Reply
Valued Member
Posts: 78
Registered: ‎04-01-2012
0

Should I get a BoA secured card?

I have a Capitol One secured that I got before I learned through this site that Cap1 is possibly worst company to try to grow with given that CLI's are practically impossible and it will most likely never graduate. Should I get a BoA secured card now since my credit profile is very young (six months next month)?
Moderator Emeritus
Posts: 10,859
Registered: ‎12-30-2011
0

Re: Should I get a BoA secured card?

[ Edited ]

jon17brown wrote:
I have a Capitol One secured that I got before I learned through this site that Cap1 is possibly worst company to try to grow with given that CLI's are practically impossible and it will most likely never graduate. Should I get a BoA secured card now since my credit profile is very young (six months next month)?

I would, without question or delay even in your case :smileywink:.

 

It is a most excellent secured product, you should have at least 2 revolving tradelines, and since you can now add their 1-2-3 rewards to it, it basically is going to be your default card for a while.

 

Edit: Capital One (C1) secured isn't a bad choice at all, though I agree their growth potential as a lender leaves something to be desired.  Personally for anyone starting out I'd recommend BOFA + C1 secured unless they had access to NFCU or USAA full membership, and then I'd swap C1 for either of the other two's secured product.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Valued Member
Posts: 78
Registered: ‎04-01-2012
0

Re: Should I get a BoA secured card?

Ok thanks for the quick response! Quick question though, will the credit limit equal the deposit exactly? The only thing I like about cap1 is that you don't have to deposit 100%.
Moderator Emeritus
Posts: 10,859
Registered: ‎12-30-2011
0

Re: Should I get a BoA secured card?


jon17brown wrote:
Ok thanks for the quick response! Quick question though, will the credit limit equal the deposit exactly? The only thing I like about cap1 is that you don't have to deposit 100%.

Pretty much with limited exceptions.  I'd toss as much as you can comfortably afford into the deposit (whatever cash you can let sit around in their crappy AZ lack of real interest account for a year), though historically they've been pretty good at graduation of setting the CL at the greater of 1K or the secured deposit limit.

 

It doesn't really matter from a FICO perspective what the limit is, worst case you just put the minimum of $300 in and just pay multiple times in a given month if necessary.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Valued Member
Posts: 78
Registered: ‎04-01-2012
0

Re: Should I get a BoA secured card?

Thanks Revelate!
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Should I get a BoA secured card?


jon17brown wrote:
Ok thanks for the quick response! Quick question though, will the credit limit equal the deposit exactly? The only thing I like about cap1 is that you don't have to deposit 100%.


it take it you paid 49.00 for a 200.00 credit limit with cap one? boa does have something similar its the 99/500 card but its only available as a counter offer. i would just app for the full secured card for min of 300.00

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Member
Posts: 78
Registered: ‎04-01-2012
0

Re: Should I get a BoA secured card?

Any idea what type of credit profile they are looking for on the 99/500 card?
Established Contributor
Posts: 726
Registered: ‎05-12-2012
0

Re: Should I get a BoA secured card?

[ Edited ]

I received the 99/500 counter offer, with around a 650 EX score with one medical collection around $1,800 over 2 years old and school loans collection account of $20,000+ that are over 10 yrs old.  No other baddies with only  two installment loans as a positive.  No other revolving or open trade lines on report.


border="0" align="left" width="450" height="90">
Valued Member
Posts: 78
Registered: ‎04-01-2012
0

Re: Should I get a BoA secured card?

I have nothing bad and just 2 cards reporting for less than 6 months. Am I a candidate? I'm going to get it anyways I'm just curious what you good people think.
Moderator Emeritus
Posts: 10,859
Registered: ‎12-30-2011
0

Re: Should I get a BoA secured card?


jon17brown wrote:
Any idea what type of credit profile they are looking for on the 99/500 card?

The folks I do see getting it, are generally the marginal 650-680 FICO folks with a few years credit history that for whatever reason fell below the underwriting line for their normal 1-2-3 rewards card.

 

Should've figured someone would mention it when it isn't really applicable in your situation.  To make matters worse, there's a non-zero chance that you can't get the rewards on the partially secured counter-offer: saw one person state they couldn't when they called in, and saw nobody refuting that when we learned about this new BOFA stance regarding rewards on secured cards a few weeks ago.  Rather devalues the card as a result, not worth it at all in terms of trying to keep an extra $201 in your pocket over the next 12 months.  Frankly that costs you all of maybe $3 in lost interest over a year, oh noes!  Skip a Starbucks one day out of the next year and you've paid for the difference.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.