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What do you think would happen in this case? Question is regarding BOA secured

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Chaselover
Frequent Contributor

Re: What do you think would happen in this case? Question is regarding BOA secured


@Creditaddict wrote:

@jamie123 wrote:

It doesn't matter what the secured CL is. When the time comes to unsecure the CC, BOA will reassess the account and decide on an unsecured limit. I haven't seen anyone on these forums with more that a $1000 CL after unsecuring no matter how high the secured limit was.

 

The way to work this is to up the limit on the BOA secured card and then right before it unsecures, apply for a credit card from someone else like Discover IT or Chase Freedom. They might try and match the secured card limit. You will have about a year's history at that point and they might start you out at a slightly higher limit than they would normally.


that's because most don't put more than $1k in it... I have never seen someone have a higher secured limit and BofA unsecure it but lower the limit... if you don't qualify for the unsecured line that you have secured they will just not unsecure.

OP looking at your scores and other cards though I'm a little surprised you had to go secured...


@Creditaddict:  I still don’t think, my scores are that good, atleast for the cards I am aiming at, do you? No prime cards in the siggy. In the list of 6 cards I have, 3 are secured. Main reason is very less credit history. And I really feel getting a secured card from some good bank like BoA is a very good option, much better than putting your savings in a savings account or CD’s. Here, they report the amount to the bureaus. The interest that you get is really nothing when compared to that advantage. 


In a committed relationship with Chase from 12/2012.
Age: 26, Income: $59,240/-, Current score: TU from CK: 750/A (12/24/14), TU Vantage score from CK: 775/C (12/24/14), Experian from Creditsesame: 717, Equifax from myfico: 724, Overall Util: 1% (12/24/14), Total credit limits: $62,150, In the garden from 12/19/2014, AAoA : 7 months, Oldest account: 8 months, Newest account: 1 week, HP: 18.
Message 11 of 12
Creditaddict
Legendary Contributor

Re: What do you think would happen in this case? Question is regarding BOA secured

you should request to have it unsecured at 9 months!

Message 12 of 12
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