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New Member
Markish
Posts: 4
Registered: ‎08-26-2011
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My BoA Secured Credit Card limit went up somehow

[ Edited ]

I have had a $500 secured credit card from Bank of America for 10 months and I just checked my credit report and now it is reporting as a card with a $1,000 limit so I checked my BofA account on their website and I find out that it indeed does have a $1,000 limit now. Why did they up my limit from $500 to $1,000 when all I deposited was $500? Does this mean I get my $500 back and that its unsecured now? 

 

A side note, I was recently approved 2 weeks ago for a $5,000 unsecured bank of america credit card. Could this be the reason they up my secured credit card limit? Is this even heard of?

 

****UPDATE***

 

I just got off the phone with BoA and it turns out they graduated my secured credit card after 10 months and it is now unsecured and I will recieve my $500 within 5 business days and they uped my credit limit to $1,000.

Regular Contributor
Prettylady1
Posts: 147
Registered: ‎06-20-2011
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Re: My BoA Secured Credit Card limit went up somehow

It means your credit is improving! Not sure about the $500. Congrats...this is a good thing :smileyhappy:


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Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: My BoA Secured Credit Card limit went up somehow

Congrats!
That is great news for you, hopefully I get the same surprise soon. I opened mine in March I believe. Please let us know how this pans out.

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Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: My BoA Secured Credit Card limit went up somehow

Are those the only two cards you have? I just got a Discover, which means my situation seems to be improving as well as I'd never had a preapproval from Discover before.

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Creditaddict
Posts: 20,884
Registered: ‎10-23-2007
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Re: My BoA Secured Credit Card limit went up somehow

Yes BofA usually tries to unsecure at 10 months and they are known for $500 CLI upon that happening. I would give it 3 or so months and then call and see if they will up it closer to the new 5k you just got.

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New Member
Markish
Posts: 4
Registered: ‎08-26-2011
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Re: My BoA Secured Credit Card limit went up somehow

[ Edited ]

Creditaddict wrote:

Yes BofA usually tries to unsecure at 10 months and they are known for $500 CLI upon that happening. I would give it 3 or so months and then call and see if they will up it closer to the new 5k you just got.


I just got off the phone with BoA and it turns out they graduated my secured credit card after 10 months and it is now unsecured and I will recieve my $500 within 5 business days and they uped my credit limit to $1,000.

Frequent Contributor
nuggets321
Posts: 344
Registered: ‎03-25-2011
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Re: My BoA Secured Credit Card limit went up somehow

 

Nice !!  Hope my Wells Fargo secured does something similar since theyve had 2k hostage for about 8mos now...you give me hope :smileyhappy:

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-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: My BoA Secured Credit Card limit went up somehow

Do they do a $500 CLI at graduation if you've added to original deposit and upped your own CL already?

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
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Established Member
aclockworkgeorge
Posts: 34
Registered: ‎08-22-2011
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Re: My BoA Secured Credit Card limit went up somehow

congrats. im hoping to be in a similar boat as you in a few months. i should receive my $600 secured card in the mail in a few days. i hope they unsecure me early as well, since i plan on using it consistently and PIF every month.

 

my only problem is that ill soon want to increase my limit and i heard it takes a hard pull/inquiry which is annoying, but i guess necessary since i would like a higher limit when i graduate to the unsecured.

Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
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Re: My BoA Secured Credit Card limit went up somehow

Congrats. They did the same to me when I applied for their $99/500 card and they gave CLI to $1000 after they graduated the card. Now I have that card with $6k CL. After that I applied for FIA Amex Card and they approved it for $12k CL. I have them both now and very happy with them.


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