered: ‎10-19-2012

Re: Bofa Secured Card - Graduation

[ Edited ]

BrokaToe wrote:

angelcred10 wrote:

I take it the annual fee is worth it on this card then.. lol


Oh absolutely! It was only $39 AF, and I offset that with cash back rewards several times in a 9 month period. But when it graduated, they also removed my AF, so I only had to pay it once. But I'm not sure that removing the AF is standard practice, YMMV of course.


+1 on everything :smileywink:

With persistence, I'm sure anyone can get that AF removed though. You can refer to my personal experience  :smileyhappy:

 

http://hiepsfinance.wordpress.com/2013/01/01/secured-credit-card-graduation/

http://hiepsfinance.wordpress.com/2013/01/30/bank-of-america-is-awesome/

 

Established Contributor
toppers555
Posts: 548
Registered: ‎09-28-2012

Re: Bofa Secured Card - Graduation

[ Edited ]

savinweb wrote:
Hi everyone, I have a secured Bank of America cash rewards credit card with a $2200 CL. I logged into online banking today and saw a pretty button that says "Request Credit Line Increase" - which has never happened before.. I click on it and it asks me how much I want to increase to... I did not proceed.

I bank with BofA, got their securedcard in December.

Is it possible that my card already graduated?

I also have more options in the Service & Info menu like adding a authorized user, requesting CLI, applying for a new card.. Which had never been there before..


Anyone else experiencing this?

It will be a wasted inq, unless you plan to make another deposit like I did. I pressed it when my visa siggy cash rewards was secured. you will get a letter telling you you need to contact credit solutions , to setup an additional desposit to increase your limit.



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Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012

Re: Bofa Secured Card - Graduation

[ Edited ]

HiLine wrote:

BrokaToe wrote:

angelcred10 wrote:

I take it the annual fee is worth it on this card then.. lol


Oh absolutely! It was only $39 AF, and I offset that with cash back rewards several times in a 9 month period. But when it graduated, they also removed my AF, so I only had to pay it once. But I'm not sure that removing the AF is standard practice, YMMV of course.


+1 on everything :smileywink:

With persistence, I'm sure anyone can get that AF removed though. You can refer to my personal experience  :smileyhappy:

 

http://hiepsfinance.wordpress.com/2013/01/01/secured-credit-card-graduation/

http://hiepsfinance.wordpress.com/2013/01/30/bank-of-america-is-awesome/

 


Absolutely, persistence is definitely the key! I was quite surprised they removed mine without me even asking, I just got a letter out of no where saying the unsecured my card, increased the limit and removed the AF.  I was for sure sporting a huge smile at that moment :smileyvery-happy:

 

Edit: P.S. I like your blog, very cool :smileyhappy:


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Member
Eddienj
Posts: 11
Registered: ‎09-27-2013

Re: Bofa Secured Card - Graduation

I have multiple prime cards but got a boa secured card 5-6 months ago cause I was denied for there Amex card.. I called back door number and asked if I can get the unsecured card since I made 4-5 payments a month and spending a lot on the card..the rep was so easy to speak with she graduated me from my 1k secured deposit to 2k unsecured, then I was able to call back and convert my card to the Amex I originally applied for..the won't put your deposit against ur balance so they will send a check or deposit in your boa checking or savings acct as I did..she told me multiple payments a month and a lot of activity used on card helps a lot..hope this helps someone

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