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Valued Member
jon17brown
Posts: 78
Registered: ‎04-01-2012
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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)?
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Revelate
Posts: 9,738
Registered: ‎12-30-2011
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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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
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jon17brown
Posts: 78
Registered: ‎04-01-2012
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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%.
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Revelate
Posts: 9,738
Registered: ‎12-30-2011
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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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
jon17brown
Posts: 78
Registered: ‎04-01-2012
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Re: Should I get a BoA secured card?

Thanks Revelate!
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rootpooty
Posts: 1,772
Registered: ‎10-28-2011
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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

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Valued Member
jon17brown
Posts: 78
Registered: ‎04-01-2012
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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
BrokaToe
Posts: 726
Registered: ‎05-12-2012
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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.


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Valued Member
jon17brown
Posts: 78
Registered: ‎04-01-2012
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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.
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Revelate
Posts: 9,738
Registered: ‎12-30-2011
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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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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