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This is what she says now:
Please note that it will take 2-3 weeks for the account to get converted. Once the account is converted and you use the new credit card then points will be accumulated. Please be advised that the account number will change and we are unable to re-instate the old account number. If you have any existing points they will be forfeited. Do you wish me to process the account conversion?
So uh, if the number changes then why is it called a conversion? That is like starting from stratch if the CC number is different! Same as closing the old account and opening up a new one to me.
I currently have 3 store credit cards (I don't know why I applied for the Guitar Center one..I didn't even use it) and 3 regular credit cards (including the Chase one I just got approved for last night). I am planning to convert the BoA one to a rewards card. If I apply for a Capital One rewards card right now (I'm already prequalified), how will that affect my credit report/score? I just applied for a Chase Freedom last night and got instantly approved.
The thing is, my 2nd credit card was a initially low-limit, but gradual increase (credit steps) card from Capital One I got back in 2009. I asked them if I can convert that one to a Capital One Rewards card and they said "not at this time". So I have to apply for a new one, but I'm already prequalified. However, unlike the BoA card, the current Capital One card I have has no annual fee. So keeping it open won't exactly harm me right? I'll just be using the new card instead of this one!
Will it hurt anything in terms of credit reports and scores if you have too many even if you pay every one off in full?
how long did you have the bofa secured card until they unsecured it?
@Anonymous wrote:So uh, if the number changes then why is it called a conversion? That is like starting from stratch if the CC number is different! Same as closing the old account and opening up a new one to me.
They only report to CR Agencies that your CC's account number is changing. Everything else will look the same.
@Anonymous wrote:Wow, so I am chatting with another rep now and she tells me that my card is still secured. This isn't possible because it became an unsecured card back in 2009 after I paid off everything in full, each month for 1 year....there must be a mistake.
I hope OP hasn't applied for a new card. Did you get your deposit back? If you did, you're fine. Don't worry about them saying it's still a secured.
I was in the same boat: had a secured card with $39 AF from 2007. I asked (very nicely) to waive the AF every single year it's unsecured, no luck. When I got the Freedom this September, I immediately called BofA (AF in Oct) and said "I want to cancel my card, because I have a Chase Freedom that has 4 times the CL and no AF. I have (list of my credit cards) and none of them has AF, I don't see why I should keep a card with AF" They immediately waived the AF.
I would advise you try the same thing. In the worst case, they close it (I doubt it) and you apply for a new one.
I have got my annual fee waived for life and changed to Cash rewards card after 23 months. I tired it after 12 months and failed. You need to keep calling until you get lucky. Some reps just tell you it cannot be done
@Antony wrote:I have got my annual fee waived for life and changed to Cash rewards card after 23 months. I tired it after 12 months and failed. You need to keep calling until you get lucky. Some reps just tell you it cannot be done
+1
I had to call twice myself, the second time to a different number