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Established Contributor
Posts: 523
Registered: ‎09-09-2007
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Re: When does BOA secured graduate to non secured?

[ Edited ]
You get a hard inquiry for them unsecuring you? They just love giving it to you hard...

I would think at that point it could be a soft inquiry...

Message Edited by EddieX on 09-08-2008 09:32 PM
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Posts: 51
Registered: ‎12-31-2007
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Re: When does BOA secured graduate to non secured?

I got a BofA secured card with $5300 behind it. Some notes. They said it looks like a normal Visa, and nothing is different. However on the credit report it says it's secured. I specifically asked if it showed up as secured, and they said no. So they were incorrect. I won't say they lied because I assume the lady didn't know. They did two pulls when setting it up. They did check to see if I would qualify for a normal card, which I didn't (I don't have bad credit history, and I have a high limit, and had like $10K sitting with them for years, but you know banks are stupid and work on broken models, that is why so many are getting fed handouts to stay solvent). So I was humming along with a $5200 secured card, charging max of $40 on it. I accidentally didn't pay one month, because I mistook the bill (which are always full of ads trying to sucker people into weird low-class scam deals, I think it's highly unprofessional) for ads I think. I don't know. Anyways, the fine was a $45 charge, on an account with a $30 balance. I think I'm going to cancel my account for several reasons. First, I'm not paying fines when the card is secured. Second, I'm not sure that the money is FDIC insured, so if BofA goes insolvent will I be able to get that money from insurance? And finally, I'm doing them a favor by keeping my money with them. I'm going to them, if they can't give me 5% on my $10K I'm going to look for someplace better, perhaps outside of the USA. In the end, I used the BofA secured card to qualify for a Discover and Amex, but much of what they told me is incorrect and that kind of irks me.
Valued Contributor
Posts: 2,205
Registered: ‎12-06-2007
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Re: When does BOA secured graduate to non secured?

I called after my 9th month/statement and was unsecured and I was able to do a product change. Twice actually. My fully secured was increased to 5k. The 2k I had on deposit was promptly returned in about a week.
 
You have to call the secured card dept to do this. The regular frontline CSR's can't do much if anything for you.
 
BoA secured accounts 1-888-260-4696
 
PP, the point in having a secured account is to be able to demonstrate to them that you are reponsible enough to handle your account. You admit that you were late. If there was some sort of excuse as to why, you should have called BoA and addressed it with them and see if they would waive the late fee. This is disclosed to you when you accepted the card and every bank I know of has a fee for being late. *Most* will work with you if it is your first time and have a good reason for overlooking your payment. As far as BoA goes, they are one of the best for those of us who are trying to rebuild with a prime bank and who don't want to waste money that will never be returned to us. If you want to earn interest on your deposit, check into Citibank. I believe they will put your money in a CD for 18 months to secure your account.
Valued Contributor
Posts: 1,998
Registered: ‎03-31-2008
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Re: When does BOA secured graduate to non secured?



bubbleboy wrote:
I got a BofA secured card with $5300 behind it. Some notes. They said it looks like a normal Visa, and nothing is different. However on the credit report it says it's secured. I specifically asked if it showed up as secured, and they said no. So they were incorrect. I won't say they lied because I assume the lady didn't know. They did two pulls when setting it up. They did check to see if I would qualify for a normal card, which I didn't (I don't have bad credit history, and I have a high limit, and had like $10K sitting with them for years, but you know banks are stupid and work on broken models, that is why so many are getting fed handouts to stay solvent). So I was humming along with a $5200 secured card, charging max of $40 on it. I accidentally didn't pay one month, because I mistook the bill (which are always full of ads trying to sucker people into weird low-class scam deals, I think it's highly unprofessional) for ads I think. I don't know. Anyways, the fine was a $45 charge, on an account with a $30 balance. I think I'm going to cancel my account for several reasons. First, I'm not paying fines when the card is secured. Second, I'm not sure that the money is FDIC insured, so if BofA goes insolvent will I be able to get that money from insurance? And finally, I'm doing them a favor by keeping my money with them. I'm going to them, if they can't give me 5% on my $10K I'm going to look for someplace better, perhaps outside of the USA. In the end, I used the BofA secured card to qualify for a Discover and Amex, but much of what they told me is incorrect and that kind of irks me.

Well if you have a Discover an Amex now u don't need a BOA secured card. U sound like u have big money so u might not need any of them lol for real.


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Regular Contributor
Posts: 155
Registered: ‎05-07-2008
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Re: When does BOA secured graduate to non secured?

I want to say THANK YOU to stef37 for posting the phone number for BOA secured cards. My 9th statement cut yesterday, and today I called that number and asked if my card was eligible to upgrade from secured to unsecured. I sat on hold for about 2 minutes and the rep came back on the line and said congratulations - he upgraded the card to unsecured and said I was also eligible for a $500 cl increase, for a total of $800 cl. 

 

I also want to say THANK YOU to all others who have posted about their experiences with this card. I only got it after reading about how this card can grow with you.

 

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
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Contributor
Posts: 86
Registered: ‎06-07-2009
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Re: When does BOA secured graduate to non secured?

[ Edited ]

 

congrats soccermomof4!

did u check your reports afterwards ?  was it a hard inq ?!

were you offered a PC ?

 

Message Edited by boamacy on 06-25-2009 08:13 PM
Regular Contributor
Posts: 155
Registered: ‎05-07-2008
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Re: When does BOA secured graduate to non secured?

I wasn't offered a product change, and I didn't ask. I was just so thrilled to have it converted to unsecured!  Plus I haven't had a chance to review the other cards yet to see what I might want to change to (will be doing that this weekend!) I have Credit Check Total, so if it's a hard pull I'll get a notification - nothing yet though! 

 

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
CH7 BK 2001
New Member
Posts: 2
Registered: ‎02-12-2008
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Re: When does BOA secured graduate to non secured?

Congrats Soccermom!

 

My 9th statement cut today and I called also. I got unsecured plus $500 cli total limit $2000.

 

Thanks to everyone!


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