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Contributor
athan12
Posts: 104
Registered: ‎12-28-2012

Secured BofA Credit card question

Does BofA secured CC report as secured or unsecured?

 

Also if I plan to apply to my local BofA, can I print my latest credit report and just show it to them in person, so they can tell me if I'm getting approved or not. If they tell me im not getting approved for a unsecured credit card then I will go ahead and apply for a secured CC.

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
Valued Contributor
dodgerslv
Posts: 1,675
Registered: ‎06-16-2012

Re: Secured BofA Credit card question


athan12 wrote:

Does BofA secured CC report as secured or unsecured?

 

Also if I plan to apply to my local BofA, can I print my latest credit report and just show it to them in person, so they can tell me if I'm getting approved or not. If they tell me im not getting approved for a unsecured credit card then I will go ahead and apply for a secured CC.


It reports as secured. I dont think they will be able to tell you there. Most likely they will tell you to fill out an application. I think they will be able to tell you if you were denied or approved right then after enterting your information on their system. I think BofA can counteroffer you the secured card if you get deny for the unsecured.



biggest limits: BofA Privilege (33K)/ Citi AA WEMC (26k)/ Penfed Rewards (22.5k)/ Chase United Explorer (22k)
Fico 08 scores (6/21/14) EX: 758 TU: 759 EQ: 755 (high Utilization for me at the moment @10% so gardening mode).





Contributor
athan12
Posts: 104
Registered: ‎12-28-2012

Re: Secured BofA Credit card question

[ Edited ]

So lets say I went to a local branch and they told me to fill in my information in the computer. Is it gonna be a hard pull? and then if they told me I didn't get approved but offered me a secured credit card, am I gonna fill up another application and do another hard pull for the secured cc?

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
BrokaToe
Posts: 726
Registered: ‎05-12-2012

Re: Secured BofA Credit card question

Yes it would most definitely be a hard pull. As far as a second hard pull for the secured version, I believe it would be. I received their 99/500 counter offer about a year ago and I had originally apped for unsecured. I had two hard pulls show up, one for each. But the hard pull for the unsecured would only show up if you accepted the offer of course.


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Contributor
athan12
Posts: 104
Registered: ‎12-28-2012

Re: Secured BofA Credit card question

So theres gonna be two hard pulls on my report if i applied for unsecured and then accept the counter offer of secured cc?

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
Contributor
athan12
Posts: 104
Registered: ‎12-28-2012

Re: Secured BofA Credit card question

Do i get less score if im building a secured cc than a unsecured cc?

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
Valued Contributor
dodgerslv
Posts: 1,675
Registered: ‎06-16-2012

Re: Secured BofA Credit card question


athan12 wrote:

Do i get less score if im building a secured cc than a unsecured cc?


no so in my personal opinion if your scores are in the low 600's i would suggest just applying for the secured card. BofA is good to their word about unsecuring the card after 12 months. And i dont think there would be much of a difference in score regarding if its secured or not.



biggest limits: BofA Privilege (33K)/ Citi AA WEMC (26k)/ Penfed Rewards (22.5k)/ Chase United Explorer (22k)
Fico 08 scores (6/21/14) EX: 758 TU: 759 EQ: 755 (high Utilization for me at the moment @10% so gardening mode).





Regular Contributor
Bleety17
Posts: 169
Registered: ‎06-24-2011

Re: Secured BofA Credit card question

my score is a 552 and i was declined for the unsecured card. I would just go with the secured card so they only hard pull once. It is going to build your credit no matter what.

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$300 NFCU-$12500 Walmart-$600 BestBuy $1000 Navcheck 3000

available credit- 2013 300 2014 21,400

2-4-14 Gardening
Contributor
athan12
Posts: 104
Registered: ‎12-28-2012

Re: Secured BofA Credit card question

Does having two hard pulls on my report hurt a lot? How much is it gonna affect my score? Is it worth taking chances? Im at EQ619 score right now

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
Contributor
athan12
Posts: 104
Registered: ‎12-28-2012

Re: Secured BofA Credit card question

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

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

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