Should I try to unsecure my 99/500 Card ?

[Anonymous]

I pulled my Transunion FICO just now, sitting at 655. I have a secured BOA 99/500 card opened in 12/2008. I've paid it in full, perfect payment history. The baddies on my report are a BOA charge off from 2007 and 3 student loan accounts that defaulted but are paid in full. They are scheduled to fall off in 2012. I pulled my Transunion score because I my inquiries on that one best match my EX report - 3 inquiries on there from the past year, 4 from the past 2 years. I know BOA pulls Experian, and I have 2 inquiries on there from the past 2 years, 0 in the past year so my EX score might be a little higher. Is it worth taking a chance at an inquiry to unsecure the card? Is there any chance that a CSR would close the account upon review of my CR?

[Creditaddict]

I think when your in the secured card program, they won't close you under review, they would just not graduate the account.  However if you graduate today and then call in later for some inq your account might be reviewed again and then closed... This happened to me.  Different underwriters have different views on what's good on credit reports!

[Anonymous]

Speaking from experience with a boa fully secured card they will either secure or unsecure not close the account after reviewing your file.

[Anonymous]

Can you tell me what your credit scores and reports looked like when unsecuring was approved for you?

[johnsj21]

I just received a letter in the last week that BOA has unsecured my 99/500 and they mailed me my $99 back.  My account was opened in 12/2008 and I never requested to have it unsecured.  They didn't automatically raise my limit so I have applied for one online - got the 5-7 day message so we will see.

[Anonymous]

Thanks for the info, John! Can you tell me what your negatives, inquiries, and use of the card looks like? And congrats! Great that they made it that easy on you

[LisaPA]

I got my 99/500 at the same time as you, but I called twice. The first time I was told they unsecure after 10 statements, so I called back in September to get it unsecured. They unsecured and did an auto-increase to $1000. I asked for an additional increase, but they refused the CLI. She said I could try again in 6 months, but they did a hard (without telling me), so I probably won't bother.

I have 120 lates from 2 of my student loans from 2007 and on a CITI card from 2006 on my EX report--no idea what my score was.

Edited to add: I used the card every month and PIF, but because the limit was so low I never put much on it. I now have my $10 Netlix fee billed to it until they feel like giving me a larger limit.

Message Edited by LisaPA on 02-24-2010 03:22 PM