Credit Cards

[blooro]

I am going to get a BoA secured card, but will this count as a inquiry on my report even though I am setting the limit?

[Tons_of_Debt]

Most likely, yes. :-/

Although you want them to report on  your CR as well, right? :-D

[clocktick]

Yes, it was a hard inquiry on Experian only for me at the end of June.  

[Scuba]

Hi

It was a hard inquiry (EX) to get turned down for an unsecurred card, 7 days later another hard inquiry (EX) when you apply for the unsecured card and give them your $500 for security and 9 to 10 months later, another hard inquiry (TU) and a measly $500 increase in the credit line.  Three inquiries for $1K over 10 months is not worth it unless you need a cc.  

[txjohn]

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Scuba wrote:

Hi

It was a hard inquiry (EX) to get turned down for an unsecurred card, 7 days later another hard inquiry (EX) when you apply for the unsecured card and give them your $500 for security and 9 to 10 months later, another hard inquiry (TU) and a measly $500 increase in the credit line.  Three inquiries for $1K over 10 months is not worth it unless you need a cc.  

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The inquiries that are a year old no longer count against FICO, so there is only 1 inquiry at the end which is calculating.  After 2 years there is no record.

[clocktick]

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Scuba wrote:

Hi

It was a hard inquiry (EX) to get turned down for an unsecurred card, 

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You can apply for the secured card without applying, and getting denied for, the unsecured card.  This saves from having 2 inquiries in the beginning. 

[doctor2be]

I got a secured card from my credit union and I did not get a hard inquiry---they will only make an hard inquiry when you are ready to convert that to a regular unsecured credit card.

[creditwherecreditisdue]

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blooro wrote:
I am going to get a BoA secured card, but will this count as a inquiry on my report even though I am setting the limit?

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You will end up with at least one and possibly more than one hard INQ app'ing BofA for a secured card. Best route is to call the secured department at BofA directly and ask them. There may be a number in the backdoor thread.