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CREDIT CARD REQUIREMENTS

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oracles
Valued Contributor

Re: CREDIT CARD REQUIREMENTS

I have never had a secured card from bofa however I think I have read, it will report as secured on your report. However the benefits of having this card will be very good for you. It will lower your util%, you will have a second card on your report gaining history, and it will unsecured in 9-12 months. 

 

It is still a hard inquiry on your report but it is worth it if you go this route.

 

A suggestion for you is to also go to whogavemecredit.com and check your state to see what cards were approve for what score and who did they pull.

 

If you have a Macy's around you, I would definitely say apply for a Macy's card. They are also very good to have. They will give you cli every 3 months and will grow with you.

 

Just make sure you get a store card from a store that you actually shop at.

 

You would need to purchase something at least once every 6 months to keep the card active. Nothing like forcing yourself to buy something from a place you don't shop at.

 

hope this helps and keep us updated

Message 11 of 22
Anonymous
Not applicable

Re: CREDIT CARD REQUIREMENTS

This information has been very useful.  I was just online looking for a site such as whogavemecredit.com!  I really appreciate all of your input.  I am hoping that obtaining an additional card will boost my score!  Thanks again!
Message 12 of 22
oracles
Valued Contributor

Re: CREDIT CARD REQUIREMENTS

No problem, keep us updated
Message 13 of 22
preci0uz
Regular Contributor

Re: CREDIT CARD REQUIREMENTS

You can always try link on BOFA's website to see if you're pre-approved for a CC.

Message 14 of 22
Anonymous
Not applicable

Re: CREDIT CARD REQUIREMENTS

I got a BofA 8K CL about a year ago with a 690 (+/- depending on CRA). Has been seamless and no hassles during these times of tight credit. No threats of rj or CLi.
Message 15 of 22
pattycake
Established Contributor

Re: CREDIT CARD REQUIREMENTS

Murphy - I don't know what their scores were, but mine were in the mid 600's and I was able to get approved two years ago for a $4K TL (now it is $10,600).  I just got approved for a Sears card backed by Citi two weeks ago, and my TU score is 667, which is what they pulled here in AZ.  I've been a good Citi customer, and have a Home Depot, and Exxon card with them.  They raised my APR, but I PIF'd it so I wouldn't have to pay the interest.  

 

Your scores look pretty good, so I can't imagine you wouldn't qualify.  Your scores are about where mine were when I got a $213K mortgage last March.   

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Message 16 of 22
oracles
Valued Contributor

Re: CREDIT CARD REQUIREMENTS


@pattycake wrote:

Murphy - I don't know what their scores were, but mine were in the mid 600's and I was able to get approved two years ago for a $4K TL (now it is $10,600).  I just got approved for a Sears card backed by Citi two weeks ago, and my TU score is 667, which is what they pulled here in AZ.  I've been a good Citi customer, and have a Home Depot, and Exxon card with them.  They raised my APR, but I PIF'd it so I wouldn't have to pay the interest.  

 

Your scores look pretty good, so I can't imagine you wouldn't qualify.  Your scores are about where mine were when I got a $213K mortgage last March.   


Unfortunately, 1 and 2 years ago, it was much easier to get credit and with high credit limits.

 

things, unfortunately have changed drastically. You need a higher score and will receive a lower credit limit even with the high scores.

 

Baddies that did not matter or mattered less are now the very reason for credit limit decreases and being denied a credit card.

Message 17 of 22
Anonymous
Not applicable

Re: CREDIT CARD REQUIREMENTS

Hi - Just wanted to provide an update.  I applied for a card online with B of A on 1/30/09 and received a responsed that I would get an email within three days.  Never received an email so I just called for status.  After answering numerous questions regarding my employment history and salary, I was declined.  I was told that I did not have enough credit cards.  I asked how I was supposed to obtain another credit card if they declined me, and did they have any suggestions.  I was then told maybe I should obtain a secured card and then re-apply with them in a year or so.  I asked if B of A offered secured cards and was told that they do, but not over the phone, that I would need to go to a branch and apply.  This seems like such a game and really sucks!  I feel as if I have waisted an inquiry.  I'm just glad they only used one bureau...
Message 18 of 22
Anonymous
Not applicable

Re: CREDIT CARD REQUIREMENTS

Have you tried a local CU for a card? Some offer secured cards.

Message 19 of 22
oracles
Valued Contributor

Re: CREDIT CARD REQUIREMENTS

Hi Murphy

 

Sorry for your non-approval however what they told you is not true. you do not have to go to a bank.

 

You can go to their website and actually chat with someone live.

 

Explain your situation and maybe they will allow you to apply for the secured card.

 

This is an excellent card to have. It will unsecure in 9-12 months and you will be playing with the big boys.

 

They will also give you a cli at the time of unsecuring.

 

hope this helps

Message 20 of 22
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