Preapproved Secured BOA

AFreshStart · ‎05-04-2014

I applied for an unsecured card with Bank of America and the screen came back with a denial. However, there was a pre-approved offer for a Bank of America secured card...I took it.

I had a BOA secured card in the past but ruined it when I younger and terrible at plannng for emergencies. I have several checking accounts and savings accounts at BOA currently so Im hoping this pre-approval is legit.

My current cards have low limits, Im considering adding 1000-2000 on the secured card if there is a strong possiblity it will raise the limits of my other cards down the road.

The limit is set at 400 at the moment, I understand there is an additional hard pull if you make additional deposits. Should I leave the deposit at 400? I hope to be able to get the rewards version. I know have about 3-4 inquiries on my reports, so I need to commit to growing aspect of credit education. Its so easy to pull the trigger just based on "hope." Im going to push to make this my absolute app. I want to be very proud of myself in the months to come.

Starting Scores Nov 17: 581(EQ) 571(TU) 563(EX)
Cap One VentureOne 5k, Discover 2k, Amex Delta Gold 1k, Amex SPG 1k, Capital One 500,

baller4life · ‎05-05-2014

BOA has I feel the best secured card on the mkt. And be sure to add the cash rewards to it. $400 is a good starting limit. And you can always add more. I would save up and only make one more deposit since it is a hp. The higher the limit you prove you can handle, the higher they give you when you graduate.

AFreshStart · ‎05-05-2014

@baller4life wrote:
BOA has I feel the best secured card on the mkt. And be sure to add the cash rewards to it. $400 is a good starting limit. And you can always add more. I would save up and only make one more deposit since it is a hp. The higher the limit you prove you can handle, the higher they give you when you graduate.

Thank you baller4life. Im trying to learn as much as I can and make the right decisions. I hope the preapproved is in fact an actual card coming. ::fingers crossed::

Starting Scores Nov 17: 581(EQ) 571(TU) 563(EX)
Cap One VentureOne 5k, Discover 2k, Amex Delta Gold 1k, Amex SPG 1k, Capital One 500,

baller4life · ‎05-05-2014

I'm sure you are fine. The same happened to me. Denied unsecured, preapproved for secured. Once you see the funds deducted from your account you are in like flynn. Takes about 10 to 14 days to get card. So just be patient and don't stalk the mailman like I did! Lol

AFreshStart · ‎05-07-2014

The funds have been deducted from the account and the card is showing up on my Bank of America online page. So extremely grateful for this opportunity. I have an unpaid charge off with BOA that will fall off next year. (I would pay it right now but BOA has no idea who owns the debt now and the old CA is showing on my credit reports.) Its going to be impossible not to stalk the mailman. I need to find a way to keep busy.

Starting Scores Nov 17: 581(EQ) 571(TU) 563(EX)
Cap One VentureOne 5k, Discover 2k, Amex Delta Gold 1k, Amex SPG 1k, Capital One 500,

Involver · ‎05-07-2014

Additional HPs for deposits? Yeesh. Congrats on the card and like others have said it's a great secured card to have.

newhis · ‎05-07-2014

@AFreshStart wrote:
The funds have been deducted from the account and the card is showing up on my Bank of America online page. So extremely grateful for this opportunity. I have an unpaid charge off with BOA that will fall off next year. (I would pay it right now but BOA has no idea who owns the debt now and the old CA is showing on my credit reports.) Its going to be impossible not to stalk the mailman. I need to find a way to keep busy.

Can you see if your card is regular card or cash rewards? I was able to to a secure chat and change the card from regular to cash rewards even before I got the card in the mail (they just asked for the las 4 numbers, the only information I had online for the card). I got the new card almost 4 weeks after the chat.

newhis · ‎05-07-2014

@Involver wrote:
Additional HPs for deposits? Yeesh. Congrats on the card and like others have said it's a great secured card to have.

That's the only bad thing I see to this card. My DW had a $500 limit for a couple of months and she asked for another $500, she now has a $1000 limit, $500 less in her checking account and an extra HP.

AFreshStart · ‎05-07-2014

I just had a very friendly chat with a gentlemen from BOA who was able to add the Cash rewards along with the chip for travel. This is definitely the best secured card so far.

@newhis wrote:
@Involver wrote:
Additional HPs for deposits? Yeesh. Congrats on the card and like others have said it's a great secured card to have.
That's the only bad thing I see to this card. My DW had a $500 limit for a couple of months and she asked for another $500, she now has a $1000 limit, $500 less in her checking account and an extra HP.

I considered adding an additional deposit but the hard pull is a bit of downer. Ill give it some thought and see how I feel in a few months. Secured cards with rewards, how nice.

Starting Scores Nov 17: 581(EQ) 571(TU) 563(EX)
Cap One VentureOne 5k, Discover 2k, Amex Delta Gold 1k, Amex SPG 1k, Capital One 500,

Revelate · ‎05-07-2014

@AFreshStart wrote:
I just had a very friendly chat with a gentlemen from BOA who was able to add the Cash rewards along with the chip for travel. This is definitely the best secured card so far.

@newhis wrote:
@Involver wrote:
Additional HPs for deposits? Yeesh. Congrats on the card and like others have said it's a great secured card to have.
That's the only bad thing I see to this card. My DW had a $500 limit for a couple of months and she asked for another $500, she now has a $1000 limit, $500 less in her checking account and an extra HP.
I considered adding an additional deposit but the hard pull is a bit of downer. Ill give it some thought and see how I feel in a few months. Secured cards with rewards, how nice.

This is actually pretty typical for most secured cards. Typically isn't a big deal anyway as the key bits on the BOFA card are: rewards, rewards, rewards. Oh and graduation to a permanent tradeline.

Also when you're first building a credit file inquiries are whatever: frankly if you're in the secured card strata (which I have been and was for a WHILE) you have much bigger problems than even a slew of inquiries from a credit scoring perspective. Can make the argument they're nearly irrelevant on the higher end folks too, those with gold plated files aren't likely to get denied on inquiries alone regardless of what the reasons state (they can't be sued for saying you have too many inquiries... just pointing that out heh).