Got boa secured, now kinda sorta regretting it....

[ginger1477]

I'm really hanging my head now,  I've been stalking this forum for a while and I learned a lot about credit.   I just didn't pay as much attention as I should have about the bank of America secured card.   I see some members have graduated early on,  but I also see a bunch saying the annual fee never goes away,  I gather even with a product change.   That was disappointing to read.    I only put 500 on it,  so I don't even need the money back right now or anything,  I just don't want to put use and built a history on a card that I will close anyways because I just don't like paying fees to use my money.   If anyone is considering the card,  please do more research than I did.   Got enough cards now that I'm rotating out to put use on all of them,  so after a month of having the card I feel like I don't want it.   Would it be bad to close?   I also have a discover secured,  and that at least had rewards and no fee.   Please give me suggestions,  should I close or not?  If I keep the card might a have a better chance of getting a good card from boa?  If I close it will I just look like a dummy?

[ScoreOrBeScored]

Hi, I would keep the card and at month 11 , if it haven graded, I'll call in to unsecure it. It's a SP to unsecure it.

will be a SP on TU.. Just use $200 a month on it and PIF before statement cuts ....just try to ride out the 

1st year.

[Anonymous]

i start with a 300$ secure bank of america credit card on march 2015....15 months later...40k in credit and 6 prime credit cards...be smart and keep the card if you want to built credit.

[creditguy]

It's always a good idea to thoroughly research a card before taking the app plunge. Sometimes things seem like a good idea at the time but later on lose their luster when reality sets in, I don't think this should be the case here. Sure there's an AF, but what would one expect from a rebuilder card? There has to be a give and take when your not in the position to ask for the best terms.

You already took the hit by applying, so make the most of it and keep the card. Perhaps the card will graduate early and you can PC it to a card without a AF. The card has a lot of potential l, don't let a small AF or some bad reviews sway your opinion, use the card responsibly and see what happens, you may be pleasantly surprised. By the way an early graduation request initiated by you would incur a HP I believe, so best to let them do it on their own if you don't want another HP, Good Luck.

[ginger1477]

Thanks everyone. True my credit is not the very best. Think I will keep it and make sure I spend on it. I have so many hp I don't think one more will hurt, so I'll try at about six months.

[core]

I think the card is perfectly fine.  My 99/500 card unsecured after about a year, which is more than I can say about all the other crappy secured cards I've had.  Annual fee went away after 2 years as I recall, without even asking.  I haven't received any CLIs though, still at $500.  Heh.  I'm assuming you got the 123 rewards on it?  I enjoyed the 2.2% for Walmart/Target before I got my CCU which pays 3%.  I don't think it was a mistake and I'd hold onto it.  If they won't budge after 2-3 years then I'd think about closing it.

[ginger1477]

Glad to hear it unsecured and fee eventually went away.
no I haven't got rewards on it. I called to ask and was told to keep dreaming. ...maybe not the exact words that were said but you get the idea. If it had rewards I would be using it much more often. I'm worried that with lower use they might be more reluctant to unsecure. Did those that unsecure use their card as an everyday one?

[core]

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@ginger1477 wrote:
Did those that unsecure use their card as an everyday one?

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I only used mine at Walmart for the 2.2%, nothing else.  But my Walmart spending was more than usual because I was there for Bluebird loads.  I spent probably $300-500 a month on it.

[Anonymous]

I have a bofa base $300 secured card too, for about 3-4 months now, BofA acts like it is crazy and impossible to make it a rewards card still, although I have seen several others get a pc to secured rewards...

The only BofA card I want is the BBR I still need another year before I can cold app for that.

[kdm31091]

You may as well keep it for awhile and build some history, as the damage is already done from opening the account. Down the road you can see about getting it unsecured and having rewards added, neither of which are unheard of with BOA....hang in there.