Secured BofA Credit card question

[athan12]

bump

[BrokaToe]

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@athan12 wrote:

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

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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.

[PrettyGyrl]

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.

[snowkitty]

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.

[athan12]

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

[Wolf3]

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@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

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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.

[BrokaToe]

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@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.

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definitely agree with that one!