Does a Secured BOa get me anywhere?

[Anonymous]

Turned down for Boa with a 700 from Experian due to New Credit and old COs.

They did send me a Secured Card (not 99/500) 'approval', does it make any sense to do this at all? Will it establish credit for me with them, other creditors? Will it just be more new credit hurting me, or will it establish some history with a prime bank? Will it report as secured and *look* bad? Not sure what to do, I kind of would like to get it, wait for the COs to fall off, give my own credit another 6 months of 'perfection' then go back to Boa with that and their own secured card paid well.

Thoughts?

[Creditaddict]

yes unsecures in 9 months.

but i would call back and try to recon. with someone else... took me 4 people to get my approval

[creditreformer]

BA is an excellent cc to have and I would’ve done the fully secured had they denied me for the 99/500.  I’ve read of people starting it w/either secured BA and having it turn into their highest CL (ex., 1 guy turned his 99/500 into a 38k CL).  BA’s def. a prime bank and I think it will help you grow.

 It reports as secured, but there’s no fico ding for a secured cc and so far, I’ve not been denied credit b/c my BA 99/500 reports as secured.

Message Edited by creditreformer on 09-10-2008 12:38 PM

Message Edited by creditreformer on 09-10-2008 12:38 PM

[Anonymous]

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@Creditaddict wrote:

yes unsecures in 9 months.

but i would call back and try to recon. with someone else... took me 4 people to get my approval

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Do you think I have a shot with the old COs and the New Credit Cards AND the short credit history?

ALso in related question; If I ask Partners First, who gave me $10k, for a small CLI on activation (say $2500) will that risk my current CL?

[smallfry]

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@creditreformer wrote:

BA is an excellent cc to have and I would’ve done the fully secured had they denied me for the 99/500.  I’ve read of people starting it w/either secured BA and having it turn into their highest CL (ex., 1 guy turned his 99/500 into a 38k CL).  BA’s def. a prime bank and I think it will help you grow.

 It reports as secured, but there’s no fico ding for a secured cc and so far, I’ve not been denied credit b/c my BA 99/500 reports as secured.

Message Edited by creditreformer on 09-10-2008 12:38 PM

Message Edited by creditreformer on 09-10-2008 12:38 PM

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Only took a couple of years too. I know who you're talking about. OP I would definitely get this card.

[kickinit0486]

Not to sound like an idiot but what is the difference between secured and unsecured? I am new to this

[score_building]

this was new to all of us at some point.

secured means that you 'secure' the cc by depositing cash in a savings account held by the issuer, usually in the amount offered as credit.  So if you send the credit card company (ccc) 500 dollars that is the amount they give you as a credit limit (cl) on the card they issue to you.  Once you have shown a good payment history for several months these cards can 'graduate' into unsecured and the money you initially deposited is returned.

unsecured means that you do not deposit any money up front for the cl issued to you by the ccc.  the cl is issued without the presentation or validation of any collateral whatsoever, although they will ask questions about your income. 

Message Edited by score_building on 09-11-2008 03:38 PM

[MsKiwi]

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nyccc2 wrote:
Turned down for Boa with a 700 from Experian due to New Credit and old COs.

They did send me a Secured Card (not 99/500) 'approval', does it make any sense to do this at all? Will it establish credit for me with them, other creditors? Will it just be more new credit hurting me, or will it establish some history with a prime bank? Will it report as secured and *look* bad? Not sure what to do, I kind of would like to get it, wait for the COs to fall off, give my own credit another 6 months of 'perfection' then go back to Boa with that and their own secured card paid well.

Thoughts?

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I would jump on this offer. BOA is a great cc even if it starts out secured. It will grow with you.