Is $3000 unnecessary for BofA secured card security deposit?

[skorpyo3]

@Seatown1two, Congrats on your success with BofA! I hope mine grows quicker. If my math is correct, it took you about 4 years to be at 10k. I'm hoping that with a higher deposit my CL will grow quick. I'd be happy to be at 5k by year 1. That's great news on the credit reporting. I read on here that it didn't report. Maybe they changed their ways. Thanks again! 

[Anonymous]

My $.02, you'd be better off spreading that across two or three different secured cards for purposes of rebuilding.  Multiple positive trade lines with small limits will help your score more than one trade line with a large limit.

[skorpyo3]

@Rising_Scores, I have 3 Cap1 cards CL $3k-15k, Patelco CU Visa 5k, Barclays 3k. I had a BK 3 years ago and BofA isn't BK friendly. This was my foot in the door. I should have included this info prior. 

[bada_bing]

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@skorpyo3 wrote:

Is it true that BofA doesn't report Cl on Sig cards? :/

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That used to be true, but they started reporting the CL I believe a couple years ago.

BoA was one of the last hold outs on reporting CL on their Visa signatures. I think

all siggys have the limit report now.

I'm am not sure, but I think you still have the ability to spend more than the credit limit

in a billing cycle as long as you pay the balance down below the stated credit limit

before the cycle's due date.  

Congrats on getting in with BoA..

[skorpyo3]

@bada_bing, That's great news. I'm excited to grow with BofA, even if I have $3000 tied up with them for 6 months! Thanks!

[Anonymous]

Its been nearly a year since my BofA unsecured and its still sitting at $300 credit limit.

[skorpyo3]

@KnowlisPower, That's not good! How long did it take to graduate? Did you use the card often and make all payments on time? Did your credit get worse after you recieved card? Your situation doesn't sound common. I'd message BofA on FB and request an increase. 

[CH-7-Mission-Accomplished]

OP,

Did you IIB BofA? I am assuming not since they let you in -- even with a secured card?  I have heard their BL covers secured as well as unsecured.

[takeshi74]

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@skorpyo3 wrote:

I hope I didn't make an unnecessary move by funding my initial BofA CLI at $3000. Guess i thought it would improve my chances of getting a higher unsecure limit at graduation. I probably won't spend too much on the card each month, maybe $100. Thoughts?

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A higher limit makes keeping utilization low easier.  Your limit down the road has nothing to do with your deposit and will be based on your credit and income just as limits are with any creditor.

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@skorpyo3 wrote:

Suggestions on montlhy spending?

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It's not a matter of the card.  The general advice is do not exceed 30% utilization.  When optimizing to apply for new credit allow only one balance to report at 10% or less.  You can reduce reported utilization on a card by paying prior to the report date.  If you don't pay the statement balance in full by report date (i.e. you intend to have a balance report) then pay the remainder of the statement balance in full by the due date.  What or how much you spend is up to you.  Just control what reports.