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Contributor
Posts: 106
Registered: ‎12-28-2012
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Re: Secured BofA Credit card question

bump

Starting score as of 12/2012: EQ 570
Current score as of 02/2013: EQ 619


Current scores as of 06/2014:
EQ: 640
TU: 650
EX: 655

GOAL: 700
Established Contributor
Posts: 726
Registered: ‎05-12-2012
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Re: Secured BofA Credit card question


athan12 wrote:

I heard opening an account raises your score? Does it apply to having secured cc??


If you currently do not have any open revolving trade lines reporting, then adding a new trade line can give you a little boost in score. Even though the BOA 99/500 card reports as secured it can still significantly raise your score over time by making your payments on a monthly basis. If you would like to see the card unsecure after 12 months I would suggest paying your balance in full every month and take very good care of it.

 

BOA is not the easiest creditor to get in with, so if you have a chance of getting their secured product, then I would definitely go for it, it will grow with you over time. In fact it's one of the few secured products that will.


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Frequent Contributor
Posts: 262
Registered: ‎01-19-2013
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Re: Secured BofA Credit card question

Just for applying and getting approved for the BofA secured cc my score jumped 23 points. I just got it yesterday in the mail and the score hike occured on Satuday. I can't wait for the uS Bank & CAP1 to report.

Started from the bottom, now I'm here: 4/20/15: EX-674 TU 704 EQ-677
TU-Clean...EQ & EX-1 Paid Collections & 1 Judgement
T minus 4 months until Operation EE!!
Goal: 750 Across the board! AMEX Approved! Living in the Garden
Established Contributor
Posts: 985
Registered: ‎09-10-2012
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Re: Secured BofA Credit card question

The boa 99/500 was the first cc company that took a chance on me. I can't remember how much it bumped my score but it was between 20-25 points and then that opened me up to discover and ge.
TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

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Contributor
Posts: 106
Registered: ‎12-28-2012
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Re: Secured BofA Credit card question

I only have one credit card right now. Do does opening another secured card still raises my score? Im at 619 and my goal is 650 before 03/2013 so im not that far from my goal

Starting score as of 12/2012: EQ 570
Current score as of 02/2013: EQ 619


Current scores as of 06/2014:
EQ: 640
TU: 650
EX: 655

GOAL: 700
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Secured BofA Credit card question


athan12 wrote:

I only have one credit card right now. Do does opening another secured card still raises my score? Im at 619 and my goal is 650 before 03/2013 so im not that far from my goal


From a score point of view secured and unsecured are exactly the same.   2 Inquiries will not have much effect.   After the 1st card, the 2nd and 3rd card will help some in the score, expecially after a year.    

One advantage of secured card is you can put down a big deposit for big CL.   Bigger CL has no effect on score, but sometimes helps get bigger limits in future applications.

 

 

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Established Contributor
Posts: 726
Registered: ‎05-12-2012
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Re: Secured BofA Credit card question


Wolf3 wrote:

From a score point of view secured and unsecured are exactly the same.   2 Inquiries will not have much effect.   After the 1st card, the 2nd and 3rd card will help some in the score, expecially after a year.    

One advantage of secured card is you can put down a big deposit for big CL.   Bigger CL has no effect on score, but sometimes helps get bigger limits in future applications.

 

 


definitely agree with that one!


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