@Anonymous wrote:Hi Cinderella,The answer to your question is yes.Anything unsecured from BofA is considered prime.Their tradeline carries a lot of weight and will attractother prime cards to you as long as you take care ofthat full secured/partially secured BofA card.Just get in the door with BofA. Once you're in and youpay on time, the sky's the limit for you. Hope this helps.CanDo"The right attitude is everything"
This is an interesting comment. What other issuers carry a lot of weight?
Hi watchnerd, 
Off the top of my head, besides Bank of America I'd say JPMorganChase,
Barclays and American Express. Once you have one of these tradelines
on your credit report, it's just a matter of time before the other banks start knocking
at your door.
Same idea for credit unions: Navy Federal and Pentagon Federal are the creme of
the crop. They're bigger than some banks and they both have a global footprint since
their membership is mostly military and government civilians all over the world.
Likewise for auto loans: Captive lenders (factory financing) are the best. It doesn't matter
if it's Ford Motor Credit. You take good care of that account, and before you know it you'll
have no problem getting financing from BMW, Mercedes, Toyota, etc. You get the idea.
The point is that quality lenders tend to attract each other. As a matter of fact,
when I first started getting credit my Dad told me to get American Express first.
They're mostly charge cards and require you to pay in full monthly. So the idea was
that if you can take care of charge cards responsibly, all the major banks issuing Visa
and MasterCard would fall over themselves to give you credit. In my case, that's exactly
what happened.
So from a FICO perspective, they score the same as local banks. But their added value
is who they attract when it comes to people receiving other offers for credit.
Hope this helps, watchnerd. It's after midnight here on the east coast and I'm going to bed.
Enjoy the evening!
CanDo
"The right attitude is everything"
Hi watchnerd,
It's a mix, actually.
Bank of America is one of the largest banks in the world and one of the most respected.
Banks in that same category that Americans have access to are the ones I mentioned
earlier.
As far as the credit unions go, most people don't realize that Navy Federal is the largest
credit union in the world. They have over $30 billion in assets and have absolutely no
subprime mortgage exposure. Their biggest competition is Pentagon Federal.
Factory financing for cars is among the most difficult to get because of the rates they
offer. It's much more difficult to get 0.9% financing directly from Toyota than 6.5% from
a local bank or credit union. Qualifying FICO scores are much higher for factory financing
as well (some as high as 750). For example, Mercedes Benz qualifying scores are
normally 700 or better. I know because I checked. Ford Motor Credit is very BK friendly
and their qualifying scores are about 600 or better to get into their tiered rates.
Once again, I checked myself.
And part of it is personal experience and the experiences of those here in the room. Once you
get in the loop for prime lenders, people tend to stay there (as long as they're responsible).
So if you're asking me for a computer printout of hard data, sorry, I can't do that. But you can
do your own checking and compare it to my posts. Maybe you'll agree, maybe you won't.
That's what this forum is all about.
Enjoy the day!
CanDo
"The right attitude is everything"
@Anonymous wrote:Hi watchnerd,It's a mix, actually.Bank of America is one of the largest banks in the world and one of the most respected.Banks in that same category that Americans have access to are the ones I mentionedearlier.As far as the credit unions go, most people don't realize that Navy Federal is the largestcredit union in the world. They have over $30 billion in assets and have absolutely nosubprime mortgage exposure. Their biggest competition is Pentagon Federal.Factory financing for cars is among the most difficult to get because of the rates theyoffer. It's much more difficult to get 0.9% financing directly from Toyota than 6.5% froma local bank or credit union. Qualifying FICO scores are much higher for factory financingas well (some as high as 750). For example, Mercedes Benz qualifying scores arenormally 700 or better. I know because I checked. Ford Motor Credit is very BK friendlyand their qualifying scores are about 600 or better to get into their tiered rates.Once again, I checked myself.And part of it is personal experience and the experiences of those here in the room. Once youget in the loop for prime lenders, people tend to stay there (as long as they're responsible).So if you're asking me for a computer printout of hard data, sorry, I can't do that. But you cando your own checking and compare it to my posts. Maybe you'll agree, maybe you won't.That's what this forum is all about.Enjoy the day!CanDo"The right attitude is everything"
Very interesting indeed. I had literally no idea that Navy Federal was the big. I thought they were a local thing to Virginia, since Virginia, particularly in Hampton Roads where I live, is a huge military area.
When I bought my Infiniti last February, they pulled a 678 EQ. I financed through BOA at 7 percent, however they did tell me I qualified for financing through Infiniti at 10.99 percent (ew).
I'm glad I financed through BOA however, since it led to them offering my 2 cards now with no other hard pulls.
Hi BobbyJ,
I must confess that I'm not that familiar with Juniper.
I did go back and look at some of the Juniper threads
and they seem to be lumped in with the subprime
cards. A good card to start with, but it lacks the Barclays
name even though it's under the Barclays umbrella.
Beyond that, I'll have to yield to someone else more familiar
with Juniper.
Sorry I couldn't be more helpful.
CanDo
"The right attitude is everything"