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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
You can always try link on BOFA's website to see if you're pre-approved for a CC.
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 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.
Have you tried a local CU for a card? Some offer secured cards.
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